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U.S. existing home sales tumble in February

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Forex Pros - U.S. existing home sales fell significantly more-than-expected in February, falling to a three-month low industry data showed on Monday.

In a report, the National Association of Realtors said that existing home sales fell 9.6% to a seasonally adjusted 4.88 million units in February, compared to 5.40 million units in January, whose figure was revised up from 5.36 million.

Analysts had expected existing home sales to fall 4.9% to a seasonally adjusted 5.05 million units in February.

Commenting on the report, Lawrence Yun, chief economist for NAR said, "Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained by the twin problems of unnecessarily tight credit, and a measurable level of contract cancellations from some appraisals."

Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.1% to hit 1.4166.

Meanwhile, U.S. equity markets were broadly higher after the open. The Dow Jones Industrial Average jumped 1.62%; the S&P 500 index gained 1.44%, while the Nasdaq Composite index rallied 1.95%.

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


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

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