Stocks hold steady into the weekend 🛑

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Welcome back from the mid-week break. Here’s what moved the market today.

Markets 📈

Stocks ended the trading day close to where they began it. Major indexes moved by 0.2% or less in either direction.

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Market-Moving News 📈

Home Prices Hit Record High in May as Sales Stall 📉

Sales of previously owned homes remained at a 30-year low in May, declining by 0.7% from April to an annualized rate of 4.11 million units, according to the National Association of Realtors (NAR). Compared to May last year, sales dropped by 2.8%. This slowdown is attributed to high mortgage rates, which averaged around 7% for a 30-year fixed loan in April.

Inventory Increase 📊
Sales remained unchanged in most regions except the South, where they fell by 1.6%. The inventory of homes for sale, however, jumped by 6.7% month over month and by 18.5% from the previous year, now providing a 3.7-month supply at the current sales pace. While inventory levels are increasing, they remain low relative to demand.

Record-High Prices 🏡
The median price of an existing home sold in May reached a record high of $419,300, up 5.8% year over year, marking the strongest gain since October 2022.

This price increase continues to be driven by strong demand and limited supply. The median home price is now more than 50% higher than it was five years ago, and the mortgage payment for a typical home has more than doubled over the same period.

Market Dynamics 💸
Sales of homes priced below $250,000 declined compared to last year, while those priced between $250,000 and $500,000 increased slightly by 1%.

Higher-end homes saw more significant increases, with sales of homes priced between $750,000 and $1 million up by 13%, and sales of homes over $1 million rising nearly 23%. Cash purchases accounted for 28% of sales, and first-time buyers made up 31%, an increase from 28% the previous year.

Competition and Trends 🏠
Despite higher prices, competition remains strong, with two-thirds of homes going under contract in less than a month. However, an increasing number of listings are becoming stale, indicating that well-priced homes in good condition sell quickly, while others stay on the market longer.

Redfin reports that this trend underscores the importance of pricing homes correctly in a competitive market.

ShareCare [SHCR] $1.37 (+76.9%)
announced a definitive agreement to be acquired by Altaris for $1.43 per share in cash, an 85% premium to its last close.

Nexalin [NXL] $1.64 (+49.0%)
was awarded a U.S. patent for its Deep Intracranial Frequency Stimulation device to treat Alzheimer’s and dementia.

Anebulo Pharma [ANEB] $2.68 (+41.0%)
rebounded suddenly after suffering two days of declines, despite no obvious news to explain the volatility.

Feutune Light SPAC [FLFV] $2.56 (69.6%)
closed its business combination with Thunder Power Holdings and will begin trading under ticker AIEV on Monday.

Redwood SPAC [RWOD] $2.34 (60.3%)
closed its business combination with Anew Medical and will begin trading under symbol WENA at Monday’s open.

Kaival Brands [KVAL] $1.25 (56.4%)
continued to fall after announcing an offering of 838K shares early Thursday morning.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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