NAHB/Wells Fargo Housing Market Index: November 2022
The National Association of Home Builders (NAHB) has released its November 2022 Housing Market Index Report. The NAHB/Wells Fargo Housing Market Index is based on a monthly survey of members belonging to the National Association of Home Builders (NAHB) that is designed to measure sentiment for the U.S. single-family housing market. The NAHB/Wells Fargo Housing Market Index (HMI) is a widely watched gauge of the outlook for the U.S. housing sector.
Here is the summary of the economic impact:
- The NAHB Housing Market Index in the United States dropped 5 points to 33 from the prior month.
- The index measuring current or present single-family home sales dropped 6 points to 39.
- The component gauging sales expectations in the next six months fell 4 points to 31 in November.
- The prospective buyer index also decreased to 20 in November 2022 a drop of 5 points.
- NAHB Housing Market Index in the United States averaged 52 from 1985 to 2022, reaching an all-time high of 90 in December 2020 and a record low of 8 in January 2009.
The underlying survey of the index report asks the NAHB – a federation of more than 800 state and local associations, with more than 140,000 members to rate market conditions for present-day new home sales and in the next six months, as well as prospective buyer traffic for new homes. You may refer to this report for more details: https://www.nahb.org/en/research/housing-economics/housing-indexes/housing-market-index.aspx
Housing Starts Report: October 2022
Housing starts are the number of new residential construction projects that have begun during any particular month. The New Residential Construction Report, which is more commonly referred to as “housing starts,” is considered to be a critical indicator of economic strength. The report includes building permits, housing starts, and housing completion data. Surveys of homebuilders nationwide are used to compile the data. The United States Census Bureau on New Residential Construction and the U.S. Department of Housing and Urban Development jointly released their Housing Starts Report for the month of July.
Here is the summary of the economic impact:
- Privately-owned housing starts in October were at a seasonally adjusted annual rate of 1,425,000. This is 4.2 percent (±12.7 percent) below the revised September estimate of 1,488,000 and 8.8 percent (±12.7 percent) below the October 2021 rate of 1,698,000.
- Single‐family housing starts in October were at a rate of 855,000; this is 6.1 percent (±13.4 percent)* below the revised September figure of 911,000. The October rate for units in buildings with five units or more was 556,000.
You may refer to this report for more details: https://www.census.gov/construction/nrc/index.html
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