While builder demand remained strong, builder sentiment continued to dip in February as the industry grapples with ongoing building material production bottlenecks that are currently raising construction costs and postponing projects.

 
Builder confidence in the market for newly built single-family homes moved one point lower to 82 in February for the second consecutive month according to the NAHB/Wells Fargo Housing Market Index (HMI).
Despite the monthly declines, the HMI has posted solid readings at or above the 80-point mark for the last five months.
"Production disruptions are so severe that many builders are waiting months to receive cabinets, garage doors, countertops and appliances," NAHB Chairman Jerry Konter explained, The NAHB/Wells Fargo HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months. The HMI index gauging current sales conditions increased one point to 90 while the gauge measuring sales expectations in the next six months fell two points to 80. The chart of tracking prospective buyers posted a four-point decline to 65.

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