Market Update: November 2023
Residential real estate prices declined again in November, though at a moderating pace; Trader positioning is balanced
Parcl Team
Dec 5, 2023
What Parcl Traders Need to Know
Six tradable Parcl V3 markets finished November down 0.5% vs. October, in aggregate (ppsft). Including markets that aren’t yet tradable on V3, performance was down 0.4% MoM.
Some residential real estate markets, such as Denver, Boston, Brooklyn, and Austin experienced meaningful price declines MoM, while Los Angeles, Washington DC, and San Francisco were the MoM outperformers. The USA price feed fell 0.8% MoM.
Miami Beach moves back into pole position in YTD performance at +12.6%, outpacing Los Angeles (+11.7%). The USA price feed is third overall in YTD performance at +9.8%. YTD laggards include Portland (-4.6%), Austin (-2.9%), and San Franscisco (-1.8%).
Parcl V3 launched during November. Traders exited the month balanced long/short and total Open Interest stood at approx. $100K and growing rapidly (now up ~40% from 11/30).
Stay tuned for more tradable markets very soon, including global metros such as Paris and London.
Parcl Team
