The National Association of Home Builders (NAHB) released its housing market index for the U.S. on Tuesday. The NAHB housing market index remained unchanged at 58 in March, missing expectations for an increase to 59.

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

The buyer traffic sub-index climbed to 43 in March from 39 in February, the current sales conditions sub-index remained unchanged at 65, while the sub-index measuring sales expectations in the next six months decreased to 61 from 64.

"Builders continue to report problems regarding a shortage of lots and labour," the NAHB Chairman Ed Brady.

"Solid job growth, low mortgage rates and improving mortgage availability will help keep the housing market on a gradual upward trajectory in the coming months," the NAHB Chief Economist David Crowe said.