(Kitco News) - Spot gold is trading near session highs this morning after the latest data showed the U.S. housing market improving but still trailing expectations last month.
Total existing-home sales, including single-family homes, townhomes, condominiums, and co-ops, rose 0.2% to a seasonally adjusted annual rate of 4.02 million in April, the National Association of Realtors (NAR) announced on Monday.
The data was still worse than expected, as the forecast of economists called for an increase to 4.05 million. March’s total was revised to 4.01 million from 3.98 million units.
Spot gold continued to trade near the top of its daily range in the minutes following the 10 am EST release, and last traded at $4,730.55 for a loss of 0.31% on the day at the time of writing.
The report showed month-over-month sales increased in the Midwest and South, were unchanged in the Northeast and declined in the West. On a year-over-year basis, sales rose in the South, were flat in the West, and fell in both the Northeast and Midwest.
“Despite mixed macroeconomic signals—including a record-high stock market and historically low consumer confidence—home sales were modestly boosted by the continued improvement in housing affordability,” said NAR Chief Economist Dr. Lawrence Yun. “Mortgage rates are lower from a year ago, and average income growth is outpacing home price gains.”
“Inventory still remains tight,” he added. “Multiple offers, though not as intense as a few years ago, are still occurring. At the same time, days on market are lengthening on average, implying that consumers are taking their time before making decisions.”
