The latest reading for the NAHB Housing Market Index came in slightly below consensus again (47 vs 49). The index was particularly weak looking at the traffic of prospective buyers. This component series remains subdued at 32, well below the highs made in September 2013 (reached 46 during this time). We will have to wait and see if the weakens in the HMI leads to weaker house price growth. So far this year these two series have been diverging.