NAHB Housing Market Index Falls to 42, Below Analysts' Expectations
NAHB Housing Market Index report shows that more and more builders are lowering housing prices to boost sales.
On July 16th, the National Association of Home Builders released the NAHB Housing Market Index report. The report shows that compared to analysts' expectations of 44, the NAHB housing market index fell from 43 in June to 42 in July.
The sales situation decreased from 48 in June to 47 in July, while the expected sales index for the next six months increased from 47 to 48.
The American Association of Home Builders commented, "The July survey also showed that builders are increasingly lowering house prices to boost sales (31% of builders did so in July, compared to 29% in June and 25% in May)." According to the report, the average price drop in July was 6%.
Today, traders also have the opportunity to review the May commercial inventory report. The report shows that commercial inventory increased by 0.5% month on month, while analysts expected a growth of 0.3%.
The US dollar index remained stable at around 104.45 levels after receiving the report. The yield of two-year treasury bond rebounded from a multi month low, which is a positive support for the US dollar.
Gold is trying to stabilize above the psychologically important $2,450 level. In today's trading, these reports should not have a substantial impact on the dynamics of gold prices.
After releasing a lower than expected NAHB housing market index report, the S&P 500 index closed near the 5,650 level.
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