US: Housing indicators turning around – Danske Bank

In the US, the NAHB housing market index dropped to 60 in October from 68 in September, notes the research team at Danske Bank.

Key Quotes

“The level remains high but the trend is not good. Many housing indicators are turning around and while the interpretation is difficult given the extremely high volatility in most of them, it seems as though the housing market is cooling, perhaps because mortgage rates have hit 5%.”

“We think it is increasingly important to look out for how the housing market is doing. This market is a very important driver of overall economic activity.”