U.S. Residential Prices, Tesla, Rise

  • In the three months to September, house prices in the United States rose 7.8% year-over-year, the highest increase since 2006.
  • Investors are paying attention to intraday economic data and Fed officials’ speeches.
  • Tesla rose more than 3% before the opening market value and will exceed $500 billion.

According to a report released by the Federal Housing Finance Agency (FHFA) on Tuesday, US housing prices recorded the largest increase on record in the third quarter. The FHFA said in a statement that due to the record low mortgage interest rate stimulating housing demand, residential prices rose nearly 3.1% in the third quarter.

Federal Housing Finance Agency

In the three months to September, house prices in the United States rose 7.8% year-over-year, the highest increase since 2006.

During the pandemic, the U.S. real estate market continued to be hot, and the decline in loan costs and the desire for more room for expansion have driven a surge in U.S. home purchases.

“House prices recorded their strongest quarterly gain in the history of the FHFA HPI purchase-only series in the third quarter of 2020,” said Dr. Lynn Fisher, Deputy Director of the Division of Research and Statistics at FHFA.

“Relative to a year ago, prices were up 7.8 percent during the quarter – the fastest year-over-year rate of appreciation since 2006.  Monthly data indicate that prices continued to accelerate during the quarter, reaching 9.1 percent in September, as demand continues to outpace the supply of homes available for sale.”

Tesla’s Market Value Exceeds $500 Billion

Investors are paying attention to intraday economic data and Fed officials’ speeches. At the same time, President-Elect Joe Biden was allowed to transfer power and the former Fed Chairman, Janet Yellen, is expected to become the US Treasury Secretary to stimulate investor confidence.

“With three vaccines now showing efficacy at 90%+ and health officials in the U.S. and EU rushing to approve them, the vaccination process is set to commence before the end of the year,” wrote Adam Crisafulli of Vital Knowledge.

“This vaccine optimism is more than offsetting the very grim near-term transmission/mitigation landscape as cases spike and governments take further action to curb the virus spread.”

U.S. stocks opened higher across the board. The Dow rose by more than 300 points. Tesla rose by more than 3% and hit a new high, with a market value exceeding $500 billion.

Tesla, Inc. is an American electric vehicle and clean energy company based in Palo Alto, California. The company specializes in electric vehicle manufacturing, battery energy storage from home to grid scale and, through its acquisition of SolarCity, solar panel and solar roof tile manufacturing.

WIMI Hologram’s “SoftLight Cinema” products were approved by the FCC to enter the US market and rose 22%. Happy Automobile fell nearly 23%, and rose 56.6% yesterday.

The S&P 500 index opened 27.79 points higher, or 0.78% to 3,605.38 points. The Dow Jones Industrial Average opened 308.58 points higher, or 1.04% to 29899.85 points. The Nasdaq Composite Index opened 55.44 points higher, or 0.47% to 11936.07 points.

The Stoxx Europe 100 index rose 0.5%. The Shanghai Composite Index fell 0.34%. The Nikkei 225 index rose 2.5%. South Korea’s Kospi Index rose 0.58%.

WTI crude oil futures rose 1.3% to $43.62 per barrel. Brent crude oil futures rose 1% to $46.50 per barrel, the highest level since March.

Safe-haven assets such as gold suffered a sell-off, and the US dollar index fell 0.2% to 92.37. The US COMEX gold futures fell 1.6% to $1,807.75 per ounce.

Tesla owns 30% of the Market Value of Global Auto Companies

Tesla rose more than 3% before the opening market value and will exceed $500 billion. According to Barron’s statistics, the market value of the world’s top 25 automakers, including Tesla, totals close to $1.7 trillion, which means that Tesla’s market value accounts for 30%.

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Joyce Davis

My history goes back to 2002 and I  worked as a reporter, interviewer, news editor, copy editor, managing editor, newsletter founder, almanac profiler, and news radio broadcaster.

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