Investing.com – Pending home sales in the U.S. fell more-than-expected in July, with all regions showing monthly declines except for the West, industry data showed on Monday.
In a report, the National Association of Realtors said its pending home sales index fell by 1.3% in July, after rising by 2.4% in June.
Analysts had expected pending home sales to fall by 1.0% in July.
Year-over-year, U.S. pending home sales advanced at an annualized rate of 10.1%, falling short of expectations for a gain of 13.6%.
Commenting on the report NAR chief economist Lawrence Yun said, “The market can easily move into a healthy expansion if mortgage underwriting standards return to normalcy.”
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD gaining 0.17% to trade at 1.4525.
Meanwhile, U.S. stock markets were up sharply after the open. The Dow Jones Industrial Average rose 1.45%, the S&P 500 index climbed 1.65%, while the Nasdaq Composite index advanced 1.7%.
In a report, the National Association of Realtors said its pending home sales index fell by 1.3% in July, after rising by 2.4% in June.
Analysts had expected pending home sales to fall by 1.0% in July.
Year-over-year, U.S. pending home sales advanced at an annualized rate of 10.1%, falling short of expectations for a gain of 13.6%.
Commenting on the report NAR chief economist Lawrence Yun said, “The market can easily move into a healthy expansion if mortgage underwriting standards return to normalcy.”
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD gaining 0.17% to trade at 1.4525.
Meanwhile, U.S. stock markets were up sharply after the open. The Dow Jones Industrial Average rose 1.45%, the S&P 500 index climbed 1.65%, while the Nasdaq Composite index advanced 1.7%.