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Economy in Brief
U.S. International Trade Collapses in April; Deficit Widens
Trade deficit widens to $69.7 billion...
U.S. Chicago Business Barometer Weakens Further During May
Chicago PMI fell to lowest level since March 1982...
Euro Area EU Indexes Have Minor Bounce
A slug of economic data hit the tape at the end of month...
Durable Goods Orders Collapsed Further in April
Durable goods orders collapsed 17.2% m/m in April...
U.S. Pending Home Sales Plunge to Record Low
Pending home sales fell 21.8% in April...
by Tom Moeller July 19, 2005
The National Association of Home Builders' (NAHB) Composite Housing Market Index fell to 70 in July from the upwardly revised record level one month prior. The index this year has averaged 70, up slightly versus 2004.
During the last twenty years, annual changes in the composite index had an 85% correlation with the change in single family housing starts.
The July index for current sales of single family homes fell 2.6% y/y but remained up 1.4% versus a year ago. The index of expected sales in six months retraced all of the prior month's increase but was up 4.1% y/y.
Traffic of prospective home buyers remained at June's record high level.
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 | July | June | July '04 | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Composite Housing Market Index | 70 | 72 | 67 | 68 | 64 | 61 |
