Investing.com – U.S. existing home sales rose significantly more-than-expected in December, jumping to a seven-month high, industry data showed on Thursday.
In a report, the National Association of Realtors said that existing home sales rose to a seasonally adjusted 5.28 million units in December, after rising to 4.70 million units in November, whose figure was revised up from 4.68 million.
Analysts had expected existing home sales to rise to a seasonally adjusted 4.80 million units in December.
Commenting on the report, Lawrence Yun, chief economist for NAR said, “December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery”.
He added, “The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.03% to hit 1.3467.
Meanwhile, U.S. equity markets were down: the Dow Jones Industrial Average dipped 0.10%; the S&P 500 index slumped 0.14%, while the Nasdaq Composite index was down 0.71%.
In a report, the National Association of Realtors said that existing home sales rose to a seasonally adjusted 5.28 million units in December, after rising to 4.70 million units in November, whose figure was revised up from 4.68 million.
Analysts had expected existing home sales to rise to a seasonally adjusted 4.80 million units in December.
Commenting on the report, Lawrence Yun, chief economist for NAR said, “December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery”.
He added, “The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.03% to hit 1.3467.
Meanwhile, U.S. equity markets were down: the Dow Jones Industrial Average dipped 0.10%; the S&P 500 index slumped 0.14%, while the Nasdaq Composite index was down 0.71%.