MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 5/26/2025 – 6/2/2025

Did You Know?

* Gas powered leaf blowers are now banned in many parts of the US, either all year round or for part of the year in an effort to reduce noise and air pollution. Ritzy neighborhoods like Beverly Hills, Naples, Palm Beach, etc are fighting noise pollution everywhere. The endless drone of noisy leaf-blowers can be super-annoying. Gas leaf-blowers create over 100 decibels of noise while electric blowers reduce that noise by 25-40%.  (USA TODAY)

* In May in Silicon Valley, 50 properties sold for at least $200,000 above their asking prices, with nearly half of them exceeding $400,000 over the list price……a Saratoga home sold for more than $1,000,000 above its asking price. (Mark Wong, COMPASSinsights)

* As many economists sound the alarm bells about the growing US debt and deficits, that with new policies could expand even further, the hope is that adopting A.I. fast could fuel GDP growth. If the US GDP (economy) is around $30 trillion, growing the economy by 1% – taxed at 20% – could grow the tax revenues to offset debt by 1% too…or $60 billion….if the US economy grows by 4% AND the taxes are collected ($500-700 billion owed taxes are NOT collected every year) that jumps to $240 billion. Over a decade that adds up…..however, the US GDP has grown on average by about 2.2% per year. Aside from the arguments for and against raising or lowering taxes, without collecting all taxes owed, the chances for reducing the US debt lessen.

* About 89 million people across three grids spanning parts of the central US are at elevated risk of power supply shortfalls this summer, according to the North American Electric Reliability Corp. Power prices across the grid stretching from Chicago to the Mid-Atlantic are likely to rise with sustained heat because of low coal stockpiles.

Mortgage Rate Updates:

The average rate on a 30-year fixed mortgage backed by Freddie Mac rose by 3 bps from the previous week to 6.89% as of May 29th, 2025. It was the highest rate in nearly four months. “This week, the 30-year fixed-rate mortgage rose slightly higher. Aspiring buyers should remember to shop around for the best mortgage rate, as they can potentially save thousands of dollars by getting multiple quotes,” said Sam Khater, Freddie Mac’s Chief Economist

Source: Freddie Mac