U.S. homebuilders lowered their confidence for sales prospects as lumber prices rise amid the threat of potentially costly tariffs.
The National Association of Home Builders/Wells Fargo builder sentiment index released June 18 fell two points to 68 in June. That’s down from a reading of 70 in May that snapped a four-month slide in builder confidence.
Any reading above 50 indicates more builders see sales conditions as good rather than poor. The index has remained above 60 since September 2016.
Builders’ view of current sales conditions fell one point, to 75 this month. The outlook for sales over the next six months fell one point to 76. A measure of buyer traffic fell one point to 50.