NAHB Housing Market Index Rises Above 50 For The First Time Since July 2023

On March 18, 2024, the National Association of Home Builders released NAHB Housing Market Index report.

The report indicated that NAHB Housing Market Index increased from 48 in February to 51 in March, compared to analyst consensus of 48. This is the highest level of the index since July 2023.

The National Association of Home Builders commented: “A lack of existing inventory continues to drive buyers to new home construction, coupled with strong demand and mortgage rates below last fall’s cycle peak helped push builder sentiment above a key marker in March.”

NAHB Chairman Carl Harris noted that he expected more consumers to jump off the sidelines and into the marketplace in case mortgage rates continued to fall later in 2024.

U.S. Dollar Index settled near the 103.45 level after the release of the NAHB Housing Market Index report. Treasury yields continue to move higher as bond traders bet on a more hawkish Fed. However, forex traders may stay cautious ahead of the Fed decision, which will be released on Wednesday.

Gold  gains ground despite rising Treasury yields. It remains to be seen whether the report will have a material impact on the dynamics of precious metals markets.

SP500  tested session highs after the release of the better-than-expected housing data. The situation in the housing market is improving despite high interest rates, which highlights the strength of the U.S. economy.

For a look at all of today’s economic events, check out our economic calendar.