Data

The National Association of Realtors (NAR) reported a 2.6 percent month-over-month rise in existing-home sales last month to a seasonally adjusted annual rate of 5.04 million. May sales were revised slightly upward to a rate of 4.91 million. June sales were at their highest pace since October 2013, though they remain 2.3 percent down from the 5.16 million pace set a year ago.

The Conference Board's Leading Economic Index (LEI) edged up 0.3 percent last month to 102.2, flattening out slightly after May's 0.7 percent pickup. Conference Board economist Ataman Oxyildirim attributed the increase to ongoing positive trends in the labor market and an improved outlook for new manufacturing orders, which have helped offset some of the weakness observed in housing so far this year.

The housing market overall really is recovering, despite a lackluster so far this year. It's just going to take a lot longer in several markets, according to Zillow. According to the second-quarter Zillow Real Estate Market Report, home values in half of the nation's 100 largest metro areas will not return to their pre-recession peak levels for at least three years. In a few markets, full recovery will take more than a decade.

The California housing market continued on its 2014 trend line in June, picking up from a month prior but remaining subdued compared to last year's more active market. According to real estate data site DataQuick, an estimated 39,254 new and resale homes and condos sold statewide throughout California last month, reflecting a 4.0 percent increase from 37,734 in May.

The Thomson Reuters/University of Michigan Index of Consumer Sentiment measured 81.3 in its first July reading, falling more than a point from its final June reading of 82.5. Analysts surveyed before Friday's release had predicted the index would climb up slightly to 83.

Redfin released its latest market summary, which sees the combination of sales, prices, foot traffic, and inventory as positive signs heading into the fall. "After an abysmal first quarter that drove a disappointing first half, housing will be playing catch-up for the year," said Nela Richardson, Redfin's chief economist. "Though it won't be a seamless transition, we believe the housing market is positioning itself for a stronger finish in the second half of the year."

In its monthly National Housing Report, RE/MAX observed another month-to-month climb in transaction levels, marking the fourth straight month of increases following a poor showing at the start of the year. All 52 surveyed metros reported monthly gains. While sales figures remain down nearly 2 percent compared to June 2013, the company says the year-over-year difference is the smallest one recorded year-to-date.

Freddie Mac released Thursday the results of its latest Primary Mortgage Market Survey, showing the average 30-year fixed-rate mortgage (FRM) coming in at an interest rate of 4.13 percent (0.6 point) for the week ending July 17. Bankrate.com's survey was similarly flat, with both the 30- and 15-year fixed averages falling 1 basis point each.

Market trends across the United States indicate a recovering real estate market—but not a bubble—according to the latest Home Value Forecast from Pro Teck Valuation Services. According to the forecast, the housing economy is in healthy rebound, so much so that even the markets showing the greatest appreciation are not near 2006 figures, when the market was at its historical peak.

According to a joint report from HUD and the Census Bureau, groundbreaking on new homes was at a seasonally adjusted annual rate of 893,000, a drop of 9.3 percent below May's revised annual rate of 985,000. Declines came on both sides of the market: Single-family starts came to a rate of 575,000, down 9.0 percent, according to the report, while multifamily starts fell 9.9 percent to a 318,000 rate.