Perhaps the high point of last week’s encouraging economic news was the report from the National Association of Realtors that existing home sales rose 7.2% in July, marking the first time in five years, NAR said, that home sales increased for four months in a row. That report offset the earlier news that housing starts dipped in July to a level that is down 38% from last July’s starts.
There are two key housing reports scheduled for this week: The Case-Shiller home price index will be released on August 25, while new home sales will be released on August 26.
Orders for durable goods will be released on August 27, while second quarter GDP will be released on August 28–the consensus is for a 1.5% decline, following a 1.0% drop in the initial estimate for the quarter.