Investing.com - Pending home sales in the U.S. fell less than expected in March, diminishing concern over the health of the housing sector, industry data showed on Thursday.
In a report, the National Association of Realtors (NAR) said its pending home sales index decreased by a seasonally adjusted 0.8% last month, compared to expectations for a decline of 1.0%.
The reading on the index itself decreased to 111.4 in March from the prior 112.3.
Year-on-year, pending home sales increased at an annualized rate of 0.8% in March.
NAR chief economist Larry Yun blamed spare inventory levels for the pullback last month but noted that activity was still strong enough to be the third best in the past year.
"Home shoppers are coming out in droves this spring and competing with each other for the meager amount of listings in the affordable price range," he said.
"In most areas, the lower the price of a home for sale, the more competition there is for it,” Yun added.
Following the report, EUR/USD was trading at 1.0856 from around 1.0861 ahead of the release of the data, GBP/USD was at 1.2881 compared to 1.2872 previously, while USD/JPY was at 111.54 from 111.55 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 99.19, compared to 99.16 ahead of the report.
Meanwhile, U.S. stock markets traded slightly higher after the open. The Dow 30 edged forward 0.07%, the S&P 500 rose 0.04%, while the Nasdaq Composite advanced 0.29%.
Elsewhere, in the commodities market, gold futures traded at $1,264.32 a troy ounce, compared to $1,263.15 ahead of the data, while crude oil traded at $48.60 a barrel from $48.71 earlier.