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Investing.com - The National Association of Home Builders/Wells Fargo housing market index rose more-than-expected in December, industry data showed on Tuesday.
In a report, NAHB said that its Housing Market Index increased to 58.0 this month from 54.0 in November, beating estimates for a rise to 55.0. A level above 50.0 indicates a favorable outlook on home sales, below indicates a negative outlook.
Commenting on the report, NAHB Chief Economist David Crowe said, “Following a two-month pause in the index, this uptick is due in part to release of the pent-up demand caused by the uncertainty generated by the October government shutdown. We continue to look for a gradual improvement in the housing recovery in the year ahead.”
Following the release of the data, the U.S. dollar was higher against the euro, with EUR/USD shedding 0.17% to trade at 1.3739.
Meanwhile, U.S. stock markets were mixed after the open. The Dow Jones Industrial Average rose 0.05%, the S&P 500 shed 0.2%, while the Nasdaq 100 declined 0.2%.
In a report, NAHB said that its Housing Market Index increased to 58.0 this month from 54.0 in November, beating estimates for a rise to 55.0. A level above 50.0 indicates a favorable outlook on home sales, below indicates a negative outlook.
Commenting on the report, NAHB Chief Economist David Crowe said, “Following a two-month pause in the index, this uptick is due in part to release of the pent-up demand caused by the uncertainty generated by the October government shutdown. We continue to look for a gradual improvement in the housing recovery in the year ahead.”
Following the release of the data, the U.S. dollar was higher against the euro, with EUR/USD shedding 0.17% to trade at 1.3739.
Meanwhile, U.S. stock markets were mixed after the open. The Dow Jones Industrial Average rose 0.05%, the S&P 500 shed 0.2%, while the Nasdaq 100 declined 0.2%.