Investing.com - U.S. existing home sales rose more-than-expected in October, while the previous month’s figure was revised down, industry data showed on Monday.
In a report, the National Association of Realtors said that existing home sales rose by 2.1% to a seasonally adjusted 4.79 million units in October from September’s revised total of 4.69 million. September existing home sales were initially reported at 4.75 million units.
Analysts had expected U.S. existing home sales to rise to 4.75 million units in October.
Lawrence Yun, NAR chief economist, said there was some impact from Hurricane Sandy.
“Home sales continue to trend up and most October transactions were completed by the time the storm hit, but the growing demand with limited inventory is pressuring home prices in much of the country," he said.
"We expect an impact on Northeastern home sales in the coming months from a pause and delays in storm-impacted regions,” Yun added.
Following the release of the data, the U.S. dollar added to losses against the euro, with EUR/USD adding 0.37% to trade at 1.2790.
Meanwhile, U.S. equity markets were sharply higher after the open. The Dow Jones Industrial Average rallied 1.2%, the S&P 500 index surged 1.5%, while the Nasdaq Composite index climbed 1.4%.
In a report, the National Association of Realtors said that existing home sales rose by 2.1% to a seasonally adjusted 4.79 million units in October from September’s revised total of 4.69 million. September existing home sales were initially reported at 4.75 million units.
Analysts had expected U.S. existing home sales to rise to 4.75 million units in October.
Lawrence Yun, NAR chief economist, said there was some impact from Hurricane Sandy.
“Home sales continue to trend up and most October transactions were completed by the time the storm hit, but the growing demand with limited inventory is pressuring home prices in much of the country," he said.
"We expect an impact on Northeastern home sales in the coming months from a pause and delays in storm-impacted regions,” Yun added.
Following the release of the data, the U.S. dollar added to losses against the euro, with EUR/USD adding 0.37% to trade at 1.2790.
Meanwhile, U.S. equity markets were sharply higher after the open. The Dow Jones Industrial Average rallied 1.2%, the S&P 500 index surged 1.5%, while the Nasdaq Composite index climbed 1.4%.