MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 4/28/2025 – 5/5/2025
Let’s see what the market’s doing this week in the Riverdale area of the Bronx.
Did You Know?
* Gas prices could come down in time for Summer travel season and offset potentially higher prices from tariffed imported goods/transportation costs as OPEC just announced production increases after cutting production severely during COVID that combined with soaring global economies and the Russia-Ukraine war spiked oil prices. Oil prices are down almost 22% since January 1st! OPEC Production never returned to pre-2020 levels although US production in 2024 had risen almost 7.5% since 2020, a record. Natural gas prices are up about 2% since January. (CNBC)
* SKINNY-Tok? For years accepting and loving who we are as we are was the trend…but now the perfectly tanned, skinny, rich, young, jetset look is rearing its (beautiful?) head again designed to intimidate and urge us to strive for ……PERFECTION! (so much easier to message these days with filters!) (AIRMAIL)
* Here are the metros with the widest income gaps between what’s required to buy and rent:San Jose, California: 218%
San Francisco: 176%
Seattle: 145%
Austin, Texas: 143%
Los Angeles: 141%
Salt Lake City: 134%
Denver: 132%
San Diego: 127%
Portland, Oregon: 115%
Dallas: 110%
Raleigh, North Carolina: 108%
Houston: 108%
Phoenix: 107%
Of course none of this factors in longterm capital gains tax exemptions and other tax breaks…. it assumes a 30-year fixed-rate mortgage with a 15% down payment and a 6.84% interest rate, as well as insurance and property taxes (does it assume renters insurance?)……..this evaluation was also the work of Redfin that recently signed up a partnership with Zillow to make Zillow the exclusive provider of multifamily rental listings (properties with 25 or more units) on Redfin and its affiliated sites, Rent.com and ApartmentGuide.com… 🤔
Mortgage Rate Updates:
The average rate on a 30-year fixed mortgage backed by Freddie Mac eased to 6.76% on May 1st, down slightly from 6.81% the previous week. “Mortgage rates again declined this week. In recent weeks, rates for the 30-year fixed-rate mortgage have fallen even lower than the first quarter average of 6.83%.,” said Sam Khater, Chief Economist at Freddie Mac.
Source: Freddie Mac
