The NAHB/Wells Fargo index moved by 1 point today to register 29 points in June.
After a very impressive 5 point recovery last month which took the NAHB index to five year highs the market had no expectation of a significant movement in today’s report. National Association of Home Builders Housing Market Index registered a print of 28 points(revised) in May 15th. The rise in the index it not a clear signal of housing recovery as the building industry still has a long way to go and is only now close to 2007 levels.
Last week the NAHB posted its Improving Markets Index (IMI) which listed 80 improving metropolitan areas. The index is based on improvements in housing permits, employment and housing prices in the past 6 months.
For more information visit the National Association of Home Builders website