Consumer prices jumped 6.2% in October, the biggest inflation surge in 30 years. Core inflation, stripping out food and energy, increased 4.6%, the fastest gain since 1991.

Wholesale prices rose 8.6% year over year in October, tied for highest ever. With the big increases in inflation, markets are speculating the Fed will raise policy rates sooner.

Jobless claims last week fell to pre-pandemic norms, demonstrating the labor market's continuing recovery from last year's downturn.

A brief drop in mortgage rates helped boost refinance demand, with refi applications rising 7% over the previous week. Purchase applications were up 3% for the week.

Despite Zillow's move out of the iBuyer game, Opendoor and Offerpad posted strong quarterly reports that gave investors confidence in the model.

Homeownership continues to be a great way to build wealth. Accounting for inflation, home prices have jumped 118% since 1965, while income has increased by only 15%.