Core Insights - The national housing market is experiencing a cooling trend, with significant regional variations in the pace and severity of the slowdown [1][2] - The South and West regions are shifting towards buyer-friendly conditions, while the Northeast and Midwest remain tighter, indicating a widening divide in market dynamics [2][3] Regional Analysis - **South and West**: These regions are seeing increased inventory, deeper price cuts, and longer time on market, with 23% of listings experiencing price reductions [2][7] - **Midwest and Northeast**: These areas maintain stronger pricing power for sellers, with less inventory relief and only modest price changes [2][3] Price Trends - Nationally, 33 of the 50 largest metros reported year-over-year price declines, with notable decreases in Austin (-4.9%), Miami (-4.7%), and Chicago (-4.4%) [1][3] - Miami's median list price is now 17.8% lower than its peak in July 2022, while Los Angeles prices are 18% higher than the same period [4] Inventory and Listings - Active listings rose by 25.1% year-over-year, marking the 21st consecutive month of increases, although the growth rate is slowing [11] - The number of homes for sale exceeded 1.1 million, with inventory still 13.4% below typical levels from 2017-2019 [11] Delistings and Market Dynamics - Delistings surged by 48% year-over-year, indicating sellers are retreating from the market when unable to achieve desired prices [10] - The delisting-to-new listing ratio increased to 0.21, suggesting a growing trend of sellers removing listings without a sale [10] Summary of Key Metrics - The median listing price nationally is $439,450, reflecting a 0.5% increase year-over-year [12] - Homes are taking an average of 58 days to sell, which is 7 days longer than last year [12] - The share of active listings with price reductions stands at 20.6%, marking a slight decrease from the previous month [12]

Core Insights - A new analysis from Realtor.com® reveals that the median asking rent in New York City accounts for 55% of a typical household income, significantly higher than the national median of 44.5% [1][5] - Renters in the Bronx face the highest rent-to-income ratio at 81.6%, indicating a severe affordability crisis across all boroughs [2][5] - The report highlights the urgent need for a multi-faceted housing supply plan from mayoral candidates as renters now make up 70% of households in NYC [4] Rental Market Overview - The median asking rents by borough are as follows: Manhattan at $4,569, Brooklyn at $3,835, Queens at $3,349, and Bronx at $3,132 [3][5] - Year-over-year rent changes show Brooklyn at 6.0%, Queens at 2.7%, Bronx at 1.0%, and Manhattan at 3.3% [3] - Over the past six years, the Bronx has seen a staggering rent increase of 61.4%, the highest among the boroughs, while Brooklyn and Queens have increased by 40.8% and 40.2%, respectively [3] Affordability Analysis - The rent-to-income ratios indicate that even if rents were frozen, it would take 12-20 years of steady income growth to restore affordability to the recommended standard of 30% [2][5] - The maximum affordable rent under current income levels is significantly lower than the median asking rents, with the Bronx's maximum at $1,152 compared to a median rent of $3,132 [3][5] - New York State as a whole received a "D" grade for affordability, highlighting the widespread nature of the housing crisis [6] Political Implications - The deteriorating affordability is influencing political momentum, as seen in the recent Democratic NYC mayoral primary, where housing issues were a key focus [4] - The report emphasizes the necessity for mayoral candidates to present credible plans to address the housing supply crisis to gain voter support [2][4]

Core Insights - The financial gap between renting and buying is narrowing in many U.S. metropolitan areas, indicating a shift in the affordability landscape [2][3] - The median asking rent for 0-2 bedroom units has decreased by 2.1% year-over-year to $1,711, while rents remain elevated compared to pre-pandemic levels [1][2] - Despite the decline in rents, renting is still more affordable than buying in 49 out of 50 major metros, with Austin, Texas, showing the largest disparity [3][5] Rental Market Overview - The U.S. median rent in June 2025 was only $48 (2.7%) below its peak in August 2022, but still $268 (18.6%) higher than June 2019 levels [1] - Across the 50 largest metros, median asking rents have decreased by $36 (2.1%) from the previous year, with all unit sizes experiencing declines [2] - The average monthly savings for renters is now $908, down from $956 a year ago, suggesting that buying costs are approaching rental costs [3] Top Markets Analysis - Austin, Texas, has the highest monthly savings for renters, where buying costs 114.7% more than renting, while other major markets like Los Angeles and San Francisco also show significant differences [4][5] - San Jose, California, has seen a reduction in monthly savings for renters, indicating a diminishing advantage over buying [5][7] - Markets like Birmingham, Alabama, and Memphis, Tennessee, are showing increasing advantages for renting, highlighting rapid changes in local market dynamics [8][9] Local Market Trends - Pittsburgh is the only major metro where buying a starter home is cheaper than renting, but this trend may change as the market evolves [5] - The rental savings in San Jose have decreased by $349 over the past year, reflecting a shift in the rental landscape [5][7] - Other metros, such as Milwaukee and Oklahoma City, are also experiencing increasing advantages for renting, with significant year-over-year changes [8][9]

