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Economy in Brief
U.S. Mortgage Loan Applications Reverse Earlier Increase
The MBA total Mortgage Applications Index declined 2.5% last week (-12.8% y/y)...
German Trade Surplus Widens; Exports and Imports Show Some Life in April/May
The German trade account surplus widened in May after narrowing in April...
U.S. Industrial Production Remains Volatile
The Federal Reserve reported that industrial production increased 0.6% (3.8% y/y) during June...
U.S. Home Builder Index Holds Steady
The NAHB-Wells Fargo Composite Housing Market Index was unchanged (+6.8% y/y) at 68 during July...
U.S. Gasoline Price Steady; Crude Oil Falls Sharply
Retail gasoline prices edged up to $2.87 per gallon last week (+25.8% y/y)...
by Tom Moeller April 22, 2005
The National Association of Home Builders' (NAHB) Composite Housing Market Index fell to 67 in April versus an upwardly revised 70 in March. The index has fallen in three out of last four months.
All of the index components fell from March's level. The index of current sales is off 6.2% from the December high and the index of prospective sales is down 5%.
During the last twenty years, annual changes in the composite index had an 83% correlation with the change in new home sales. There's been an 86% correlation with the change in single family housing starts.
Traffic of prospective home buyers has been roughly steady at a high level for over a year.
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 | April | Mar | April '04 | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Composite Housing Market Index | 67 | 70 | 69 | 68 | 64 | 61 |
