New home sales rose 5.4 percent in July to a 507,000-unit annual pace. Sales activity increased in all regions but the Midwest. The level of inventories, which has constrained sales in previous months, edged higher
Housing Market Still Improving
- Reflecting increasing household formations and gradually stronger incomes, new home sales have risen in three of the past four months and are up more than 4 percent since March.
- New home sales rose in all regions during the month, except the Midwest, where they fell for the third straight month. Median and average home prices also rose, as sales of homes greater than $500,000 accounted for a larger share of sales in July
New Home Sales “Not Started” Highest Since 2007
- The level of inventories remains a key barometer for new home sales. Inventories edged higher in July, reaching the highest level in more than five years and marking the fifth consecutive month of gains. Since the beginning of the year, inventories are up almost 5 percent.
- Sales of new homes where construction has “not started” yet jumped 19.2 percent in July. That big jump suggests that homebuilders have solid momentum going into the second half of the year.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.