| Housing Market Index
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Released On 4/16/2018 10:00:00 AM For Apr, 2018
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Prior | Consensus | Consensus Range | Actual |
| Housing Market Index | 70 | 70 | 69 to 71 | 69 |
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Highlights
Held back by slowing in current sales, the housing market index edged to 69 in April for the lowest reading since November last year. The present sales component is down 2 points to a 75 level that is nevertheless very strong, while 6-month sales are at 77 for a 1 point loss. But traffic is not slowing, holding steady at a marginally positive 51.
Regional data are very steady and show the West still out in front, at 76, with the South at 72, the Midwest at 64, and the Northeast at 55.
The slip in current sales won't be raising expectations for next week's report on new home sales which have yet to get going this year. Housing has had a tough winter and today's report isn't pointing to much of a Spring bounce.
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Consensus Outlook
Home-builder confidence has been solid with the April consensus for the housing market index steady at 70. Yet confidence was strongest in December and January when customer traffic, which has since eased, proved heavy.
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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, sales of new homes expected in the next six months, and traffic of prospective buyers in new homes.
Why Investors Care
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