Sales of new single-family homes rose +3.5% in June, easily beating the consensus estimate. This was the highest level in more than eight years.
AbstractNew home sales set a new cycle-high, home price appreciation is maintaining a solid, above-historical-trend pace, and Fed bank regional surveys picked up steam as the month drew to a close (and as Brexit receded in the distance). None of this will make the FOMC raise rates at this week’s meeting; another pause seems locked in (official statement to be released Wednesday afternoon). However, the discussion seems certain to take a more hawkish bent.