Growth in the real estate market data which was published yesterday was much better than analysts' expectations. According to statistics, the number of new home sales in the U.S. in May rose to 504 thousand, against an expected growth to 442 thousand. This figure is 16.9% higher than the result recorded in May of the last year. Growth of purchases in May was the highest for the last 6 years.
Growth in housing prices in 20 major U.S. cities slowed to 10.8% for the year, which is 0.9% less than the expectations of experts. Recovery in the construction sector gives hope for a more rapid decline in the unemployment rate and the growth of consumption in the United States. Despite this, the U.S. stock market looks quite overrated and requires correction.
Wish you the profits!
FXFINPRO Capital Analytical department.