Builder Confidence Posts Historic Decline in April Due to Coronavirus Pandemic
The decline in April was the largest single monthly change in the history of the index and marks the lowest builder confidence reading since June 2012.
Reflecting the growing effects of the COVID-19 pandemic, builder confidence in the market for newly built single-family homes plunged 42 points in April to 30, according to the latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The HMI survey took place from April 1-April 13.
The decline in April was the largest single monthly change in the history of the index and marks the lowest builder confidence reading since June 2012. It is also the first time that builder confidence has been in negative territory (below 50) since June 2014.