Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

U.S. pending home sales inch up 0.2% in October

Published 11/30/2015, 10:03 AM
Updated 11/30/2015, 10:03 AM
© Reuters.  U.S. pending home sales rise 0.2% in October

© Reuters. U.S. pending home sales rise 0.2% in October

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

In a report, the National Association of Realtors said its pending home sales index inched up by a seasonally adjusted 0.2% last month, disappointing expectations for a gain of 1.5%.

Pending home sales in September fell by 1.6%, whose figure was revised from a previously reported drop of 2.3%.

Year-on-year, pending home sales rose at annualized rate of 2.1% in October, below forecasts for an increase of 4.5% and following a gain of 3.2% in the prior month.

Gains in the Northeast and West were offset by declines in the Midwest and South.

Lawrence Yun, NAR chief economist, says pending sales have plateaued this fall as buyers struggle to overcome a scant number of available homes for sale and prices that are rising too fast in some markets.

"Contract signings in October made the most strides in the Northeast, which hasn't seen much of the drastic price appreciation and supply constraints that are occurring in other parts of the country," he said.

EUR/USD was trading at 1.0580 from around 1.0577 ahead of the release of the data, GBP/USD was at 1.5046 from 1.5044 earlier, while USD/JPY was at 123.09 compared to 123.08 earlier.

The US dollar index, which tracks the greenback against a basket of six major rivals, was at 100.19, compared to 100.21 ahead of the report.

Meanwhile, U.S. stock markets were modestly lower after the open. The Dow 30 shed 0.15%, the S&P 500 dipped 0.15%, while the Nasdaq Composite declined 0.1%.

Elsewhere, in the commodities market, gold futures traded at $1,060.90 a troy ounce, compared to $1,060.80 ahead of the data, while crude oil traded at $42.34 a barrel from $42.31 earlier.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.