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U.S. existing home sales fall 1.8% in August

Published 09/22/2014, 10:02 AM
Updated 09/22/2014, 10:02 AM
U.S. existing home sales decline in August

Investing.com - U.S. existing home sales fell unexpectedly in August, dampening optimism over the health of the housing market, industry data showed on Monday.

In a report, the National Association of Realtors said that existing home sales declined 1.8% to a seasonally adjusted 5.05 million units last month from 5.14 million in July.

Analysts had expected existing home sales to rise 1% to 5.20 million units in August.

Lawrence Yun, NAR chief economist, says sales activity remains stronger than earlier in the year, but fell last month as investors stepped away.

“There was a marked decline in all-cash sales from investors,” he said.

EUR/USD was trading at 1.2841 from around 1.2838 ahead of the release of the data, while GBP/USD was at 1.6346 from 1.6340 earlier.

Meanwhile, U.S. stock markets were lower after the open. The Dow 30 fell 0.15%, the S&P 500 dipped 0.3%, while the NASDAQ 100 declined 0.4%.

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