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1/16, 4:02 PM (Source: TeleTrader)
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US housing market index declines in January

Builder confidence in the United States for the newly built single-family homes decreased in January, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released on Monday. The HMI stood at 75 and it declined by one point from December, but the readings from December and January jointly mark the best sentiment since July 1999.

NAHB Chairman Greg Ugalde stated: "Low interest rates and a healthy labor market combined with a need for additional inventory is setting the stage for further home building gains in 2020."

The HMI index gauging current sales conditions declined by three points to 81, while the indicator for sales expectations in the next six months remained unchanged at 79. Additionally, the index of prospective buyers grew by one point to 58 and it reached its highest levels since December 2017.

Breaking the News / VP