Redfin sees initial signs of cooling housing market, REITs mark a hot half-year, stability in CRE asking prices, restaurants still reeling, NFT prospects in property selling.
In Today’s News
Redfin Reports New Listings of Homes for Sale Surpass 2019 Levels
The online listing service reports today new listings are at pre-pandemic levels for the first time since the start of the year, but that sellers appear to be backing off a bit at the same time.
The Millionacres takeaway: While these are national numbers, and every market is different, this could indicate the start of some significant braking in a go-go market.
REITs Pass Midyear Point Up More than 20%
The FTSE Nareit All Equity REITs Index was up 21.35% through the end of June -- outperforming major indices including the S&P 500, the Russell 2000, the NASDAQ Composite, and the Dow Jones Industrial Average, WealthManagement.com reported today.
The Millionacres takeaway: Residential, retail, and industrial real estate investment trusts (REITs) all performed strongly, the numbers show -- most especially self-storage REITs.
Asking Rates Stabilized in June, Suggesting ‘Return to Normalcy’
The average asking price per square foot across all asset classes was stable in June, suggesting market growth will continue a consistent growth trajectory, according to new data from Crexi reported today on GlobeSt.com.
The Millionacres takeaway: Industrial and office properties registered the strongest month-over-month price growth, while the South and Midwest led by region. Overall, the data firm said, signs point to a return to something like a new normal, especially as more people go back to the office.
Today on Millionacres
39% of Restaurants Couldn’t Afford Their June Rent
Despite the economy reopening, a large number of restaurants are still struggling today. In fact, 39% were unable to cover the cost of their June rent, reports Alignable.
The Millionacres takeaway: Our Maurie Backman notes that while that marks an improvement from May, when 49% of restaurants couldn't pay rent, it still means this sector is far from a full recovery. And when that will happen and what that would look like remains a mystery.
Can You Use an NFT To Sell Your Property?
Our Kristi Waterworth looks at two property sales using non-fungible tokens (NFTs) -- including the only truly successful one (and it was in Ukraine). She says that if you have the right help, the right platforms, and the right marketing plan, it’s possible you could sell a piece of real estate as an NFT.
The Millionacres takeaway: However, Kristi says, the stars really have to align for everything to go just right, and there are a lot of dangling legal and tax "ifs" out there, since you will absolutely be blazing new trails.