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US DATA: NAHB Homebuilder Sentiment Further Lags Price/Book Multi-Year Highs

US DATA
  • The NAHB survey was in line with expectations in September at 41, reversing a 2pt drop in August but only to its second lowest of the year to date.
  • Expectations for future sales six months ahead outperformed for a third month running, rising 4pts to 53 vs +1pts for present sales and +2pts for prospective buyer traffic.
  • Highlighting this difference, which is presumably reflecting an expected tailwind from already large declines in rates, the future sales index has lifted 6pts over the past three months vs -3 for present sales and -1 for buyer traffic.
  • The regional data point to more mixed results, with the south (by far the largest when it comes to home sales) only rising 1pt vs as much as a 9pt increase for the northeast.
  • Despite increasing on the month, the overall level of NAHB home builder sentiment remains even further at odds with S&P 500 homebuilder price to book ratios at the highest in the past twenty five years. 
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  • The NAHB survey was in line with expectations in September at 41, reversing a 2pt drop in August but only to its second lowest of the year to date.
  • Expectations for future sales six months ahead outperformed for a third month running, rising 4pts to 53 vs +1pts for present sales and +2pts for prospective buyer traffic.
  • Highlighting this difference, which is presumably reflecting an expected tailwind from already large declines in rates, the future sales index has lifted 6pts over the past three months vs -3 for present sales and -1 for buyer traffic.
  • The regional data point to more mixed results, with the south (by far the largest when it comes to home sales) only rising 1pt vs as much as a 9pt increase for the northeast.
  • Despite increasing on the month, the overall level of NAHB home builder sentiment remains even further at odds with S&P 500 homebuilder price to book ratios at the highest in the past twenty five years.