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Economy in Brief

NAHB Housing Market Index Stable at Low Level
by Tom Moeller January 25, 2006

The National Association of Home Builders' (NAHB) Composite Housing Market Index remained stable, but depressed, in January at 57; the lowest level since April 2003.

During the last twenty years the y/y change in the annual composite index has had an 85% correlation with the change in single family housing starts and there has been a 75% correlation between the current sales index and new single family home sales.

The January index for current sales of single family homes fell further to 62, down 20% from the January '05 level of 77 though the index for sales in six months remained for the third month at 65versus an average of 75 during all of last year

Traffic of prospective home buyers remained quite depressed at an index level of 40, the lowest level since April 2003.

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 Jan Dec  Jan '05 2005 2004 2003
Composite Housing Market Index 57 57 70 67 68 64
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