Housing market data was mixed in the week. Existing Home Sales fell -1.8% in June, but remain positive year over year. While sales in the first half were soft, unit prices are rising, the median home price up 6.5 % over last year to $263.8K. Supply has declined -7.1% on a year-over-year basis. New Home Sales rose to a 610K annualized rate in June, this near their best level of the expansion. Prices fell -4.2% in the month, but remain quite high with the median at $310.8K. The Case-Shiller HPI moderated slightly in May, the index managed only a 0.1% gain.

Data out of the factory sector was also rather mixed but looking better, as evidenced by durable goods orders report and positives in international trade. Durable Goods Orders in June swung higher due to civilian aircraft orders, which surged 131%, bringing the total orders up 6.5% for the month. Ex-transportation, orders managed only a 0.2% gain. As for International Trade, June’s goods deficit was smaller than expected at -$63.9B, led by exports of food products, capital goods and vehicles. Imports fell slightly.

Initial Jobless claims rose 10K last week to 244K total, a figure that offset a significant decline in the week prior, and remain at historic lows. Consumer data, both hard and soft, was positive. Consumer Confidence continued its climb to unusually high levels. The index, at 121 for July, posted its seventh-straight reading above 110, which hasn’t happened in nearly 20 years. Consumer Sentiment was also high, but fell off June’s figure as a result of weakening expectations. As for hard data, GDP grew a healthy 2.6% annualized rate, helped by consumer spending which was up 2.8%. This data supportive of a positive outlook for the second half.