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Another Single Regional Decline Weighs On NAHB Housing Index

US DATA
  • NAHB housing market index was close to expectations in July, falling just 1pt to 42 (cons 43) for technically its lowest since December.
  • Declines in present sales (from 48 to 47) and prospective buyer traffic (from 28 to 27) were partly offset by a small uplift in future sales (from 47 to 48) after a particularly weak run.
  • Present sales and prospective buyer traffic are both also at their weakest since Dec.
  • The regional breakdown shows another large decline in a different area. Northeast housing sentiment fell a heavy 15pts to 47. It follows the midwest seeing a 10pt decline in May and the west seeing an 11pt decline in April, neither of which have seen any recovery.
  • Once again, there is a sizeable discrepancy between relative S&P 500 homebuilder price to book ratios and the housing market, with the latter far less optimistic.

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