Economist's Insights

NAHB Housing Market Index Moderates in April

Apr 17, 2017

The NAHB’s Housing Market Index fell back in April after setting a new cycle-high in the final month of the first quarter. The three-point drop in the headline index, from 71 to 68, was slightly bigger than the one-point pullback expected. The weakness in the headline index reflected slightly weaker readings on each of the three underlying indices – present sales, sales over the next six months, and traffic of prospective buyers. Despite the decline, the index – and all three underlying indices – remains elevated and consistent with levels seen over the period from 2004 to 2005.