Existing home sales firmly beat estimates today as Americans become more optimistic regarding their financial future as trade worries with China, and presidential impeachment, fade from view.
Existing Home Sales (MoM) (Dec) printed at 5.54M vs 5.43M consensus estimate.
Existing Home Sales Change (MoM) (Dec) rose 3.6% vs 1.2% estimate. This rise was the highest in two years.
Housing Price Index (MoM) (Nov) stayed steady at 0.2%.
Analysts contribute the rise in sales to strong demand, which will juice the housing construction business over the coming months as Winter turns to Spring.
‘Progressive’ business news painted this picture as bad for Americans, but the narrative falls flat.
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