New Home Sales climbed 5.4%
Purchases of new homes in the U.S. rebounded in July, bolstering signs the real-estate market is picking up. Sales climbed 5.4 percent, the biggest gain this year, to a 507,000 annualized pace from a 481,000 rate in the prior month, a Commerce Department report showed Tuesday in Washington. Analysts were forecasting rate of 512,000. Demand for new properties is likely to keep expanding amid strong employment, low borrowing costs and a lack of available existing homes from which to choose. The improving outlook may spur more residential construction, contributing to the economic expansion in the second half of the year.
On the other, separate report on consumer confidence showed incline to 101.5 thus beating forecasts on smaller increase to 92.9. Consumers’ assessment of current conditions was considerably more upbeat, primarily due to a more favorable appraisal of the labor market. The uncertainty expressed last month about the short-term outlook has dissipated and consumers are once again feeling optimistic about the near future. Income expectations, however, were little improved.
USD is rebounding against its major rivals. Euro is currently being traded few points abpve 1.1440 level, Sterling is around 1.5730 level, while Aussie is at 0.72 handle.
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