Homebuilder Sentiment Plunges to 8-Month Low

U.S. homebuilders are feeling less optimistic about their sales prospects, although their overall outlook remains positive.

The National Association of Home Builders/Wells Fargo builder sentiment index, released Tuesday, declined to 64 this month. That’s down two points from a downwardly revised reading of 66 in June and the lowest level since November.

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

The July index fell short of analyst predictions, which called for a reading of 67, according to FactSet.

Readings gauging builders’ view of sales now and over the next six months also fell from last month. A measure of traffic by prospective buyers also declined.

Sales of new U.S. homes are running ahead of last year’s pace, reflecting strong demand for homes as the economy has continued to create jobs, pulling the unemployment rate down to

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