New home market sees another no-show start to the buying season
Today, the National Association of Home Builders (NAHB) released their latest Housing Market Index (HMI) showing a slight decline for most measures with the "buyer traffic" index remaining near record lows as home builders continue to plod through the weakest activity seen in generations.
It's important to recognize that currently all measures are showing either notable year-over-year declines or, for the buyer traffic index, zero change in the level of activity seen since last year.
Clearly the new home market has seen another no-show start to the buying season with the typically strongest selling months (remember Bob Toll's analysis of the seasons) fully behind it.
The new home market will likely not resume any significant form of healthy function until the considerable overhang of inventory is cleared.
Add/view comments on this post.
--------------------------
The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. To add or view a comment on a guest blog, please go to the blogger's own site by clicking on the link above.
