Sentiment among single family U.S. home builders chilled in February, right along with temperatures across much of the nation. Builder confidence fell two points to 55 on a monthly survey by the National Association of Home Builders.
That is the lowest level since October, 2014. Fifty is the line between positive and negative sentiment. Last February, amid similarly brutal winter weather, builder sentiment stood at 46.
"For the past eight months, confidence levels have held in the mid- to upper-50s range, which is consistent with a modest, ongoing recovery," said the association's Chief Economist David Crowe. "Solid job growth, affordable home prices and historically low mortgage rates should help unleash growing pent-up demand and keep the housing market moving forward in the year ahead."