Investing.com – U.S. existing home sales unexpectedly declined to a seven-month low in June, as contract cancellations spiked, industry data showed on Wednesday.
In a report, the National Association of Realtors said that existing home sales declined by 0.8% to a seasonally adjusted 4.77 million units in June from 4.81 million units in May.
Analysts had expected existing home sales to rise 1.9% to 4.92 million units in June.
Commenting on the report, Lawrence Yun, chief economist for NAR said, “Economic uncertainty and the federal budget debacle may be causing hesitation among some consumers or lenders.”
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD climbing 0.26% to trade at 1.4194.
Meanwhile, U.S. equity markets were down after the open. The Dow Jones Industrial Average dipped 0.1%, the S&P 500 index slipped 0.25%, while the Nasdaq Composite index eased down 0.05%.
In a report, the National Association of Realtors said that existing home sales declined by 0.8% to a seasonally adjusted 4.77 million units in June from 4.81 million units in May.
Analysts had expected existing home sales to rise 1.9% to 4.92 million units in June.
Commenting on the report, Lawrence Yun, chief economist for NAR said, “Economic uncertainty and the federal budget debacle may be causing hesitation among some consumers or lenders.”
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD climbing 0.26% to trade at 1.4194.
Meanwhile, U.S. equity markets were down after the open. The Dow Jones Industrial Average dipped 0.1%, the S&P 500 index slipped 0.25%, while the Nasdaq Composite index eased down 0.05%.