The National Association of Home Builders' housing market index slipped to 15 in June from 16 in May, the group announced yesterday.
Thomson Reuters' poll of economists had predicted a level of 17.
"The outlook for home sales has improved somewhat in recent months, due largely to implementation of the first-time home buyer tax credit and gains in housing affordability," NAHB chairman Joe Robson said. "However, looking forward, home builders are facing a few headwinds, including expiration of the tax credit at the end of November; a recent upturn in interest rates; and especially the continuing lack of credit for housing production loans."
