June home sales disappoint as prices reach an all-time high

Home sales dropped in June month over month as mortgage rates remain stubbornly high. Prices hit an all-time high.

USDA lowers reported beef export sales by 90% amid growing doubts over data

The US Department of Agriculture dramatically lowered its reported beef export sales for late June on Thursday, sparking fresh concerns about the quality of the agency’s data after staffing losses as part of the Trump administration’s reshaping of the federal government. USDA said exporters in late June sold a net 12,064 tonnes of US beef to foreign buyers, 90 per cent lower than the volume it originally reported ‌a week ago. Traders had largely dismissed USDA’s initial report as inaccurate....

By Reuters

Home prices hit a new all-time high this summer

Home prices continue to climb even as buyers retreat from the market, according to fresh data from the National Association of Realtors.

By Aarthi Swaminathan

Home prices across the U.S. hit an all-time high

US Existing Home Sales Unexpectedly Dropped In June, Just Off Record Lows

US Existing Home Sales Unexpectedly Dropped In June, Just Off Record Lows After an ugly Spring selling season, existing home sales have rebounded in Q2 (so far) with expectations for another 1.0% MoM increase in June. However, that was not to be with US existing home sales tumbling 2.4% MoM in June (although May was revised up to a +3.7% MoM gain from +3.2%). That slowed the annual improvement in sales to +2.75% YoY... Overall, existing home sales SAAR remains just off record...

By Tyler Durden

Supply of Existing Single-Family Homes Jumps to 10-Year High, Condo Supply to 14-Year High. Sales Slip Deeper into Deep Freeze. Mortgage Rates Rise to 6.49%

Spring selling season was a dud. But mortgage rates are not high; inflation is high.

By Wolf Richter