The NAHB/Wells Fargo Housing Market Index fell one point to 61 in December. According to NAHB the index has been between 60 and 62 for six of the last seven months with only October rising briefly to 65. The three components mirrored the trend with current sales falling one point to 66, future expectations down two points to 67 and traffic down two points to 46.
NAHB notes that the year-over-year changes continue to mirror single-family construction with the overall index up three points from December last year, year-to-date single-family starts up 10 percent and year-to-date new home sales up 15 percent.
Credit: NAHB
Fewer existing home sellers, supply headwinds, and labor shortages continue to put strain on the industry and may be to blame for a slight decrease in confidence this month.
All of the regions three month moving average indexes are at or above 50. Regionally, the West’s three month moving average index increased three points to 76 and the Northeast rose one point to 50, the first time since May 2006. The Midwest is down two points to 58 and the South down one point to 64.
Credit: NAHB
