US: Existing Home Sales decline by 0.7% in January vs +0.1% expected

• Existing Home Sales in the US continued to decline in January.
• US Dollar Index stays in positive territory above 104.00.

Existing Home Sales in the US declined by 0.7% in January to an adjusted annual rate of 4 million, the National Association of Realtors (NAR) reported on Tuesday. This reading came in below the market expectation of 4.1 million.

"The median existing-home sales price increased 1.3% from one year ago to $359,000," the NAR further noted in its publication.

Commenting on the data, “home sales are bottoming out,” said NAR Chief Economist Lawrence Yun. “Prices vary depending on a market’s affordability, with lower-priced regions witnessing modest growth and more expensive regions experiencing declines.”

Market reaction

This data doesn't seem to be having a noticeable impact on the US Dollar's performance against its major rivals. As of writing, the US Dollar Index was up 0.22% on the day at 104.10.