A stall in job growth hit home builder confidence in June.
A monthly confidence index from the National Association of Home Builders saw just a one point gain after posting a 4 point spike in May. The survey now sits at 29, with 50 the line between positive and negative sentiment.
“While the June HMI is in keeping with our forecast for gradually improving single-family home sales this year, recent economic reports have shown some weakening in the pace of recovery likely factored into the marginal gain,” said NAHB chief economist David Crowe in a written release. “In addition, builders across the country continue to report that overly tight lending conditions and inaccurate appraisals are major obstacles to completing sales at this time.”