The National Association of Home Builders produces a housing market index based on a survey in which respondents from this organization are asked to rate the general economy and housing market conditions. The housing market index is a weighted average of separate diffusion indexes: present sales of new homes, sale of new homes expected in the next six months, and traffic of prospective buyers in new homes. (National Association of Home Builders/Wells Fargo) Why Investors Care
| Released on 4/16/07 For Apr 2007 | ||||||||
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Highlights
The NAHB housing market index fell back 3 points in April, to 33 and the lowest reading so far this year. The report said trouble in the subprime mortgage market continues to hurt builder confidence and tightening lending standards continue to hurt consumer confidence. All four regions were down and all three sub-indexes were down: buyer traffic, current single-family sales, and especially six-month sales expectations.
Earlier gains in the NAHB report may have overstated improvement in the housing sector, a factor perhaps limiting reaction to the latest results. Treasuries firmed only briefly following the data. Housing starts for March will be released tomorrow morning.
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