Investing.com – U.S. existing home sales declined unexpectedly in April, industry data showed on Thursday.
In a report, the National Association of Realtors said that existing home sales declined by 0.8% to a seasonally adjusted 5.05 million units in April, down from 5.09 million units in March, whose figure was downwardly revised from 5.10 million.
Analysts had expected existing home sales to increase 2% to a seasonally adjusted 5.22 million units in April.
Commenting on the report, Lawrence Yun, chief economist for NAR said, “Although existing home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market, along with a steady level of low appraisals that result in contract cancellations.”
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD climbing 0.22% to hit 1.4281.
Meanwhile, U.S. equity markets were up after the open. The Dow Jones Industrial Average rose 0.35%, the S&P 500 index gained 0.2%, while the Nasdaq Composite index added 0.18%.
In a report, the National Association of Realtors said that existing home sales declined by 0.8% to a seasonally adjusted 5.05 million units in April, down from 5.09 million units in March, whose figure was downwardly revised from 5.10 million.
Analysts had expected existing home sales to increase 2% to a seasonally adjusted 5.22 million units in April.
Commenting on the report, Lawrence Yun, chief economist for NAR said, “Although existing home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market, along with a steady level of low appraisals that result in contract cancellations.”
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD climbing 0.22% to hit 1.4281.
Meanwhile, U.S. equity markets were up after the open. The Dow Jones Industrial Average rose 0.35%, the S&P 500 index gained 0.2%, while the Nasdaq Composite index added 0.18%.