(MENAFN- Saudi Press Agency) U.S. homebuilder confidence dropped for a second consecutive month in February, the National Association of Home Builders (NAHB) said Tuesday, but it still showed that more builders view market conditions as favorable.
The NAHB reported in a statement that its index fell to 55 from 57 the month before.
According to Reuters, economists had predicted the index would rise to 58.
Readings above 50 mean that more builders view market conditions as favorable. The index has not been below 50 since June 2014.
The single-family home sales component fell to 61 from 62, marking the first drop in the subindex since October. The gauge of single-family sales expectations for the next six months was flat at 60, while prospective buyer traffic fell to 39 from 44, marking a second straight monthly decline.
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