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U.S. NAHB Housing Market Index rises to 6-month high in July

Published 07/16/2014, 10:00 AM
Updated 07/16/2014, 10:00 AM
U.S. NAHB Housing Market Index rises more than expected in July

Investing.com - The National Association of Home Builders/Wells Fargo housing market index rose to a six-month high in July, industry data showed on Wednesday.

In a report, NAHB said that its Housing Market Index increased to 53.0 this month from 40.0 in June, beating estimates for a rise to 50.0.

A level above 50.0 indicates a favorable outlook on home sales, below indicates a negative outlook.

“This is the first time that builder confidence has been above 50 since January and an important sign that it is strengthening as pent-up demand brings more buyers into the marketplace,” said NAHB Chairman Kevin Kelly.

Following the release of the data, the U.S. dollar held to gains against the euro, with EUR/USD shedding 0.28% to trade at 1.3530.

Meanwhile, U.S. stock markets were higher after the open. The Dow rose 0.3%, the S&P 500 advanced 0.35%, while the Nasdaq 100 picked up 0.75%.

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