US new home sales tick up 1.6% in June but fall 5.6% year-over-year

May sales had already fallen 7.3% month-over-month to 580,000, so the June rebound represents a partial recovery from a weak prior month. Existing-home sales declined 2.4% month-over-month in June to a 4.09 million annualized rate.

For crypto markets, the housing data matters through the Federal Reserve channel. Weakening housing data gives the Fed more room to consider rate cuts, or at minimum reinforces the case for holding rates steady rather than hiking.

The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to assess crypto holdings as assets when underwriting mortgages. Bitcoin and other digital assets can now count toward a borrower's financial profile when applying for a government-backed home loan.