Homebuilder sentiment holds steady in March

Builder confidence held steady in March, according to the National Association of Homebuilders (NAHB)

The association’s housing-market index jointly released with Wells Fargo came in at 58. Economists had estimated that the index rose to 59 from a nine-month low of 58 in February, according to Bloomberg.

Every month, the NAHB surveys its members on the state of the single-family housing market, their outlook for six months out, and on traffic of prospective buyers.

NAHB chief economist David Crowe said in the release, “solid job growth, low mortgage rates and improving mortgage availability will help keep the housing market on a gradual upward trajectory in the coming months.”

The index of current sales was unchanged at 65, while the gauge of sales expectations in the next six months fell three points to 61.

The three-month average score for the West had the biggest regional decline, by three points to 69.

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