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 1/16/08 For Jan 2008 | ||||||||
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Highlights
The housing market index from the National Association of Home Builders came in at an expected 19 in January vs. a revised 18 in December. Present sales were unchanged at 19 while prospective buyer traffic inched 1 point higher to 14 with a 2 point rise in six-month sales to 28. Despite the gains, these readings are at or very near all time lows for the series. Also these are diffusion readings with breakeven at the 50 level -- and current levels indicate how pessimistic builders are. There was no initial reaction to the results which offer little hope for a bottoming in the housing market. Next data on housing will be tomorrow with December housing starts.
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