NAHB housing market index rises to 60 in June
The National Association of Home Builders (NAHB) released its housing market index for the U.S. on Thursday. The NAHB housing market index increased to 60 in June from 58 in May, exceeding expectations for an increase to 59.
A level above 50.0 is considered positive, below indicates a negative outlook.
The buyer traffic sub-index climbed to 47 in June from 44 in April, the current sales conditions sub-index rose to 64 from 63, while the sub-index measuring sales expectations in the next six months increased to 70 from 65.
"Builders in many markets across the nation are reporting higher traffic and more committed buyers at their job sites," the NAHB Chairman Ed Brady.
"Rising home sales, an improving economy and the fact that the HMI gauge measuring future sales expectations is running at an eight-month high are all positive factors indicating that the housing market should continue to move forward in the second half of 2016," the NAHB Chief Economist Robert Dietz said.