WASHINGTON (UPI) — U.S. builders remain cautious about the health of their industry, a national housing market index indicated.
The National Association of Home Builders/Wells Fargo Housing Market Index was unchanged in March, holding at 28 after six consecutive months of gains.
The break-even point on the index is 50 points. Below 50 means more builders view business conditions as more unfavorable than favorable.
The index is low by historic standards. It has, however, doubled since September, reaching its highest level in more than four years.
“While builders are still very cautious at this time, there is a sense that many local housing markets have started to move in the right direction and that prospects for future sales are improving,” association Chairman Barry Rutenberg said in a statement.