U.S. housing market data for May and April 2025 indicate a cooling trend amid high mortgage rates and elevated prices. May home sales showed little movement, with the typical home taking 38 days to go under contract—the slowest pace since 2020—and a record high cancellation rate for May. The median sale price for existing single-family homes in May reached $440,997, the highest for any May on record, but price growth slowed to 0.7% year-over-year, the slowest since June 2023. April data from the S&P CoreLogic Case-Shiller 20-city Home Price Index revealed a 0.4% decline month-over-month on a seasonally adjusted basis and a 3.42% year-over-year increase, below expectations and prior readings, signaling a deceleration in home price appreciation. Inventory levels have risen, with only 30% of surveyed cities showing price gains over the past three months, suggesting a broader market correction. Concurrently, U.S. consumer confidence unexpectedly declined in June, with the Conference Board's index falling 5.4 points to 93, well below forecasts near 100. This drop reflects growing concerns about the economy, labor market, and personal finances. In contrast, German business sentiment improved for the sixth consecutive month in June, with the Ifo Business Climate Index rising to 88.4, surpassing expectations and marking the highest confidence level in over two years. This optimism is attributed to anticipated fiscal stimulus measures supporting infrastructure and defense spending, despite ongoing geopolitical tensions. Meanwhile, Japanese department store sales continued to decline in May for the fourth consecutive month, with inbound tourist numbers and spending also falling, reflecting ongoing challenges in the retail sector.