According to the National Association of Manufacturers’ (NAM) Monday Economic Report for this week, new single-family home sales declined 2.5% from May to June (from an annual rate of 715,000 to 697,000). Affordability issues and an uncertain economic outlook continued to challenge the housing market. June recorded a supply of 7.4 months for new single-family homes, up from 7.2 months in May but trending lower since being 10.1 months in July 2022.   

The Federal Open Market Committee increased the target federal funds rate range by 25 basis points from 5.25% to 5.50%, the highest in 22 years. It was the 11th hike in short-term interest rates since the beginning of 2022, increasing rates by 525 basis points over that timeframe.