Investing.com - U.S. existing home sales fell more than expected in August, one month after hitting the highest level since 2007, industry data showed on Monday.
In a report, the National Association of Realtors said that existing home sales declined 4.8% to a seasonally adjusted 5.31 million units last month from 5.58 million in July. Analysts had expected existing home sales to fall 1.3% to 5.51 million units in August.
Following three straight months of gains, existing–home sales dipped in August despite slowing price growth and a positive turnaround in the share of sales to first–time buyers, according to the National Association of Realtors. None of the four major regions experienced sales increases in August.
Lawrence Yun, NAR chief economist, says home sales in August lost some momentum to close out the summer.
"Sales activity was down in many parts of the country last month — especially in the South and West — as the persistent summer theme of tight inventory levels likely deterred some buyers," he said.
EUR/USD was trading at 1.1251 from around 1.1248 ahead of the release of the data, GBP/USD was at 1.5523 from 1.5520 earlier, while USD/JPY was at 120.34 from 120.37 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 95.68, compared to 95.70 ahead of the report.
Meanwhile, U.S. stock markets were higher after the open. The Dow 30 rose 0.7%, the S&P 500 tacked on 0.6%, while the Nasdaq Composite advanced 0.65%.
Elsewhere, in the commodities market, gold futures traded at $1,133.00 a troy ounce, compared to $1,133.20 ahead of the data, while crude oil traded at $46.10 a barrel from $46.01 earlier.