The National Association of Realtors reported that sales figures surpassed consensus estimates of 4.07 million, marking the highest volume of activity since December. NAR Chief Economist Dr. Lawrence Yun attributed this shift to improving affordability and income gains that are currently outpacing the growth of home prices. Despite mortgage rates remaining elevated relative to early-year lows, the sector appears to be finding a firm foundation, with only 1% of transactions involving foreclosures or underwater mortgages.
Spot gold prices drifted in response to the data, trading flat at $4,326.50 an ounce. While the metal saw modest gains before the report, the unexpected strength in the housing market triggered immediate selling pressure. This stabilization in real estate suggests a broader economic confidence that continues to suppress demand for gold, leaving the precious metal searching for a new catalyst to break its current trading range.
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