The National Association of Home Builders (NAHB) released its housing market index for the U.S. on Tuesday. The NAHB housing market index fell to 62 in November from 65 in October, missing expectations for a decrease to 64. October's figure was revised up from 64.

A level above 50.0 is considered positive, below indicates a negative outlook.

The fall was driven by a decline in two of three components of the index. The buyer traffic sub-index increased to 48 in November, the current sales conditions sub-index fell to 67 from 70, while the sub-index measuring sales expectations in the next six months dropped to 70 from 75.

"Even with this month's drop, builder confidence has remained in the 60s for six straight months - a sign that the single-family housing market is making long-term headway. However, our members continue to voice concerns about the availability of lots and labour," the NAHB Chairman Tom Woods said.

"A firming economy, continued job creation and affordable mortgage rates should keep housing on an upward trajectory as we approach 2016," the NAHB Chief Economist David Crowe said.