U.S. homebuilder sentiment hovered just above a record low in January as a glut in houses for sale and tight lending conditions continued to depress the market, the National Association of Home Builders said Wednesday.
The NAHB/Wells Fargo Housing Market index rose 1 point to 19 in January, the group said in a statement. The December level was revised lower by 1 point to 18, the lowest since the survey began in January 1985, it said.
Economists polled by Reuters had predicted the index would be unchanged at 19. Readings below 50 mean more builders view market conditions as poor than favorable.