US housing market recovery shifts into a consolidation mode - TDS

Research Team at TDS, suggests that after a post-winter burst of positive momentum, the US housing market recovery shifts into a consolidation mode in June with both homebuilding and sales activity slipping modestly.

Key Quotes 

“During the month, TD expects existing home sales to dip 2.5% m/m, ending five consecutive months of gains. Despite the decline, the level of sales activity will remain 15% above the November trough, underscoring the sustained rebound in housing market activity since last year. Residential construction activity should also drift lower, falling 2.7% m/m to 1118K units.”