Dive summary:

• The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) is a monthly calculation of how home builders see their industry going on a national basis based on qualitative answers to questions about current sales, sales expectations and buyer traffic.
• The May results put the index at 44, where it was in March but better than April's 41 (a revision from the initial report of 42), and it shows progress – but it has to get to 50 before it means more builders see things going up than see them going down.
• One component of the index for May, expectations for future sales, is up to 53, which it last saw in February 2007.

From the article:

Looking at the three-month moving averages for regional HMI scores, no movement was recorded in the Northeast, Midwest or South, which held unchanged at 37, 45 and 42, respectively. Only the West recorded a decline, of six points to 49 in May. ...