U.S. NAHB housing market index rose 1 point to 63 in April
U.S. NAHB housing market index rose 1 point to 63 in April after a steady 62 reading in March. The index is recovering back toward its 68 level from a year ago, though is still well off the 18-year high of 74 in December 2017. It fell to 56 in December 2018 (lowest since mid 2015) amid Fed tightening fears, tighter financial conditions, and global slowdown concerns. The present single family index edged up to 69 from 68, helped by lower mortgage rates after the Fed pivot. But the future sales index dipped to 71 from 72 (revised from 71). However, the index of prospective buyer traffic jumped to 47 from 44. This rise in the April HMI should add to signs of stabilization in housing and point toward a hopeful spring selling season.