Rising worker costs have been a big contributor to inflation......but CEO pay makes those escalations seem mild.....up 18.2%! The CEOs of S&P 500 companies - those who have decried the impact of worker pay on inflation the most - received an average of $18.3 million in total compensation last year, outpacing inflation while worker pay fell behind. Workers’ real wages fell 2.4% last year after adjusting for inflation. (BARRONS)
Dallas reached 109 degrees on Tuesday, breaking the 2018 record of 108 degrees.100 million Americans will face triple digit temperatures today.....stay hydrated! (WSJ)
“A really famous person called me up,
panicking, ‘what should I do, I’ve got to
get out, I can’t stand it, I can’t stand it.’
And I said, ‘go on vacation!’ Is there risk
of a recession? Sure, but even if we’re in
one, it’s going to be quite mild. The
financial foundation of America is as
strong today as ever ” - Larry Fink, BLACKROCK
Why have one penthouse when you can have TWO.... side-by-side? COMPASS Miami's Linda Schechter and Gary Feinberg are listing TWO spectacular Miami penthouses, featured today in the WALL STREET JOURNAL! And.....On the other side of the country, COMPASS San Francisco's Karen Mendelsohn Gould and Max Armour just sold twin penthouses too......also boldly featured in the WALL STREET JOURNAL! Twin is IN!
The pricing and sales volume surges in the housing industry may be mirrored by the car industry: Used car sales are down 16% so far this year compared with 2021, and new vehicle sales are down 19% so far this year compared with 2021. The auto world is also suffering from higher prices, higher interest rates and limited supply......
To those buyers pausing/hesitating, this is a number to watch: construction of multi-family homes (mostly rentals) rose by 15% in June! Translation: as fewer people buy, renting is their only alternative, so those rents climb delivering better returns for landlords and developers.....then once the buying markets come back and fewer single family homes and condos have been built, those prices could climb even further and faster as supply has not kept up with demand.....
Sales of previously owned homes in June fell 5.4% from May, according to a monthly report from the NAR, the slowest sales pace since the same month in 2020, when sales dropped very briefly at the start of the pandemic. The median price of an existing home sold in June set yet another record at $416,000, an increase of 13.4% year over year.
“I paid a little more for the house than I
wanted to.....in this town…if it’s
reasonably priced, it’s not sitting on the
market for longer than a week.” - First Time Home Buyer, (WSJ)
The narrative of the first half of 2022's Greenwich CT housing market mirrors many markets around the country, showcasing a notable drop in sales volume (down 36%) when compared to 2021......as well as very low inventory levels......yet when compared to the first half of 2019 (226 single-family sales) this 'lower' 2022 figure is up 46% compared to 2019!
- The dollar volume fell 34% in the 1st Half of 2022, a decrease of over $500 million....but when compared to the first half of 2019, the dollar volume was 46% less than the first half of 2022.
- The median price sold for the 1st Half of 2022 was $2,525,000 .....up 29.4% compared to 2019 when it was $1,95 million.
- The highest sale in the 1st Half of 2022 was $17,6 million for a single-family home and $4,35 million for a condominium. In the 1st Half of 2019, the highest sale price was $14,875 million for a single-family home and $3,75 million for a condominium. (Bill Andruss, COMPASS)
56% of respondents to a new OnePoll study commissioned by Lower believe that “right now” is the time to buy a house. The survey compiled responses from 1,000 homeowners and 1,000 renters, finding that 55% of respondents claim ongoing record-high inflation has made them want to buy a home even more. 47% of that group said they aim to get one in the next year. 74% said it would be their first time buying a house. 26% were existing homeowners.