The National Association of REALTORS® reported that existing-home sales increased by 0.8% in May to a seasonally adjusted annual rate of 4.03 million, declining 0.7% Y/Y. Single-family home sales rose 1.1% to a seasonally adjusted annual rate of 3.67 million, increasing 0.3% Y/Y. Existing condominium and co-op sales decreased 2.7% to a seasonally adjusted annual rate of 360,000 units, down 10.0% Y/Y. Total housing inventory was 1.54 million units, up 20.3% Y/Y. Properties typically remained on the market for 27 days in May, up from 24 days one year ago. This left unsold inventory at a 4.6-month supply rate, up from 3.8 months one year ago. The median existing-home price for all housing types reached $422,800, increasing 1.3% Y/Y and marking 23 consecutive months of year-over-year increases. The Northeast, Midwest, and West saw price increases, while the South registered a price decrease. As of June 18, Freddie Mac reported that the average 30-year fixed-rate mortgage was 6.81%.

In June, The Conference Board Consumer Confidence Index® dropped 5.4 points, to 93.0. The decline reversed nearly half of May's sharp gains, signaling ongoing consumer anxiety about the economy. The Present Situation Index, reflecting current business and labor market conditions, fell by 6.4 points to 129.1. The Expectations Index, which gauges consumers' short-term outlook for income, business, and labor market conditions, dropped 4.6 points to 69.0 —a level still far below the recession-warning mark of 80. Consumers expressed continued worry over inflation and high prices, although there were slightly more mentions of easing inflation compared to the previous month. Plans to buy cars remained steady, but consumers became less sure about purchasing homes and other big-ticket items. Overall, expectations for future business and labor market conditions worsened.

The Commerce Department’s third estimate on the first-quarter 2025 real gross domestic product (GDP) growth reported the economy contracted at a seasonally adjusted annual rate of 0.5%, marking a downward revision of 0.3 percentage point (pp) from the second estimate. This decline follows a 2.4% increase in real GDP in the fourth quarter of 2024. The primary drivers of the first-quarter decrease were an increase in imports (a subtraction from the GDP), contributing (-4.66 pp) to the change in GDP, and a decrease in government spending, which contributed (-0.10 pp). These movements were partly offset by an increase in private investment, contributing (+2.59 pp), and an increase in consumer spending, contributing (+0.31 pp). Real GDP was revised down mainly due to downward revisions to consumer spending and exports, which were partially offset by a downward revision to imports. The price index for gross domestic purchases advanced 3.4%, the personal consumption expenditures (PCE) price index rose 3.7%, and the PCE price index excluding food and energy increased 3.5%, with all price measures revised up (+0.1 pp) from the previous estimate.