MNI: PBOC Net Injects CNY309 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1880 Weds; -2.54% Y/Y

MNI BRIEF: Japan H’hold Assets at JPY2,179 Trln End-Sept

MNI: JAPAN NOV EXPORTS +3.8% Y/Y; SEPT +3.1%

MNI CNB WATCH: Policy Hold Seen, Cuts To Start In Q1 2025

MNI NBH WATCH: NBH Holds Rates, Tweaks Inflation Outlook

JAPAN DATA: Japan Nov Exports +3.8% Y/Y; Imports -3.8% Y/Y

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: Austria, UK Auction on Jan 7

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

US DATA: Homebuilder Survey Points To Consolidating Housing Activity

US DATA
USEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsNorth America

December's National Association of Home Builders (NAHB) Housing Market Index printed 46 for a second consecutive month, continuing to point to a subdued outlook for single-family homebuilding activity versus post-pandemic highs.

  • Current sales conditions were steady at 48, with prospective buyer traffic down 1 point to 31 - but 6-month sales expectations rose 3 points to a post-April 2022 high of 66.
  • The NAHB noted "high home prices and mortgage rates offset renewed hope about a better regulatory business climate in 2025".
  • The headline index is a good leading indicator of overall (single as well as multi-family) building permits over the following 1.5 years, which in turn leads actual housing construction - and recent readings suggest permit activity closer to 1.2M annualized than the 1.7M+ seen in 2021.
  • As such while activity looks like it will indeed be softer over 2025-26 than at peak, it is consolidating as opposed to deteriorating rapidly (as witnessed in the housing-driven GFC).
155 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

December's National Association of Home Builders (NAHB) Housing Market Index printed 46 for a second consecutive month, continuing to point to a subdued outlook for single-family homebuilding activity versus post-pandemic highs.

  • Current sales conditions were steady at 48, with prospective buyer traffic down 1 point to 31 - but 6-month sales expectations rose 3 points to a post-April 2022 high of 66.
  • The NAHB noted "high home prices and mortgage rates offset renewed hope about a better regulatory business climate in 2025".
  • The headline index is a good leading indicator of overall (single as well as multi-family) building permits over the following 1.5 years, which in turn leads actual housing construction - and recent readings suggest permit activity closer to 1.2M annualized than the 1.7M+ seen in 2021.
  • As such while activity looks like it will indeed be softer over 2025-26 than at peak, it is consolidating as opposed to deteriorating rapidly (as witnessed in the housing-driven GFC).