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 60 in January, missing expectations for an increase to 61. December's figure was revised down from 61.

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

The buyer traffic sub-index decreased to 44 in January from 46 in December, the current sales conditions sub-index increased to 67 from 65, while the sub-index measuring sales expectations in the next six months dropped to 63 from 66.

"After eight months hovering in the low 60s, builder sentiment is reflecting that many markets continue to show a gradual improvement, which should bode well for future home sales in the year ahead," the NAHB Chairman Tom Woods said.

"The economic outlook remains promising, as consumers regain confidence and home values increase, which will help the housing market move forward," the NAHB Chief Economist David Crowe said.