Forexpros – Pending home sales in the U.S. declined significantly more-than-expected in April, adding to concerns over the U.S. housing market recovery, industry data showed on Wednesday
In a report, the National Association of Realtors said its pending home sales index tumbled by 5.5% in April, confounding expectations for a modest 0.1% decline.
Pending home sales rose by 3.8% in March, whose figure was revised down from a previously reported 4.1% increase.
Year-on-year, pending home sales rose at annualized rate of 14.7% in April, below expectations for a 22.0% increase, after rising by a revised 10.5% in March.
Following the release of the data, the U.S. dollar added to gains against the euro, with EUR/USD shedding 0.61% to trade at a 23-month low of 1.2427.
Meanwhile, U.S. equity markets fell further into negative territory following the data. The Dow Jones Industrial Average dropped 1.15%, the S&P 500 index slumped 1.15%, while the Nasdaq Composite index tumbled 1.2%.
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