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Existing Home Sales at an annual rate of 4.93 million

Monday, Dec 22 2014
Existing Home Sales fell 6.1% to a seasonally adjusted annual rate of 4.93 million in November from a downwardly-revised 5.25 million in October. Analysts were anticipating rate of 5.21 million. Sales dropped to their lowest annual pace since May (4.91 million) but are above year-over-year levels (up 2.1% from last November) for the second straight month.   
 
Lawrence Yun, NAR chief economist, said sales activity was choppy throughout the country in November and housing inventory began its seasonal decline. “Fewer people bought homes last month despite interest rates being at their lowest levels of the year,” he said. “The stock market swings in October may have impacted some consumers’ psyche and therefore led to fewer November closings. Furthermore, rising home values are causing more investors to retreat from the market.
 
Data did not have any larger impact on the markets. Euro is currently being traded around 1.2250 level, Sterling is few points above 1.56 handle, while Aussie is around 0.8130 area.
More in this category: « Euro little changed in less volatile Monday's session French Consumer Spending up by 0.4% »

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