Economic Release Snapshot: Housing Market Shows Improvement

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 June 19

National Association of Home Builders Housing Market Index, June (Monday)

• Expected/prior month sentiment: 51/50
• Actual sentiment: 55

Housing starts and building permits, May (Tuesday)

• Expected/prior month housing starts monthly change: –0.1%/–2.9%
• Actual housing starts monthly change: +21.7%
• Expected/prior month building permits monthly change: 0.6%/–1.4%
• Actual building permits monthly change: +5.2%

Both housing starts and building permits increased notably in May; however, these are volatile metrics on a month-to-month basis. Both measures of new home construction remained below the recent highs we saw in 2021 and early 2022.

Existing home sales, May (Thursday)

• Expected/prior month existing home sales monthly change: –0.7%/–3.2%
• Actual existing home sales monthly change: +0.2%

Existing home sales increased modestly in May, breaking a streak of two consecutive months of falling sales. Supply constraints and still-high mortgage rates continued to serve as headwinds for prospective home buyers.

Upcoming Reports for the Week of June 26

Durable goods orders, May, preliminary (Tuesday)

Headline durable goods orders are set to fall in May; however, core orders are expected to remain unchanged, which would signal continued business investment.

Conference Board Consumer Confidence, June (Tuesday)

Consumer confidence is set to improve modestly in June, which would be an encouraging sign for future consumer spending reports.

Personal income and personal spending, May (Friday)

Personal income and spending are set to increase in May at a slower rate than the increases we saw in April.