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Economy in Brief

NAHB Housing Market Index Down Again
by Tom Moeller June 20, 2006

The National Association of Home Builders' (NAHB) reported that the June Composite Housing Market Index at 45 fell another 8.7% from May to the lowest level since April 1995. The figure matched Consensus expectations.

During the last twenty years there has been a 75% correlation between the y/y change in the Composite Index and the change in single family housing starts.

The sub indexes covering current sales of single family homes (-39.0% y/y) and sales in the next six months (-37.5% y/y) were both down sharply m/m.

An index of the traffic of prospective home buyers dried up and fell 12.1% m/m (-47.3% y/y).

Housing markets around the country again were weak in June with the index for the Northeast off 14.9% (-43.7% y/y), in the Midwest off 13.8% (-51.9% y/y), out West down 1.6% (-31.5% y/y) and in the South off 3.9% (-36.4% 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 June May June '05 2005 2004 2003
Composite Housing Market Index 45 51 70 67 68 64
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