ITB

Friday's ETF Movers: ITB, IHI

Homebuilder Stocks Rally To Record Highs On Rate-Cut Frenzy But Housing Sales Still Struggle

U.S. Homebuilder stocks surged to record highs on Friday after positive inflation report cemented expectations for interest rate cuts in September. The iShares U.s. Home Construction ETF jumped 3.8%, marking its third consecutive week of gains. The Personal Consumption Expenditure price index fell from 2.6% year-on-year to 2.5% in June 2024, matching expectations.

Mortgage rates roughly unchanged W/W, but down from 2024-peak

Mortgage rates were almost flat from last week, but down from their peak level in 2024. 30-year fixed-rate mortgages averaged 6.78% as of July 25, down from 6.81% a year ago. Freddie Mac Primary Mortgage Survey says rates are down 0.5% from 2024-peak level.

Should You Invest in the Consumer Discretionary Select Sector SPDR ETF (XLY)?

New Home Sales Unexpectedly Fall To 7-Month Low

Housing Market Crash Is On The Horizon

Should You Invest in the iShares U.S. Home Construction ETF (ITB)?

Existing Home Sales Fall Further As Median Price Reaches Record High

Existing home sales fell for a fourth straight month in June as the median price reached a new record high. The median price for existing homes reached a record high in June, climbing to $426,900, the fifth consecutive monthly rise. Exexisting home sales are down 5.4% compared to one year ago.