US: Sales of existing homes ramped up in February - Wells Fargo

Data released today showed a rebound in sales of existing home sales in February. Analysts at Wells Fargo point out sales benefited from better weather early this year and lower mortgage rates.

Key Quotes: 

“After declining for much of last year, existing home sales were poised for rebound. Pending home sales, which reflect purchase contracts, had jumped 4.6% in January, which meant that sales, which reflect closings, would likely rise in February.”

“Seasonal adjustment likely exaggerated the extent of the improvement. The 5.51 million-unit pace is 1.8% below the year ago pace, which was also the cyclical peak. Benefitted

“Existing home inventories continue to trend higher and are 3.2% above their year-ago level. Homes are remaining on the market longer than a year ago, which has moderated price appreciation.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD extends recovery to 1.1260 price zone in dull trading

Wall Street may have opened, but FX traders are nowhere to be found: majors continue trading within in limited intraday ranges as Easter Monday kept most investors away from their desks.


GBP/USD at daily lows after failing to regain 1.3000

Brexit uncertainty and market talks suggesting PM May could be ousted by Conservative lawmakers keep the Sterling among the weakest currencies. Crucial support at 1.2959, March low.


USD/JPY: lifeless just below 112.00

Japanese Nikkei moved marginally higher, also US Treasury yields in thin market conditions. US to release minor macroeconomic data as markets slowly return to normal.


Bitcoin price analysis: BTC/USD bulls come back; eyes glued on $5,400

BTC/USD is trading higher highs and higher lows within a rising channel. The upside correction comes after the weekend trading saw Bitcoin explore the levels close to $5,200 but formed a low at $5,220. 

Read more

Gold: Intraday positive move falters near 100-hour SMA

The precious metal was seen trying to build on Friday's attempted bounce from a support marked by 50% Fibonacci retracement level of the $1196-$1347 recent up-move.

Gold News