Data released on Monday from the US came in below expectation. Among the reports, was the Existing Home Sales that decline 6.6% in February. Despite the weaker report, the pace of existing home sales remains exceptionally strong, argue analysts at Wells Fargo. They point out February’s 6.22 million-unit pace is 9.1% higher than last February, which marked the last data point prior to the pandemic. Key Quotes: “Existing home sales fell 6.6% in February and sales were revised slightly lower for the prior month, with more complete data showing sales at a 6.66 million-unit pace, down from a 6.69 million-unit pace. Existing home sales reflect closings and tend to lag pending home sales, or purchase contracts, by one to two months.” “Even with a pullback in the overall sales pace, existing home sales remain exceptionally strong. February’s 6.22 million-unit pace is 9.1% above its year-ago pace, and the 6.51 million-unit pace averaged over the past three months is 15.4% above the 5.64 million homes sold in all of 2020. Sales will likely moderate further in coming months, reflecting low inventories and the impact of harsh winter weather, particularly in Texas during February.” “The exceptionally low number of homes on the market today reflects the extraordinary crosscurrents brought about by the pandemic.” “The 15.8% surge in home prices over the past year has raised concerns that the housing market is on the verge of another bubble. While that always remains a possibility at some point in the future, home prices appear to have been pulled higher this past year due to the imbalance of the supply and demand of existing homes rather than an increase in speculation. Demand for homes has been strongest at the upper-end of the price range, where the supply of homes is unusually tight.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CHF drops back towards last week’s low-0.9200 lows as traders eye this week’s SNB meeting FX Street 1 year Data released on Monday from the US came in below expectation. Among the reports, was the Existing Home Sales that decline 6.6% in February. Despite the weaker report, the pace of existing home sales remains exceptionally strong, argue analysts at Wells Fargo. They point out February's 6.22 million-unit pace is 9.1% higher than last February, which marked the last data point prior to the pandemic. Key Quotes: "Existing home sales fell 6.6% in February and sales were revised slightly lower for the prior month, with more complete data showing sales at a 6.66 million-unit pace, down from a… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.