Real estate stocks posted a solid month. Tech-driven players continue to thrive amidst the pandemic environment. Redfin, eXp Realty, and Zillow are all in better positions than they started the year. But other companies are flattish year-to-date, which is pretty good considering the environment. The housing market is showing surprising strength. Limited supply and competitive mortgage rates are contributing to continued pricing growth.
Real estate stocks improved in July. Redfin, eXp Realty, and Zillow are all priced better than they were pre-COVID. Home prices have continued to rise as supply remains limited. Sellers are staying on the sidelines. Low interest rates are making buying more attractive. All during an uncertain economic environment. Brokerage stocks posted gains in line with the broader market. Portals exceeded the market’s performance. Despite continued uncertainty from COVID-19, the markets continued to rally. Data on home prices show continued increases. Mortgage rates hit record lows and seller reluctancy is limiting inventory. The S&P continued its rally despite continued uncertainty on COVID-19 and employment. The S&P increased almost 5% in July.