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U.S. Homebuilder Confidence Unchanged In May

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Homebuilder confidence in the U.S. held stable in the month of May, according to a report released by the National Association of Home Builders on Monday.

The report showed the NAHB/Wells Fargo Housing Market Index came in at 83 in May, unchanged from April. The unchanged reading matched economist estimates.

"Builder confidence in the market remains strong due to a lack of resale inventory, low mortgage interest rates and a growing demographic of prospective home buyers," said NAHB Chairman Chuck Fowke.

He added, "However, first-time and first-generation home buyers are particularly at risk for losing a purchase due to cost hikes associated with increasingly scarce material availability."

The housing market index came in unchanged as the gauge charting sales expectations in the next six months rose one point to 81, but the component measuring traffic of prospective buyers fell one point to 73. The index gauging current sales conditions held steady at 88.

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

Housing starts are expected to decrease by 1.7 percent to an annual rate of 1.710 million, while building permits are expected to inch up by 0.2 percent to an annual rate of 1.770 million.

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