Home builders in April weren’t quite as ebullient, though they’re still anticipating strong demand, according to a survey released Monday.
The National Association of Home Builders/Wells Fargo housing market index fell 3 points to 68, on a scale where any reading over 50 is considered good. The March reading was an 11-year high.
The measure of current sales conditions also fell 3 points, to 74, though it’s been over 70 for five consecutive months.
“The fact that the HMI measure of current sales conditions has been over 70 for five consecutive months shows that there is continued demand for new construction,” said NAHB Chief Economist Robert Dietz in a statement.
The government on Tuesday will release the latest housing starts data, which should show a modest decline in March.
Single-family housing starts have more than doubled from the 2009 lows but are well below non-recessionary levels.
The exchange-traded fund measuring homebuilders
is up about 9% this year.