US homebuilder confidence slips in May

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Associated Press

Posted on May 15, 2014 at 10:10 AM

Updated Thursday, May 15 at 10:33 AM

U.S. homebuilders are feeling less confident in their near-term sales prospects, reflecting doubts stirred by a sluggish start to the annual spring home-selling season.

The National Association of Home Builders/Wells Fargo builder sentiment index fell this month to 45. That's down one point from a revised reading of 46 in April.

Readings below 50 indicate that more builders view sales conditions as poor rather than good.

Still, builders are more optimistic that sales will pick up in coming months.

Builders' outlook for sales of single-family homes over the next six months and traffic by prospective buyers each increased since April.

Several of the nation's biggest homebuilders have reported in recent weeks that sales were held back earlier this year by the severe winter weather that battered much of the U.S.

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