U.S. existing home sales rose in May by 1.1% to its third highest level in a decade. A chronic inventory shortage pushed the median home price to an all-time high. The number of homes on the market was down 8.4% from a year ago. Housing inventory has dropped for 24 straight months on a year-on-year basis. The median house price increased to an all-time high of $252,800, a 5.8% jump from one year ago. At the current sales rate, it would take 4.2 months to clear inventory. The median number of days homes on the market in May was 27. (National Association of Realtors)
Total mortgage application volume is nearly 14% lower compared to one year ago. Refinance volume is about 30% lower than a year ago. Mortgage applications to purchase a home are 9% higher than one year ago. (Mortgage Bankers Association)
Private equity firm Sycamore Partners looking to acquire Staples. The deal could top $6 billion. Staples has 1,255 stores in the United States and 304 in Canada. It has the largest market share of office supply stores in the United States at 48% percent, and its share has increased since 2011. (Reuters)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.