Existing Home Sales Fell 5.4% In June, Missing Analyst Expectations

On July 23, 2024, the National Association of Realtors released Existing Home Sales report. The report indicated that Existing Home Sales declined by 5.4% month-over-month in June, compared to analyst forecast of +3%. On a year-over-year basis, Existing Home Sales have also declined by 5.4%.

The median existing home sales price was $426,900 in June, compared to $410,100 one year ago. Total housing inventory increased by 3.1% from May, reaching 1.32 million units. Unsold inventory is up by 23.4% compared to 1.07 million a year ago.

The National Association of Realtors commented: “We’re seeing a slow shift from a seller’s market to a buyer’s market. Homes are sitting on the market a bit longer, and sellers are receiving fewer offers.”

U.S. Dollar Index settled near the 104.45 level as traders reacted to the weaker-than-expected report. From the technical point of view, U.S. Dollar Index is trying to settle above the resistance at 104.40 – 104.60. It should be noted that Treasury yields are moving lower, which is bearish for the U.S. dollar.

Gold  is trading near the $2400 level as traders focus on stronger dollar and falling Treasury yields.

SP500 tested session highs after the release of Existing Home Sales data. Traders bet on dovish Fed amid slowdown in the housing market.

For a look at all of today’s economic events, check out our economic calendar.