Housing Shortage Gets Worse
U.S. equity markets climbed to fresh record highs on the Thanksgiving-shortened week as strong housing data, positive vaccine developments, and "market-friendly" Cabinet picks offset ongoing COVID concerns.
Pushing its November gains to over 11%, the S&P 500 rallied another 2.3% this past week led by the economically-sensitive equity sectors amid a continuation of the vaccine-driven reopening trade.
Real estate equities delivered a mixed week, however, as strong performance from the beaten-down COVID-sensitive property sectors were offset by weakness from the "stay-at-home" winners.
New Home Sales in October smashed expectations, surging by 41.5% from last year amid a continuation of the widely-unexpected "housing boom" that has exhibited few signs of cooling.
Home prices are rising at the fastest rate in over a decade as record-setting demand for single-family housing clashes with record-low inventory levels amid a historic and worsening housing shortage.
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