Existing home sales, which make up over 90% of total sales, were expected to remain around the current level of an annualized 4 million units next quarter and rise slightly to an average 4.1 million by year-end, well below a near-15 year high of 6.6 million in early 2021.

U.S. wholesale prices rose modestly last month from a year earlier, another sign that inflationary pressures remain mild

Inflation rose less than expected in May, a month when the effects of higher tariffs were starting to become more widespread.