Afternoon Note
The Market
The knee-jerk bounce to the knee-jerk selloff has settled the market in a tight range today as investors are waiting on the latest on headline events and assessing other elements of the market. Semiconductor names have rebounded, but the recent selling also underscores the fact maybe chip names rallied too far, too fast and needed to pullback.
Technically, the pullback has been a perfect 50% retracement of the rally from December 24, holding right at the 50-day moving average.
SMH
Overall, the market isn’t showing me much either way. It feels like investors are marking time, as the number of unresolved issues continue to mount.
Housing
Existing home sales came in below estimates, as weakness at the lower end of the market continues to be the central issue.
Prices Soar
Overall prices continue to move higher +3.6% to $267,300 even as overall sales continue to slump, which points to a chronic supply shortage. Overall sales have been ranged-bound for a couple of years and significantly below levels achieved during the housing boom.
While there are anecdotal signs SALT states are struggling with new tax laws woes, over $750,000 are moving, in fact soaring in the Northeast and South.
Price Trends |
$0 - $100K |
$100K-250K |
$250K-500K |
$500K-750 |
$750K-1M |
$1M + |
NE |
-8.6% |
0.0% |
+7.7% |
+13.0% |
+10.8% |
+7.5% |
MW |
-8,8% |
-2.2% |
+3.2% |
+4.2% |
+6.0% |
+9.6% |
South |
-10.9% |
+2.5% |
+11.9% |
+9.8% |
+17.5% |
+2.7% |
West |
-25.4% |
-15.9% |
+2.8% |
+4.7% |
+1.0% |
-1.4% |
U.S. |
-10.0% |
-1.0% |
+7.3% |
+7.4% |
+6.7% |
+0.9% |
Pro Tip
The National Association of Realtors chief economist has a suggestion for millennials stuck with student debt issues:
“Given the record high job openings in the construction sector, some may want to take a gap year to work there and save, and thereby lessen the student debt burden.”
Tweet |
4/25/2024 1:16 PM | Don't' Bury me, Yet! |
4/25/2024 9:27 AM | THERE CAN ONLY BE ONE |
4/24/2024 1:30 PM | Earnings Flood In |
4/24/2024 9:26 AM | BUYING THE DIP |
4/23/2024 1:25 PM | Bloom Off Rose |
4/23/2024 9:32 AM | WHAT HAPPENED TO THE BRAVADO? |
4/22/2024 1:22 PM | Pins and Needles |
4/22/2024 9:30 AM | LIVE BY THE SWORD … |
4/19/2024 1:20 PM | Fair Chunk of Rotation |
4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
4/18/2024 9:40 AM | MARKET OFF SCRIPT |
4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
4/12/2024 1:37 PM | Pressure Overall |
4/12/2024 9:42 AM | WHO YA GONNA CALL? |
4/11/2024 1:38 PM | No Urgency |
4/11/2024 9:27 AM | Tough Sledding |
4/10/2024 1:22 PM | Hang In There |
4/10/2024 9:51 AM | HERE COMES THE LATEST RATIONALE FOR PERSISTENT INFLATION |
4/9/2024 1:56 PM | Fighting the Trend |
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