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Existing Home Sales rose more than expected

Monday, Jun 22 2015
Existing Home Sales rose 5.1% to a seasonally adjusted annual rate of 5.35 million in May from an upwardly revised 5.09 million in April. Analysts were anticipating smaller incline to rate of 5.27 million. Sales have now increased year-over-year for eight consecutive months and are 9.2% above a year ago (4.90 million). Lawrence Yun, NAR chief economist, says May home sales rebounded strongly following April's decline and are now at their highest pace since November 2009 (5.44 million). 
 
"Solid sales gains were seen throughout the country in May as more homeowners listed their home for sale and therefore provided greater choices for buyers," he said. "However, overall supply still remains tight, homes are selling fast and price growth in many markets continues to teeter at or near double-digit appreciation. Without solid gains in new home construction, prices will likely stay elevated — even with higher mortgage rates above 4 percent."
 
Data did not have any major impact on the markets. Euro is currently being traded slightly below 1.14 handle, Sterling is at 1.5840 area, while Aussie is few points above 0.7760 level.
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