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More than half of homes sold above asking price in May
Source: Housing Wire --- Median home-sale prices hit yet another record high in May — up to $377,200, a 26% increase year over year. And 54% of homes sold above their asking price in May — another record high, up from 26% a year ago, according to a new report from...
Here’s What the Future of the American House Looks Like
Source: Veranda --- After more than a year of quarantine life at home, even The Wizard of Oz’s Dorothy might click her twinkling heels and say, “There’s no place like a cocktail bar.” The pandemic certainly shaped how we live in our respective domiciles—and did so in...
Mortgage rates shoot higher after Fed Chairman Powell’s comments
Source: CNBC --- The average rate on the popular 30-year fixed mortgage moved decidedly higher Thursday, hitting 3.25%, according to Mortgage News Daily. That is the highest rate since mid-April. The move was a reaction to comments made Wednesday by Federal Reserve...
Lumber Prices Are Falling Fast, Turning Hoarders Into Sellers
Source: The Wall Street Journal --- Lumber prices are falling back to Earth. Futures for July delivery ended Tuesday at $1,009.90 per thousand board feet, down 41% from the record of $1,711.20 reached in early May. Futures have declined 14 of the past 16 trading days....
An emerging divide is appearing in retail
Source: Scotsman Guide --- Brick-and-mortar retail is under siege from e-commerce — an ongoing trend over the past few years that has been accelerated by the COVID-19 pandemic. E-commerce as a share of all U.S. retail sales is now at 14%, up 300 basis points from its...
‘We have a demand problem’: Colorado real estate continues through the roof
Source: KDVR --- The problem with moving to a desirable location is that everyone else wants to move there, too. In Colorado’s case, so many have moved that demand has made it one of the United States’ most expensive housing markets. The Denver metro housing market...
