Recent Updates
- Israel: Average Housing Prices (Q2)
- Japan: NCI Economic Activity Index (Aug)
- US: NAHB/Wells Fargo Housing Market Index (Aug)
- Canada: Wholesale trade, MSIO (June)
- Pakistan: Foreign Currency Deposits and Utilization (JUL)
- more updates...
Economy in Brief
U.S. Housing Affordability Declines Further in June
The NAR Fixed Rate Mortgage Housing Affordability Index fell 3.6% in June...
EMU Output Makes Solid Gain in June
The European Monetary Union posted a 0.7% increase for industrial output in June...
U.S. Producer Prices Fall During July; Core Increase Weakens
The Producer Price Index for Final Demand fell 0.5% during July...
U.S. Unemployment Claims Continue on an Uptrend
Initial claims for unemployment insurance filed in the week ended August 6 rose 14,000 to 262,000...
RICS Survey Points to More U.K. Housing Sector Weakness
The survey of housing market conditions in the U.K. continues to show strength in prices versus weakness...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller July 17, 2007
The Composite Housing Market Index from the National Association of Home Builders' (NAHB) fell last month to the lowest level since early 1991. At 28 for June, the index fell 6.7% from May and fell by one third from a year earlier.
During the last twenty years there has been a 76% correlation between the y/y change in the Composite Index and the change in single family housing starts.
The sub-index for current sales also fell 6.5% from May (-38.3% y/y) and the sub-index covering prospective sales in the next six months fell 4.9% m/m (-23.5% y/y).
Traffic of prospective home buyers fell 4.5% (-27.6% y/y).
The NAHB index is a diffusion index based on a survey of builders. Readings above 50 signal that more builders view conditions good than poor.
Visit the National Association of Home Builders.
Nat'l Association of Home Builders | June | May | June '06 | 2006 | 2005 | 2004 |
---|---|---|---|---|---|---|
Composite Housing Market Index | 28 | 30 | 42 | 42 | 67 | 68 |