Did You Know? 8-25-2022

DID YOU KNOW?

• “Rent-flation” may be slowing: In July, the median asking rent nationwide rose 14% year over year, reaching $2,032, down from May and June when rent growth was 16% and 15%, respectively. Housing costs are around 40% of CPI. July also marked the smallest annual increase since November. Median asking rent also climbed 0.6% since June, which marked the slowest month-over-month growth since February. That’s a significant drop from the 2.1% increase from a year earlier. Cincinnati, Ohio saw 31% rent growth followed by Nashville, Tennessee, at 26%, and Pittsburgh, PA at 24%.
  
  
• May China offer a window into our future? China has slashed its mortgage lending rate for the second time this year as the country’s central bank seeks to limit the fallout from a liquidity crisis in the property sector. The 5-year loan prime rate was lowered to 4.3% from 4.45% exceeding the median forecast from economists. If raising rates too far too fast kills housing market transaction activity – not just excessive price escalations – the US FED may have to re-visit this subject. Let’s not forget just how much tax revenues and economic activity the real estate sector delivers to the US economy.
  
  
• Domestic tourism to New York City is up 60% for 2022 compared to 2021, but still below 2019 levels, with losses still in the international sector due to a super-strong dollar. Tourists are BACK in Paris for sure.
  
  
• These are the TOP 10 most bike-friendly cities in the world:
  
  

  • Utrecht, Netherlands
    
    
  • Munster, Germany
    
    
  • Antwerp, Belgium
    
    
  • Copenhagen, Denmark
    
    
  • Amsterdam, Netherlands
    
    
  • Malmö, Sweden
    
    
  • Hangzhou, China
    
    
  • Bern, Switzerland
    
    
  • Bremen, Germany
    
    
  • Hannover, Germany
    
    No US cities made the TOP 10, then again, maybe some of the bikers need to be more friendly/law-abiding too? Some seem oblivious to traffic laws. (CNBC)
    
    
• About 500,000 New Yorkers earn $200,000 or more per year, 19,912 of them – or roughly 4% – ‘fled’ New York according to recent salacious headlines. While lower taxes seem to be a factor in these migrations, other reasons for moving include warmer weather, as well as more people retiring during the pandemic. (CNBC)
  
  
• In the last 6 years, Zillow CEO Rich Barton has sold about $179 million worth of stock. Over the past decade, insiders at Realogy (now Anywhere, owner of Coldwell Banker, Century 21, Sotheby’s, Better Homes & Gardens, Corcoran) have traded over $2,93 billion worth of stock. Redfin CEO Glenn Kelman sold 90,000 shares of RDFN on 08/13/2021 for $4.9 million. In the past 8 years, Vector Group (owner of Douglas Elliman till December 2021) chairman Howard Lorber, has sold about $88 million worth of stock through 29 transactions. Owners and executives trading stock happens all the time. It is quite common and normal.
  
  
• RIS Media announced their 2022 Newsmakers Awards earlier this year, and Four people from COMPASS got awards including Chad Carroll, President of The Carroll Group, Liz Hogan, Vice President, of Luxury Sales, Buster Levin, Luxury Homes and Living Group and Mark Pruner, Compass Greenwich. The awards are being given out at an awards dinner at the CEO & Leadership Exchange Conference, Sept. 6 – 8 | Washington, D.C. at the Mayflower Hotel. CONGRATULATIONS!