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Economy in Brief

NAHB Housing Market Index Lowest Since Late 2001
by Tom Moeller April 18, 2006

The April level of the National Association of Home Builders' (NAHB) Composite Housing Market Index fell 7.4% and the latest level is down 30.6% since the high last June. It also was the lowest level since November 2001.

During the last twenty years there has been an 82% correlation between the y/y change in the annual composite index and 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 April index for current sales of single family homes dropped 8.5% (-26.0% y/y) and the index for sales in six months dropped 6.5% (-23.7% y/y).

An index of the traffic of prospective home buyers was at the lowest level since early 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 April Mar  April '05 2005 2004 2003
Composite Housing Market Index 50 54 67 67 68 64
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