Housing Market Index At Lowest Reading Since Last November

Held back by slowing in current sales, the housing market index edged to 69 in April for the lowest reading since November last year. The present sales component is down 2 points to a 75 level that is nevertheless very strong, while 6-month sales are at 77 for a 1 point loss. But traffic is not slowing, holding steady at a marginally positive 51.

Regional data are very steady and show the West still out in front, at 76, with the South at 72, the Midwest at 64, and the Northeast at 55.

The slip in current sales won't be raising expectations for next week's report on new home sales which have yet to get going this year. Housing has had a tough winter and today's report isn't pointing to much of a Spring bounce.