US: Existing Home Sales surge by 24.7% in July vs. 14.7% expected

• Existing Home Sales in US rose more than expected in July.
• US Dollar Index preserves its bullish momentum after the data.

Existing Home Sales in the United States rose by 24.7% in July, the data published by the National Association of Realtors (NAR) showed on Friday. This reading followed June's increase of 20.2% (revised from 20.7%) and beat the market expectation of 14.7% by a wide margin.

Additional takeaways from the press release

"Sales as a whole rose year-over-year, up 8.7% from a year ago (5.39 million in July 2019)."

"The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days."

"The median existing-home price for all housing types in July was $304,100, up 8.5% from July 2019 ($280,400), as prices rose in every region."

Market reaction

The US Dollar Index continues to push higher and was last seen gaining 0.78% on a daily basis at 93.46.