Happy Labor Day Weekend!

The Weekly Recap

Good morning and happy Friday! Mortgage rates came down again last week to their lowest levels since April 2023. Home prices hit a record high in June and the famous Flatiron building is going condo. After beating earnings expectations, NVIDIA continues to carry the entire weight of the stock market on its back, the NFL voted to allow PE firms to have a 10% stake in their organizations and the Honey Deuce is back as the US Open is under way in NYC.

Happy Labor Day Weekend!

Hope all of you have a wonderful Labor Day Weekend and enjoy the unofficial last weekend of Summer! This section will return to its regularly scheduled content next week. If you missed last weeks newsletter on how the NAR Ruling Taking Affect Impacts Your Relationship with Your Agent, you can read that in the link.

Market Performance

Here are how some other indexes and asset classes have performed as of this mornings opening bell.

NYC Market Update

Here is a view of new inventory that has come onto the NYC market over the past MONTH as well as newly signed contracts in Manhattan.

Mortgage Rate Update

Mortgage rates fell again this week due to expectations of a Fed rate cut. Rates are expected to continue their decline, bringing more buyers into the market as borrowing becomes cheaper.

News You Can Use

• US 30-Year Mortgage Rate Falls to Lowest Level Since April 2023 Reuters

• Powell Signals That Rate Cuts Are Coming CNBC

• Powell’s Pivot Leaves Traders Debating Size, Path of Rate Cuts Bloomberg

• Home Prices Hit a Record High in June NY Post

• US New Home Sales Rise to Highest Level In More Than a Year Reuters

• A $557 Billion Drop in Office Values Eclipses a Revival of Cities Bloomberg

• Nvidia Earnings Now Rival US Job Reports For Impact on Market Financial Times

• Nvidia Reports 122% Revenue Growth on Surging Demand CNBC

• US Economic Growth Revised Up to 3% ABC

• Flatiron Building to Be Turned Into 60 Luxury Apartments NY Post

• NFL Ushers In a New Era by Allowing Private Equity Ownership Bloomberg

• The US Open Is Back, and So Is Its $10 Million Exclusive Cocktail Front Office Sports

The Deep Insight

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