NAHB housing market index (HMI) increased to 16 in October over 13 in September, beating expectations.
This is the first increase in the HMI in five months. While it is an improvement, it is still very low. 50 is the dividing market between positive and negative, and we remain well below that.
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Markets pulled back a bit on the news:
- Dow up 0.38%
- S&P 500 up 0.25%
- NASDAQ up 0.17%