March Home Sales Dropped Despite a Surge in Supply. Here’s Why (Micro News for April 13, 2024 – April 19, 2024)

Previously owned home sales fell by 4.3% in March 2024 compared to the previous month and were 3.7% lower than March 2023. Experts attributed the decline to higher mortgage rates. Mortgage rates for a 30-year fixed rate mortgage increased from the mid-6% range in January to around 7.5% which increases monthly mortgage payments for the same price home.

Australian Farmers Rip Out Millions of Vines Amid Wine Glut (Micro News for March 16, 2024 – March 22, 2024)

Australian grape growers are destroying millions of grapevines in order to reduce the supply glut and push prices higher. The destruction is driven by the declining demand for wine which has pushed grape prices too low. Wine consumption worldwide is falling as many consumers become more health conscious and consume less alcohol while others are switching to more expensive brands.

Half of U.S. Tenants Can’t Afford to Pay Their Rent. Here’s What’s Ahead (Micro News for February 3, 2024 – February 9, 2024)

Rental prices surged over the past several years and are 22% higher than they were at this time in 2019. The higher rents resulted in about half of U.S. renters indicating they were paying more than they could really afford to pay. A monthly report released by Realtors.com shows that the median asking price for monthly rent in December 2023 was $1,713. However, that price is actually $63 lower than the July 2022 record price.

U.S. Home Prices Hit Another Record High in October, Rising for the Ninth Straight Month (Micro News for December 30, 2023 – January 5, 2024)

The Case-Shiller U.S. National Home Price Index showed that home prices continued their upward trend, climbing for the past consecutive nine months to set a new record high. Home prices increased by 0.6% in October despite mortgage rates that exceeded 7%. Experts believe the strong demand was driven by people who could "absorb higher mortgage rates" and those that paid cash. Other experts believe it was also due to a flurry of buyers who believed they should buy now before mortgage rates moved even higher.