Housing Market Index Ticks Up in March

Washington, DC, March 15, 2011 -- The National Association of Home Builders/Wells Fargo Housing Market Index edged up a point to 17 in March, marking the highest reading since May 2010.

Economists expected a 16 reading.

"While many home buyers are still holding off on making a purchase, builders did indicate slightly increased optimism about the future with a two-point gain in the HMI component gauging sales expectations for the next six months," said NAHB Chief Economist David Crowe.

Any number over 50 indicates that more builders view sales conditions as good than poor. The index hasn't been over 50 in nearly five years.