Market Update: January 2024
Final January data shows some stabilization across the tracked real estate markets after six consecutive MoM declines
Parcl Team
Feb 2, 2024
What Parcl Traders Need to Know
Eight tradable Parcl v3 markets finished January approximately flat vs. December, in aggregate (ppsft). Including markets that aren’t yet tradable on v3, performance was down 0.3% MoM.
Some residential real estate markets experienced meaningful price declines MoM; Los Angeles (-5.2%), Atlanta (-4.8%), and Philadelphia (-3.4%) stood out. Meanwhile, Austin (+3.6%), Boston (+2.8%) and Phoenix (+2.5%) were outperformers. The USA price feed grew 0.1% MoM.
Miami Beach moved back into pole position in YoY performance at +9.4%, outpacing Chicago (+7.4%). The USA price feed represents the second best performer YoY at +9.1%. Laggards include Portland (-3.5%), Seattle (-2.4%), and Austin (-0.6%).
Daily funding rates are averaging +0.08%, indicating a long bias amongst traders.
Total open interest (OI) across all indices surged above $25 million — an all-time high. Miami Beach, Las Vegas and New York marked the highest OIs.
Parcl will have many more global locations coming soon! Stay tuned.
Parcl Team
