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US DATA: NAHB Index Surprises Higher On Future Sales Optimism

US DATA
USGlobalEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsRegionNorth America
  • The NAHB housing market index surprised higher at 46 (cons 42) in November after 43, for its highest since April.  
  • The 3pt increase was driven by expectations for future sales (+7) which at 64 is now its highest since Apr 2022.
  • Present sales (+2) and prospective buyer traffic (+3) both saw more limited increases.  
  • Gains in the overall index were firmly mixed by major region, concentrated in the northeast (+7) and midwest (+6) vs the west (-5) and south (-1), rather than a widespread expectation of improved housing demand.
  • The increase in homebuilder sentiment follows a period of notable relative pessimism compared to what have been elevated price to book ratios for S&P 500 homebuilders. 
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  • The NAHB housing market index surprised higher at 46 (cons 42) in November after 43, for its highest since April.  
  • The 3pt increase was driven by expectations for future sales (+7) which at 64 is now its highest since Apr 2022.
  • Present sales (+2) and prospective buyer traffic (+3) both saw more limited increases.  
  • Gains in the overall index were firmly mixed by major region, concentrated in the northeast (+7) and midwest (+6) vs the west (-5) and south (-1), rather than a widespread expectation of improved housing demand.
  • The increase in homebuilder sentiment follows a period of notable relative pessimism compared to what have been elevated price to book ratios for S&P 500 homebuilders.