The past couple of weeks have seen some relief in mortgage rates and a rebound in weekly mortgage applications as a result, but that positive housing market development didn't show per the latest reading on homebuilder sentiment. The NAHB's Housing Market Index dropped to 34 in November and is only three points above the low from last December.

In the table below, we show the readings of each sub-index of the report as well as the month-over-month change and how those readings stack up versus history. As shown, the month-over-month declines across the report were historically large with the six-point drop in the headline index ranking in the bottom 2nd percentile of all monthly moves with each sub-index also experiencing bottom 5% moves.

Regional homebuilder sentiment was more peculiar. Again, there were historic declines in the Midwest, West, and South. The Northeast went in the complete opposite direction as sentiment rose by 7 points. Although that does not leave sentiment at a new high, the month-over-month gain ranks in the 87th percentile of all months on record.

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