Happy Last Weekend of Summer!

The Weekly Recap

US pending home sales have risen for a second straight month, Jerome Powell still thinks inflation is too high and is ‘willing’ to raise rates again. Job market is cooling as openings have hit their lowest point since 2021 and US companies added 177k jobs in August, Zillow predicts housing market will jump 6.5% by 2024. Q2 GDP growth was slower than expecting, hinting that there may be a potential pause in rate hikes. Credit card companies are looking to raise fees and Bob Barker, most famous for beating up Adam Sandler in Happy Gilmore, passed away at age 99.

Happy Last Weekend of Summer!

With the glory that is all things Labor Day Weekend upon us, today’s newsletter will be abridged with our regularly scheduled content picking up again next week.

I hope all of you have a great weekend and thank you as always for reading, for sharing and for trusting me to be your go to guide for real estate.

If you missed it, in last weeks letter I gave an update on the NYC real estate market which you can read here.

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 week as well as newly signed contracts in Manhattan.

Mortgage Rate Update

Mortgage rates leveled off this week but remain elevated. Despite continued high rates, low inventory is keeping housing prices steady. Recent volatility makes it difficult to forecast where rates will go next, but it might be easier to gauge as the Federal Reserve determines their next steps regarding interest rate hikes in September.

News You Can Use

• Home Prices Increased for Five Consecutive Months Fox Business

• US Pending Home Sales Unexpectedly Rise for a Second Month Bloomberg

• Zillow is a Full Blown Housing Market Bull Fortune

• US Companies Add 177,000 Jobs in August Bloomberg

• US Banks to Raise $70B in Debt Under New Rules Aimed at Mitigating Failures Reuters

• Student Loans Are Emerging From a Deep Freeze, and Borrowers Are Confused Wall Street Journal

• Visa, Mastercard Prepare to Raise Credit-Card Fees Wall Street Journal

• The US Tackles Crypto Tax Mess Wall Street Journal

• The Recent Surge in Rates Isn’t Hitting Corporate Bonds Axios

• Americans Are Bailing on Their Home Insurance Wall Street Journal

The Deep Insight

Contact Me

Feel free to reach out to discuss more in-depth about your real estate goals, share your thoughts about my newsletter, or to share what you're experiencing in this market. Looking forward to hearing from you!