The National Association of Home Builders (NAHB)/Wells Fargo housing market index for May slipped to 45 from a downwardly revised reading of 46 in April. The reading was below a consensus forecast of 49 from Bloomberg, and it was the lowest reading in 12 months, tumbling from a peak of 58 last year.

An index reading above 50 indicates that more builders view sales conditions as good than view them as poor. The May index marks the fourth consecutive month with a reading below 50.

The current sales conditions subindex fell two points in May to 48, and the sales expectations subindex rose to 57, up a point month-over-month. The subindex that estimates prospective buyer traffic rose two points to 33.

The NAHB’s chief economist noted:

Builders are waiting for consumers to feel more secure about their financial situation. Once job growth becomes more consistent, consumers will return to the market in larger numbers and that will boost builder confidence.

The three-month moving average index was down in two regions of the country, up in one and unchanged in the fourth. In the South, the index rose a point to 48, while it fell a point in the Midwest and four points in the West to identical scores of 47. In the Northeast the moving average index was unchanged at 33.

READ MORE: The 10 Most Affordable Middle-Class Home Markets

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