Investing.com – Pending home sales in the U.S. rose more-than-expected in August, increasing for the second consecutive month, official data showed on Monday.
In a report, the National Association of Realtors said its pending home sales index increased 4.3% in August, after rising 4.5% in July, whose figure was revised down from 5.2%.
Analysts had expected the pending home sales index to rise by 2.8% in August.
Year-on-year, the National Association of Realtors pending home sales index was down 18.4%.
Commenting on the report NAR chief economist Lawrence Yu said, “Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market”.
However, he added that “the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence”.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.59% to hit 1.3710.
Meanwhile, U.S. indices were mixed during early trade: the Dow Jones Industrial Average was up 0.08%, the S&P 500 index declined 0.03% and the Nasdaq Composite index was down 0.30%.
In a report, the National Association of Realtors said its pending home sales index increased 4.3% in August, after rising 4.5% in July, whose figure was revised down from 5.2%.
Analysts had expected the pending home sales index to rise by 2.8% in August.
Year-on-year, the National Association of Realtors pending home sales index was down 18.4%.
Commenting on the report NAR chief economist Lawrence Yu said, “Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market”.
However, he added that “the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence”.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.59% to hit 1.3710.
Meanwhile, U.S. indices were mixed during early trade: the Dow Jones Industrial Average was up 0.08%, the S&P 500 index declined 0.03% and the Nasdaq Composite index was down 0.30%.