U.S. business activity growth slowed to 55.4, the lowest since last December, according to IHS Markit’s U.S. Composite PMI Output Index, as capacity constraints and supply shortages, but existing home sales rose 2% in July
Existing home sales increased 2.0% to a seasonally adjusted annual rate of 5.99 million units last month from June's upwardly revised pace of 5.87 million units, the National Association of Realtors said on Monday. Sales were unchanged in the Northeast, but increased in the Midwest, South and the West.
The sales rate increase suggests the drop-off in sales after a sharp run-up late in 2020 and early this year may have run its course. Homebuilding fell more than expected in July amid supply constraints, the Commerce Department reported last week, as surging construction costs and home prices continued to constrain the housing market. There was, however, a rebound in building permits following three consecutive monthly declines.Demand for housing soared throughout the coronavirus pandemic. Since then, the combination of robust demand and record-low mortgage rates has far outpaced supply.
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