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U.S. NAHB Housing Market Index rises less than forecast in March

Published 03/17/2014, 10:05 AM
U.S. NAHB Housing Market Index rises to 47, missing forecasts for 50
EUR/USD
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Investing.com - The National Association of Home Builders/Wells Fargo housing market index rose less than expected in March, industry data showed on Monday.

In a report, NAHB said that its Housing Market Index increased to 47.0 this month from 46.0 in February, missing estimates for a rise to 50.0.

A level above 50.0 indicates a favorable outlook on home sales, below indicates a negative outlook.

“The March HMI mirrors last month’s sentiment, as builders continued to be affected by poor weather and difficulties in finding lots and labor,” said NAHB Chairman Kevin Kelly.

Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD adding 0.2% to trade at 1.3941.

Meanwhile, U.S. stock markets were higher after the open. The Dow Jones Industrial Average climbed 1.2%, the S&P 500 rose 1.1%, while the Nasdaq 100 picked up 1.3%.

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