Newly Built Homes Sales Fell Short of Expectations

There are plenty of newly built homes for sale these days—and fewer takers.

The rate of sales for newly built houses fell 0.6% between May and June to an annual rate of 617,000, down 7.4% from the same month last year, the Census Bureau said Wednesday. That 𒉰was despite the number of homes for sale ticking up to a fresh high of 476,000, the most since February 2008. 

Sales fell short of the annual rate of 640,000 forecasters had expected, according to a survey of economists by Dow Jones Newswires and The Wall Street Journal.

澳洲幸运5官方开奖结果体彩网: -Diccon Hyatt

Services Sector PMI Jumps While Manufacturing Dips

Service businesses grew in July, and manufacturing took a step back i💖n the latest snapshot of the industrie🔯s.

Wednesday's Purchasing Managers' Index (PMI) showed services activity hit a 28-month high. The 56-point services reading was a full point ahead of economists' expectations and helped push the measure of business activity across sectors to a🔜 27-month high.

“Data signal a ‘Goldilocks’ღ scenario at the start of the third quarter, with the economy groꦉwing at a robust pace while inflation moderates,” said Chris Williamson, chief business economist at S&P Global Market Intelligence.

Overall activity is in that just right place despite 澳洲幸运5官方开奖结果体彩网:slipping manufacturing.

The manufacturing index fell to a six-month low in July. The reading dropped below the threshold which indicates manufacturers have an overall negative view🐲 of their current conditions.

The servi🌜ce sector outpaced manufacturing for the fourth straight month, with the two sectors now at their greatest distance in over a year. 

“From the output perspective, growth has become worryingly skewed, with manufacturing slipping back into contraction as the se🐻rvice sector gains further strength,” Williamson said.

-Terry Lane

Trade Deficit Declines in June While Inventories Grow

The international trade deficit declined in June, dropping 2.5% from May as imports exceeded exports by $96.8 billion, Census Bureau data showed.

The澳洲幸运5官方开奖结果体彩网: trade deficit declined as advanced June data showed both retailers and wholesalers raised their 澳洲幸运5官方开奖结果体彩网:stocks of products, with retail inventories gaining 0.7% when compared with the prior month and 澳洲幸运5官方开奖结果体彩网:wholesale inventories rising 0.2%. 

Product stocks🎃 at motor vehicles and parts dealerships rose by 1.8% on the month to lead retail inventories higher, while wholesalers increased inventories of nondurable goods. 

-Terry Lane

Mortgage Applications Decrease Despite Drop in Rates

Mortgage demand declined last week despite lower mortgage rates, as refinancing continued to p𓆉ace home loan activity.

An index released Wednesday by the Mortgage Bankers Association shꦗowed mortgage applica💧tion volume declined 2.2% for the week ending July 19.

The 30-year, fixed mortgage rate was 6.82%, its lowest level since February, helping keep refinancing at its 澳洲幸运5官方开奖结果体彩网:highest in nearly two years. Meanwhile, loan⛦s for home p💝urchases continued to be subdued, down 4% from last week.

“Refinance applications were up, driven by conventional and FHA application activity, as some borrowers took the opportunity to act,” said Joel Kan, MBA's deputy chief economist. “Purchase applications decreased as ongoing affordability challenges persist with rates at their current levels and with 澳洲幸运5官方开奖结果体彩网:🍸home-price appreciation still strong in many markets.”

-Terry Lane