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Existing Home Sales at the highest level since 2013

Wednesday, Apr 22 2015
Existing Home Sales increased 6.1% to a seasonally adjusted annual rate of 5.19 million in March from 4.89 million in February—the highest annual rate since September 2013 (also 5.19 million).  Analysts were anticipating smaller increase to a rate of 5.04 million. Sales have increased year-over-year for six consecutive months and are now 10.4% above a year ago, the highest annual increase since August 2013. March's sales increase was the largest monthly increase since December 2010.
 
Lawrence Yun, NAR chief economist, says the housing market appears to be off to an encouraging start this spring. "After a quiet start to the year, sales activity picked up greatly throughout the country in March," he said. "The combination of low interest rates and the ongoing stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years."
 
Data did not have any major impact on the markets. Euro is currently being traded above 1.0720 level, Sterling is slightly above 1.50 handle, while Aussie is around 0.7750 area.
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