Nasdaq Falls Flat, As Existing Home Sales Resume Downtrend

Today the US stock markets continued higher after yesterday’s bounce, with NASDAQ index spearheading the gains, which have now evaporated. Nasdaq was finding support at today’s session lows, as broader US indices reach new session highs. However, after a brief surge, the price has reverted to its starting points.

Earlier, the broader US indices were trading at session highs, with the NASDAQ leading the way, up 120 points, or 0.7%. This uptick was fueled by bullish price action from yesterday, sustained by a bounce off the 50-day SMA (yellow), which kept buyers in control. Nevertheless, today’s bullish momentum has diminished, suggesting that buyers need to reinforce the optimistic bias on the NASDAQ. To do so, the index must rise above its 20-day moving average (gray), which was broken at 20,500 points.

Nasdaq Chart Daily – The 50 SMA Held As Support

US Existing Home Sales for June

• June Sales Figures: 3.89 million vs. 4.00 million estimate
  • Prior Month: 4.11 million
• Monthly Decline: -5.4% vs. -0.7% last month
• Inventory Levels: 4.1 months vs. 3.7 months prior, equivalent to 1.32 million units
• Median Price: $426,900, up 4.1% from June 2023 (record high)
• Interest Rates: Sales closed when rates were above 7%
• Average Days on Market: 22 days (down from 24 days last month, up from 18 days last year)
• First-Time Buyers: Accounted for 29% of sales in June, down from 31% in May, up from 27% in June 2023
• All-Cash Sales: Made up 28% of transactions in June, unchanged from May, up from 26% a year ago
• Investors/Second-Home Buyers: Represented 16% of homes purchased in June, unchanged from May, down from 18% in June 2023

Regional Home Sales Breakdown

• Northeast:
  • Sales: Decreased 2.1% from May to an annual rate of 470,000, down 6% from June 2023
  • Median Price: $521,500, up 9.7% from one year earlier
• Midwest:
  • Sales: Decreased 8% from May to an annual rate of 920,000, down 6.1% from June 2023
  • Median Price: $327,100, up 5.5% from June 2023
• South:
  • Sales: Decreased 5.9% from May to an annual rate of 1.76 million, down 6.9% from June 2023
  • Median Price: $373,000, up 1.7% from last year
• West:
  • Sales: Decreased 2.6% from May to an annual rate of 740,000, unchanged from a year ago
  • Median Price: $629,800, up 3.5% from June 2023

Nasdaq Index Live Chart

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