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Existing Home Sales rose by 3.5%

Monday, Mar 28 2016
The Pending Home Sales Index rose 3.5% to 109.1 in February from a downwardly revised 105.4 in January and is now 0.7% above February 2015 (108.3). Analysts were anticipating 1.2% increase. Although the index has now increased year-over-year for 18 consecutive months, last month's annual gain was the smallest. Lawrence Yun, NAR chief economist, says pending sales made promising strides in February, rising to the highest index reading since last July (109.8). 
"After some volatility this winter, the latest data is encouraging in that a decent number of buyers signed contracts last month, lured by mortgage rates dipping to their lowest levels in nearly a year and a modest, seasonal uptick in inventory," he said. "Looking ahead, the key for sustained momentum and more sales than last spring is a continuous stream of new listings quickly replacing what's being scooped up by a growing pool of buyers. Without adequate supply, sales will likely plateau."
 
Euro is currently being traded few points above 1.12 level, Sterling is around 1.4250 handle, while Aussie is at 0.7550 area.
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