Investing.com – Pending home sales in the U.S. rose significantly more-than-expected in March, industry data showed on Thursday.
In a report, the National Association of Realtors said its pending home sales index jumped by 5.1% in March, surpassing expectations for an increase of 1.5%.
The prior month’s figure was downwardly revised to 0.7% from a gain of 2.1%.
Year-on-year, pending home sales fell at an annualized rate of -11.5% in March after dropping at a rate of 10.5% in February.
Commenting on the report NAR chief economist Lawrence Yun said, “Since reaching a cyclical bottom last June, pending home sales have posted an overall gain of 24% and demonstrate the market is recovering on its own.”
“The index means modest near-term gains in existing-home sales are likely, which would be even stronger if tight mortgage lending criteria returned to normal, safe standards,” he added.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD climbing 0.33% to hit 1.4839.
Meanwhile, U.S. stock markets were mixed. The Dow Jones Industrial Average gained 0.15%, the S&P 500 index added 0.1%, while the Nasdaq Composite index slipped 0.13%.
In a report, the National Association of Realtors said its pending home sales index jumped by 5.1% in March, surpassing expectations for an increase of 1.5%.
The prior month’s figure was downwardly revised to 0.7% from a gain of 2.1%.
Year-on-year, pending home sales fell at an annualized rate of -11.5% in March after dropping at a rate of 10.5% in February.
Commenting on the report NAR chief economist Lawrence Yun said, “Since reaching a cyclical bottom last June, pending home sales have posted an overall gain of 24% and demonstrate the market is recovering on its own.”
“The index means modest near-term gains in existing-home sales are likely, which would be even stronger if tight mortgage lending criteria returned to normal, safe standards,” he added.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD climbing 0.33% to hit 1.4839.
Meanwhile, U.S. stock markets were mixed. The Dow Jones Industrial Average gained 0.15%, the S&P 500 index added 0.1%, while the Nasdaq Composite index slipped 0.13%.