New Home Sales at a seven-year high

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Tuesday, Jun 23 2015

Purchases of new homes in the U.S. rose in May to the highest level in seven years, signaling the industry is gaining momentum heading toward the second half of the year. Sales climbed 2.2% to a 546,000 annualized pace. Stronger employment and income prospects are bolstering would-be home buyers, allowing them to take advantage of relatively cheap borrowing costs even as home prices appreciate. The sales gains indicate residential real estate should withstand increases in borrowing costs as the Federal Reserve prepares to start tightening policy later this year.

Earlier today, US Manufacturing PMI figures were released. Index registered 53.4 in June, down from 54.0 in May and the lowest reading since October 2013. Analysts were anticipating incline to 54.2. Softer output growth was a principal factor behind the decline in the headline index during June. In contrast, new business growth picked up slightly from May’s 16-month low and job creation accelerated to its strongest since November 2014.

USD remained higher against its major rivals after the data was released. Euro is is currently being traded few points above 1.1260 level, Sterling is around 1.5730 area, while Aussie is slightly above 0.77 handle.

More in this category: « USD boosted after Durable Goods Orders data Gold prices flat on Wednesday morning »

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