NAHB Housing Market Index at 19
The NAHB Housing Market Index for December came in as expected at 19; this is the 3rd consecutive month of the 19 reading, the lowest since the Index began in 1985. Current Conditions improved to 19 from 18 while the Sales Expectations for the next 6 months improved by 2 points to 26. The Index measuring Sales Expectations Expectations fell however, losing 3 points to 14. The Midwest and South added 2 points the former moving up to 15, the latter up to 21. The West Index was unchanged at 18 but the Northeast shed 7 points, moving down to 19 with the NAHB blaming weather conditions for the loss. Problems in the mortgage market and excess inventories continue to keep the headline Index at the lowest reading ever.