Investing.com - Pending home sales in the U.S. rose significantly more-than-expected in May, fuelling optimism over the U.S. economic recovery, industry data showed on Thursday.
In a report, the National Association of Realtors said its pending home sales index rose by 6.7% in May, blowing past expectations for a 1% gain.
Pending home sales for April were revised down to a 0.5% decline from a previously reported gain of 0.3%.
Year-on-year, pending home sales rose at annualized rate of 12.5% last month, above expectations for an 8.3% increase, after rising 12.9% in April.
Following the release of the data, the U.S. dollar was lower against the euro, with EUR/USD adding 0.1% to trade at 1.3025.
Meanwhile, U.S. equity markets were higher after the open. The Dow Jones Industrial Average rose 0.9%, the S&P 500 index advanced 0.75%, while the Nasdaq Composite index climbed 0.75%.
In a report, the National Association of Realtors said its pending home sales index rose by 6.7% in May, blowing past expectations for a 1% gain.
Pending home sales for April were revised down to a 0.5% decline from a previously reported gain of 0.3%.
Year-on-year, pending home sales rose at annualized rate of 12.5% last month, above expectations for an 8.3% increase, after rising 12.9% in April.
Following the release of the data, the U.S. dollar was lower against the euro, with EUR/USD adding 0.1% to trade at 1.3025.
Meanwhile, U.S. equity markets were higher after the open. The Dow Jones Industrial Average rose 0.9%, the S&P 500 index advanced 0.75%, while the Nasdaq Composite index climbed 0.75%.