Investing.com – Pending home sales in the U.S. jumped unexpectedly in October, official data showed on Thursday.
In a report, the National Association of Realtors said its pending home sales index surged by 10.4% in October, after falling by 1.8% in September.
Analysts had expected the pending home sales index to decline by 0.9% in October.
Year-on-year, the National Association of Realtors pending home sales index fell 22.4% in October, after falling by 24.9% in September.
Commenting on the report NAR chief economist Lawrence Yun said, “The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011”.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD gaining 0.31% to hit 1.3182.
Meanwhile, U.S. stock markets were higher: the Dow Jones Industrial Average gained 0.69%, the S&P 500 index rose 0.82% and the Nasdaq Composite index climbed 0.70%.
In a report, the National Association of Realtors said its pending home sales index surged by 10.4% in October, after falling by 1.8% in September.
Analysts had expected the pending home sales index to decline by 0.9% in October.
Year-on-year, the National Association of Realtors pending home sales index fell 22.4% in October, after falling by 24.9% in September.
Commenting on the report NAR chief economist Lawrence Yun said, “The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011”.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD gaining 0.31% to hit 1.3182.
Meanwhile, U.S. stock markets were higher: the Dow Jones Industrial Average gained 0.69%, the S&P 500 index rose 0.82% and the Nasdaq Composite index climbed 0.70%.