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U.S. NAHB Housing Market Index rises to 9-year high in September

Published 09/17/2014, 10:02 AM
Updated 09/17/2014, 10:02 AM
U.S. NAHB Housing Market Index rises more than expected in September

U.S. NAHB Housing Market Index rises more than expected in September

Investing.com - The National Association of Home Builders/Wells Fargo housing market index rose to the highest level since November 2005 in September, industry data showed on Wednesday.

In a report, NAHB said that its Housing Market Index increased to 59.0 this month from 55.0 in August, above expectations for a reading of 56.0.

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

"Since early summer, builders in many markets across the nation have been reporting that buyer interest and traffic have picked up, which is a positive sign that the housing market is moving in the right direction,” said NAHB Chairman Kevin Kelly

EUR/USD was trading at 1.2959 following the release of the data, from 1.2963 ahead of the report, while GBP/USD was at 1.6334, compared to 1.6338 earlier.

Meanwhile, U.S. stock markets were higher after the open. The Dow 30 rose 0.2%, the S&P 500 advanced 0.25%, while the NASDAQ 100 picked up 0.1%.

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