🚀 Home prices rise as sales fall

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Sales of previously owned homes remain at a 30-year low, with May seeing a slight 0.7% drop from April and a 2.8% decline year-over-year, as per the National Association of Realtors. High mortgage rates, averaging around 7%, and record home prices, with the median price hitting $419,300, contribute to sluggish sales. Despite an 18.5% year-over-year increase in inventory, supply remains low. Demand, however, continues to drive prices up, particularly for higher-end homes, with cash buyers accounting for 28% of sales and first-time buyers at 31%. Homes priced well and requiring little work sell quickly, while others linger on the market.

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4. Headlines

   1. Forever 21 is seeking rent concessions as it struggles to stay afloat.

   2. Small-cap stocks are declining while large-cap stocks continue to rise. This could indicate that large-cap stocks (specifically tech stocks) are significantly overvalued.

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