As city dwellers flock to the suburbs from crowded American cities, existing home sales declined more than expected. From anecdotal experience, CDMedia can attest to the rental market in Fairfield County, CT, where many luxurious bedroom communities of NYC are located, being red hot as families escape COVID and the BLM riots.

In other economic news White House Economic Advisor Larry Kudlow said a 'second wave' isn't coming.

“There is no second wave coming. It’s just hot spots. They send in CDC teams, we’ve got the testing procedures, we’ve got the diagnostics, we’ve got the PPE. And so I really think it’s a pretty good situation,” said Kudlow, director of the National Economic Council and chief economic advisor to President Donald Trump, reported CNBC.

“Actually, I think nationwide the positivity rate is still quite low, well under 10%.” 

Financial markets continue to move marginally higher as traders try to assess whether equities are overvalued or not in the face of the economic recovery and actions by the Federal Reserve.

Chicago Fed National Activity Index (May) printed at 2.61.

Existing Home Sales (MoM) (May) printed at 3.91M vs 4.21M consensus estimate.

Existing Homes Sales Change (MoM) (May) printed at -9.7% vs -3.0% estimate.

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