U.S. Existing-Home Sales Fell in June While Median Price Hit Record High

Existing-home sales fell 2.4 percent in June from the prior month to a seasonally adjusted annual rate of 4.09 million units, the National Association of Realtors said last week. Sales rose 2.8 percent compared with June of last year but fell short of the 4.21 million pace economists had expected.

The U.S. median sales price increased 1.8 percent from a year earlier to $440,600, an all-time high on data going back to 1999.

The International Monetary Fund downgraded its 2026 global growth forecast to 3 percent, citing the energy shock from the Iran war. The fund expects U.S. economic growth of 2.3 percent this year, unchanged from its April projection. The euro-area economy is forecast to expand 0.9 percent in 2026, down from 1.4 percent in 2025.

Global oil demand is projected to fall by 1 million barrels per day this year, the first decline since 2020, according to the International Energy Agency.

Minutes from the Federal Reserve's June meeting showed officials divided on whether inflation will remain elevated or ease after the Iran war ends. Half of the 18 policymakers who submitted projections supported raising the key rate by year-end, while the other half favored keeping it unchanged or lowering it.

The rate currently stands at 3.6 percent. New applications for unemployment benefits fell by 2,000 to 215,000 in the week ending July 4, the Labor Department reported. Employers added 57,000 jobs in June, less than half the May total.