U.S. NAHB housing market index fell 3 points to 83 in January

U.S. NAHB housing market index fell 3 points to 83 in January extending the -4 point decline to 86 in December. And they follow the 5 point rise to 90 in November, which is the all-time high. This ties the lowest since September. The single family sales index dipped -2 points to 90 following the -4 point decline to 92 previously. The future sales index also slid -2 points to 83 after it dropped -4 points to 85 in December. The index of prospective buyer traffic was down -5 points to 68 after it fell -4 points to 73 previously. The index had dropped to a recent low of 30 in April, though the historic nadir of 8 was hit in January 2009. Favorable demographics, soaring demand for homes amid shifting demand preferences due to the pandemic, and record low mortgage rates have supported the housing market, though there are headwinds from low inventories, rising home prices and building costs.