Happy Homeowners | Fresh Records | Home Sales Surge

August 21, 2020 | Hoya Capital

Happy Homeowners | Fresh Records | Home Sales Surge Daily Recap Aug 21 Written By Daily Recap U.S. equity markets finished higher Friday with the S&P 500 eclipsing fresh record-highs as another slate of stellar housing data provided further evidence that the economic rebound remains on solid-footing. Ending the week higher by roughly 0.8%, the S&P 500 finished higher by 0.3% while the Dow Jones Industrial Average jumped 191 points and the Nasdaq 100 ETF rose 0.7%.

Ending the week lower by 0.4%, Equity REITs (VNQ) finished higher by 0.2% today with 9 of 18 property sectors finishing in positive territory. Mortgage REITs finished lower by 0.7%. Existing Homes Sales surged by 24.7% in July from last month and rose nearly 9% from last year. This was the strongest monthly gain in the history of the survey which was the highest sales pace since December 2006. The supply of existing homes dipped 21% from last year, representing a 3.1-month supply at the current sales pace, the lowest in the survey's history.

Happy homeowners: strong demand and record-low supply drove home prices higher by 8.5% from last year. Our Real Estate Daily Recap discusses the notable news and events in the real estate sector over the last trading day and highlights sector-by-sector performance. We publish this note every afternoon at HoyaCapital.com and occasionally on Seeking Alpha to cover significant news and events. Subscribe to our free mailing list to make sure you never miss the latest developments in the commercial and residential real estate sectors.

You can also follow our real-time commentary on Twitter and LinkedIn . U.S. equity markets finished higher Friday with the S&P 500 eclipsing fresh record-highs as another slate of stellar housing data provided further evidence that the economic rebound remains on solid footing. Ending the week higher by roughly 0.8%, the S&P 500 ETF ( SPY ) finished higher by 0.4% while the Dow Jones Industrial ...