The US NAHB housing market index unexpectedly fell back in April. The headline index fell one point from 17 to 16, reversing the previous month’s gain as the outlook for single family sales weakened significantly in April. A reading below 50 indicates that conditions remain poor, while a reading above 50 indicates that the housing market is expanding. While we were hoping for an early start of the spring selling season due to the good weather, this indicator continues to point to a depressed housing market in the US, with not signs of improvement yet. Nevertheless, we still hope to see a boost from the spring selling season in the coming months.