Existing Home Sales fell more than expected
Total existing–home sales, fell 4.8% to a seasonally adjusted annual rate of 5.31 million in August from a slight downward revision of 5.58 million in July. Analysts were anticipating decline to 5.50 million. Despite last month's decline, sales have risen year–over–year for 11 consecutive months and are 6.2% above a year ago (5.00 million).
Lawrence Yun, NAR chief economist, says home sales in August lost some momentum to close out the summer. "Sales activity was down in many parts of the country last month — especially in the South and West — as the persistent summer theme of tight inventory levels likely deterred some buyers," he said. "The good news for the housing market is that price appreciation the last two months has started to moderate from the unhealthier rate of growth seen earlier this year."
USD strengthen against its major rivals. Euro is currently being traded slightly below 1.12 handle, Sterling is around 1.55 area, while Aussie is at 0.7130 level.
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