NAHB Housing Market Index Rises To 46, Beating Analyst Expectations
The index continued to recover from the lows that were reached in August.
- Current sales conditions improved from 47 to 49.
- Traffic of prospective buyers increased from 29 to 32.
- Sales expectations in the next six months grew from 57 to 64.
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Gold
+1.59% -
US SPX 500
+0.28%
On November 18, 2024, the National Association of Home Builders released NAHB Housing Market Index report.
The report indicated that NAHB Housing Market Index increased from 43 in October to 46 in November, compared to analyst consensus of 44.
Current sales conditions increased from 47 in October to 49 in November, while traffic of prospective buyers grew from 29 to 32.
Sales expectations in the next six months improved from 57 in October to 64 in November.
According to the report, 31% of builders cut home prices in November. The share of price cuts range between 31% and 33% since July. The average price reduction in November was 5%, below the 6% level in October.
U.S. Dollar Index settled near the 106.50 level as traders reacted to the better-than-expected NAHB Housing Market Index report. From a big picture point of view, traders continue to take profits off the table near yearly highs.
Gold settled back above the $2600 level and continues to move higher. Traders use the recent pullback as an opportunity to increase their long positions at attractive levels. Rising geopolitical tensions provide additional support to gold markets.
SP500 is trying to climb back above the 5890 level as traders react to the encouraging report.
For a look at all of today’s economic events, check out our economic calendar.
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