The National Association of Home Builders (NAHB) released its housing market index for the U.S. on Tuesday. The NAHB housing market index declined to 55 in February from 57 in January. Analysts had expected the index to rise at 58.
A level above 50.0 is considered positive, below indicates a negative outlook.
The NAHB Chairman Tom Woods said that "builder sentiment remains fairly solid, with this slight downturn largely attributable to the unusually high snow levels across much of the nation".