Signs Of V-Shaped Housing Recovery
U.S. equity markets surged this week, buoyed by positive vaccine data and on renewed hopes of a V-shaped economic recovery as countries around the world begin the reopening process.
The S&P 500 ended the week higher by 3.1%, closing nearly 35% above its lows in late March despite another slate of ugly unemployment data that looms over the recovery.
Real estate equities led the gains this week, propelled by a bounce-back in many of the most beaten-down property sectors including retail and hotels that were ravaged by the lockdowns.
Homebuilders continued their recent resurgence as high-frequency housing data has indicated that the housing industry may indeed be leaders of the post-coronavirus economic rebound.
Fresh data from Redfin showed a "stunning" rebound in housing market activity over the last month as homebuying demand is now 16.5% above pre-coronavirus levels while home values have seen accelerating growth.