Homebuilder confidence in the market for newly built, single-family homes nationwide improved by a single point in March, according to a report from the National Association of Home Builders (NAHB).

Builder confidence has been hovering at the same low level for four consecutive months, but rose to 17 points (out of 100) this month, according to a statement. A score over 50 indicates that more builders view sales conditions as good than poor. This is the highest level the NAHB’s Housing Market Index (HMI) has reached since May 2010, when the survey period corresponded with the final days of the federal homebuyer tax credit program.

"Builders are cautiously looking forward to the spring homebuying season in hopes that improving economic conditions will help bring more buyers to the table," said NAHB Chairman Bob Nielsen. "However, the same factors that have been weighing down the market are still very much in play, particularly competition from short sales and foreclosures, consumers’ inability to sell their existing home, appraisals that are coming in below construction cost due to the inappropriate use of distressed properties as comps, and restrictive lending conditions for both buyers and builders."

In the Northeast region, homebuilders reported a one-point decline to 20.