The numbers: Current-home gross sales rose 1.4% to a seasonally adjusted annual fee of 5.86 million in June, the Nationwide Affiliation of Realtors stated Thursday. In contrast with June 2020, house gross sales had been up practically 22.9%, although the year-over-year comparisons are skewed by the onset of the COVID-19 pandemic final yr.
The rebound was not as massive as anticipated. Economists polled by MarketWatch had projected existing-home gross sales to return in at 5.93 million.
Large image: Economists assume that housing will stay on strong footing however not fairly as scorching because it has been over previously yr. An enormous query is whether or not mortgage charges can keep beneath 3%.
Market response: Shares had been blended on Thursday with the Dow Jones Industrial Common
down barely and the S&P 500
larger after an increase in weekly jobless claims.