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NAHB Housing Market Index Falls For First Time Since December

US DATA
  • The NAHB housing market index disappointed in August as it fell to 50 (cons 56) from 56, taking it back to May’s level after a string of seven monthly increases.
  • It's a widespread moderation: Declines were seen across present sales (57 after 62), future sales (55 after 59) and prospective buyer traffic (34 after 40), whilst the largest decline in the aggregate measure was concentrated in the West.
  • The S&P 500 homebuilder price to book ratio continues to imply this is only a modest levelling off in housing market sentiment.

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