US Pending Home Sales decline in June

Pending Home Sales in the US sharply fell in June. The monthly data published by the National Association of Realtors showed on Wednesday that Pending Home Sales declined by 8.6% on a monthly basis in June following May’s growth of 0.4%.

This reading came in much worse than the market expectation for a decrease of 2%. On a yearly basis, Pending Home Sales were down by 20%, compared to analysts’ estimates of -7.3%.

As for the market’s reaction, and ahead of the Fed’s policy announcements, this data failed to trigger a noticeable market reaction. The US Dollar Index was posting modest daily losses at 107.05.