Real Estate Refresh

Here are two numbers that look like they are telling opposite stories. Median list prices are down 2.4% year over year. Nine consecutive months of annual declines. Median sales prices are up 2.0% year over year. Asking prices are falling. Actual sale prices are rising. If your first reaction is confusion - good. That means you are paying attention. Most people see one of those headlines and just get worked up or worse, they stop reading. What's Actually Happening -- And Why I

Let me ask you something kinda silly before we get into this week's data: Is it easier to buy a home when everyone else is buying too? The honest answer is yes. But what’s silly is that it is not because the math is better. The math in 2021 was objectively worse - prices were running up 20% annually, inventory was nonexistent, and buyers were waiving inspections and offering $50,000 over asking on sight-unseen properties. Somehow it felt safer…maybe because everyone was doing

Last week I told you July inflation was almost certainly going to be ugly. I was wrong. I think the people who read this every week deserve honesty so I have to be real with you. But in my defense, oil was back above $90. The war was re-escalating. Every indicator pointed toward a bad inflation print ok? July CPI came in at 0.1% for the month. Annual inflation dropped to 3.4% from 3.5% in June. Core inflation - stripping out food and energy - came in at 2.5% annually. Energy