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Top Headlines: Delivered by Leonard Steinberg

August 06, 2024

01  National sales of previously owned homes dropped 5.4% in June compared with May. Inventory jumped 23.4% from a year ago to 1.32 million units at the end of June, coming off record lows but still just a 4.1-month supply. The median price of an existing home sold in June was $426,900, an increase of 4.1% year over year.

(NAR)

02  "Real estate is not just about property, it’s about people."

–Alex Delgado

03  The average size of studio units has shrunk by 54sf to 445sf since 2014, making them 10% smaller today than they were a decade ago

(WSJ)

04  Social media algorithms are capable of compound learning, feeding us more of what we already like. And so we become annoyingly over-familiar with our own design tastes, and everything is templated, repeated and copied. Browsing may be the wrong word for social media: after a while, everything is found for you.

05  Buyers canceled 56,000 pending home sales last month or just under 15% of all deals, a record for June, but only two basis points higher than last year.

(MANSION)