Real Estate News 08/05/2024

Today’s News Synopsis:

Nearly one in every five (17.3%) house hunters are willing to sacrifice their physical safety to find a home they can afford within the next year.

In The News:

Redfin – “Nearly 25% of Gen Z House Hunters Willing to Sacrifice Safety to Afford a Home: Redfin Survey“ (08-05-24)

“Access to healthcare services, restaurants, bars and coffee shops top the list of trade-offs house hunters are willing to make in order to find a home within their budget.”

Realtor.com –  “July 2024 Monthly Housing Market Trends Report’“ (08-01-2024)

“The total number of unsold homes, including homes that are under contract, increased by 22.6% compared with last year.”

NAHB –  “Lowest Homeownership Rate for Younger Householders in Four Years” (08-05-24)

“The U.S. homeownership rate was 65.6% in the second quarter of 2024, unchanged from the first quarter and still the lowest rate in the last two years, according to the U.S. Census Bureau’s Housing Vacancies and Homeownership Survey (HVS). ”

Yahoo Finance – “Jay Powell is now officially on a collision course with the 2024 election” (08-04-2023)

“Jerome Powell made it clear Wednesday that he is ready for the inevitable political blowback if the Federal Reserve does in fact cut rates at its September meeting, just seven weeks before Election Day.”

CNBC – “Everyone is talking about the Sahm recession indicator. Here’s what you need to know” (08-05-2024)

“The so-called Sahm Rule has observed without fail that the initial phase of a recession has started when the three-month moving average of the U.S. unemployment rate is at least half a percentage point higher than the 12-month low.”