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Pending Home Sales climbed 1.4%

Thursday, May 26 2016
The Pending Home Sales Index, climbed 1.4% to 110.5 in March from an downwardly revised 109.0 in February and is now 1.4 percent above March 2015 (109.0). After last month’s slight gain, the index has increased year-over-year for 19 consecutive months and is at its highest reading since May 2015 (111.0).
Lawrence Yun, NAR chief economist, says last month’s pending sales increase signals a solid beginning to the spring buying season. “Despite supply deficiencies in plenty of areas, contract activity was fairly strong in a majority of markets in March,” he said. “This spring’s surprisingly low mortgage rates are easing some of the affordability pressures potential buyers are experiencing and are taking away some of the sting from home prices that are still rising too fast and above wage growth.”
 
Euro is currently being traded few points above 1.1160 level, Sterling is around 1.4660 handle, while Aussie is at 0.7220 area.
More in this category: « Durable Good Orders increased more than expected Aussie steady in a quiet Friday trade »

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