- Any signs that the U.S. housing market has bottomed out may be a little premature as the number of consumers starting the process of buying a new home has declined for the third consecutive month.
The U.S. pending home sales index dropped to a reading of 76.5 in May, down 2.7%, following April's revised decline of 0.4%., the National Association of Realtors said on Thursday. The latest housing sales data missed expectations as consensus forecasts were calling for a drop of 0.5%The gold market remains under solid selling pressure, largely ignoring the latest economic data. August gold futures last traded at $1,908.90 an ounce, down 0.70% on the day.
"Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing," he said in the report, "The lack of housing inventory continues to prevent housing demand from being fully realized. It is encouraging that homebuilders have ramped up production, but the supply from new construction takes time and remains insufficient.
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