US Home Sales Surprise to the Upside

US Home Sales figures released this morning at 10:00EST showed a surprising 6.5% jump from the November's revised decline of 9.4%, economists had been expecting a decline of 2.0% for December. Existing home sales came in above the 4.40M expected at 4.74M from a previous 4.45M (revised down from 4.49M). While the rise may be seen as a positive to the housing industry, and with it the recovery of financials and the economy, housing prices remain at historical lows with the average price of existing condominiums down to $222,400 from $265,500 just six months ago. No major movement has been observed in currency markets following the release. US markets saw upside following the release, with the Dow 30 rising to more than 1% gain following the release.

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