Investing.com – U.S. existing home sales rose significantly less-than-expected in November, while the previous month’s figure was revised down by nearly 14% industry data showed on Wednesday.
In a report, the National Association of Realtors said that existing home sales rose by 4% to a seasonally adjusted 4.42 million units in November, falling significantly short of expectations for a gain of 15.5% to 5.03 million units.
Existing home sales in October was revised down by nearly 14% to 4.25 million units from a previously reported 4.97 million.
Also released today were periodic benchmark revisions with downward adjustments to sales and inventory data since 2007, led by a decline in for-sale-by-owners.
Commenting on the report, Lawrence Yun, chief economist for NAR said, “Sales reached the highest mark in 10 months and are 34 percent above the cyclical low point in mid-2010 – a genuine sustained sales recovery appears to be developing.”
“We’ve seen healthy gains in contract activity, so it looks like more people are realizing the great opportunity that exists in today’s market for buyers with long-term plans,” he added.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD shedding 0.22% to trade at 1.3052.
Meanwhile, U.S. equity markets were broadly lower after the open. The Dow Jones Industrial Average dipped 0.25%, the S&P 500 index fell 0.35%, while the Nasdaq Composite index tumbled 1.5%.
In a report, the National Association of Realtors said that existing home sales rose by 4% to a seasonally adjusted 4.42 million units in November, falling significantly short of expectations for a gain of 15.5% to 5.03 million units.
Existing home sales in October was revised down by nearly 14% to 4.25 million units from a previously reported 4.97 million.
Also released today were periodic benchmark revisions with downward adjustments to sales and inventory data since 2007, led by a decline in for-sale-by-owners.
Commenting on the report, Lawrence Yun, chief economist for NAR said, “Sales reached the highest mark in 10 months and are 34 percent above the cyclical low point in mid-2010 – a genuine sustained sales recovery appears to be developing.”
“We’ve seen healthy gains in contract activity, so it looks like more people are realizing the great opportunity that exists in today’s market for buyers with long-term plans,” he added.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD shedding 0.22% to trade at 1.3052.
Meanwhile, U.S. equity markets were broadly lower after the open. The Dow Jones Industrial Average dipped 0.25%, the S&P 500 index fell 0.35%, while the Nasdaq Composite index tumbled 1.5%.