- The data comes one day after the National Association of Home Builders/Wells Fargo Housing Market Index, which measures the pulse of the single-family housing market, rose more than expected to 42, the highest reading since September.
- Any reading above 50 is considered positive; prior to 2022, the gauge has not entered negative territory since 2012, excluding a brief – but steep – drop in May 2020.
- The index has fallen to half of what it was just one month ago, when it stood at 81, although it has increased from a low of 31.
