World News
Las Vegas Housing Market Records First Price Decline in 2 Years in June
Las Vegas Realtors are reporting this week the median price of existing single-family homes sold in Southern Nevada in June 2022 was $480,000. That was down from the all-time record price of $482,000 in May, marking the first time since April of 2020 that local home prices declined from one month to the next. The median price is still up 21.5% from $395,000 one year ago.
New Home Sales Increased in US, Before Fed's June Rate Rise
After posting four consecutive monthly declines on rising mortgage rates and worsening affordability conditions, new home sales posted a solid gain in May as some buyers rushed into the market in advance of the Federal Reserve's June interest rate hike.
Growth In Online Grocery Shopping Drives Demand For Industrial Cold Storage
According to a new report from CBRE, growth in online grocery shopping in the U.S. has triggered demand for new U.S. cold storage space, spurring 3.3 million square feet of speculative development, up from just 300,000 square feet in 2019.
47.9 Million Americans Will Travel This July 4th Weekend
This week AAA predicts 47.9 million people will travel 50 miles or more from home over the July 4th holiday weekend (June 30 - July 4). This is an increase of 3.7% over 2021, bringing travel volumes just shy of those seen in 2019.
Coming Baby Boomer Mortality Rates to Have Minimal Impact on U.S. Housing Supply, Prices
According to new research by the Mortgage Bankers Association's Research Institute for Housing America, more than 4 million existing-homes for sale annually over the next decade will come from the aging and mortality of older homeowners.
