With the West leading the way, builder confidence dropped to the lowest level since last year. Much of the weakening was due to current sales conditions.

A snapshot of builders’ perceptions of current single-family home sales and sales expectations, the Housing Market Index, landed at a seasonally adjusted 69 this month.

Turns out that builder confidence has descended to its lowest level since November 2017, when the index was determined to be a downwardly revised 69.

Source: Mortgage Daily