U.S. pending home sales surprise on the upside in December, gold price edges up gold economy housing
Gold prices ticked higher as the U.S. pending home sales beat expectations in December, rising for the first time since May.
The U.S. pending home sales were up 2.5% in December following a drop of 2.6% in November, the National Association of Realtors said on Friday. The consensus forecast called for a decline of 0.9%. The pending home sales index was at 76.9 last month after registering 75 in November. On an annual basis, pending home sales were down 33.8% from December 2022.
Rising interest rates have weighed on the U.S. home-buying demand last year, but that is now changing, said NAR's chief economist Lawrence Yun. “This recent low point in home sales activity is likely over,” said Yun. “Mortgage rates are the dominant factor driving home sales, and recent declines in rates are clearly helping to stabilize the market.”
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