Investing.com – U.S. existing home sales rose more-than-expected in September, increasing for the second consecutive month, industry data showed on Monday.
In a report, the National Association of Realtors said that existing home sales rose to a seasonally adjusted 4.53 million units in September, after rising to 4.12 million units in August, whose figure was revised down from 4.13 million units.
Analysts had expected existing home sales to rise to a seasonally adjusted 4.25 million units in September.
Commenting on the report, Lawrence Yun, chief economist for NAR said, “A housing recovery is taking place, but will be choppy at times depending on the duration and impact of a foreclosure moratorium.”
He added, “the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions".
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD gaining 0.40% to hit 1.4011.
Meanwhile, U.S. stock markets were up: the Dow Jones Industrial Average rose 0.78%; the S&P 500 index gained 0.69%, while the Nasdaq Composite index increased 0.77%.
In a report, the National Association of Realtors said that existing home sales rose to a seasonally adjusted 4.53 million units in September, after rising to 4.12 million units in August, whose figure was revised down from 4.13 million units.
Analysts had expected existing home sales to rise to a seasonally adjusted 4.25 million units in September.
Commenting on the report, Lawrence Yun, chief economist for NAR said, “A housing recovery is taking place, but will be choppy at times depending on the duration and impact of a foreclosure moratorium.”
He added, “the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions".
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD gaining 0.40% to hit 1.4011.
Meanwhile, U.S. stock markets were up: the Dow Jones Industrial Average rose 0.78%; the S&P 500 index gained 0.69%, while the Nasdaq Composite index increased 0.77%.