Washington County, Wisconsin – The last few weeks have flown by and fall is about to begin, my favorite season. The past week has been filled with many educational opportunities, from mapping and real estate investing to marketing and helping nonprofits. This week seems to be filled with even more great opportunities.
Being in the real estate industry, I am always fascinated by facts and figures. Below are three that I found very interesting.
- Sales of new homes recently hit their weakest monthly level since 2018. Meanwhile, purchase requests are down 20% year-over-year. Rapid interest rate hikes jumped months of supply (the number of months it takes to sell existing home inventory on the market at current sales rates) from a record low of just 2.1 months to 4.1 months. A structurally undersupplied housing market will be less susceptible to declining sales. (Bloomberg)
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2. All cash home purchases in the US in July 2022 reached 31.4% of all transactions, reaching an eight-year high in February 2022.
3. Real estate contributes about $3 trillion to GDP, with a median annual wage of about $41,000, while government contributes less, about $2.65 trillion, with a median wage of about $41,000. is about $57,000, more than 39% higher. (Construction adds about $900bn to GDP and wages are also higher than real estate…..median is $50.5k)
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