Gold Coins In front of Stock Data
Markets

U.S. pending home sales rises more than expected in December

Investing.com -

Investing.com - Pending home sales in the U.S. rose more than expected in December, bolstering optimism over the health of the housing sector, industry data showed on Monday.

In a report, the National Association of Realtors (NAR) said its pending home sales index rose by a seasonally adjusted 1.6% last month, beating expectations for an increase of 1.1%.

The pending home sales index increased to 109.0 from the prior 107.3.

Year-on-year, pending home sales increased at an annualized rate of 0.3% in December.

NAR chief economist Larry Yun said contract activity was mixed throughout the country in December but ultimately ended on a high note to close out 2016.

"Pending sales rebounded last month as enough buyers fended off rising mortgage rates and alarmingly low inventory levels1 to sign a contract," he said.

Yun highlighted it would be important to see if levels of supply can increase at in order to keep price growth at a level consistent with households absorbing higher borrowing costs.

"Sales will struggle to build on last year's strong pace if inventory conditions don't improve," he warned.

Immediately following the report, EUR/USD was trading at 1.0656 from around 1.0655 ahead of the release of the data, GBP/USD was at 1.2506 compared to 1.2515 previously, while USD/JPY was at 114.30 from 114.34 earlier.

The US dollar index, which tracks the greenback against a basket of six major rivals, was at 100.73, compared to 100.75 ahead of the report.

Meanwhile, U.S. stock markets traded lower after the open. The Dow 30 dropped 0.68%, the S&P 500 lost 0.83%, while the Nasdaq Composite fell 1.24%.

Elsewhere, in the commodities market, gold futures traded at $1,194.65 a troy ounce, compared to $1,194.45 ahead of the data, while crude oil traded at $52.77 a barrel from $52.76 earlier.

Investing.com offers an extensive set of professional tools for the financial markets.

Read more News on Investing.com and download the new Investing.com apps for Android and iOS! https://ca33f332e2199349c49c-dc74b5af55c9b2a1bd8891aa9e8701fc.ssl.cf1.rackcdn.com/news/LYNXMPEA5O0FE_M.jpg © Reuters.

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.

Other Topics

ForEx