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Economy in Brief

U.S. NAHB Housing Market Index Lowest Since 1991
by Tom Moeller August 16, 2007

The Composite Housing Market Index from the National Association of Home Builders' (NAHB) fell hard this month to the lowest level since early 1991. At 22, for August, the index fell 8.3% from July after a 14.3% during that month.

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 was down and fell 4.2% (-37.8% y/y) from July. The sub-index covering prospective sales in the next six months dropped 5.9% m/m (-22.0% y/y).

Traffic of prospective home buyers fell 15.8% m/m (-27.3% 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  August July   Aug. '06  2006 2005 2004
Composite Housing Market Index 22  24 33 42 67 68
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