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NAHB Survey Continues Rebound But Some Way To Go Yet

US DATA
  • The NAHB housing market index saw a decent beat in May, rising to 50 (cons 45) from 45 for its highest since July but still down from the 66 averaged in 2019.
  • Gains were led by future sales (57, +7pts) and present sales (56, +5pts) whilst prospective buyer traffic lagged (33, +2pts), whilst by region they were largest in the west but with increases everywhere.
  • It follows last month’s continued improvement in the S&P 500 homebuilders price-to-book ratio but that has since plateaued.

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