The major market indices are trading deep in the red. The NASDAQ is being weighed down by shares of Apple (AAPL) and its suppliers. The technology giant had issued downside revenue guidance for the end of its fiscal 2015 year and has been observing stronger declines in demand for iPads. This could have a negative impact on the companies that supply AAPL with components. However, the markets attempted to pull out of the slump based off some of the positive economic data released this morning.

The National Association of Realtors released its monthly existing-home sales report for the month of June. During the month, sales increased by 3.2% to a seasonally adjusted annual rate (SAAR) or 5.49 million. The May existing-home sales SAAR was a downwardly revised 5.32 million (from 5.35 million). June marks the highest annual pace in eight years, specifically since February 2007. The Midwest saw the largest increase (+4.7) in existing-home sales to 1.33 million. In the region, the median price rose by 7.2% to $190,000. Consumers have become more interested in the purchase of condominiums and co-ops. Existing-home sales for the category surged 6.6% to an SAAR of 650,000 units. This is a good sign for the housing market as home-owners seeing prices rise should be able to put more money down on a brand new home.

The Federal Housing Finance Agency (FHFA) reiterated improving home prices. For the month of May, the agency’s housing price index (HPI) rose by 0.4% month-over-month, which was in-line with consensus. April’s figures were revised higher, as prices rose 0.4% versus an earlier estimate of 0.3%.  Year-over-year, housing prices actually increased by a whopping 5.7% following an increase of 5.3% in April. 5.7% is actually the best growth rate since April 2014. The Northeast saw the greatest gain in prices, +1.1% month-over-month. The rising home prices are encouraging and we’re looking for a stronger housing market for the rest of the summer.