Investing.com – Pending home sales in the U.S. rose significantly more-than-expected in November, rising to the highest level in 19 months, industry data showed on Thursday.
In a report, the National Association of Realtors said its pending home sales index surged by 7.3% in November, blowing past expectations for a 1.5% increase.
Pending home sales rose by an unrevised 10.4% in October.
Commenting on the report NAR chief economist Lawrence Yun said the gains may result partially from delayed transactions.
“Housing affordability conditions are at a record high and there is a pent-up demand from buyers who’ve been on the sidelines, but contract failures have been running unusually high,” he said.
Following the release of the data, the U.S. dollar pared gains against the euro, with EUR/USD shedding 0.1% to trade at 1.2928.
Meanwhile, U.S. equity markets were mixed after the open. The Dow Jones Industrial Average added 0.65%, the S&P 500 index advanced 0.5%, while the Nasdaq Composite index eased down 0.15%.
In a report, the National Association of Realtors said its pending home sales index surged by 7.3% in November, blowing past expectations for a 1.5% increase.
Pending home sales rose by an unrevised 10.4% in October.
Commenting on the report NAR chief economist Lawrence Yun said the gains may result partially from delayed transactions.
“Housing affordability conditions are at a record high and there is a pent-up demand from buyers who’ve been on the sidelines, but contract failures have been running unusually high,” he said.
Following the release of the data, the U.S. dollar pared gains against the euro, with EUR/USD shedding 0.1% to trade at 1.2928.
Meanwhile, U.S. equity markets were mixed after the open. The Dow Jones Industrial Average added 0.65%, the S&P 500 index advanced 0.5%, while the Nasdaq Composite index eased down 0.15%.