Homebuilder blues: housing market index still low
Yesterday, the National Association of Home Builders (NAHB) released their latest Housing Market Index (HMI) showing increasing results for all measures.
It's important to recognize that although each sentiment index has now shown notable year-over-year increases, their levels still remain near the worst levels seen in over 20 years.
The new home market will likely not resume any significant form of healthy function until the considerable overhang of inventory is cleared.
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