Pending Home Sales climbed less than expected
Pending Home Sales climbed 1.7 percent to 104.2 in January from an upwardly revised 102.5 in December and is now 8.4 percent above January 2014 (96.1). However,incline by 2.5 percent was anticipated. This marks the fifth consecutive month of year-over-year gains with each month accelerating the previous month's gain.
Lawrence Yun, NAR chief economist, says for the most part buyers in January were able to overcome tight supply to sign contracts at a pace that highlights the underlying demand that exists in today's market. “Contract activity is convincingly up compared to a year ago despite comparable inventory levels,” he said. “The difference this year is the positive factors supporting stronger sales, such as slightly improving credit conditions, more jobs and slower price growth.”
Despite the data, USD is still higher against its major rivals. Euro is currently being traded few points above 1.1180 level, Sterling is around 1.54 area, while is Aussie is at 0.78 handle.
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