Core Insights - The real estate market is experiencing a stand-off between buyers and sellers, with active inventory increasing while delistings are also on the rise, indicating sellers' impatience with the market conditions [1][2][7] Market Dynamics - Active inventory rose 28.1% year-over-year, reaching a post-pandemic high, while delistings increased by 47% year-over-year in May, suggesting a growing trend of sellers withdrawing listings [1][7] - The ratio of delistings to new listings reached 13% in spring 2025, indicating that for every 100 new listings, approximately 13 homes were pulled from the market [9] Pricing Trends - The national median listing price remained stable at $440,950, reflecting a slight increase of 0.1% from the previous year, despite a significant number of price reductions [6][5] - In June, 20.7% of listings experienced price reductions, marking the highest share for any June since at least 2016 [5] Regional Insights - Inventory growth was observed across all four major U.S. regions, with the West seeing a 38% increase and the South nearly 30% [4] - Las Vegas and Washington, D.C. led the top 50 metros in active inventory gains, with increases of 77.6% and 63.6% year-over-year, respectively [4] Seller Behavior - Many sellers are holding out for peak prices, leading to a cautious approach in adjusting expectations, as they prefer to withdraw listings rather than lower prices [2][11] - The market has shifted from urgency to a more balanced dynamic, with both buyers and sellers recalibrating their strategies [11]

Core Insights - The U.S. housing market is experiencing a significant recovery in active inventory, with 22 of the 50 largest metros showing more listings than pre-pandemic levels, led by Denver, Austin, and Seattle [1][2] Inventory Growth - Denver has seen a 100% increase in available homes compared to pre-pandemic averages, followed by Austin at 69% and Seattle at 60.9% [1][4] - Other notable metros include Dallas-Fort Worth (+55.5%), San Antonio (+58.3%), and San Francisco (+53.5%) [4] Market Dynamics - The increase in inventory is attributed to a combination of affordability concerns slowing buyer demand and a rise in new housing construction over the past six years [2][5] - Longer selling times in many Western and Southern metros are contributing to the accumulation of active inventory, indicating a cooling demand [6] Buyer Market Conditions - Although the U.S. housing market is not officially in a buyer's market, conditions are shifting favorably for buyers, with more options and increased willingness from sellers to negotiate [7] - The current supply stands at 4.6 months, still below the 6-month threshold typically defining a buyer's market, but the landscape is evolving towards a more balanced market [7] Regional Variations - The recovery in inventory is not uniform across all metros, with some markets normalizing rapidly while others remain constrained by low supply [2][5] - The nationwide shortage of nearly 4 million homes continues to impact local market conditions, making regional trends critical for buyers and sellers [7]

Core Insights - The affordability of housing in major U.S. metros is severely constrained, with the typical household needing to spend 44.6% of their income to afford a median-priced home as of May 2025, significantly above the recommended 30% threshold [1][8] - Only three major metropolitan areas—Pittsburgh, Detroit, and St. Louis—allow median-income earners to purchase a median-priced home without exceeding 30% of their income [3][4] - High mortgage rates and home prices are the primary factors contributing to the lack of affordability in most large metros, with the average mortgage rate at 6.82% as of May 2025 [3][7] Affordability Analysis - In Pittsburgh, the median listing price is $249,900, requiring 27.4% of household income; in Detroit, it's $270,000 (29.8%); and in St. Louis, $299,900 (30.0%) [4][6] - Conversely, in Los Angeles, the median home price is $1,195,000, necessitating over 104% of the area's median income, indicating extreme unaffordability [5][6] - Other high-cost metros include San Diego, San Jose, New York, and Boston, all with affordability ratios exceeding 60% [5][6] Market Dynamics - Demand for affordable homes is increasing, particularly in the Midwest, where some markets still offer pathways to homeownership for median-income households [2][5] - The coastal markets, particularly in California, are experiencing a significant affordability crisis, with a high percentage of renters compared to homeowners [5][6] - The overall national median home price is $440,000, with a monthly payment of $2,930, reflecting the broader affordability challenges across the country [8] Potential Solutions - To improve housing affordability, strategies could include raising incomes or lowering housing costs through reduced mortgage rates or home prices [7] - Increasing the supply of affordable homes is critical, as many markets face a growing home supply gap, which has kept prices high [7]

Group 1 - Robert Thomson has been reappointed as CEO of News Corp for another five years, extending his tenure through June 2030 [1] - News Corp's portfolio includes notable subsidiaries such as the Wall Street Journal, Dow Jones, and HarperCollins [1] - The company has experienced its four most profitable years under Thomson's leadership [4] Group 2 - The Murdoch family previously explored a merger between News Corp and Fox Corp, but the effort was abandoned in 2023 due to resistance from influential shareholders [2] - Thomson has made strategic investments in growth areas like Dow Jones, Digital Real Estate Services, and Book Publishing [3] - The company has recently sold Foxtel to DAZN and established partnerships with tech platforms, including OpenAI [4]

