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U.S. existing home sales rise 1% in December to 4.87 million units

Published 01/23/2014, 10:03 AM
U.S. existing home sales rise less-than-expected in December
EUR/USD
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Investing.com - U.S. existing home sales rose less-than-expected in December, fuelling concerns over the U.S. housing sector, industry data showed on Thursday.

In a report, the National Association of Realtors said that existing home sales increased 1% to a seasonally adjusted 4.87 million units last month from 4.82 million in November. Analysts had expected U.S. existing home sales to rise to 4.94 million units in December.

Lawrence Yun, NAR chief economist, said housing has experienced a healthy recovery over the past two years. “Existing-home sales have risen nearly 20% since 2011, with job growth, record low mortgage interest rates and a large pent-up demand driving the market,” he said.

Following the release of the data, the U.S. dollar added to losses against the euro, with EUR/USD rising 0.89% to trade at 1.3668, compared to 1.3661 ahead of the data.

Meanwhile, U.S. equity markets remained lower. The Dow Jones Industrial Average fell 0.9%, the S&P 500 index dropped 0.75%, while the Nasdaq Composite index slumped 0.6%.

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