US Home Sales Hit 7 Year High

New U.S. single-family home sales surged in February to their highest level in seven years despite harsh winter weather, in a hopeful sign for the housing market.

The Commerce Department said on Tuesday sales jumped 7.8 percent to a seasonally adjusted annual rate of 539,000 units, the highest level since February 2008.

January’s sales pace was revised up to 500,000 units from the previously reported 481,000 units.

Economists polled by Reuters had forecast new home sales falling to a 465,000-unit pace last month.

New home sales are counted at signing of contracts. February’s gains came despite cold and snowy weather slamming large parts of the country in the last half of February.

via CNBC

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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