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US: Housing Market Index
| Consensus | Consensus Range | Actual | Previous | Revised | |
| Index | 35 | 34 to 37 | 34 | 35 | 36 |
| M/M Change | -2 | -2 | |||
| M/M % Change | -5.6% | -5.4% |
Highlights
The home builder sentiment index remains depressed and misses expectations at 34 in July, down from a revised 36 in June (previously reported at 35). The Econoday consensus looked for 35. for July. The index is still up from 33 a year ago.
The National Association of Home Builders says affordability issues continue to hold back housing demand while builders are plagued by rising costs and labor shortages. More builders are offering discounts in July (37 percent) versus June (35 percent) to encourage buyers.
The result and the diagnosis echo the National Association of Realtors pending home sales report which shows a decline of 5.4 percent in June from May, which the NAR also blames on high mortgage rates and high housing prices.
Market Consensus Before Announcement
Home builder sentiment expected flat at a gloomy 35 in July.
