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Existing home sales saw a decline in June, down 5.4% month-over-month. As demand has slowed and the market has begun normalizing, existing home inventory has jumped 9.6% month-over-month.

New home sales dipped in June, down 8.1% month-over-month. This decrease may be due to the increased supply of existing homes for sale, leading to a lower demand of new homes.

The Federal Reserve announced a 75-basis point increase to the federal funds rate, bringing it to a range of 2.25% to 2.50%. As inflation remains high, this rate hike will likely help it stabilize to more normal levels.

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In June, U.S. construction spending dipped 1.1% month-over-month to a seasonally adjusted level of $1.76 trillion. This decrease could be due to higher interest rates in mid-June and the decreased demand of new homes.

The Job Openings and Labor Turnover Survey showed that job openings dipped to a level of 10.7 million in June, down from May’s reading of 11.3 million. Despite the decline, there are nearly twice as many job openings than there are unemployed persons.

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The consumer price index (CPI) is finally slowing as July saw a 0% monthly change and slowed to a level of 8.5% year-over-year. This cooling of inflation is likely to have a positive effect on the market, mortgage-backed securities, and rates.

The National Association of Home Builders’ housing market sentiment index declined to a level of 49 in August, likely due to higher levels of inflation. There is hope for builders and buyers in the near future as last week’s consumer price index showed slowing inflation.

Building permits declined 1.3% month-over-month in July but were still 1.1% higher than levels in July 2021. Housing starts saw a 9.6% month-over-month decrease but housing completions were up 1.1% month-over-month.

The housing market is finally seeing some normalization as the existing home sales report showed a 5.9% month-over-month decline in July. In addition, the median existing home sales price was $10,000 lower than the month before and home inventory climbed.

New home sales dropped in July, down 12.6% month-over-month. Many economists theorize that the steady decline is one of many signs pointing to an economic slowdown, which typically brings lower interest rates.

The pending home sales report was better than expected in July, falling 1% month-over-month rather than the anticipated 4% drop. After pending sales slid nearly 9% month-over-month in June, this much smaller drop is likely due to the cooling mortgage rates in recent months.

The 20-city Case-Shiller home price index reported a 0.4% month-over-month increase in June, a sharp deceleration from May’s 1.2% monthly increase. Compared to June 2021, home prices were up 18.6% — lower than May’s annual increase of 20.5%.

In July, consumer credit rose at a seasonally adjusted annual rate of 6.2%, slower than June’s growth. Revolving credit increased at an annual rate of 11.6% while nonrevolving credit climbed 4.4%.

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In August, the consumer price index (CPI) inched up just 0.1% month-over-month and 8.3% year-over-year as gas prices fell for the second consecutive month. The core CPI rose 0.6% month-over-month, up from July’s 0.3% increase.

Sales of existing homes saw a slight decline in September, slipping 1.5% month-over-month. The drop brought the seasonally adjusted annual rate of existing sales to 4.71 million units – higher than what experts had predicted.

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