Investing.com - U.S. existing home sales rose more-than-expected in August, industry data showed on Wednesday.
In a report, the National Association of Realtors said that existing home sales rose by 7.8% to a seasonally adjusted 4.82 million units in August, beating expectations for a 2% increase to 4.55 million units.
Existing home sales in July totaled 4.47 million units.
Lawrence Yun, NAR chief economist, said, “The housing market is steadily recovering with consistent increases in both home sales and median prices. More buyers are taking advantage of excellent housing affordability conditions."
Following the release of the data, the U.S. dollar trimmed gains against the euro, with EUR/USD shedding 0.09% to trade at 1.3035.
Meanwhile, U.S. equity markets were modestly higher after the open. The Dow Jones Industrial Average added 0.25%, the S&P 500 index added 0.1%, while the Nasdaq Composite index was little changed.
In a report, the National Association of Realtors said that existing home sales rose by 7.8% to a seasonally adjusted 4.82 million units in August, beating expectations for a 2% increase to 4.55 million units.
Existing home sales in July totaled 4.47 million units.
Lawrence Yun, NAR chief economist, said, “The housing market is steadily recovering with consistent increases in both home sales and median prices. More buyers are taking advantage of excellent housing affordability conditions."
Following the release of the data, the U.S. dollar trimmed gains against the euro, with EUR/USD shedding 0.09% to trade at 1.3035.
Meanwhile, U.S. equity markets were modestly higher after the open. The Dow Jones Industrial Average added 0.25%, the S&P 500 index added 0.1%, while the Nasdaq Composite index was little changed.