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Economy in Brief

NAHB Housing Market Index Lowest in Over Two Years
by Tom Moeller September 19, 2005

The National Association of Home Builders' (NAHB) Composite Housing Market Index fell for the third straight month in September to 65 from an unrevised 67 in August. The latest was the lowest level since July 2003.

During the last twenty years, year to year changes in the annual composite index had an 85% correlation with the change in single family housing starts.

The m/m decline was spread throughout the country.

The September index for sales of single family homes in six months fell sharply to 69 (-8.0% y/y) while the index for current sales fell moderately to 72 (-1.4% 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.

Nat'l Association of Home Builders Sept Aug Sept '04 2004 2003 2002
Composite Housing Market Index 65 67 67 68 64 61
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