NOTE: Felice Maranz writes for Bloomberg’s Markets Live blog.An analysis by the bank suggests rent and OER will keep adding to inflation in months ahead before easing in mid-2023. While the housing market has shown signs of cooling, the Dallas Fed sees reason to believe rent and OER inflation will continue to climb. Rent and owners’ equivalent rent inflation are expected to increase further, according to the Federal Reserve Bank of Dallas, which noted housing contributed 1.4 percentage points (or 32%) to core PCE services inflation in July.
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Meantime, housing is a key driver of services inflation. Rent has also exploded, hitting a fresh record last month.
That’s in keeping with homebuilder commentary, like luxury builder Toll Brothers Inc. Search interest for existing homes rose 1.6% and jumped 22% for new homes from the end of May through August versus the average of the same time period over the prior eight years, Lovallo writes. Here’s another indicator: Google home searches usually moderate during the summer, with potential buyers on vacation, according to UBS’s John Lovallo. Brooklyn homes sold at the fastest pace since 2015. Discover brand new communities and homes for sale in the western Boise metro city of Meridian, Idaho featuring beautiful single-family and townhome options. Serhant says it has yet to see any major correction in prices due to fewer sales, rising mortgage rates or economic instability. Even so, homes are selling at the quickest pace since 2017 - and the median price actually rose 1%, to about $1.16 million. There was a summer slowdown in Manhattan, with contracts signed sinking ~40% versus last year, according to data from Serhant. New York City trends are also telling (though certainly reflective of just a tiny slice of the US housing market).
Solid financing, stricter regulation, and “massively deleveraged” consumers with equity-rich properties make the case for strategist Jared Dillian, who’s outlined why there won’t be another crisis in residential real estate. A tight labor market and rising wages also support home prices. The Countryside Collection’s luxurious layouts set a new standard for builder-included elegance in this central Meridian locale. The basic supply-and-demand dynamic - with the former squeezed and the latter still strong - means consumers will need to pay up for a place to live. From 757,900 From 2458 sq ft 36 26 02 35 Personalize your new home with the exquisite selections you long for. (Bloomberg) - There are plenty of reasons US housing will remain costly, which in turn will contribute to inflation, complicating the Fed’s policy path.
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