Builder confidence edged higher in May as the National Association of Home Builders reported its latest reading. The index climbed three points but stayed below the break-even level for the 25th month in a row.
The National Association of Home Builders said its Housing Market Index reached 37 in May after rising three points from April. The figure marks continued weakness in the sector despite the small gain. Persistent affordability issues and broader economic concerns weighed on sentiment.
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Wall Street markets closed higher on May 13, led by gains in the technology sector ahead of the US-China meeting.
The National Association of Realtors pending home sales index rose 1.8% to 72.1 in February, defying expectations of a 0.6% decline. This marks a 0.8% fall from the previous year. The index remains well below historical peaks.
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Existing home sales in the United States fell 3.6% in March after a brief rebound the previous month. The National Association of Realtors reported a seasonally adjusted annual rate of 3.98 million units, the lowest since last June. NAR Chief Economist Dr. Lawrence Yun attributed the slowdown to lower consumer confidence and softer job growth.
Hong Kong's Land Registry reported 8,692 transactions across all property sectors last month, up 12.3% from March. Residential sales reached 7,368 units, the highest in two years. Total sales value rose sharply.
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Employers in the United States added 178,000 jobs in March, far exceeding economist expectations of 59,000, while the unemployment rate fell to 4.3 percent. This rebound followed a weak February, when payrolls dropped by 133,000. The White House highlighted the strong figures on social media.
Fourteen stocks from the BSE 500 index advanced in each of the five trading sessions ending May 8, delivering cumulative returns of up to 25 percent. The Sensex rose 0.54 percent or 415 points to close at 77,328 during the period.