Economic Release Snapshot: Existing Home Sales Increase in July

Each week, we break down the latest U.S. economic reports, including what the results mean for the overall health of the economy. Here, you will find how economists’ forecasts compare with actual results, key takeaways to consider, as well as a list of what’s on tap for the week ahead.

Reports for the Week of August 19

FOMC meeting minutes (Wednesday)
While the Fed voted to leave interest rates unchanged at the conclusion of its July meeting, the meeting minutes showed that several Fed members viewed a rate cut as potentially appropriate during the meeting.

Existing home sales, July (Thursday)

• Expected/prior month existing home sales change: +1.3%/–5.1%
• Actual existing home sales change: +1.3%

In July, the pace of existing home sales increased for the first time in five months. Despite the improvement, the annualized sales rate of 3.95 million homes sat well below the recent high of 6.6 million sales we saw in early 2021.

Upcoming Reports for the Week of August 26

Durable goods orders, July, preliminary (Monday)
Headline durable goods orders are set to partially rebound in July after falling more than expected in June. Core orders are expected to remain flat for the month.

Conference Board Consumer Confidence, August (Tuesday)
Consumer confidence is expected to fall modestly in August after improving more than expected in July.

Personal income and spending, July (Friday)
Personal income and spending are set to rise in July. If estimates hold, this would mark an impressive 16 consecutive months of personal spending growth.