The National Association of Realtors (NAR) released their latest Pending Home Sales report, revealing a stronger than expected uptick in the number of homes under contract to be sold, excluding new construction. The actual figure came in at 2.2%, surpassing both the forecasted and previous numbers.

The forecast had been set at a modest 0.9%, making the actual figure more than double the anticipated rate. This unexpected surge is a positive sign for the housing market, showing a strong demand for homes and a willingness among buyers to commit to purchases.
In comparison to the previous figure of 1.8%, the actual number also indicates a significant increase. This jump of 0.4 percentage points underscores the robustness of the housing market and the sustained demand for homes.

The Pending Home Sales report is a key indicator of the health of the housing market and, by extension, the overall economy. It measures the change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction. A higher than expected reading is generally viewed as positive or bullish for the USD, while a lower than expected reading is seen as negative or bearish.

In this instance, the higher than expected number is likely to boost the USD. The strength of the housing market is often seen as a reflection of consumer confidence and economic stability. As such, these figures could be interpreted as a sign of a robust economy, likely leading to a strengthening of the USD in the global marketplace.

This latest report, with its higher than expected figures, suggests a buoyant housing market and a potentially strengthening USD. It will be interesting to see if this trend continues in the coming months. As always, investors and economists will be keeping a close eye on these figures, as they provide crucial insight into the state of the U.S. economy.

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