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Happy Monday. It’s the strongest housing buyer’s market on record, inflation came in higher than expected, consumer sentiment fell, and another AI infrastructure company raised a big round. Let’s dive in!
📺 Watch: Our latest investor briefing on startups in the nuclear and alternative energy sectors, including TerraPower, X-energy, Helion, and more.
This issue is brought to you by Range - September 17, join Range's CFPs and CPAs live for a tax investment strategy session.
📈 WEEKLY MARKETS
🏡 BUYER'S MARKET
According to a new report from Redfin, the it is now the best buyer’s market in the U.S. since 2013, when records started being kept. There are now 58% more sellers than buyers, a significant jump from last month, when there were 52% more sellers than buyers. The number of active listings has hit the highest level since early 2020 and is up 3.9% year-over-year. There are only five seller’s markets in the country right now, led by the New York City suburbs and San Francisco. The strongest buyer’s markets are all in the Sun Belt, led by Nashville, Miami, and Houston.
➨ TAKEAWAY: Even though the market is strongly favoring buyers, it still has not led to an increase in activity, as home sales fell 0.6% year-over-year in August. Newly pending listings fell even further, by 2.6%, even as inventory continues to rise. The markets that are doing well are some of the most expensive in the country, as buyers there are less sensitive to mortgage rates and affordability concerns. With mortgage rates staying high and the Fed poised to raise rates further, the status quo is unlikely to change anytime soon.
Partner
You're Invited: Investing Moves to Boost After-Tax Returns
You've worked hard to fund your portfolio — your investment strategy should work just as hard to maximize your after-tax returns.
On September 17, join Range's CFPs and CPAs live for the practical moves that put more of your returns back in your pocket.
What we'll cover:
Investment moves to maximize your after-tax returns
How tax-loss harvesting can lower the taxes you owe
When direct indexing works (and when it doesn't)
How to build a diversified portfolio that reduces tax drag.
Range is all-in-one AI wealth management — tax, investments, retirement, and estate in one place. Bring your questions for the live Q&A. Free to attend, and seats are limited.
This webinar is for informational purposes only and does not constitute investment advice or a recommendation to buy, hold, or sell any security. Forward-looking statements involve risks and uncertainties. Past performance is not indicative of future results. Range defines "high earners" as households with income over $300k.
📺 EVENT REPLAY
Vincent's Slava Rubin and Sacra’s Jan-Erik Asplund discussed why nuclear and alternative energy have become compelling sectors in Pre-IPO investing. Featuring Commonwealth Fusion Systems, TerraPower, X-energy, Helion Energy, and more, they explore the technologies, market forces, and capital driving the next generation of energy companies, and why investors are paying close attention.
📰 NOTABLE NEWS
📊 CPI report: The consumer price index (CPI) rose by 0.4% in August and 3.4% annually, slightly above expectations, as gas prices are up 27.4% in the past year. Core CPI, which strips out food and energy costs, was up 0.3% in August and is up 2.4% annually. The report increased the likelihood of a Fed rate hike this week, with the CME FedWatch tool putting the odds at 86.5%.
📉 Consumer sentiment declines: The University of Michigan’s consumer sentiment index fell from 51.7 to 47.8, thanks in large part to rising gas prices and persistent inflation. Consumers also expect prices to rise by 4.6% over the next year, up from expectations of 4% last month.
🤖 Positron AI valuation spike: The AI chip startup raised $785 million in a new funding round at a valuation of $5 billion, more than quadrupling its $1.06 billion valuation from February. This is just the latest major fundraise for an AI infrastructure company, a sector we covered in July.
🚀 Boring Company fundraise: The Elon Musk tunneling startup raised $3 billion at a $23 billion valuation, four times higher than its last reported valuation from 2022. The round was led by the United Arab Emirates, and the company is planning to dig more than 150 kilometers of tunnels in the country.
🏢 Student housing evolution: As demographics shift and more students flock to major universities in favor of smaller colleges, student housing investors are narrowing their focus on areas with top universities.
👗 Princess Di revenge dress: The famous black dress that Princess Diana wore in 1994 after her husband Prince Charles publicly admitted his infidelity is heading to auction with an expected price tag of $300,000. Because of its notoriety, don’t be surprised if sells for significantly more.
📆 LOOKING FORWARD
Today: The Primetime Emmy Awards air tonight on NBC at 8 PM ET.
Wednesday: The Federal Reserve will announce its interest rate decision, which is widely expected to be a 25 basis point hike; U.S. retail sales report released.
Thursday: Housing starts, building permits, pending home sales reports released.
Friday: Heritage Fall Sports Catalog auction begins, featuring multiple six-figure Michael Jordan cards.
Saturday: Goldin’s Summer 100 collectibles auction, with multiple seven-figure items, including a Shohei Ohtani rookie card, and a rare Magic: The Gathering card.
Sunday: Yom Kippur begins at sundown.
