U.S. August NAHB Homebuilders Index - Firmer but still subdued
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August’s NAHB homebuilders index has seen an unexpected rise to 35 from 34 to follow two straight slowings but remains fairly subdued and is not signaling any significant move in new home sales.
Fading expectations of Fed tightening after two months of subdued employment and core CPI data may be having some impact by reducing Fed tightening concerns but the July reports are unlikely to have had much impact on this data. That hints there could be some more improvement in September.
The NAHB detail shows August’s gain coming fully on current sales with buyer traffic and six month expectations stable after slipping in July.