• Existing home sales rose 1.4% in June to stand at a seasonally adjusted annual pace of 5.86 million units. The gain breaks a string of four monthly declines. The sales rate over the past five months (February through June) is 10.1% slower than the sales rate over the previous five months (September through January). Of the homes sold during June, 89% were on the market for less than one month, with the typical home on the market for 17 days.1
  • Housing starts rose 6.3% in June to a seasonally adjusted annual rate of 1.643 million units. Through the first half of the year, starts are running at an annual rate of 1.58 million units, 14.8% stronger than 2020’s output.2
  • Single-family housing starts were up 6.3% as well, rising to an annual rate of 1.16 million units. After annualizing and seasonal adjustment, single-family starts are running 14.1% ahead of last year’s activity.2
  • Consumer prices jumped 0.9% in June, its largest monthly gain in 13 years. Over the past year, the CPI is up 5.4%, but over the last four months, the CPI has risen at a 9.2% annual rate. That’s the fastest pace of inflation over a four-month span since July through October 1981.3
  • Industrial production climbed 0.4% in June, following March’s 0.7% increase. Still, industrial output at the nation’s factories, utilities, and mines was 1.2% below its February 2020 level.4

Read the complete article.  Wells Fargo Keeping Current – 7-23-21

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