The market had a modest closing as the general growth area of the market outperforms the value sector. The Dow and S&P were up modestly, while Nasdaq rose 0.4%. Russell 2000 had a weaker footing as investors took profit after a robust recovery.
The trading volume appears to be low as investors appeared to have taken off to an early weekend. The US housing market data remain modestly strong. The healthy trend continues despite materials shortage, and there appear few signs of easing.
There is a continuous lack of supply to meet the rising demand in the housing market. The median price of a previously owned home is about $363,000 in June, a record-breaker and rose by 24% from a year ago.
The high selling price motivates homeowners to start listing their homes for sales, boosting supply in the market. Additionally, with the Mortgage rates remain low, Americans have plenty of chances to use their pent-up savings and equity gains to move out of the pandemic era.
As growth starts to peak, we may see normalisation in progress.
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