House prices rising

Market Overview
Read time 0.8 minutes

Year To Date Performances:

1. Based on Redfin's recent housing market update, both reduced demand and dwindling supply are exerting an upward pressure on housing prices. In the month leading up to August 6, there was a significant drop in new home listings by 17% year-over-year, while the overall number of homes available for sale witnessed a steep 18% decline, the most significant since the onset of 2022. This situation has culminated in a 3% yearly surge in the median sale price of homes, the highest since November. Regarding housing affordability, the monthly mortgage payment for the median-priced home has increased by more than 17% from the previous year and is narrowly below its peak from the prior month by approximately 1%.

2. There was a notable shift in the recent AAII Sentiment Survey reflecting retail investors' views. While bullish sentiment decreased from 49% to 44.7%, it's significant to note that this still represents the higher 77th percentile. Meanwhile, insights from the NAAIM Exposure Index, often associated with institutional or "smart money" perspectives, show that active managers have been retracting their equity positions considerably over the past two weeks. Interestingly, this marks the index's first sequential drop since February.

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4. Headlines

   1. The second quarter saw the UK's economy grow unexpectedly, with a 0.2% increase.

   2. President Biden has approached Congress with a request for $40 billion, of which $24 billion is for Ukraine.

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