Economic Release Snapshot: Housing Sector Slows 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 July 18

National Association of Home Builders Housing Market Index (Monday)

• Expected index value for July: 65
• Actual index value for July: 55

Home builder confidence fell by more than expected during the month, as rising costs and slowing demand for new homes weighed on sentiment to start the second half of the year.

June housing starts and building permits (Tuesday)

• Expected housing starts: +2.0%
• Actual housing starts: ‒2.0%
• Expected building permits: ‒2.7%
• Actual building permits: ‒0.6%

New home construction slowed in June; however, both starts and permits remained well above pre-pandemic levels during the month.

June existing home sales (Wednesday)

• Expected existing home sales: ‒1.1%
• Actual existing home sales: ‒5.4%

Existing home sales fell by more than expected in June, marking five consecutive months with slowing home sales due to rising prices and mortgage rates.

Upcoming Reports for the Week of July 25 

June durable goods orders (Wednesday)

This measure of business spending is set to decline in June due to slowing transportation orders.

FOMC rate decision (Wednesday)

The Fed is expected to hike interest rates by 75 bps at its July meeting.

Second-quarter GDP growth, advance report (Thursday)

The economy is expected to show modest growth during the second quarter, which would be an encouraging rebound following a contraction in the first quarter.

Personal income and personal spending (Friday)

Both personal income and spending are expected to show continued growth in June.