Market Update | JULY 26

DID YOU KNOW?

Top Headlines: Delivered by Leonard Steinberg

July 26, 2023

01  The US home turnover rate in the first half of 2023 has fallen to the lowest in at least a decade as high mortgage rates compel owners to stay put. About 14 out of every 1,000 US homes changed hands during this period, down from 19 in the same period during 2019. (Bloomberg)

03  Cocaine Sharks?  Is this a new Real estate reality TV show? No! But....some sharks in the Caribbean and off the coast of Florida are showing erratic behaviors that some suspect could be related to lots of cocaine being dumped in the ocean related to the massive drug trade from central and south America. (Guardian)

04  The architect buyer of a home in the UK recently chose to renovate a home rather than tear it down:  by doing so she estimates the CO₂ saving compared with building a new home of that size was 86 tonnes — or 21 years’ worth of emissions from running the average UK home....yup, renovating is often significantly better for the planet, as is re-upholstering and reconditioning and repurposing used furniture.  Until local regulations limited the number of home demolitions in Aspen, Colorado, last year, 30 - 40% of homes sold in the area for between $5- $10m were torn down and rebuilt, according to local estate agent Sam Augustine of Compass. (FT)

05  Here are the top 10 U.S. cities for retirees, according to U.S. News & World Report:

1. Lancaster, Pennsylvania
2. Harrisburg, Pennsylvania
3. Pensacola, Florida
4. Tampa, Florida
5. York, Pennsylvania
6. Naples, Florida
7. Daytona Beach, Florida
8. Ann Arbor, Michigan
9. Allentown, Pennsylvania
10. Reading, Pennsylvania