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- NAHB housing market index jumps to 59 in June
NAHB housing market index jumps to 59 in June
The National Association of Home Builders (NAHB) released its housing market index for the U.S. on Monday. The NAHB housing market index jumped to 59 in June from 54 in May. It was the highest level since September 2014.
Analysts had expected the index to rise to 56.
A level above 50.0 is considered positive, below indicates a negative outlook.
The increase was driven by a rise in all three components of the index. The current sales conditions subindex rose seven points to 65 in June, the subindex measuring sales expectations in the next six months climbed six points to 69, while the buyer traffic subindex was up five points to 44.
"Builders are reporting more serious and committed buyers at their job sites and this is reflected in recent government data showing that new-home sales and single-family construction are gaining momentum," the NAHB Chairman Tom Woods said.
The NAHB Chief Economist David Crowe noted that current and future sales expectations subindices indicate the housing market will continue to strengthen in the coming months.
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