Housing market goes flat; shows signs of progress
The latest Housing Market Index (HMI) shows a flattening of most measures in March with the composite HMI index remaining unchanged at 28. The "buyer traffic" index stayed put at 22.
This chart shows the annual change in the housing market index over the past two decades. The market has recovered steadily since plummeting in 2008 but remains at distressed levels.
SoldAtTheTop
Today, the National Association of Home Builders (NAHB) released their latest Housing Market Index (HMI) showing a flattening of most measures in March with the composite HMI index remaining unchanged at 28 while the "buyer traffic" index stayed put at 22.
While all indicators have made notable increases as of late, it's important to note that conditions still remain distressed by historic standards though, the last few months results appears to indicate a major change in the builder sentiment.
The new home market will likely not resume any significant form of healthy function until the considerable overhang of inventory is cleared.