MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 6/26/2023 – 7/3/2023
Let’s see what the market’s doing this week in the Riverdale area of the Bronx.
Did You Know?
Home builder D.R. Horton saw its cancellation rate fall back down from 32% in Q3 2022 to 18% in Q2 2023. As the market started to sink last year, builders began to reduce their profit margins—which had grown to record levels during the boom—to do things that would entice buyers back into the market. For some builders, that meant offering aggressive rate buydowns, which in some cases lower buyers’ mortgage rate below 5%. In some communities, it required cutting prices by 5% and 10%. In fast-correcting markets like Austin, where D.R. Horton is the largest builder, some new construction communities saw home prices cut by over 15%. When interest rates rise, greedflation subsides….?
The average homeowner is 56 years old. 23.4% of homeowners are 55 – 64 years old and live in their homes for an average of 17 years….and have a 75.1% homeownership rate. 65 – 74-year-olds though have the highest homeownership rate among all age groups at 79.5%. (US Census)
It may seem like a good approach to see the positive in every situation, but you should be cautious that you’re not spewing “toxic gratitude” to yourself and others…… toxic gratitude is when you’re implementing self-gaslighting. (CNBC)
Courtesy of Stephen Lascher, Wells Fargo
