India, March 17 -- A report released by the National Association of Home Builders on Monday showed a continued deterioration by U.S. homebuilder confidence in the month of March.
The report said the NAHB/Wells Fargo Housing Market Index fell to 39 in March after slumping to 42 in February. Economists had expected the index to remain unchanged.
With the unexpected decrease, the housing market index dropped to its lowest level since hitting a matching reading last August.
"Construction firms are facing added cost pressures from tariffs," said NAHB Chief Economist Robert Dietz. "Data from the HMI March survey reveals that builders estimate a typical cost effect from recent tariff actions at $9,200 per home."
He added, "Uncertainty on polic...