From the Desk

Recent Economic Commentary

Scott Goedken, Director of Institutional Strategies - 8/25/2026

U.S. stocks are higher Tuesday morning as investors digest a heavy slate of housing and consumer data. Treasury yields are lower across the curve this morning as market participants continue to assess the economic outlook and future Federal Reserve policy expectations.

Housing price data released this morning showed home appreciation remained positive but continued to moderate. The FHFA House Price Index showed home prices were unchanged in June, below expectations for a 0.2% increase and down from May’s 0.3% gain. Home prices were up 2.1% from a year ago, slightly below the 2.2% annual increase reported in May. 

The S&P Cotality Case-Shiller U.S. National Home Price Index posted a 1.5% annual increase in June, up from 1.2% in May. The 20-City Composite Index increased 0.3% on a seasonally adjusted monthly basis, while both the National Index and 20-City Composite rose 0.4% on a non-seasonally adjusted basis. Home price appreciation continued to vary significantly by region, with Midwest and Northeast markets generally outperforming many Western and Sun Belt markets.

New home sales fell to a seasonally adjusted annual rate of 607,000 in July, below expectations and down from June’s revised pace of 678,000. Sales declined 10.5% from the prior month and were 6.3% lower than a year ago. Inventory increased to 488,000 homes, representing 9.6 months of supply at the current sales rate, up from 8.5 months in June. The median sales price declined to $393,800 from $403,100 the previous month.

The Conference Board Consumer Confidence Index declined to 89.4 in August from 90.8 in July and was below expectations of approximately 90.3. The reading suggests consumers remain cautious as they evaluate labor market conditions, inflation, and household finances.