Existing Home Sales Up Big in June

Existing Home Sales rose 20.7% in June to an annualized pace of 4.72M units. As robust as this activity was, it still fell slightly short of analysts’ expectations of a 4.75M annual pace. Less optimistic bounce-back news was reported by the FHFA with its House Price Index falling by 0.3% in May against an expected rise of the same magnitude. As always with housing-related data, significant lags exist between the activity being measured and the reporting of those measurements.

Treasuries continue to rally with the Ten-Year slipping to around 58 basis points while equity markets have turned a mildly red opening into a mildly green morning.