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Economy in Brief

NAHB Housing Market Index Recovered
by Tom Moeller May 17, 2005

The May National Association of Home Builders' (NAHB) Composite Housing Market Index recovered all of the prior month's sharp drop and rose to 70.

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.

All of the index components improved in May though the index of expected sales in six months by just 1.3%.

Traffic of prospective home buyers rose to the highest level this 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.

Nat'l Association of Home Builders May April May '04 2004 2003 2002
Composite Housing Market Index 70 67 69 68 64 61
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