U.S. Housing Market Index Shows Unexpected Drop In June

NAHB Housingmarket 061517

Homebuilder confidence in the U.S. unexpectedly decreased in the month of June, according to a report released by the National Association of Home Builders on Thursday.

The report said the NAHB /Wells Fargo Housing Market Index dropped to 67 in June from 69 in May. The decrease surprised economists, who had expected the index to inch up to 70.

"Builder confidence levels have remained consistently sound this year, reflecting the ongoing gradual recovery of the housing market," said NAHB Chairman Granger MacDonald.

The unexpected decline by the housing market index came amid decreases by all three of the components that contribute to the index.

The component gauging current sales conditions fell two points to 73, and the index charting sales expectations in the next six months dropped two points to 76.

The component measuring buyer traffic also moved down two points to 49.

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