MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 5/13/2024 – 5/20/2024

Did You Know?

* COMPASS sells luxury….lots of it! Around the US. We have our very own LUXURY DIVISION…..and now….The Spring / Summer 2024 edition of Curated Magazine has arrived. Reaching over 110,000 high-net-worth luxury consumers and top luxury brokers around the world via print and digital distribution, this publication showcases over $1.29 BILLION of the finest luxury real estate across the US.

* Trex which makes composite boards with sawdust and old plastic bags a long-living alternative to natural wood decking that needs replacement quite frequently, is building a factory in Little Rock, Ark., to boost its manufacturing capacity and also roll out new lines of premium decking, one of which mimics hardwoods, like redwood and ipe.  The other is cooler on the feet. (WSJ)

* Pine boards have tumbled from their pandemic highs to trade this spring at some of the lowest prices in nearly a decade. Sawmills are now curtailing production to boost pricing. (WSJ)

Mortgage Rate Updates

“The average rate for a 30-year fixed mortgage dropped by 7 basis points from the previous week to 7.02% as of May 16th, reaching the lowest level in five weeks. “Mortgage rates decreased for the second consecutive week.” said Sam Khater, Freddie Mac’s Chief Economist. “Given the news that inflation eased slightly, the 10-year Treasury yield dipped, leading to lower mortgage rates. The decrease in rates, albeit small, may provide a bit more wiggle room in the budgets of prospective homebuyers.” In comparison, the average rate for a 30-year fixed mortgage was 6.39% during the same period last year.”.

Source: Freddie Mac