Homebuilder Sentiment Index Unchanged in March

The National Association of Home Builders says its market index hovered unchanged near historic lows in March as builders continue to see the economy as a major drag on their prospects for improved sales.

Home Construction
Home Construction

The Washington-based trade association said Monday the index stood at nine, one point off the all-time low hit in January.

Index readings lower than 50 indicate negative sentiment about the market.

The report reflects a survey of 384 residential developers nationwide, tracking builders' perceptions of market conditions.

Builders' gauge of current sales conditions and expectations for sales over the next six months remained unchanged from February. But builders' assessment of buyer traffic dropped two points.