Credit: Investing.com -
Investing.com - The National Association of Home Builders/Wells Fargo housing market index fell unexpectedly in January, industry data showed on Thursday.
In a report, NAHB said that its Housing Market Index declined to 56.0 this month from 57.0 in December, disappointing estimates for a rise to 58.0. A level above 50.0 indicates a favorable outlook on home sales, below indicates a negative outlook.
"Following an unexpected jump last month, builder confidence has essentially leveled out and is holding at a solid level," said NAHB Chairman Rick Judson,
Following the release of the data, the U.S. dollar was lower against the euro, with EUR/USD adding 0.18% to trade at 1.3629.
Meanwhile, U.S. stock markets were down after the open. The Dow Jones Industrial Average fell 0.3%, the S&P 500 shed 0.2%, while the Nasdaq 100 declined 0.1%.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
