Analysts at DBS Bank Ltd. in Singapore suggested the U.S. housing data was not all that spectacular, since it reflects a big jump not in single family homes but in apartment construction, which is typically volatile.

NPR: Asian Stocks Rebound As US Recovery Doubts Ease

"Fed Chairman Ben Bernanke said this week that while the U.S. economy was significantly stronger than it was four years ago, it has yet to recover back to an acceptable state of health, " said analysts at DBS Bank Ltd. in Singapore.

NPR: Asia Stocks Rise On Heels Of New Dow Record High