Forex News – US existing home sales unexpectedly rise in October

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U.S. existing home sales increased by more than forecast in October according to the National Association of Realtors on Monday.

The primary driver to higher sales of existing home sales was low interest rates for mortgages and rising rents, consequently pushing more homebuyers into the housing market.

Sales rose 1.4 percent to an annual rate of 4.97 million units from September’s revised rate of 4.90 million, the NAR said. Expectations were for the annual rate to fall to 4.8 million.

Despite the modest increase in sales, the average home price for existing homes was 4.7 percent lower in October than it was a year earlier.

The dollar slightly pared its gains versus the euro on Monday in the aftermath of data.

The euro traded as high as $1.3461 within 30 minutes of the data release at 10am New York time, compared with $1.3439 pre-data.

Overall EURUSD is down 0.4 percent on the day.