DC Lite #506

1. Homebuyers vs. sellers. In November, the number of homebuyers in the US dropped to the second-lowest on record, behind Apr'20. Meanwhile, the number of sellers dropped by the most since Jun'23 to a 9-month low.

2. Affordability. "The ratio between median U.S home prices and U.S. household income has increased throughout the years from 1985 to 2025. Most recently, in 2025, the median U.S. home price was $426,800 and the U.S. household income was $83,730."

3. Survey of Business Uncertainty. "Sales revenue growth expectations have risen in recent months after declining. Firms remain more uncertain about future revenue growth than they were before the pandemic."

4. ETF stats. "US-listed ETFs have attracted a staggering $1.4 trillion in 2025, shattering the annual flow record set just last year. At the same time, more than 1,000 new products have entered the market — another unprecedented sum. Trading volume in the ETF market also hit a new yearly high. The last time all three measures hit a record in a single year was in 2021."

5. GPU prices. "Spot GPU prices at AWS rising across all GPU vintages for the last few months, all while the 'AI-bubble' hand wringing reached a fevered pitch. Remember, some bubblers say rental prices should be in permanent decline from oversupply and obsolescence."

ICYMI