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Pending Home Sales increased by 3.1%

Monday, Mar 30 2015
Pending Home Sales increased by 3.1%, beating market anticipations on 0.5% incline. The gains were primarily driven by sales in the West and Midwest. "Pending sales showed solid gains last month, driven by a steadily-improving labor market, mortgage rates hovering around 4 percent and the likelihood of more renters looking to hedge against increasing rents," said Lawrence Yun, chief economist for the NAR.
 
"These factors bode well for the prospect of an uptick in sales in coming months. However, the underlying obstacle—especially for first-time buyers—continues to be the depressed level of homes available for sale." 
 
After the data USD gained slightly. Euro is currently being traded few points above 1.0820 level, Aussie is around 0.7650 area, while Sterling is below 1.48 handle.
More in this category: « German CPI up by 0.5% in March German Retail Sales down by 0.5% in February »

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