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U.S. Homebuilder Confidence Unexpectedly Pulls Back In June

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After reporting a substantial improvement in U.S. homebuilder confidence in the previous month, the National Association of Home Builders released a report on Monday showing an unexpected pullback in confidence in the month of June.

The report said the NAHB/Wells Fargo Housing Market Index dropped to 64 in June after jumping to 66 in May. The decrease surprised economists, who had expected the index to inch up to 67.

"While demand for single-family homes remains sound, builders continue to report rising development and construction costs, with some additional concerns over trade issues," said NAHB Chairman Greg Ugalde.

The unexpected pullback by the housing market index reflected decreases by all three components, with the component gauging expectations in the next six months dipping to 70 in June from 72 in May.

The index measuring current sales conditions and the metric charting buyer traffic both edged down by one point to 71 and 48, respectively.

On Tuesday, the Commerce Department is scheduled to release a separate report on new residential construction in the month of May.

Housing starts are expected to inch up to an annual rate of 1.240 million in May after spiking to a rate of 1.235 million in April.

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