New Home Sales MoM For June -2.5% Vs 0.7% Expected; 12.2% Prior
Portfolio Pulse from Benzinga Newsdesk
The month-on-month new home sales for June have decreased by 2.5%, which is lower than the expected 0.7% increase and significantly lower than the 12.2% increase in the previous month.
July 26, 2023 | 2:01 pm
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The lower than expected new home sales could negatively impact the SPY ETF, which is a broad measure of the US stock market, as it indicates a potential slowdown in the economy.
New home sales are a leading indicator of economic health as they have a significant impact on other sectors like banking, construction, and retail. A decrease in new home sales suggests a potential slowdown in the economy, which could negatively impact the broader stock market, and therefore the SPY ETF.
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