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  • Alex Pettee, CFA

Housing Stays Red Hot

  • U.S. equity markets climbed to fresh all-time record highs this week as another slate of stellar housing data provided reassuring evidence that the economic rebound remains on solid footing.

  • Gaining for the seventh week out of the past eight and eclipsing pre-pandemic highs, the S&P 500 rose by another 0.8% this week while the tech-heavy Nasdaq surged nearly 4%.

  • Finishing lower for the second-straight week, however, the Equity REITs declined by 0.4% this week with 12 of 18 property sectors finishing in negative territory while Mortgage REITs dipped 2.7%.

  • 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 and was the highest sales pace since 2006.

  • Homebuilder Sentiment jumped back above pre-pandemic levels in August driven by a surge in Home Buyer Traffic, which far exceeded previous record levels. Housing Starts and Building Permits were also impressive.

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