MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 5/5/2025 – 5/12/2025

Did You Know?

* The Appraisal Institute produces the certification materials and fills the state boards that regulate the estimated 70,000 real estate appraisers working in all 50 US states. (NY TIMES)

* Trade talks in Geneva sound promising and the 145% tariffs on those dolls imported from China may decline closer to 10%….. while Christmas shopping is far, far away, certainty around these tariffs is essential for business planning. Approximately 7% of all building materials used in U.S. residential construction are imported, amounting to roughly $13 billion annually. 70% of softwood lumber and gypsum (used in drywall), come from Canada and Mexico. 

“Monday? More like Mon-don’t!  Look on the bright side… at least Mondays only happen once a week.”

* They say Venice is built on wood stilts…..but while those stilts are indeed wood, they are a special kind of wood: ALDER, the primary wood used in Venice’s foundations, which petrifies in saltwater. When submerged in the saltwater and clay of the Venetian lagoon, alder doesn’t rot; instead, it hardens and becomes nearly as strong as stone. The majority of alder wood comes from the Pacific Northwest region of North America. About 30% of US softwood lumber is imported, mainly from Canada.

* Total upcoming building lots—to be delivered over the next 12-18 months—increased 4.7% year over year in the first quarter and increased 6.5% from the 4th quarter of 2024. Compared to the same quarter in 2019, total upcoming lots were up 26.3%. The largest share of total upcoming lots were in the excavation stage, making up 59% nationally with an expected delivery between the 4th quarter of 2025 and the 1st quarter of 2026. (BUILDER)

* The overall U.S. housing inventory surged during the week ending on May 3 by 31.1% compared with a year ago, reaching the highest level since 2019. New construction has helped alleviate extreme housing shortages that caused massive housing inflation starting in 2020. More than 1 million homes were listed for sale, crossing the 7-figure threshold for the first time since December 2019 and marks the 78th consecutive week of increases in annualized active listings. Nationwide, home supply remains far below pre-pandemic levels, especially in the Midwest and Northeast, two regions with the greatest housing shortages.

* On this day in 1896, New York City passed the US’s first anti-spitting law to combat tuberculosis, imposing fines and jail time. By 1910, more than 2,500 arrests had been made in the days when laws were actually enforced…. this law still exists, yet…..🙄

Mortgage Rate Updates:

The average rate on a 30-year fixed mortgage backed by Freddie Mac remained steady at 6.76% on May 8th. “Mortgage rates stayed flat this week. At this time last year, the 30-year fixed-rate mortgage was 30 basis points higher and purchase applications were declining. Today, rates are lower and have remained stable for weeks, sparking continued increases in purchase applications,” said Sam Khater, Chief Economist at Freddie Mac.

Source: Freddie Mac