Existing home sales surge 7% in September

Wells Fargo Research Team Wells Fargo

Summary

Existing home sales easily topped expectations in September, with overall sales jumping 7% to a 6.29 million-unit annual pace. Sales of single-family homes rose 7.7%, while sales of condominiums and co-ops were up 1.4%. Sales rose in all four regions of the country. The affordability migration continues to drive sales in the South and Mountain West. The influx of buyers into the South and Mountain West from areas with much higher home prices, particularly the Northeast and West Coast, is pulling median home prices up sharply in these areas. Nationwide, the median price of an existing home rose 13.3% in September, on a year-over-year basis. Prices for single-family homes are up 13.8%, while prices for condos and co-ops are up 9.3%.

Source: National Association of Realtors and Wells Fargo Securities

Download the full report

Author

Wells Fargo Research Team

Wells Fargo

EUR/USD weakens to near 1.1900 as traders eye US data

EUR/USD eases to near 1.1900 in Tuesday's European trading hours, snapping the two-day winning streak. Markets turn cautious, lifting the haven demand for the US Dollar ahead of the release of key US economic data, including Retail Sales and ADP Employment Change 4-week average.

GBP/USD stays in the red below 1.3700 on renewed USD demand

GBP/USD trades on a weaker note below 1.3700 in the European session on Tuesday. The pair faces challenges due to renewed US Dollar demand, UK political risks and rising expectations of a March Bank of England rate cut. The immediate focus is now on the US Retail Sales data.

Gold sticks to modest losses above $5,000 ahead of US data

Gold sticks to modest intraday losses through the first half of the European session, though it holds comfortably above the $5,000 psychological mark and the daily swing low. The outcome of Japan's snap election on Sunday removes political uncertainty, which along with signs of easing tensions in the Middle East, remains supportive of the upbeat market mood. This turns out to be a key factor exerting downward pressure on the safe-haven precious metal.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.