US Existing Home Sales fall in January. - Forex & Currency Trading Blog

February 25, 2008 - Forex Economic News

US Existing Home Sales fall in January.

U.S. Existing Homes sales declined for the month of January according to the monthly report produced by the National Association of Realtors. The NAR report showed that existing-home sales including single family homes, co-ops and townhouses decreased 0.4 percent in January from December to a seasonally adjusted annual rate of 4.89 million units. January's existing-homes sales fell to the lowest level in 9 years and was 23.4 percent below January 2007's sales pace of 6.44 million units. The median sales price for existing homes in January was $201,100. This is down 4.6 percent from January 2007 which produced a median price of $210,000. Total housing inventory increased in January by 5.5 percent to a total of 4.19 million homes.

The fallout from the subprime mortgage has eliminated many from participating in the housing market as NAR chief economist Lawrence Yun stated, "Subprime loans and other risky mortgage products have virtually disappeared from the marketplace, and over the past five months, this has been reflected in soft but fairly stable home sales."

The EUR/USD has continued to trade throughout the day in a steady range between 1.4800 and 1.4850.

Tags: us existing home sales, nar, national association of realtors, lawrence yun, eur/usd

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