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Housing market flat in January

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(Read caption) This chart tracks the National Association of Home Builders' Housing Market Index since 1992.

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Today, the National Association of Home Builders (NAHB) released their latest Housing Market Index (HMI)showing that assesments of housing activity went flat in January with the composite HMI index remaining at 47 while the "buyer traffic" index improved slightly to 37, a level not seen since early 2006.
It's important to note that January has continued to show a slight pullback to future expectations, a development that is worth noting as the new home market moves through it's most active months at the start of the year (see Bob Tolls explination for January - early spring being the new home markets most active period annually).

While all indicators have made truly spectacular improvements this year, it's important to note that conditions still remain fairly distressed by historic standards.

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Although, looking at the data, it is fairly clear that the last few months of results indicate a major change in builder sentiment likely coming as a result of improvements in confidence given the notable rise in buyer traffic, reduced inventory and a more balanced monthly supply.