What you need to know for the week ahead

investmentnews.com:

Instacart, the leading US online grocery delivery company, is gearing up for an initial public offering (IPO) that could value the business at up to $9.3 billion. Pricing (22 million shares at between $26 and $28  is expected be set tomorrow, Goldman Sachs are advising). This marks a substantial decline from its peak valuation of $39 billion during the height of the Covid-19 pandemic. Instacart is aiming to raise approximately $616 million through the IPO, positioning it as one of the most significant IPOs of the year, potentially signaling a rebound in the US IPO market which has choked recently. This has been the longest lull in listings since the 2009 financial crisis. The IPO pricing is seen as conservative due to the current uncertain market conditions. Instacart’s strategic shift towards focusing on grocery technology over delivery is a key aspect of its IPO strategy, leveraging the consumer data it has gathered to enhance its offerings to grocery stores.

At the end of last week, Freddie Mac figures showed that the average 30-year mortgage was sitting at a whopping 7.18% – but the widely reported inventory crunch is still forcing home prices higher as owners with good mortgage rates sit tight. Here are plenty of reports to show us what the future holds for real estate prices.

The week starts with the release of the home builder confidence index. Last month saw the first fall in confidence of the year as the National Association of Home Builders reported that buyer traffic slipped. 25% of all builders cut prices to boost sales during the month.

Both housing starts and building permit figures will be released Tuesday morning – giving further data on how the Fed’s interest rate hikes are affecting the housing market.