| Housing Market Index |
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Released On 5/15/2012 10:00:00 AM For May, 2012
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Prior | Prior Revised | Consensus | Consensus Range | Actual |
| Housing Market Index | 25 | 24 | 26 | 23 to 30 | 29 |
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Highlights
Home builders are reporting significant improvement in demand this month, pulling the housing market index five points higher to a new recovery high of 29 and more than reversing April's revised four point drop. May's good news is led by both current sales and buyer traffic. Expectations of future sales are up but are still a bit below strength earlier in the year.
This report has been strong all year but the strength has yet to pan out into actual sales of new homes which have been stagnant. Housing data for tomorrow will be weekly mortgage applications, which have been running flat, and housing starts & permits which have been mixed. The Dow is getting a little lift following today's report.
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Market Consensus before announcement
NAHB housing market index in April after seven months of straight gains, fell back, down three points to 25. All three components were down with the greatest decline, in what is a clearly negative indication, coming in buyer traffic.
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Definition
The National Association of Home Builders produces a housing market index based on a survey in which respondents from this organization are asked to rate the general economy and housing market conditions. The housing market index is a weighted average of separate diffusion indexes: present sales of new homes, sale of new homes expected in the next six months, and traffic of prospective buyers in new homes.
Why Investors Care
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