Investing.com – U.S. existing home sales rose more-than-expected in August, rebounding from an eight-month low, industry data showed on Wednesday.
In a report, the National Association of Realtors said that existing home sales rose by 7.7% to a seasonally adjusted 5.03 million units in August, blowing past expectations for a gain of 1.7% to 4.75 million units.
Existing home sales in July totaled 4.67 million units.
Commenting on the report, Lawrence Yun, chief economist for NAR said, “Some of the improvement in August may result from sales that were delayed in preceding months, but favorable affordability conditions and rising rents are underlying motivations.”
“Investors were more active in absorbing foreclosed properties. In additional to bargain hunting, some investors are in the market to hedge against higher inflation,” he added.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.15% to trade at 1.3682.
Meanwhile, U.S. equity markets were higher after the open. The Dow Jones Industrial Average rose 0.25%, the S&P 500 index gained 0.2%, while the Nasdaq Composite index jumped 0.9%.
In a report, the National Association of Realtors said that existing home sales rose by 7.7% to a seasonally adjusted 5.03 million units in August, blowing past expectations for a gain of 1.7% to 4.75 million units.
Existing home sales in July totaled 4.67 million units.
Commenting on the report, Lawrence Yun, chief economist for NAR said, “Some of the improvement in August may result from sales that were delayed in preceding months, but favorable affordability conditions and rising rents are underlying motivations.”
“Investors were more active in absorbing foreclosed properties. In additional to bargain hunting, some investors are in the market to hedge against higher inflation,” he added.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.15% to trade at 1.3682.
Meanwhile, U.S. equity markets were higher after the open. The Dow Jones Industrial Average rose 0.25%, the S&P 500 index gained 0.2%, while the Nasdaq Composite index jumped 0.9%.