Homebuilders' expectations for sales in the next six months dropped for the second straight month in December, according to a report this afternoon from the National Assn. of Home Builders (NAHB). The expectations index slipped to a still-high 76 from 81 (originally reported as 79) in November and 82 in October. Nevertheless, a rebound in the index for traffic of prospective buyers, combined with continued strength in the index gauging current sales activity, kept the overall Housing Market Index unchanged at 70.
Separately, NAHB reported that its third-quarter Remodeling Market Index showed that a sub-index of current market conditions rose 3.7 points from a year before to 53.5, while the sub-index of remodelers' expectations for the near future rose 6.7 points to 54.9. Both sub-indexes were nearly level with the second-quarter readings.