U.S. Housing Market Index Releases Monday, June 16
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Announcement:
NAHB U.S. Housing Market Index releases Monday, June 16 at 1:00 p.m. Eastern.
Description:
The NAHB Housing Market Index is a measurement of builder sentiment based on both present and future building conditions. Because the index is really a type of “survey”, the data is timely, much like many consumer sentiment surveys. In general, 50 is the mid-point for the index, where a value above indicates positive conditions, while a value below alludes to weakness.
Trader Take:
In the past release, May showed a down tick in every U.S. market, posting a 37% decline year over year. As of yesterday, foreclosures in the U.S. were up 48% year over year.The simple fact of the matter is housing markets remain in trouble. However, in the most recent New Residential Construction report, we witnessed multifamily home starts surge 43% month over month.The numbers meant that serious builders were using the weakness as a window to acquire property and begin building during this time of low prices.With this in mind, it’s likely that builders could be seeing some light at the end of the tunnel, though it may perhaps be just a tad too early to say for sure.
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