NAHB Housing Market Index Improves To 29, Fastest Sales Pace Since April 2007

Joplin Missouri Sky Home House Building ConstructionJeremy Nelson rebuilds his home after it was destroyed when a tornado hit in Joplin, Missouri.

Photo: Joe Raedle/Getty Images

UPDATE:The housing market improved somewhat in June, new data out of the National Association of Home Builders shows.

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The group’s key Housing Market Index increased one point to 29, after last month’s reading was revised down to 28.

“While the June HMI is in keeping with our forecast for gradually improving single-family home sales this year, recent economic reports that have shown some weakening in the pace of recovery likely factored into the marginal gain,” said NAHB Chief Economist David Crowe.

The current sales sub-index hit its highest level since April 2007, while future sales remained unchanged.

ORIGINAL:

Minutes away from the key data point of the day: the National Association of Home Builders’ Housing Market Index.

Economists polled by Bloomberg forecast the index will decline one point to 28 in June.

The announcement is scheduled for 10:00 a.m.

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