US House Sales Drop To 1 Year Low

U.S. home resales fell to their lowest level in more than 1-1/2 years in March, but there were signs a recent downward trend that has plagued the housing market may be drawing to an end.

The National Association of Realtors said on Tuesday home sales slipped 0.2 percent to an annual rate of 4.59 million units, the lowest level since July 2012.

The decline was, however, less than economists’ expectations for a fall to a 4.55-million pace.

February’s sales pace was unrevised at 4.60 million units.

Existing home sales are counted at the closing of contracts and March’s sales reflected contracts signed in January and February when the country was in the grip of an unusually cold and snowy winter.

Even accounting for the terrible weather, the housing market has slowed significantly since last summer as a run-up in mortgage rates, high house prices and a dearth of properties sidelined potential buyers.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza