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The US Existing Home Sales come out strong

By FXstreet.com,  January 20, 2011, 10:15:00 AM EDT

FXstreet.com (Barcelona) - The December Existing Home Sales, as published by the National Association of Realtors, pushed higher to an annualized 5.28 million, improving over the previous revised 4.7M and stumping over the 4.92M forecast. This represents an upward change of 12.3%, bettering the previous revised 6.1% and almostr tripling the 4.5% expected by analysts.

In the official release Lawrence Yun, NAR chief economist, said sales are on an uptrend. "December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery," he said. "The December pace is near the volume we're expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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