Investing.com – Pending home sales in the U.S. rose significantly more-than-expected in February, rising for the first time in three months, industry data showed on Monday.
In a report, the National Association of Realtors said its pending home sales index jumped by 2.1% in February, after tumbling by 2.8% in January.
Analysts had expected the pending home sales index to rise by 0.3% in February.
Commenting on the report NAR chief economist Lawrence Yun said, “Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines. Contract activity is now 20% above the low point immediately following expiration of the home buyer tax credit.”
He added, “All of the regions saw gains except for the Northeast, where unusually bad winter weather may have curtailed some shopping and contract activity.”
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD climbing 0.07% to hit 1.4096.
Meanwhile, U.S. stock markets were higher. The Dow Jones Industrial Average gained 0.27%; the S&P 500 index added 0.29%, while the Nasdaq Composite index eased up 0.1%.
In a report, the National Association of Realtors said its pending home sales index jumped by 2.1% in February, after tumbling by 2.8% in January.
Analysts had expected the pending home sales index to rise by 0.3% in February.
Commenting on the report NAR chief economist Lawrence Yun said, “Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines. Contract activity is now 20% above the low point immediately following expiration of the home buyer tax credit.”
He added, “All of the regions saw gains except for the Northeast, where unusually bad winter weather may have curtailed some shopping and contract activity.”
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD climbing 0.07% to hit 1.4096.
Meanwhile, U.S. stock markets were higher. The Dow Jones Industrial Average gained 0.27%; the S&P 500 index added 0.29%, while the Nasdaq Composite index eased up 0.1%.