After falling nine points to a more than six-year low of 47 in the weeks following the Sept. 11 terrorist attacks, the index rebounded strongly in November, December and January. In February, the HMI dropped two points.

Two out of three of the HMI's component indexes rose in March. The index gauging current sales of single-family homes rose three points to 65. The index gauging sales expectations in the next six months rose two points to 69.

The index gauging traffic of prospective buyers fell two points to 44, the same level at which it stood prior to Sept. 11.