US pending home sales fell in July 2011

According to the recent US pending homes sales report there was a drop in pending home sales during July 2011, but was still above the rate in July 2010. The US pending home sales index declined by 1.3% during July 2011 compared with the June 2011 index. This index is a forward looking indicator and considers only the contracts signed and not closing.

This index might suggest a shift in direction in the US real estate market as this decrease might indicate a slowdown. This news of a slowdown in the real estate market coincides with the recent news of the other housing indicators including the drop in existing home sales and slight drop in US new home sales.

Despite the recent news of a slowdown in pending home sales, it didn’t affect much oil prices as they have further inclined yesterday.

Currently crude oil prices are traded with slight changes:

Current Nymex crude oil price, short term futures (September 2011 delivery) is traded up by 0.13%, at $87.38 per barrel as of 07:09*.

Current gold price, short term futures (September 2011 delivery) is traded at $1,797.60 per t oz. a $6 increase or 0.33%, as of 07:00*.

Euros to USD is currently traded down at 1.4504 a 0.0439% decrease as of 07:11*.

(* GMT)


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