- US: Advance Trade & Inventories (Feb)
- Sweden: Retail Trade, PPI, International Trade (Feb); Iceland: CPI (Mar)
- Turkey: International Reserves (Feb); Mauritius: Wage Rate Index, LFS (Q4); Saudi Arabia: Non-Oil Foreign Trade (Jan); Palestine: BOP (Q4); UAE: Fuel Prices (Apr); Israel: Construction Starts & Completions (Q4); South Africa: Construction Survey (Q1); Tanzania: Trade (Q4)
- Brazil: PPI (Feb)
- more updates...
Economy in Brief
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
by Tom Moeller June 16, 2016
The Composite Housing Market Index from the National Association of Home Builders-Wells Fargo rose to 60 during June, the highest level since January. Nevertheless, it remained down from the October peak of 65. The NAHB figures are seasonally adjusted. During the last ten years, there has been an 81% correlation between the y/y change in the home builders index and the y/y change in single-family housing starts.
The index of single-family home sales rose to 64 (-1.5% y/y) from 63. The index of expected sales during the next six months jumped to 70 (1.4% y/y), the highest level since October. The index remained down, however, from the October high of 75.
Home builders reported that their traffic index strengthened to 47 (6.8% y/y), up from the February low of 39.
Movement in the Composite Index reflected sharp divergence in the regional measures. The index in the Northeast increased 8.3% (-17.0% y/y) to 39. In the South, the index rose 6.7% (1.6% y/y) to 64. The index for the West rose 4.5% (14.8% y/y) to 70. To the downside was the index in the Midwest, falling 6.7% (-1.8% y/y) to 56.0.
The NAHB has compiled the Housing Market Index since 1985. It reflects survey questions asking builders to rate market conditions as "good," "fair," "poor" or "very high" to "very low." The figure is thus a diffusion index with numerical results over 50 indicating a predominance of "good" readings. The weights assigned to the individual index components are .5920 for single-family detached sales, present time, .1358 for single-family detached sales, next six months and .2722 for traffic of prospective buyers. The results are included in Haver's SURVEYS database. The expectations figure is available in Haver's MMSAMER database.
|National Association of Home Builders||Jun||May||Apr||Jun'15||2015||2014||2013|
|Composite Housing Market Index, SA (All Good=100)||60||58||58||60||59||52||51|
|Single-Family Sales: Present||64||63||63||65||64||56||55|
|Single-Family Sales: Next Six Months||70||65||62||69||66||61||58|
|Traffic of Prospective Buyers||47||44||44||44||43||39||39|