7/24: Metro Economic Update, P. DUFFY

June existing home sales dip for third straight month as sales prices rise to all-time high

Existing-home sales decreased for the third straight month in June, falling by 0.6 percent from May and down 2.2 percent year-on-year.  The ongoing supply and demand imbalance helped push June’s median sales price to a new all-time high of $276,900, up 5.2 percent year-on-year.

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National Activity Index rebounded sharply in June to +0.43

Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) rebounded to +0.43 in June from -0.45 in May. The index’s three-month moving average, CFNAI-MA3, edged up to +0.16 in June from +0.10 in May.

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