Home builder sentiment was unchanged in May, an industry group said Monday.
The National Association of Home Builders’ index was 58 for the fourth month in a row. Readings over 50 signal improvement, and NAHB has said that the index’s current level points to slow and steady growth.
Economists surveyed by MarketWatch had forecast a 58 reading.
A sub-gauge tracking expectations of sales over the next six months jumped three points to 65. The two other components, current sales conditions and buyer traffic, were unchanged at 63 and 44.
The index touched a 10-year high in the fall and then retreated. But stronger sales expectations are a sign builders are confident the market will rebound, NAHB Chief Economist Robert Dietz said in a statement.
Meritage closed 11% more homes in the first three months of 2016 than the same period in 2015, while PulteGroup said the value of net new orders was up 24%.