While it’s rarely a good idea to put much stock in a single piece of economic data, the trend in new home sales has been disappointing for a while. Builders simply aren’t constructing enough houses accommodate population growth. It’s one factor of many contributing to the rapid rise in housing costs.
Chicago home prices rose at their slowest pace in almost three years and the supply of properties for sale shot up 17 percent from a year ago to its highest level since August 2012. Median sale prices advanced 4.5 percent in June, to $287,500.
Price growth tapped the brakes in San Francisco last month, but the million-dollar housing market continues to challenge buyers. Median sale prices rose 12.4 percent in June from a year ago, Tight supply isn’t helping Bay Area buyers, either. In the city, inventory is down 14.4 percent from last year and there’s only a month’s supply of homes for sale.
Europe and Greece are friends again, or at least frenemies, and all eyes are on Fed Chair Janet Yellen. She talks to Congress this week and could offer clues on interest rates. Economic data has been OK, but not great. This week, we’ll get a look at retail sales, inflation, home construction and Pluto.
Global financial markets had a stormy week – Greece, China, Puerto Rico, yowza! But Federal Reserve Chair Janet Yellen isn’t fazed. Today, she sent a strong signal that the central bank remains on track to raise interest rates later this year.
Greece is running out of banknotes, China is throwing bundles of cash into its frenzied stock market, and Puerto Rico needs money to pay bills. When the global economy gets chaotic like this, the world’s wealth managers – pension funds, governments, and other big investors – look for a safe place to ride things out.
While it’s rarely a good idea to put much stock in a single piece of economic data, the trend in new home sales has been disappointing for a while. Builders simply aren’t constructing enough houses accommodate population growth. It’s one factor of many contributing to the rapid rise in housing costs.
Chicago home prices rose at their slowest pace in almost three years and the supply of properties for sale shot up 17 percent from a year ago to its highest level since August 2012. Median sale prices advanced 4.5 percent in June, to $287,500.
Price growth tapped the brakes in San Francisco last month, but the million-dollar housing market continues to challenge buyers. Median sale prices rose 12.4 percent in June from a year ago, Tight supply isn’t helping Bay Area buyers, either. In the city, inventory is down 14.4 percent from last year and there’s only a month’s supply of homes for sale.
Europe and Greece are friends again, or at least frenemies, and all eyes are on Fed Chair Janet Yellen. She talks to Congress this week and could offer clues on interest rates. Economic data has been OK, but not great. This week, we’ll get a look at retail sales, inflation, home construction and Pluto.
Global financial markets had a stormy week – Greece, China, Puerto Rico, yowza! But Federal Reserve Chair Janet Yellen isn’t fazed. Today, she sent a strong signal that the central bank remains on track to raise interest rates later this year.
Greece is running out of banknotes, China is throwing bundles of cash into its frenzied stock market, and Puerto Rico needs money to pay bills. When the global economy gets chaotic like this, the world’s wealth managers – pension funds, governments, and other big investors – look for a safe place to ride things out.