Investing.com – U.S. existing home sales rose more-than-expected in March, industry data showed on Wednesday.
In a report, the National Association of Realtors said that existing home sales rose 3.7% to a seasonally adjusted 5.10 million units in March, compared to 4.92 million units in February, whose figure was revised up from 4.88 million.
Analysts had expected existing home sales to rise 2.5% to a seasonally adjusted 5.0 million units in March.
Commenting on the report, Lawrence Yun, chief economist for NAR said, “With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain – primarily because some buyers are finding it too difficult to obtain a mortgage.”
Following the release of the data, the U.S. dollar was broadly lower against the euro, with EUR/USD climbing 1.33% to hit 1.4525.
Meanwhile, U.S. equity markets posted sharp gains after the open. The Dow Jones Industrial Average jumped 1.4%, the S&P 500 index gained 1.35%, while the Nasdaq Composite index rallied 2%.
In a report, the National Association of Realtors said that existing home sales rose 3.7% to a seasonally adjusted 5.10 million units in March, compared to 4.92 million units in February, whose figure was revised up from 4.88 million.
Analysts had expected existing home sales to rise 2.5% to a seasonally adjusted 5.0 million units in March.
Commenting on the report, Lawrence Yun, chief economist for NAR said, “With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain – primarily because some buyers are finding it too difficult to obtain a mortgage.”
Following the release of the data, the U.S. dollar was broadly lower against the euro, with EUR/USD climbing 1.33% to hit 1.4525.
Meanwhile, U.S. equity markets posted sharp gains after the open. The Dow Jones Industrial Average jumped 1.4%, the S&P 500 index gained 1.35%, while the Nasdaq Composite index rallied 2%.