Rocket Companies (NYSE:RKT) shares are trading higher on some post-IPO volatility, as well as positive data from the National Association of Realtors. The NAR reported sales of existing homes soared 24.7% in July.
“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,” said Lawrence Yun, NAR’s chief economist. “With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021."
Rocket Companies, which is the parent company of Quicken Loans and Rocket Mortgage, made its public debut Aug. 6.
Rocket Companies shares were trading up 9.63% to $26.06 at the time of publication on Friday.