US: Existing Home Sales decline by 0.7% in January vs +0.1% expected

Existing Home Sales in the US continued to decline in January.
US Dollar Index stays in positive territory above 104.00.

Eren Sengezer FXStreet

Existing Home Sales in the US declined by 0.7% in January to an adjusted annual rate of 4 million, the National Association of Realtors (NAR) reported on Tuesday. This reading came in below the market expectation of 4.1 million.

"The median existing-home sales price increased 1.3% from one year ago to $359,000," the NAR further noted in its publication.

Commenting on the data, “home sales are bottoming out,” said NAR Chief Economist Lawrence Yun. “Prices vary depending on a market’s affordability, with lower-priced regions witnessing modest growth and more expensive regions experiencing declines.”

Market reaction

This data doesn't seem to be having a noticeable impact on the US Dollar's performance against its major rivals. As of writing, the US Dollar Index was up 0.22% on the day at 104.10.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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