22 Dec 2014
Preview: US Existing Home Sales
FXStreet (Mumbai) - The National Association of Realtors (NAR) in Washington will release the November report on existing home sales, which are annualized number of residential buildings that were sold during the previous month, excluding new construction, later in the US trading.
Economists are expecting sales to moderate at an annual rate of 5.2 million in November, down a bit from October's 14-month high of 5.26 million, which was only about 2% short of the recovery peaks seen during the summer of 2013.
The year-to-date average of sales is averaging 4.9 million compared to last year's 5.1 million purchases. The NAR is predicting that next year the pace will accelerate to 5.3 million before rising to just under 5.4 million in 2016.
The housing industry is poised to finish 2014 on a high note making up for the wrecked start to the year and creating a favourable starting position for 2015.
Economists are expecting sales to moderate at an annual rate of 5.2 million in November, down a bit from October's 14-month high of 5.26 million, which was only about 2% short of the recovery peaks seen during the summer of 2013.
The year-to-date average of sales is averaging 4.9 million compared to last year's 5.1 million purchases. The NAR is predicting that next year the pace will accelerate to 5.3 million before rising to just under 5.4 million in 2016.
The housing industry is poised to finish 2014 on a high note making up for the wrecked start to the year and creating a favourable starting position for 2015.