The National Association of Home Builders (NAHB)/Well Fargo Housing Market Index (HMI) showed that  builder confidence for single-family homes remained steady in March. After five consecutive months of growth, builder confidence for March remains unchanged at 28, the indexes' highest level since 2007.

NAHB also reported that housing markets were seen as improving in March. The NAHB/First American Improving Markets Index (IMI) ticked up to 99, a net gain of one from February.

"While builders are still very cautious at this time, there is a sense that many local housing markets have started to move in the right direction and that prospects for future sales are improving," said Barry Rutenberg, NAHB chairman.

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