Stock Market Winners & Losers: Stocks are Flat Today | Home Prices Hit a High in 2023 | Car Prices are Finally Coming Down
Winner: Stocks are little changed Tuesday
Stocks remained stagnant as the market rally paused, with investors anticipating upcoming key data releases. On Tuesday, market direction was unclear, with various sectors showing disparate movements. Macy's saw a more than 5% increase following news of closing around 150 underperforming stores, while Lowe's also surged 5% after exceeding earnings expectations. The Personal Consumption Expenditure Price Index is scheduled for release on Thursday, which is anticipated to impact market sentiment.
Loser: Home Prices Hit a High in 2023
In December 2023, home prices surged by 6.1%, reaching an all-time high due to a faster-than-usual growth rate. The median price for new homes in January was $420,700. This escalation is attributed to the shortage in the existing home market caused by increased mortgage rates. In 2023, home prices rose by 5.5%, surpassing the average annual gains observed over the past 35 years. Notably, 2021 witnessed a 19% increase in home prices, followed by a 10% rise in 2020.
Winner: Car Prices are Finally Coming Down
Since the disruption caused by Covid-19 to the global economy, the high cost of new cars has been a concern for buyers. However, there's now a trend of new cars becoming more affordable. The average cost of a new car in the U.S. has increased to approximately $47,000, up by about $10,000 compared to pre-pandemic levels. This increase, combined with higher interest rates, resulted in car payments rising by about 33%. However, the average price of a new car has recently dropped by almost $3,000 from its peak. Looking ahead, buyers can anticipate further reductions, with car prices expected to decrease by another 3%, or around $1,500, in the coming year.
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