MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 2/23/2026 – 3/2/2026

Did You Know?

DID YOU KNOW?

* The next few weeks are bound to be bumpy as the attack on Iran results in trade route and oil supply disruptions, both of which could impact the global economy. Already, travel through the Middle East is almost at a standstill, and the oil price jumped more than it has in 4 years. 

* In Virginia, data centers are projected to use as much as 57% of the state’s electricity by 2030. As data centers use more electricity, the risk of serious disruptions resulting from their unexpected disconnection is mounting. The more demand drops at once, the more difficult it is for a grid operator to take enough supply offline to avert damage to power plants and other infrastructure. (WSJ)

* Nobel Prize-winning economist Robert William Fogel demonstrated that the average number of lifetime hours that people worked for pay dropped from 182,100 in 1880 to 122,400 in 1995, a 33% decline in an era of increasing life expectancies. From 2000 to 2019, per capita hours worked in the US fell from 926 hours to 885. Whereas 74% of consumer budgets went to necessities (food, shelter and clothing) in 1875, 68% went to leisure activities by 1995. (Bloomberg)

* The recent snow cleanup in New York was significantly better compared to January’s storm. Much of this can be attributed to much warmer temperatures, but many attribute this to the program in place whereby citizens can partake in snows hovelling and get paid to do so. Many cities around the world rely on citizens to volunteer their time without pay to make their area better.  I pick up litter every now and then. What do you do? Anyone who wants to make their area more affordable might consider some volunteering, perhaps?

* Mark Wong from COMPASS Silicon Valley reports that at least 40 homes sold for $200,000 or more above list price in February, including 17 homes that sold for $400,000 or more above list. Notably, one property in Los Gatos sold for $1,400,000 above asking price in just 8 days on the market, and two other homes area sold for $900,000 more. Multiple-offer bidding wars are fierce: one house attracted 25 offers in 8 days and 5 other properties received more than 10 offers each. (COMPASSintelligence)

Mortgage Rate Updates:

The average rate on a 30-year fixed mortgage dropped to 5.98% as of February 26th, from 6.01% in the previous week to the softest level since September 2022, according to data from Freddie Mac. “For the first time in three and a half years, the 30-year fixed-rate mortgage dropped into the 5% range, falling even lower than last week’s milestone. This rate, combined with the improving availability of homes for sale, is meaningful and will drive more potential buyers into the market for spring homebuying season,” said Sam Khater, Freddie Mac’s chief economist.

Source: Freddie Mac