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Economy in Brief
Kansas City Federal Reserve Factory Index Hits Record High
The Kansas City Fed reported that its index of regional manufacturing sector business activity surged to a record 26...
U.S. Initial Unemployment Insurance Claims Decline Sharply
Initial claims for unemployment insurance fell sharply to 209,000 (-17.1% y/y)...
German Confidence Flattens and Falters
German confidence for May is mooted at a 97.8% queue percentile standing...
U.S. Mortgage Loan Applications Are Little Changed; Rates Remain High
The MBA total Mortgage Applications Volume Index eased 0.2% last week (-1.9% y/y)...
Japan Shows Very Moderate Growth As Trade War Clouds Gather
Japan’s sector indexes showed a solid gain in February...
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 |
