Housing Market Contracting Sharply Home Builders' Data Show
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The U.S. housing market deteriorated sharply in November as demand and production both weakened further, according to data from the National Association of Home Builders (NAHB).
NAHB's proprietary survey of 30 large single-family home builders shows further erosion of gross sales in November (seasonably adjusted). Net sales were about flat in November because cancellations had fallen off somewhat, NAHB reports.
The NAHB's broad-based single family Housing Market Index
held at a record low 9 early in December. All three components of the Indexpresent sales, buyer traffic and six-month sales expectationswere at or near record lows in December.
Housing starts and new permits issues both fell to record lows in November, as well, according to U.S. Census Bureau reports.
Read the entire weekly NAHB Eye on the Economy roundup here