NAHB housing market index rises to 44 in January

(Sharecast News) - The National Association of Housebuilders' housing market index rose to 44 in January, up from 37 in the previous month, extending its rebound from a low touched in November and firmly above market expectations for a reading of 39. January's improvement was principally due to a sustained decline in mortgage rates, with benchmark borrowing costs sitting below their Q4 peaks as a result of expectations for an incoming rate cut for the Federal Reserve.

The sub-index for current single-family homes rose by seven points from last month's upwardly revised number to 48, while the sub-index measuring prospective single-family home sales rose 12 points to 57 and the gauge for prospective buyers moved five points higher to 29.







Reporting by Iain Gilbert at Sharecast