Housing market is supported by low mortgage rates
The sentiment on the US housing market surprisingly brightened in February. The NAHB home market index rose one point from the previous month to 84 points, as the National Association of Home Builders announced on Wednesday. Analysts had expected an unchanged value of 83 points.
In the two months before, the indicator fell slightly after rising to a record 90 points in November. At the beginning of the corona crisis, the indicator fell to 30 points. It has now recovered from this low level and is also noticeably above the pre-crisis level.
NAHB announced that the market will be supported by low mortgage rates. At the same time, rising costs for building materials would make buying a house unaffordable for many people.
The NAHB index is a sentiment barometer of the national organization of housing construction companies. The current situation and expectations of the industry are queried in a monthly survey.
