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.
Tag: equilibrium
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.
$29 Flights are Back as Airlines Race to Fill in the Off-Season (Micro News for November 11, 2023 – November 17, 2023)
In the fourth quarter of 2023, there are about 260 million airline seats to fill, and airlines are offering deep discounts to get the planes to capacity. For example, Southwest Airlines has offered $29 one-way fares for off-peak travel. Most airlines are offering some type of discount given that most increased capacity to handle the high post-Covid travel demand.
Pearson Economic News 