Housing Market
Sales of new single-family homes dropped 13.7% in May and 6.3% from a year ago, well below both the six-month and the one-year average.
However, pending home sales picked up in May after a sharp decline a month earlier, with contract signings rising 1.8% as inventory levels ease.
Home mortgage applications dropped 0.4% last week compared with the previous week, but were 11% higher than the same week a year ago.
Economy
Readings show that in June, consumers grew less pessimistic about the economy and inflation as global trade tensions showed signs of easing.
Although new unemployment claims decreased last week, continuing claims increased to 1.97 million, the highest level since November 2021.
Some Fed members have come out saying they would like to see the Fed cut policy rates as soon as next month’s meeting, if inflation stays low.
