Inflation breakdown for June 2024 — in one chart

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Demand for Green Buildings Outpaces Supply link

• The demand for green buildings is significantly outpacing supply, driven by tenants and investors prioritizing sustainability. This trend is pushing developers to accelerate the incorporation of green standards in new projects.

• Despite high demand, the supply of green buildings remains limited due to high costs and complex regulations. These barriers are slowing the pace of new sustainable construction projects.

• Cities with aggressive environmental policies are seeing the highest demand for green buildings. New York, San Francisco, and Boston are leading the way, reflecting a broader shift towards sustainable urban development.

Home-Sale Prices Hit Record High For 9th Straight Week, But Rising Supply and Slow Demand Could Dampen Further Price Growth link

• The median U.S. home-sale price reached an all-time high of $397,482, up 4.7% year over year. This trend marks the ninth consecutive week of record-high prices.

• Despite high prices, homebuying demand is falling, with pending home sales down 3.5% and mortgage-purchase applications down 13% year over year. Inventory is rising, contributing to this slowdown.

• Only 32% of homes are selling above asking price, the lowest share since 2020. Homes are also selling for 0.4% less than their asking price, indicating potential price growth deceleration.

Yardi Matrix: Multifamily Meets First-Half Expectations link

• Nationally, advertised rents increased by 1.5% in the first half of the year and 1% in the second quarter. This growth is slower compared to pre-pandemic rates, yet still viewed positively in the current market context.

• The U.S. absorbed over 300,000 multifamily units in 2024, driven by factors like job growth, housing shortages, and low home sales. Despite cooling demand from the peak of 2021, the absorption rate remains healthy.

• New York City led year-over-year rent growth at 4.8%, with Kansas City, Columbus, New Jersey, and Washington, D.C. also seeing increases. Conversely, Austin experienced the steepest decline at -6.5%, followed by Atlanta and Raleigh with declines of 3.6% and 3.3% respectively.

Which States Pay the Highest Energy Costs? Link

• Wyoming has the highest average monthly energy cost at $1,591, primarily due to high motor fuel and heating oil consumption and prices. The top five most expensive states are Wyoming, North Dakota, Iowa, Montana, and Minnesota.

• Hawaii, ranked 29th overall, faces the highest monthly costs for electricity ($204) and natural gas ($212), despite having the lowest consumption of both. Louisiana has the highest electrical consumption, while Alaska leads in natural gas consumption.

• New Mexico offers the lowest average energy bill at $376 per month. It ranks 49th for electricity costs, 47th for natural gas, and 47th for oil.

Colorado to launch nation’s first middle-income housing tax credit link

• Colorado's new tax credit aims to support families earning between 80% and 120% of the area median income. This effort targets those who earn too much to qualify for low-income housing but too little to afford market-rate housing.

• The initiative is expected to finance approximately 344,000 affordable rental homes. This includes specific provisions for rural areas where the income range is extended to 140% of the area median income.

• The program allows for flexibility in resource allocation, enabling state agencies to transfer funds between middle-income and low-income housing projects as needed. This helps maximize the effectiveness of the tax credit in meeting diverse community needs.

Here’s the inflation breakdown for June 2024 — in one chart

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Old Home with library/two ballrooms on sale for less than 500k

Link to the listing

That's all, folks.

Cheers,

Vidit

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