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HomeNewsEconomyHousing Market Index (HMI) Declines in July, But Optimism Remains High

Housing Market Index (HMI) Declines in July, But Optimism Remains High

A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, outside of Washington, October 20, 2014. (Photo: Reuters)
A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, outside of Washington, October 20, 2014. (Photo: Reuters)

A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, outside of Washington, October 20, 2014. (Photo: Reuters)

The National Association of Home Builders (NAHB) said Tuesday the Housing Market Index (HMI) came in at 64, elevated but slightly less than the forecast. The consensus forecast had called for the single-family housing market index to come in at 68.

Worth noting, this is the lowest level of optimism the index has shown since the election of President Donald J. Trump in November of 2016. Still, the outlook for the next six months and the traffic of prospective new home buyers remains positive.

Future sales led the way at 73 with present sales at a respectable 70. However, at 48, traffic is below the breakeven 50 for the second consecutive month in a row. The West remains the strongest for homebuilders followed by the Midwest and South.

The Northeast lags far behind.

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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