What I Saw Last Week
The NAHB Housing Market Index rose from 54 in May to 59 in June. I had forecast an increase to 58.
It was pleasing to see builder confidence now at its highest level since September of last year.
Home builders are reporting more serious and committed buyers at their sites and, as I suggested last week, this is reflected in recent government data showing that new-home sales and single-family construction gaining momentum.
All three HMI components posted healthy gains in June with the component gauging current sales conditions jumping seven points to 65; the index charting sales expectations over the next six months up by six points to 69, and the component measuring buyer traffic rising five points to 44.
The West coast saw a two point gain in the three month moving average to 57.
Interestingly, given the above analysis, U.S. Housing Starts dropped…
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