NAHB housing market index for June 68 vs. 70 expected

May index 70

he NAHB housing market index for June came in at 68 versus 70 expected. That was also lower than the 70 in May.

• index of current single family home sales 75 versus 76 in May
• index of prospective buyers 50 versus 51 in May
• index of home sales over next 6 months 76 versus 77 in May
• The NAHB cites lumber prices for dropping homebuilder sentiment Tariffs on lumber from Canada has added nearly $9000 the price of a new single-family home since January 2017. Lumber prices rose to a record in May
• higher mortgage rates shorter, the shortage of affordable price listings, and soaring property values have also made purchases less attractive especially for 1st time buyers
• The index fell to 64 in the Midwest from 67
• In the south it dropped to 69 from 71
• In the North East it rose to 61 from 56
• West posted a rise to 76 from 75

The index remains near high levels but off the December high at 74.0. That was an 18 year high.