US: Existing Home Sales declined by 9.7% in May vs. -3% expected

• Existing Home Sales in US fell more than expected in May.
• US Dollar Index continues to edge lower toward 97.00.

Existing Home Sales in the United States declined b9.7% in May, the data published by the National Association of Realtors (NAR) showed on Monday.

This reading followed April's fall of 17.8% and came in much worse than the market expectation for a decrease of 3%. 

Further details of the publication revealed that the median existing-home price for all housing types in May rose to $284,600 from $278,200 in May 2019. 

Commenting on the data, “sales completed in May reflect contract signings in March and April – during the strictest times of the pandemic lockdown and hence the cyclical low point,” said Lawrence Yun, NAR’s chief economist. “Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.”

Market reaction

The US Dollar Index extended its slide after this data and was last seen losing 0.52% on the day at 97.15.