Investing.com – Pending home sales in the U.S. rose unexpectedly in July, official data showed on Thursday.
In a report, the National Association of Realtors said its pending home sales index increased 5.2% in July, after falling 2.8% in June, whose figure was revised from 2.6%.
Analysts had expected the index to remain unchanged in July.
Year-on-year, the National Association of Realtors pending home sales index declined 19.1%.
Commenting on the report NAR chief economist Lawrence Yu said, ““Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,”.
He added, “Affordability could reach a generational high in the second half of this year because of rock-bottom mortgage interest rates, helped partly by the Fed’s very accommodative monetary policy.”
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.03% to hit 1.2804.
In a report, the National Association of Realtors said its pending home sales index increased 5.2% in July, after falling 2.8% in June, whose figure was revised from 2.6%.
Analysts had expected the index to remain unchanged in July.
Year-on-year, the National Association of Realtors pending home sales index declined 19.1%.
Commenting on the report NAR chief economist Lawrence Yu said, ““Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,”.
He added, “Affordability could reach a generational high in the second half of this year because of rock-bottom mortgage interest rates, helped partly by the Fed’s very accommodative monetary policy.”
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.03% to hit 1.2804.