June 26th, 2015 4:08 PM by Todd Perdew
The housing data released this week was encouraging. May Existing Home Sales rose 5% from April to the highest level since November 2009. They were 10% higher than a year ago, and many of those were first-time buyers. May New Home Sales increased 2% from April, a 20% increase over last year, and the highest level since February 2008. A tight supply of homes for sale prevented even better results. Recent data on housing starts and building permits suggest that builders are ramping up production.
Looking ahead, investors will remain focused on the situation in Greece. In the U.S., the important monthly Employment report will be released on Thursday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month. Before that, Pending Home Sales will come out on Monday. ISM Manufacturing will be released on Wednesday. Mortgage markets will close early on Thursday and will be closed on Friday in observance of Independence Day.