Inflation rates in June experienced a decrease, mainly due to lower gasoline prices and other easing price pressures that brought relief to consumers’ wallets. According to the U.S. Labor Department, the consumer price index, which is a crucial inflation measure, rose by 3% in June compared to the previous year. This was a decrease from
Real Estate
Housing inflation in the US economy has proven to be a stubborn issue, persisting at high levels even as other areas of inflation have cooled significantly post-pandemic. The slow decline in housing inflation has been identified as a major factor hindering the consumer price index from reaching policymakers’ target levels. According to Joe Seydl, a
In a recent report by Bank of America, it was revealed that nearly half of Gen Zers between the ages of 18 and 27 rely on financial assistance from their parents. This staggering statistic highlights the challenges that many young adults face when it comes to making ends meet in today’s high-cost of living environment.
The recent surge in home prices, rising by more than 40% since the start of the pandemic, should have prompted homeowners to consider refinancing. However, the current scenario has seen a decline in applications for refinancing for the fourth consecutive week. Mortgage Bankers Association’s seasonally adjusted index reported a 2% drop in applications, with interest
The current state of the housing market is puzzling, to say the least. Supply levels are reaching unprecedented highs, especially in the newly built homes sector. However, the numbers do not tell the full story due to the unique dynamics of the current market. This shift in the supply-demand balance can be traced back to
San Francisco is facing a major struggle in its commercial real estate market, with the vacancy rate for office spaces reaching a record of 34.5% in the second quarter. This is a significant increase from the previous quarters and years, with the average asking rent dropping to the lowest it has been since late 2015.
The Manhattan real estate market is experiencing a shift towards becoming a buyer’s market, with apartment prices falling and inventory rising in the second quarter of 2024, as per recent reports. The average real estate sales price in Manhattan has dropped by 3%, settling just above $2 million. Similarly, the median price has decreased by
The housing market is showing signs of cooling down as home prices, although still higher than a year ago, are seeing shrinking gains. Reports indicate that sellers are starting to lower their prices after facing a stagnant spring market. For the first time since the Covid-19 pandemic began, the typical house sold slightly below its
The summer housing market is facing challenges that continue to dampen expectations for growth. Following a lackluster spring, the summer market is showing no signs of improvement. High home prices persist, mortgage rates remain elevated, and the limited increase in home listings is failing to excite consumers. These factors have culminated in stagnant mortgage demand
In recent years, the trend of shrinking home sizes has become increasingly prevalent in the real estate market. According to data from the U.S. Census Bureau, the typical newly constructed single-family home in the first quarter of 2024 had a median of 2,140 square feet of floor space. This marks a decrease from the median
