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US homebuilder confidence dipped in the key selling season for the housing market data on Monday showed.

A gauge of US homebuilder confidence slid to 68 in April, from 71 the previous month, according to the National Association of Homebuilders. That was a steeper drop than the 70 that economists’ were looking for. The dip comes as homebuilders face higher regulatory costs and ongoing increases in prices of building materials.

“Even with this month’s modest drop, builder confidence is on very firm ground, and builders are reporting strong interest among potential home buyers,” said NAHB chairman Granger MacDonald, a home builder and developer from Kerrville, Texas.

Investors now await data on housing starts and building permits due Tuesday and sales of previously owned homes due later this week.

Copyright The Financial Times Limited 2017. All rights reserved.

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