8/15, 4:00 PM (Source: TeleTrader)
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US housing market index up to 66 in August

Builder confidence in the United States for the newly built single-family homes stood at 66 in August, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released on Thursday. The figure marks a slight increase from July's measurement of 65.

"While 30-year mortgage rates have dropped from 4.1 percent down to 3.6 percent during the past four months, we have not seen an equivalent higher pace of building activity because the rate declines occurred due to economic uncertainty stemming largely from growing trade concerns," NAHB chief economist Robert Dietz said. "Although affordability headwinds remain a challenge, demand is good and growing at lower price points and for smaller homes."

The HMI index gauging current sales conditions grew by two points to 73, while the indicator for sales expectations in the next six months declined by one point to 70.

Breaking the News / NP