Core Insights - U.S. rents have increased by 19.6% since 2019, but this growth is below the 25.6% rise in consumer prices, indicating a cooling rental market and potential relief in shelter inflation [1][2][5] - The sustained slowdown in rent growth is expected to positively impact the Consumer Price Index (CPI) in the coming months, easing overall inflation pressure [2][6] - Despite the overall cooling, rents in certain metro areas have outpaced inflation, highlighting regional disparities in housing affordability [3][4] Rental Trends - The median rent in the U.S. as of May 2025 is $1,705, which is $54 lower than the peak in August 2022 [1][6] - Year-over-year rent declines have been observed for 22 consecutive months, with the overall rent down by 1.7% [5][6] - Major metros like San Francisco and Minneapolis have seen significant rent declines compared to inflation, with San Francisco rents down by 3.2% since 2019 [4][6] Metro-Level Analysis - Nine metro areas have experienced rent growth exceeding inflation since 2019, including Pittsburgh (43.2%), Tampa (41.6%), and Miami (36.2%) [3][4] - Conversely, cities like San Francisco and Seattle have seen the least growth, with declines of 3.2% and 7.9% respectively [4][6] - Federal policy changes, such as restrictions on international student visas, are influencing rental demand in key markets, leading to cooling rents in cities like Miami and Seattle [8][9] Future Outlook - Recent tariff hikes on steel and aluminum are expected to increase construction costs, potentially putting upward pressure on future rents in certain metros [10] - The mixed results in rental trends across federal employment hubs reflect the complex dynamics of government employment on local housing demand [9][10] - Overall, the rental market is showing signs of cooling, which may lead to improved affordability for renters in the near future [2][6]

Core Insights - The U.S. housing market is experiencing a recovery that is unevenly distributed across different regions, with the South and West showing significant rebounds while the Northeast and Midwest lag behind [1][2][3] Market Overview - The number of homes for sale in the U.S. exceeded 1 million for the first time since Winter 2019, indicating a growing inventory [1][5] - The median listing price in May 2025 was $440,000, reflecting a 2.0% increase from April 2025 and a 37.5% increase from May 2019 [2][5] - Active listings reached 1,036,101, an 8.0% increase month-over-month and a 31.5% increase year-over-year [2][5] Regional Performance - All 50 largest U.S. metros reported annual inventory gains in May 2025, but only 22 have returned to pre-pandemic inventory levels, all located in the South or West [3][7] - Cities like Denver, Austin, and Seattle have seen substantial inventory increases due to a post-2020 construction boom, with Denver showing a 100.0% increase compared to pre-pandemic levels [3][10] - Conversely, metros such as Hartford, Chicago, and Virginia Beach have seen significant declines in inventory, with Hartford down 77.7% [3][10] Buyer Dynamics - Increased inventory has provided buyers with more options, but affordability remains a significant barrier, with homes taking a median of 51 days to sell, which is six days longer than the previous year [5][6] - In May 2025, 19.1% of listings had price reductions, the highest share for any May since at least 2016, with notable reductions in markets like Phoenix and Tampa [6][11] Construction Trends - The analysis indicates a strong correlation between pandemic-era construction activity and current inventory levels, with markets that built more homes recovering faster [7][8] - A nationwide shortfall of nearly 4 million homes persists, particularly affecting supply-constrained regions in the Northeast and Midwest [8]

Core Insights - International demand for U.S. housing has increased, with 1.9% of online traffic from international home shoppers in Q1 2025, up from 1.7% in Q1 2024, despite a decline in Canadian demand from 40.7% to 34.7% [1][2] International Demand Trends - Canadian home shoppers remain the largest group of international traffic at 34.7%, followed by the UK (5.7%), Mexico (5.4%), Germany (3.8%), and Australia (3.2%) [2] - Miami is the most popular U.S. market for international shoppers, capturing 8.7% of international demand, followed by New York, Los Angeles, and Orlando [2] Canadian Buyer Preferences - Canadian buyers dominate international views in Naples, Florida (59.6%), Cape Coral (59.1%), Phoenix (57.5%), North Port (56.4%), and Riverside, California (52.2%) [3] Mexican Buyer Preferences - International traffic from Mexico decreased slightly from 5.8% to 5.4%, with top destinations being border cities like San Diego, San Antonio, Dallas, El Paso, and Houston [4][6] - Proximity, cultural connections, and established networks make U.S. border cities practical for Mexican buyers [5] Shift in Texas Markets - Texas markets, particularly Austin and San Antonio, have gained international interest, marking a shift as they entered the top 20 metros for the first time [7] - Dallas and Houston also saw notable gains in international traffic, with Dallas climbing three spots and Houston securing the sixth position [7][8] Top 20 Markets for International Home Shoppers - The top markets for international home shoppers in Q1 2025 include: - Miami-Fort Lauderdale-West Palm Beach, FL: 8.7% - New York-Newark-Jersey City, NY-NJ: 4.9% - Los Angeles-Long Beach-Anaheim, CA: 4.6% - Orlando-Kissimmee-Sanford, FL: 2.9% - Dallas-Fort Worth-Arlington, TX: 2.8% - Houston-Pasadena-The Woodlands, TX: 2.6% [9][10]