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."