Weekly Transportation Update: Home sales rise in July, especially sales of new homes

In July, the U.S. housing market showed mixed signals with new home sales rising sharply, while existing home sales saw a slight increase. Mortgage rates dipped to their lowest level since April 2023, providing some relief to buyers. Despite these gains, U.S. business applications declined, although the transportation sector saw an uptick. Initial jobless claims rose slightly, while diesel prices fell for the sixth consecutive week. Truck spot rates declined across all equipment types, yet both trucking and parcel revenues showed year-over-year growth in Q2. CDL hiring activity rebounded, and Canadian railroads were ordered to end a lockout. Meanwhile, a court rejected the STB's final offer rate review rule, and rail traffic experienced one of its strongest weeks of the year.