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Pending Home Sales up by 1.1%

Wednesday, Apr 29 2015
The Pending Home Sales Index, climbed 1.1% to 108.6 in March from an upward revision of 107.4 in February in line with market predictions and is now 11.1% above March 2014 (97.7). The index has now increased year-over-year for seven consecutive months and is at its highest level since June 2013 (109.4).
 
Lawrence Yun, NAR chief economist, says contract signings picked up in March as more buyers than usual entered this year's competitive spring market. "Demand appears to be stronger in several parts of the country, especially in metro areas that have seen solid job gains and firmer economic growth over the past year," he said. 
 
"While contract activity being up convincingly compared to a year ago is certainly good news, the increased number of traditional buyers who appear to be replacing investors paying in cash is even better news. It indicates this year's activity is being driven by more long-term homeowners."
 
USD continues to be broadly lower against its major rivals. Euro is currently being traded few points above 1.1140 area, Sterling is at 1.5450 level, while Aussie is around 0.8060 area. But, the focus of the session will be on Fed's interest rate decision and moreover following policy statement that should bring a lot volatility to the markets.
More in this category: « US GDP rose by 0.2% in Q1 Fed's latest statement leaves little space for June rate hike »

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