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Economy in Brief

Housing Market Index Dipped
by Tom Moeller July 20, 2004

The Composite Housing Market Index reported by the National Association of Home Builders (NAHB) fell for the second consecutive month in July to 67. June's figure was revised slightly higher. The index remained 3.1% higher than last year.

During the last fifteen years there has been an 80% correlation between the y/y change in the NAHB index and the change in single family housing starts.

The index of expected single family home sales in six months fell moderately. The current sales index was stable.

Traffic of prospective buyers dropped to the lowest level since April (-2.0% y/y).

The NAHB index is a diffusion index based on a survey of builders. Readings above 50 signal that more builders view conditions as good than poor.

Visit the National Association of Home Builders using this link.

Nat'l Association of Home Builders July June July '03 2003 2002 2001
Composite Housing Market Index 67 68 65 64 61 56
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