The National Association of Home Builders/Wells Fargo Housing Market Index dropped a point in April, after rising to 17 in March. The Index has now been at 16 for five of the past six months. The monthly survey gauges builder perceptions of the market for newly built, single-family homes on a scale where any number over 50 indicates more builders view sales conditions as good than poor. Despite the dip, however, the component measuring traffic of prospective buyers hit its highest level since last June. David Crowe, NAHB’s chief economist, said pockets of improving activity are appearing in some markets with the most sales activity happening among first-time buyers. Crowe said consumers who can take advantage of today’s low mortgage rates and attractive pricing are finding bargains and buying. More here and here.