🚀 House Sales Rise

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Sales of previously owned homes increased by 4.8% in November, reaching an annualized rate of 4.15 million units, the highest annual gain in three years, according to the National Association of Realtors. This momentum, fueled by falling mortgage rates in September, stronger job growth, and increased housing inventory, saw prices rise 4.7% year-over-year to a median of $406,100. Higher-end homes led the market, with sales of properties over $1 million jumping 24.5%, while entry-level sales dropped sharply. First-time buyers slightly increased their market share, while investors retreated, contributing just 13% of sales.

2. House Republicans are scrambling to avert a government shutdown after President-elect Donald Trump and Elon Musk publicly opposed a proposed funding bill, undermining Speaker Mike Johnson’s leadership. The compromise bill, intended to fund the government through March, required Democratic support due to internal GOP dissent over its provisions, including a pay raise for Congress. Trump’s surprise demand to include a debt ceiling increase—contrary to GOP strategy of addressing it under Biden—further complicated the effort. With time running out and internal divisions mounting, the House GOP faces an uphill battle to stabilize its leadership and avert a shutdown.

3. Wall Street's fear gauge, the VIX, surged 74% on Wednesday—the second-largest spike in its history—after the Federal Reserve announced a more cautious approach to rate cuts next year, unsettling investors. The Dow plummeted 1,100 points as the Fed projected only two cuts in 2025, down from September’s forecast of four. The VIX’s leap to 27.62 signaled a surge in market anxiety, breaking its prolonged suppression below 20, which some saw as investor complacency. By Thursday, it had retreated over 25%, hovering above 20, as markets recalibrated to the new rate outlook.

4. Headlines

   1. The FDA announced that Eli Lilly’s Zepbound weight loss drug is no longer in shortage, sending stocks of competitors and providers crashing.

   2. President Trump has supported the abolishment of the debt ceiling, claiming he is willing to work with Democrats if needed.

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Onwards and Upwards,

Liam Gill