U.S. October NAHB Homebuilders Index - Second straight gain after four straight declines
October’s NAHB homebuilders’ index has seen a second straight gain to 43 from 41 in a sign that Fed easing is having some impact, though the level remains quite subdued.
Like September’s NAHB detail, October data shows the largest rise in 6-month expectations, to 57 from 53, though buyer traffic to 29 from 27 and current sales to 47 from 45 both saw also saw gains for a second straight month.
The latest two months of gains follow four straight declines in the months to August. New home sales outperformed the NAHB data in those months so it is unclear to what extent the latest NAHB data signals a pick-up in new home sales. Weekly MBA house purchase indices picked up in September and the first week of October but edged lower in the latest week as UST yields moved higher.
