NAHB Housing Market Index Drops To 42, Missing Analyst Expectations

On July 16, 2024, the National Association of Home Builders released NAHB Housing Market Index report. The report indicated that NAHB Housing Market Index declined from 43 in June to 42 in July, compared to analyst consensus of 44.

Present sales conditions declined from 48 in June to 47 in July, while expected sales in the next six months increased from 47 to 48.

The National Association of Home Builders commented: “The July survey also revealed that builders are increasingly cutting home prices to bolster sales (31% of builders did so in July compared to 29% in June and 25% in May).” According to the report, the average price reduction in July was 6%.

Today, traders also had a chance to take a look at Business Invesntories report for May. The report showed that Business Inventories increased by 0.5% month-over-month, compared to analyst consensus of +0.3%.

U.S. Dollar Index settled near the 104.45 level as traders reacted to the report. The yield of 2-year Treasuries rebounds from multi-month lows, which is bullish for the American currency.

Gold is trying to settle above the psychologically important $2450 level. The reports should not have a material impact on gold price dynamics in today’s trading session.

SP500 settled near the 5650 level after the release of the weaker-than-expected NAHB Housing Market Index report.

For a look at all of today’s economic events, check out our economic calendar.