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 5/15/08 For May 2008 | ||||||||
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Highlights
The housing market just keeps going down. The latest indication comes from the nation's homebuilders whose housing market index dipped back 1 point to 19 in May after three straight 20 readings, readings that did not after all point to stability and improvement ahead. The index was at 33 this time last year and hit a record low in December of 18. The component for buyer traffic is especially weak in the May report, down 2 points to 17 to indicate that bottom fishers aren't in the market yet. Today's data points to continuing disappointment for home sales and further home price erosion, a factor that won't help retail sales any. Housing starts for April will be posted tomorrow morning at 8:30 a.m. ET. Starts in the March report were down 37 percent year-on-year.
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