US housing market index rises for fourth straight month
The National Association of Home Builders/Wells Fargo US housing market index increased to 45 in April, a fourth straight month of growth and the highest level seen since September 2022.
The current sales gauge rose to 51 from 49, while sales expectations in the next six months increased to 50 from 47, and traffic of prospective buyers remained flat at 31.
NAHB chairman Alicia Huey said: "Builders note that additional declines in mortgage rates, to below 6%, will price in further demand for housing.
"Nonetheless, the industry continues to be plagued by building material issues, including lack of access to electrical transformer equipment."
Reporting by Iain Gilbert at Sharecast.com