Investing.com – U.S. existing home sales fell less-than-expected in October, declining for the first time in three months, industry data showed on Tuesday.
In a report, the National Association of Realtors said that existing home sales fell to a seasonally adjusted 4.43 million units in October, after rising to 4.50 million units in September.
Analysts had expected existing home sales to fall to a seasonally adjusted 4.42 million units in October.
Commenting on the report, Lawrence Yun, chief economist for NAR said, “The housing market is experiencing an uneven recovery, and a temporary foreclosure stoppage in some states is likely to have held back a number of completed sales.”
He added, “Based on current and improving job market conditions, and from attractive affordability conditions, sales should steadily improve to healthier levels of above 5 million by spring of next year.”
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD plunging 1.25% to hit 1.3453.
Meanwhile, U.S. equity markets were sharply lower: the Dow Jones Industrial Average tumbled 1.24%; the S&P 500 index dropped 1.35%, while the Nasdaq Composite index was down 1.39%.
In a report, the National Association of Realtors said that existing home sales fell to a seasonally adjusted 4.43 million units in October, after rising to 4.50 million units in September.
Analysts had expected existing home sales to fall to a seasonally adjusted 4.42 million units in October.
Commenting on the report, Lawrence Yun, chief economist for NAR said, “The housing market is experiencing an uneven recovery, and a temporary foreclosure stoppage in some states is likely to have held back a number of completed sales.”
He added, “Based on current and improving job market conditions, and from attractive affordability conditions, sales should steadily improve to healthier levels of above 5 million by spring of next year.”
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD plunging 1.25% to hit 1.3453.
Meanwhile, U.S. equity markets were sharply lower: the Dow Jones Industrial Average tumbled 1.24%; the S&P 500 index dropped 1.35%, while the Nasdaq Composite index was down 1.39%.