Gold Price is still lingering around the 1,800 Dollar mark

The red-hot housing market appears to be cooling off as fewer American consumers started buying a home in the past month, according to the latest data from the National Association of Realtors (NAR). On Monday, the NAR announced that its October home sales index fell 1.1% to 128.9. According to unanimous estimates, the economists expected an increase of 1%. This is the second straight monthly decline after the index fell 2% in September. The weak data on the housing market has little impact on the Gold Price. The market is far from its session lows but remains under significant selling pressure below $ 1,800 an ounce. Gold futures last traded at $ 1,777.80 an ounce in February, down 0.58% from the previous day. Although the index fell in October, it is still more than 20% above its 2019 level, according to the association. "There was a small drop in pending home deals from the previous month, but still slightly up on the October figure," said Lawrence Yun, chief economist for the NAR, in the press release. "The housing market is still hot, but soaring house prices may be hurting affordability. Yun noted that house prices have benefited from inventory shortages and historically low mortgage rates. "The combination of these factors - housing shortages and low rates - and the very strong demand has driven home prices to levels that make it difficult to save for a down payment, especially for first-time buyers who cannot afford the luxury of real estate to use a sale as a down payment, "Yun said. "The flexibility to work from home has also increased the demand for primary and secondary housing".