The percentage of builders reducing home prices decreased from 36% in December to 31% in January.
On January 17, the National Association of Home Builders unveiled its NAHB Housing Market Index report for January. According to the report, the NAHB Housing Market Index saw an improvement from 37 in December to 44 in January, surpassing the analyst consensus of 39.
The National Association of Home Builders remarked that lower interest rates enhanced housing affordability conditions in the past month, prompting some buyers to re-engage with the market after being deterred by higher borrowing costs in the fall.
Mortgage rates have declined by over 110 basis points since late October, providing substantial support to the housing market. Interestingly, NAHB highlighted that 31% of builders trimmed home prices in January to stimulate sales.
Following the release of the better-than-expected NAHB report, the U.S. Dollar Index retraced from its session highs. The robust Retail Sales report, released earlier, is anticipated to remain a primary driver of today's trading session for the U.S. dollar.
Gold continues to face significant downward pressure as traders focus on a stronger dollar and rising Treasury yields. Currently, gold is striving to establish a settlement below the support at $2015.
The S&P 500 moved away from its session lows, bolstered by the favorable report. It is worth noting that the S&P 500 displayed a negative reaction to the positive Retail Sales data, as traders tempered their expectations for a dovish Fed.
Subscribe to our daily newsletter and get the best forex trading information and markets status updates
Trade within minutes!
Comment (0)