U.S Existing Home Sales Rose in April 2012

The U.S real estate market picked up in April as the U.S. existing homes sales rate rose during April 2012 by 3.4% (M-o-M); this news comes after it was reported last week that there was a rise in housing starts during April.

According to the recent report done of the Realtors’ organization, the annual rate of US existing home sales increased in April compared with March’s annual rate. The seasonally adjusted annual rate rose to 4.62 million home sales during the month compared with a revised annual rate of 4.47 million home sales in March 2012; this rise represents a 3.4% gain (M-2-M); the April 2012 annual rate is also 10% above the 4.2 million annual rate of home sales recorded back in April 2011.

Currently, major American stock indexes are traded in a mixed trend: the S&P500 index is edging up by 0.13%, the Dow is down by 0.18%, and the NASDAQ declines by 0.46%.

This news may also be among the factors to drag down precious metals prices as it eases the speculation around the stability of the U.S economy and whether its condition warrants another monetary intervention by the Federal Reserve.

Current gold price, short term futures (June 2012 delivery) is traded at $1,571 per t oz. a $16.8 decrease as of 20:32*.

Euros to US dollar exchange rate is currently traded down at 1.2692 a 0.98% decrease as of 20:32*.

Current Nymex crude oil price, short term futures (June 2012 delivery) is traded down by 0.98% to $91.66 per barrel as of 20:32*.

(* GMT)

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