US New Homes Sales Reach Six Year High

October 24, 2014 Share Print 0

Sales of new U.S. single-family homes rose to a six-year high in September, but a sharp downward revision to August’s sales pace indicated the housing recovery remains tentative.

The Commerce Department said on Friday that sales increased 0.2 percent to a seasonally adjusted annual rate of 467,000 units, the highest reading since July 2008. August’s sales rate was revised down to 466,000 units from 504,000 units.

Economists polled by Reuters had forecast new home sales at a 470,000-unit pace last month.

U.S. Treasury debt prices held on to gains after the data. U.S. stocks were slightly up, while the dollar edged down against the euro.

The housing sector index .HGX was down 0.78 percent. U.S. homebuilder PulteGroup Inc (PHM.N), which on Thursday reported a 4 percent rise in quarterly revenue from home sales, was trading more than 1 percent lower.

via Reuters

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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.