Investing.com – Pending home sales in the U.S. climbed significantly more-than-expected in October, rising for the first time in four months, industry data showed on Wednesday.
In a report, the National Association of Realtors said its pending home sales index soared by 10.4% in October, blowing past expectations for a 1.2% increase.
Pending home sales dropped by an unrevised 4.6% in September.
Commenting on the report NAR chief economist Lawrence Yun said improved contract activity is a hopeful sign.
“Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years,” he said.
We hope this is indicates more buyers are taking advantage of the excellent affordability conditions,” he added.
Following the release of the data, the U.S. dollar held on to sharp losses against the euro, with EUR/USD surging 1.12% to trade at 1.3464.
Meanwhile, U.S. equity markets were sharply higher after the open. The Dow Jones Industrial Average rallied 3.4%, the S&P 500 index soared 3.25%, while the Nasdaq Composite index added 2.95%.
In a report, the National Association of Realtors said its pending home sales index soared by 10.4% in October, blowing past expectations for a 1.2% increase.
Pending home sales dropped by an unrevised 4.6% in September.
Commenting on the report NAR chief economist Lawrence Yun said improved contract activity is a hopeful sign.
“Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years,” he said.
We hope this is indicates more buyers are taking advantage of the excellent affordability conditions,” he added.
Following the release of the data, the U.S. dollar held on to sharp losses against the euro, with EUR/USD surging 1.12% to trade at 1.3464.
Meanwhile, U.S. equity markets were sharply higher after the open. The Dow Jones Industrial Average rallied 3.4%, the S&P 500 index soared 3.25%, while the Nasdaq Composite index added 2.95%.