Existing home sales in the US fell -7.10% in February, way more than the forecasted -2.2%, falling to a seasonally adjusted 5.08 million units versus forecasts of 5.32 million, according to data released by the National Association of Realtors. The NAR's chief economist, Lawrence Yun, said that February numbers showed a meaningful slowdown with problems arising out of supply and affordability. US housing data was one of the key drivers in 2015 contributing more than a quarter percentage point to GDP growth. While new housing starts data released previously showed a 5.20% increase, home builders continued to report a shortage of both land and labor. The US Dollar did not react much to the data.
Two Fed Presidents Hawkish on Interest Rates
Daily Analysis - 22/03/2016