Financial News: U.S. Housing Market Index Unexpectedly Climbs To Eight-Mon

U.S. Housing Market Index Unexpectedly Climbs To Eight-Month High In March

03/18/2024 - 10:10:00 (RTTNews)

(RTTNews) - A report released by the National Association of Home Builders on Monday showed an unexpected improvement in U.S. homebuilder confidence in the month of March.

The report said the NAHB/Wells Fargo Housing Market Index rose to 51 in March from 48 in February. Economists had expected the index to come in unchanged.

With the unexpected increase, the housing market index surpassed the breakeven point of 50 for the first time since hitting 56 last July.

"Buyer demand remains brisk and we expect more consumers to jump off the sidelines and into the marketplace if mortgage rates continue to fall later this year," said NAHB Chairman Carl Harris.

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