Current sales conditions increased from 44 in August to 45 in September, while sales expectations in the next six months increased from 49 to 53.
The National Association of Home Builders commented: “With inflation moderating, the Federal Reserve is expected to begin a cycle of monetary policy easing this week, which will produce downward pressure on mortgage interest rates and also lower the interest rates on land development and home construction business loans.”
Today, traders also had a chance to take a look at the Business Inventories report for July. The report showed that Business Inventories increased by 0.4% month-over-month, compared to analyst consensus of +0.3%.
U.S. Dollar Index moved away from session highs as traders reacted to the better-than-expected NAHB Housing Market Index report. From a big picture point of view, traders are waiting for the Fed decision, which will be released tomorrow.
