The Dow Jones Industrial Average closed the month at 34,407.60, up 4.6% from 32,908.27 on May 30, 2023. It is up 3.8% year-to-date.
The S&P 500 closed the month at 4,450.58, up 6.5% from 4,179.83 last month. It is up 15.9% year-to-date.
The NASDAQ closed the month at 13,787.92, up 6.6% from 12,935.29 the previous month. It is up 31.7% year-to-date.
U.S. Treasury bond yields - The 10-year treasury bond closed the month yielding 3.81%, up from 3.64% last month.
The 30-year treasury bond yield ended the month at 3.85%, unchanged from 3.85% last month. We watch bond yields because mortgage rates often follow treasury bond yields.
Mortgage rates - The
Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of June 29, 2023, were as follows:
The 30-year fixed mortgage rate was 6.71%, down from 6.79% on June 1. The 15-year fixed was 6.06%, down from 6.18% at the end of May.
Home sales figures are released on the third week of the month by the California Association of Realtors and the National Association of Realtors. These are the May employment and home sales data.
U.S. existing-home sales - The National Association of Realtors reported that
existing-home sales totaled 4.30 million units on a seasonally adjusted annualized rate in
May, down 20.4%from an annualized rate of 5.40 million in May 2022. The
median price for a home in the U.S. in May was $396,100,
down 3.1% from $408,600 one year ago. There was a
3-month supply of homes for sale in May, up from a 2.6-month pool last May.
First-time buyers accounted for
28% of all sales.
Investors and second-home purchases accounted for
15% of all sales.
All cash purchases accounted for
25% of all sales.
Foreclosures and short sales accounted for 2% of all sales.
California existing-home sales - The California Association of Realtors reported that
existing-home sales totaled 289,460 on a seasonally adjusted annualized basis in May,
down 23.6% from the 378,640 homes that closed escrow on an annualized basis last May. Year-to-date, the number of homes sold was down 35.1% at the end of May from the previous year's period. The statewide
median price for a home in May was
$836,110, up 3% from April
but down 6.4% from $893,200 one year ago. There was a
2.1-month supply of homes for sale in May, unchanged from a 2.1-month pool one year ago.
The graph below shows sales data by county in Southern California.
