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Dec. 10, 2024 10:12AM EST
Aug. 24, 2021 11:34AM EST
Housing inventories continue rebound with July gains
Data: National Association of Realtors, FactSet; Chart: Axios Visuals
The number of homes available for sale is rising, which is good news for prospective buyers who have been getting priced out of the market.
Why it matters: Home prices finally started to pull back in July as inventories rose. Prices had been surging over the last year as low mortgage rates and the sudden desire for more space caused housing demand to outstrip new supply.
By the numbers: Total housing inventory stood at 1.32 million units at the end of July, according to the National Association of Realtors. This was a 7.3% gain from June.
- This was the sixth straight month of increases. Inventory is now 28% higher from its February low of 1.03 million.
- Still, that's down 12% from its 1.50 million level a year ago.
What they’re saying: "Limits to available inventory and high prices are some of the factors likely responsible for the recent cooling in housing activity relative to several months ago," JPMorgan economist Daniel Silver says.
- The median home was priced at $359,900 in July, down from $362,800 in June.
- "With more homes on the market, price appreciation has moderated ever so slightly, taking price gains down a notch from the mesosphere to the stratosphere," Wells Fargo senior economist Mark Vitner says.
Yes, but: As the chart above shows, inventories are still very low. Meanwhile, the pace of existing-home sales is up 1.5% from a year ago, and the median home price is still up 17.8% during the period.
Between the lines: Conditions are not even across the housing market.
- "The current dearth of inventory is worse in the affordable segment of the housing market," ADP chief economist Nela Richardson tells Axios. "This is also where many first-time buyers, who tend to drive the housing market, are looking."
What to watch: Home sales volumes are likely to move sideways through the end of the year, Oxford Economics lead U.S. economist Nancy Vanden Houten says.
- "Going forward, the market for existing homes will be supported by strong demand and mortgage rates that remain relatively low," she writes.
- "However, inventory remains lean despite the increase in July, and that will keep a floor under home prices, which are unaffordable for many prospective buyers."
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Sep. 30, 2020 10:33AM EST
"Stand back and stand by": Trump's 2 chilling debate warnings
One of the few groups in America with anything to celebrate after last night's loud, ugly, rowdy presidential "debate" was the violent, far-right Proud Boys, after President Trump pointedly refused to condemn white supremacist groups.
Why it matters: This was a for-the-history-books moment in a debate that was mostly headache-inducing noise. Trump failed to condemn racist groups after four months when millions marched for racial justice in the country's largest wave of activism in half a century.
Trump also telegraphed with clarity that there's unlikely to be a clean outcome to the Nov. 3 election: "We might not know for months, because these ballots are going to be all over. ... It's a fraud and it's a shame. ... It's a rigged election."
- On the Supreme Court, Trump said: "I think I’m counting on them to look at the ballots, definitely. I hope we don’t need them, in terms of the election itself. But for the ballots, I think so, because what’s happening is incredible."
- That could mean weeks or months of delay, even in a blowout.
Here's what happened: Toward the end of the opening presidential debate, Trump was asked: "Are you willing tonight to condemn white supremacists and militia groups, and to say that they need to stand down and not add to the violence ... we saw in Kenosha and as we've seen in Portland?"
- "Sure. I'm willing to do that," Trump told the moderator, Fox News' Chris Wallace, who was so frustrated by the president's disregard for the rules that at one point he offered to switch places.
- But then Trump never did. "I would say almost everything I see is from the left wing — not from the right wing," Trump said. "I'm willing to do anything — I want to see peace."
- "Then do it, sir," Wallace repeated.
"What do you want to call them?" Trump said. "Give me a name. Who would you like me to condemn?"
- Joe Biden, who called Trump a "clown" during the debate, stepped in and prompted "Proud Boys," one of the country's best known hate groups. The Anti-Defamation League describes the group as: "Misogynistic, Islamophobic, transphobic and anti-immigration."
- Then, the line that will echo. "The Proud Boys — stand back and stand by," Trump said. "But I'll tell you what ... somebody's gotta do something about Antifa and the left. This is not a right-wing problem. This is a left-wing problem."
The Proud Boys account on the secure messaging platform Telegram turned "Stand back … stand by" into a logo right after the debate, Axios' Ina Fried reports.
- "President Trump told the proud boys to stand by because someone needs to deal with ANTIFA ... well sir! we’re ready!!" Proud Boys organizer Joe Biggs wrote on Parler, a conservative social-media platform. "Trump basically said to go [eff] them up! this makes me so happy."
- "STAND BACK ... STAND BY" was also emblazoned on a Proud Boys T-shirt.
- The N.Y. Times reported that when asked what the president meant by "stand by," Trump campaign senior adviser Jason Miller said it was "very clear he wants them to knock it off."
As Trump tried to run away with the debate, Biden rarely looked at him and mostly addressed Wallace or spoke directly tot he camera. Biden’s strategy: Ignore Trump and speak straight to the American public.
- By contrast, Trump spent most of the night speaking directly at Biden, who either looked down or looked perplexed at Trump’s charges and claims.
- Trump was Trump: indomitable, indiscriminate, incandescent.
The bottom line: Neither Democrats nor Republicans were convinced that their guy won. And it's hard to believe many Americans are eager to tune in to the next two debates.
- Biden's campaign told Axios that he'll show up for the remaining debates — on Oct. 15 and Oct. 22, after next week's vice presidential debate — so he can continue to spotlight contrasts with Trump.
Go deeper: Watch all of the most-talked-about videos from last night's debate
Reporting was contributed by Stef Kight, David Nather, Jonathan Swan, Margaret Talev, Alayna Treene and Zach Basu.
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