Despite the ripping new construction market, the NAHB Housing Market Index just dropped to a 50 today, which represents the low threshold of positivity. New construction has gained more market share than they have enjoyed for many years, so it’s interesting that the collective outlook dropped 11% this month.
Retail Sales came in at a 0.7% month-over-month growth rate, which was higher than last month’s 0.3% gain. Stripping out car sales, the core index rose a whopping 1.0%.
Interest rates are trying to stabilize after a month-long climb higher.