US Home Prices Hit All-Time Highs, Fastest Growth Rate In A Year: 'We've Witnessed Records Repeatedly Break'
Portfolio Pulse from Piero Cingari
U.S. home prices hit an all-time high in March 2024, with the S&P CoreLogic Case-Shiller 20-city home price index rising by 7.4% year-on-year. This marks the highest annual growth rate since October 2022. The Real Estate Select Sector SPDR Fund (XLRE) and the Vanguard Real Estate ETF (VNQ) rose 0.8%, while Redfin Corp. (RDFN), eXp World Holdings, Inc. (EXPI), and Orion Office REIT Inc. (ONL) saw significant stock gains.
May 28, 2024 | 2:56 pm
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POSITIVE IMPACT
eXp World Holdings, Inc. (EXPI) experienced a 4.2% rise in its stock price due to the record-high home prices.
eXp World Holdings benefits from higher home prices, which can boost its real estate business and revenues.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Orion Office REIT Inc. (ONL) saw a 3.1% increase in its stock price following the news of rising home prices.
Orion Office REIT benefits from a strong real estate market, as indicated by the rise in home prices.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Redfin Corp. (RDFN) saw a 4.5% increase in its stock price following the news of rising home prices.
Redfin benefits directly from higher home prices, which can lead to increased revenue from real estate transactions.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The Vanguard Real Estate ETF (VNQ) also rose 0.8% in response to the surge in U.S. home prices.
Similar to XLRE, VNQ benefits from a strong housing market, as indicated by the rise in home prices.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Real Estate Select Sector SPDR Fund (XLRE) rose 0.8% following the news of record-high U.S. home prices.
The rise in home prices positively impacts real estate ETFs like XLRE, as it indicates a strong housing market.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80