Global| Nov 17 2005NAHB Housing Market Index Fell Hard
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Home Builders' (NAHB) Composite Housing Market Index fell a hard 11.8% in November to 60, the lowest level since May 2003. During the last twenty years the y/y change in the annual composite index has had [...]
The National Association of Home Builders' (NAHB) Composite Housing Market Index fell a hard 11.8% in November to 60, the lowest level since May 2003.
During the last twenty years the y/y change in the annual composite index has had an 85% correlation with the change in single family housing starts and there has been a 75% correlation between the current sales index and new single family home sales.
The m/m drop reflected sharp declines throughout the country.
The index for current sales of single family homes in November fell sharply to the lowest level since May 2003. The index for sales in six months also fell hard the lowest in over two years.
The NAHB index is a diffusion index based on a survey of builders. Readings above 50 signal that more builders view conditions as good than poor.
Visit the National Association of Home Builders.
| Nat'l Association of Home Builders | Nov | Oct | Nov '04 | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Composite Housing Market Index | 60 | 68 | 70 | 68 | 64 | 61 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
