The National Association of Home Builders (NAHB) released its housing market index for the U.S. on Monday. The NAHB housing market index remained unchanged at 58 in April, 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 44 in April from 43 in March, the current sales conditions sub-index dropped to 63 from 65, while the sub-index measuring sales expectations in the next six months increased to 62 from 61.

"As we enter the spring home buying season, we should see the market move forward," the NAHB Chairman Ed Brady.

"Builders remain cautiously optimistic about construction growth in 2016. Solid job creation and low mortgage interest rates will sustain continued gains in the single-family housing market in the months ahead," the NAHB Chief Economist Robert Dietz said.