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U.S. NAHB Housing Market Index rises to 7-month high in August

Published 08/18/2014, 09:54 AM
Updated 08/18/2014, 09:54 AM
U.S. NAHB Housing Market Index hits 7-month high in August

Investing.com - The National Association of Home Builders/Wells Fargo housing market index rose to a seven-month high in August, industry data showed on Monday.

In a report, NAHB said that its Housing Market Index increased to 55.0 this month from 53.0 in July, beating estimates for a reading of 53.0.

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

“As the employment picture brightens, builders are seeing a noticeable increase in the number of serious buyers entering the market,” said NAHB Chairman Kevin Kelly.

Following the release of the data, the U.S. dollar held to gains against the euro, with EUR/USD shedding 0.23% to trade at 1.3370.

Meanwhile, U.S. stock markets were higher after the open. The Dow rose 0.7%, the S&P 500 advanced 0.6%, while the Nasdaq 100 picked up 0.55%.

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