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.