News in end use

US existing-home sales fell 1.7% month-over-month and 2.9% year-over-year on a seasonally adjusted basis, Redfin reported.

Inputs to residential construction, goods less food and energy, declined 0.09% in May, the BLS and NAHB reported.

The ABC Construction Backlog Indicator declined to 8.3 months in May. Year-over-year, the indicator is down 0.6 months.

The University of Michigan’s Index of Consumer Sentiment declined to a reading of 65.6 in June. This is a month-over-month decline of 5.1% but up 2.2% year-over-year.

The 30-year fixed-rate mortgage averaged 6.95%, down from last week when it averaged 6.99%, Freddie Mac reported.

Mortgage applications for new-home purchases increased 1.0% month-over-month and 13.8% year-over-year, MBA reported.

The Producer Price Index (PPI) for final demand, seasonally adjusted, declined 0.2% in May. This follows a 0.5% increase in April and a 0.1% decline in March.

The advance figure for seasonally adjusted initial unemployment claims was 242,000, an increase of 13,000 from the previous week.

The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in May on a seasonally adjusted basis, following a 0.3% increase in April and 0.4% increases in both March and February.

61.9% of homes for sale in May had been listed for at least 30 days without going under contract, Redfin reported. That is up 60% from one year earlier and approximately 50% from two years earlier.