HousingWire reports that the NAHB/Wells Fargo Housing Market Index dropped two points to a level of 54 in May.
Despite the dip, builder confidence in the new home market remains above the 50-pont benchmark, and is a nine-point increase year-over-year.
According to NAHB Chief Economist David Crowe, consumers are exhibiting caution and want to be on more stable financial footing before purchasing a home.
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