The report observed a recent decrease in mortgage rates, which could potentially increase activity in the real estate market.
On November 30, the National Association of Realtors released the October Pending Home Sales report. The report revealed a 1.5% month-over-month decrease in Pending Home Sales, surpassing the analyst's anticipated decline of -2%.
Comparatively, on a year-over-year basis, Pending Home Sales fell by 8.5%, outperforming the projected decline of -9.0%.
The National Association of Realtors stated, "Mortgage rates reached their peak in October, resulting in the lowest contract signings for existing homes in over two decades."
Following the release of the Pending Home Sales data, Treasury yields continued to rise, prompting bond traders to take profits.
The U.S. Dollar Index held steady near the 103.35 level, benefiting from climbing Treasury yields. It remains uncertain whether the positive Pending Home Sales report will further bolster the American currency.
Gold retreated towards the $2035 mark as traders cashed in profits from the recent surge. The upsurge in Treasury yields and strengthened dollar acted as negative factors for the gold market.
The SP500 remained stagnant around the 4550 level as traders anticipated new developments. It is likely that the Pending Home Sales report will not significantly impact stock price dynamics.
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