The National Association of Home Builders (NAHB)/Wells Fargo housing market index for December slipped from a reading of 58 in November to a new reading of 57. The reading was lower than a consensus forecast of 59 from a Bloomberg survey.

An index reading above 50 indicates that more builders view sales conditions as good than view them as poor.

The current sales conditions subindex fell one point in December to 61, and the sales expectations subindex also fell a point to 65. The subindex that estimates prospective buyer traffic remained unchanged at 45. The buyer traffic subindex has remained below 50 for months, although the NAHB reports that in many areas of the country buyer traffic continues to increase.

The NAHB’s chief economist noted:

After a sluggish start to 2014, the [index] has stabilized in the mid-to-high 50s index level trend for the past six months, which is consistent with our assessment that we are in a slow march back to normal. As we head into 2015, the housing market should continue to recover at a steady, gradual pace.

In the NAHB’s four regions, the three-month moving average index rose in two and fell in two. In the Northeast the index gained a point to post a 45 index score, and the West posted a four-point gain to 62. In the Midwest the index fell three points to 54, and the South’s score slipped two points to 60.

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