U.S. home resales unexpectedly fall, tarnishing housing recovery
Reuters
Published May 21, 2015 10:04AM ET
U.S. home resales unexpectedly fall, tarnishing housing recovery
WASHINGTON (Reuters) - U.S. home resales unexpectedly fell in April as tight inventories pushed prices higher, giving a cautious signal on the strength of the housing market.
The National Association of Realtors said on Thursday existing home sales dropped 3.3 percent to an annual rate of 5.04 million units.
March's sales pace was revised up to 5.21 million units from the previously reported 5.19 million units. Economists polled by Reuters had forecast home resales rising to a 5.24 million-unit pace last month.
The relative weakness in home resales puts a dent in what had been one of the brighter spots of the broader U.S. economy after gross domestic product barely grew in the first quarter.
The number of homes on the market last month fell 0.9 percent from a year earlier, helping push the median home price up 8.9 percent from the same month in 2014.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.