FXStreet (Delhi) – Research Team at Societe Generale, suggests that today’s US release of new home sales is likely to stay in uptrend.
Key Quotes
“Echoing the reported increase in single-family building permits, the number of newly constructed dwellings going to contract likely jumped by 5.1% to a seasonally adjusted annual rate of 515,000 – the strongest sales activity since last February.
If our forecast is on the mark, the number of new homes sold rose by 13% during 2015 to an eight-year high of 497,000. With the number of available homes on the market expected to climb by 5,000 to 237,000 during the reference period, the stock of unsold dwellings probably edged two ticks lower to 5.5 months’ supply, essentially matching the average recorded over the past 25 years.”
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