Investing.com - Pending home sales in the U.S. fell more-than-expected in December, after rising to a 19-month high in the prior month, industry data showed on Wednesday.
In a report, the National Association of Realtors said its pending home sales index fell by 3.5% in December, disappointing market expectations for a 1.0% drop.
Pending home sales rose by an unrevised 7.3% in November.
Commenting on the report NAR chief economist Lawrence Yun said the trend line remains positive.
“Even with a modest decline, the preceding two months of contract activity are the highest in the past four years outside of the homebuyer tax credit period,” he said.
“Contract failures remain an issue, reported by one-third of Realtors over the past few months, but home buyers are not giving up,” he added.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.6% to trade at 1.2957.
Meanwhile, U.S. equity markets were mixed to lower after the open. The Dow Jones Industrial Average fell 0.6%, the S&P 500 index slumped 0.45%, while the Nasdaq Composite index gained 0.5%.
In a report, the National Association of Realtors said its pending home sales index fell by 3.5% in December, disappointing market expectations for a 1.0% drop.
Pending home sales rose by an unrevised 7.3% in November.
Commenting on the report NAR chief economist Lawrence Yun said the trend line remains positive.
“Even with a modest decline, the preceding two months of contract activity are the highest in the past four years outside of the homebuyer tax credit period,” he said.
“Contract failures remain an issue, reported by one-third of Realtors over the past few months, but home buyers are not giving up,” he added.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.6% to trade at 1.2957.
Meanwhile, U.S. equity markets were mixed to lower after the open. The Dow Jones Industrial Average fell 0.6%, the S&P 500 index slumped 0.45%, while the Nasdaq Composite index gained 0.5%.