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U.S pending home sales fall more-than-expected in January

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Forex Pros - Pending home sales in the U.S. fell more-than-expected in January, declining for the second consecutive month, industry data showed on Monday.

In a report, the National Association of Realtors said its pending home sales index slumped by 2.8% in January, after falling by 3.2% in December, whose figure was revised from an increase of 2.0%.

Analysts had expected the pending home sales index to fall by 2.5% in January.

Year-on-year, the National Association of Realtors pending home sales index fell by 4.4% in January, after falling by 3.3% in December.

Commenting on the report NAR chief economist Lawrence Yun said, "The housing market is healing with sales fluctuating at times, depending on the flow of distressed properties coming on the market."

He added, ""We should not expect the recovery to be in a straight upward path - it will zig-zag at times."

Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD gaining 0.58% to hit 1.3836.

Meanwhile, U.S. stock markets were higher. The Dow Jones Industrial Average jumped 0.71%; the S&P 500 index climbed 0.63%, while the Nasdaq Composite index added 0.53%.

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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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