U.S. Existing Home Sales to Rise?

March’s Existing Home Sales figures will be released today, probably reaching over a 5.0 million pace.

U.S.A GlobeLast month home sales came in at 4.98M, this month they are expected to come in at 5.02M.

Note: Existing home sales are reported monthly, but are released in an annualized form (monthly figure x12). That explains the very large numbers.

“very bright spot”
“Housing is a very bright spot in this recovery, and it’s one of the reasons why the recovery will stay on track,” said Eric Green at TD Securities Inc. “With people seeing broader healing in demand and gaining confidence because they don’t expect prices to fall anymore, they’re actually beginning to act.” (Bloomberg)

Over the past several months we have seen consistency in the U.S. housing market. A good report today would confirm that positive sentiment.

If the USD gets a great report and gains bullish momentum, the USDJPY could finally break that 100 mark. Watch out for deviation, it could bring some volatility on this trading Monday.

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