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First Cut: NAHB/Wells Fargo Housing Market Index highest in six months, responding to lower mortgage rates

The NAHB/Wells Fargo Housing Market Index nudged up to 63 in April after 62 in March and February, and was the highest since 68 in October 2018. The movement of the index has roughly reflected the increase in mortgage interest rates to a peak in November 2018 with a corresponding fall in sales and buyer traffic, but the definite turnaround in rates in January brought about more builder optimism in subsequent months.

The spring homebuying season promises to be more active. Buyer traffic is up, and sales are holding at more elevated levels. Builders are likely to commit to starts against a backdrop of better affordability and limited supplies.

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