US: Existing Home Sales decline by 3.4% in May vs. 0.2% expected

Existing Home Sales in US fell more than expected in May.
US Dollar Index holds above 104.00 after the data.

Eren Sengezer FXStreet

Existing Home Sales in the United States declined by 3.4% to a seasonally adjusted annual rate of 5.41 million in May, the data published by the National Association of Realtors (NAR) showed on Tuesday. This reading came in worse than the market expectation for a decline of 0.2%.

"At $407,600, the median existing-home sales price exceeded $400,000 for the first time and represents a 14.8% increase from one year ago," the monthly publication further read. "The inventory of unsold existing homes rose to 1.16 million by the end of May, or the equivalent of 2.6 months at the current monthly sales pace."

Market reaction

The US Dollar Index largely ignored this data and was last seen losing 0.15% on the day at 104.25.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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