US: Existing Home Sales rise by 14.5% in February vs. 0% expected

• Existing Home Sales in the US rose sharply in February.
• US Dollar Index recovers from daily lows after the data.

Existing Home Sales in the US rose by 14.5% in February to an adjusted annual rate of 4.58 million, the National Association of Realtors (NAR) reported on Tuesday. This reading followed January's contraction of 0.7% and came in much better than the market expectation of 0%.

"The median existing-home sales price decreased 0.2% from the previous year to $363,000," the NAR further noted.

Commenting on the data, "conscious of changing mortgage rates, home buyers are taking advantage of any rate declines," said NAR Chief Economist Lawrence Yun. "Moreover, we're seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs."

Market reaction

The US Dollar Index recovered modestly with the initial reaction to the upbeat data and was last seen losing 0.1% on the day at 103.20.