Builder confidence in the market for newly built single-family homes dropped further in March, declining from 42 in February to 39 in March, the National Association of Home Builders (NAHB)/Wells Fargo said in a release on Monday. Current sales conditions fell 3 points to 43, while sales expectations in the next six months were unchanged at 47. The traffic of prospective buyers dropped 5 points from February to 24.
29% of builders cut home prices in March, up from 26% in February. The average price reduction was 5% in March, the same as in February. The use of sales incentives was 59% in March, unchanged from February.
