U.S. Pending Home Sales Unexpectedly Increase in November
Published Dec 27, 2017 10:04AM ET
U.S. pending home sales rise 0.2% in November vs. forecast for 0.4% drop
Investing.com - Pending home sales in the U.S. unexpectedly advanced in November, bolstering optimism over the health of the housing sector, industry data showed on Wednesday.
In a report, the National Association of Realtors (NAR) said its pending home sales index increased by 0.2% last month, compared to expectations for a drop of 0.4%.
The reading on the index itself increased to 109.5 from the prior 109.3. That was its highest reading since June.
Year-on-year, pending home sales rose at an annualized rate of 0.8% in November.
NAR chief economist Larry Yun indicated that contract signings mustered a small gain in November and were up annually for the first time since June.
Yun suggested that the housing market had strengthened thanks to solid job creation and a strong economy.
“However, new buyers coming into the market are finding out quickly that their options are limited and competition is robust,” he noted.
“Realtors say many would-be buyers from earlier this year, stifled by tight supply and higher prices, are still trying to buy a home,” he explained.
One of the biggest questions heading into 2018, according to Yun, is if the depressed levels of available supply can improve enough to slow price growth and make buying a home more affordable
Following the report, that was released simultaneously with December consumer confidence, EUR/USD was trading at 1.1902 from around 1.1904 ahead of the publication; GBP/USD was at 1.3410 from 1.3415 earlier; while USD/JPY was at 113.29 from 113.31 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, traded at 92.57 compared to 92.58 prior to the release.
Meanwhile, U.S. stock markets were trading slightly higher after the open. The Dow 30 edged forward 12 points, or 0.05%, the S&P 500 gained 3 points or 0.12%, while the Nasdaq Composite traded up 17 points, or 0.25%.
Elsewhere, in the commodities market, gold futures were unchanged at $1,289.90 a troy ounce, while crude oil traded at $59.80 a barrel from $59.72 earlier.
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Written By: Investing.com
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