Sales of existing homes fell by 2.7% to 5.77 million in March, the lowest since July 2020, as rising mortgage rates dampened demand. The median home price, however, hit a record high at $375,300, pointing to persistent housing shortages, according to data the National Association of Realtors released on ... READ MORE >
Real Estate
Real estate and the middle market go hand in hand. Developers in commercial, residential and industrial markets provide the economic fuel to transform local economies, building infrastructure that leads to new business and job creation.
Housing starts moderated in March amid rising rates
Housing starts and permits inched up in March due to a boost from multifamily homes, beating market forecasts for significant declines in both series. New residential starts rose 0.3% on the month to a 1.79 million annualized rate, the highest since 2006. Building permits, an indicator of future ... READ MORE >
Chart of the day: Pending home sales drop again in February
Pending home sales in February dipped for the fourth straight month as depleted inventory and rising mortgage rates dampened sales. The number of contracts signed for homes dropped 4.1% in February, following a 5.7% decline in January, according to data from the National Association of Realtors ... READ MORE >
The housing market will endure interest rate hikes
Two years into the pandemic, the housing market remains on fire and shows few signs of receding. What was initially fueled by buyers' need for more space and a low interest rate environment has proven to have staying power. Now, with inflation hitting 7.9%, a 40-year high, in February, the Federal ... READ MORE >
Chart of the day: New home sales drop amid rising rates
New home sales posted the second consecutive month of decline in February as elevated prices and rising mortgage rates deterred buyers. Sales fell by 2% to 772,000 on an annualized rate, following a sharp 8.4% decrease in January, according to government data released on Wednesday. The decline, ... READ MORE >
Home sales dip in February amid rising prices and mortgage rates
Sales of existing homes dipped 7.2% in February after recording a sharp 6.6% rise in January, the National Association of Realtors reported on Friday. Elevated home prices and rising mortgage rates to above 4% for the first time since 2019 drove sales to decline on the month. Sales drops were seen from ... READ MORE >
Higher energy costs are on hospitality’s radar
As Covid restrictions ease across the United States, hospitality and leisure-focused businesses must now contend with a new risk—stubborn, elevated inflation that could further curb recovery in the travel industry. The war in Ukraine has driven up global oil prices, pressuring already high U.S. energy ... READ MORE >
Real estate to remain strong in face of interest rate bump
The Federal Reserve on Wednesday boosted interest rates by a quarter percentage point, leaving many landlords and real estate fund managers to wonder how the increase will affect their operations and bottom line. Fortunately, no one needs to ring the alarm. With the cost of capital remaining low, ... READ MORE >
U.S. new home sales declined in January
New home sales dropped 4.5% in January as high prices and increasing mortgage rates slowed demand, according to data from the Census Bureau on Thursday. The omicron variant and colder-than-usual weather in January also contributed to the decline. As a result, inventory levels increased to 6.1 months of ... READ MORE >
Chart of the day: Buyers rush into housing market before rate hikes
Investors with all-cash offers flocked into the housing market before rate hikes, helping to push sales of existing homes to 6.5 million in January at an annualized rate, according to data released on Friday by the National Association of Realtors. The share of investors jumped 5 percentage points on ... READ MORE >