The U.S. NAHB homebuilder sentiment rose in October. The housing market index jumped from 64 to 68 in October. The rebound was much stronger than anticipated and was a positive surprise compared to consensus expectations of no change.
Present and future single-family home sales sub-indices were up by 5 points each, driving the increase in the headline index. The forward-looking indicators, which have some predictive capacity of housing starts activity six months ahead, are on a strong footing. Prospective buyers’ traffic remained greatly stable at 48. Overall, a stable, albeit modest, recovery is expected in the housing sector in 2017, stated Barclays in a research report.
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