Homebuilder confidence steady, high

NEW YORK — The National Association of Home Builders/Wells Fargo builder sentiment index released Thursday read 72 for the second consecutive month. That’s still just 2 points shy of December’s reading, which was an 18-year high for optimism among the nation’s builders.

Readings above 50 indicate more builders see sales conditions as good rather than poor. The index has been above 60 since September 2016.

The February reading was in line with the expectations of industry analysts, according to a survey by the data firm FactSet.

Builders’ view of current sales conditions fell slightly, though the outlook for sales over the next six months rose two points, to 80. A measure of buyer traffic held steady at 54.

“Builders are excited about the pro-business political climate that will strengthen the housing market and support overall economic growth,” said association Chairman Randy Noel, in a statement.

But, he added, that builders need to manage supply issues such as labor shortages and building material costs.

The housing market remains strong overall. The National Association of Realtors reported that in December its pending home sales index increased for the third straight month. Pending sales contracts are a barometer of future purchases. Sales typically follow a month or two after a signed contract.