Builder confidence in the market for newly built, single-family homes remained stuck at a level of 16 in May, according to the National Association of Home Builders/Wells Fargo Index. That's pretty much where it's been for seven months and quite a distance from a rating of 50 and above that shows optimism.

Meanwhile, small increases in the indices measuring current sales conditions and traffic, each up a point to 16 and 14, respectively, were insufficient to outweigh a two-point drop to 20 in expectations for the next six months.

Regionally, the index in the Northeast fell five points to 15, the Midwest remained flat at 14, the South was up one point to 16, and the West dropped two points to 16.