Home prices rose to record levels in May thanks to a lack of supply of existing houses for sale.
Home prices rose 0.7% nationally compared with April at a seasonally adjusted rate — hitting a record, according to a report from Black Knight released on Monday. Additionally, home prices in May were 0.1% higher than the year before.
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Even as the spring homebuying season comes to an end and mortgage rates push to multimonth highs, there are signs that the housing market is reheating following a slump last year. Black Knight’s vice president of enterprise research, Andy Walden, noted that five back-to-back months of price increases have now reversed the pullback that began last July.
“There is no doubt that the housing market has reignited from a home price perspective,” he said. “Firming prices have now fully erased the pullback we tracked through the last half of 2022 and lifted the seasonally adjusted Black Knight HPI to a new record high in May.”
More than half of the 50 biggest U.S. housing markets are seeing prices at or above their 2022 peaks. A mere eight of the top 50 markets are still down more than 5% from their zeniths.
The Federal Reserve has been raising interest rates for more than a year and has penciled in further hikes after holding off last month.
As of this past week, the average rate on a 30-year fixed-rate mortgage was 6.81%, up a tenth of a percentage point from the week before, according to Freddie Mac. Mortgage rates are now the highest they have been since November when they skyrocketed to above 7%.
This most recent number is up from a recent trough of 6.08% registered in February. The rate on an average 15-year fixed-rate mortgage is now sitting at 6.24%.
During the outset of the pandemic, the Fed slashed rates to near-zero levels to ignite economic activity and stave off a recession. That caused mortgage rates to plunge to super low levels — during much of 2020 and 2021, homebuyers were able to lock in mortgages at below 3%.
Because mortgage rates have surged so much, owners of existing homes who have mortgages with rates locked in before 2022 are shying away from selling because they want to keep their historically low rates. That means less existing home inventory on the market, making new homes more of a hot commodity.
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As a result, sales of new homes have been ticking up to make up the slack. The most recent new home sales data for May showed that sales rose 12.2% to a seasonally adjusted annual rate of 763,000, according to the U.S. Census Bureau, far above the number expected by forecasters.
The lack of inventory has also had the effect of lifting home construction. In June, it was revealed that the number of multifamily units under construction hit a record in May — 994,000. That surge in supply should hopefully help lower rent pressures for families across the country.
The 10-year yield and mortgage rates have done a slow dance together since 1971, moving in tandem. Recently they have drifted apart because the mortgage market is stressed, but they’re still bound to each other. I always look at where I believe the 10-year yield will range in a year and the inflation growth rate wasn’t the main driver this year: It was the labor market.
Last year the bond market had a crazy ride while trying to digest all the Federal Reserve rate hikes and dramatic world events. In addition, the inflation growth rate was the highest in recent history last year while the 10-year yield was lower than mortgage rates. That can be confusing, but sometimes the growth rate of inflation isn’t the main driver of mortgage rates.
In my 2023 forecast, I said if the economy stays firm, the 10-year yield range should be between 3.21% and 4.25%, equating to mortgage rates between 5.75% and 7.25%. Of course, the spreads with the mortgage rate and the 10-year yield have worsened since the banking crisis, which is the big story of 2023. However, outside of that, the 10-year yield looks right as the labor market hasn’t broken yet and the inflation growth rate is falling. I define the labor market breaking as jobless claims getting over 323,000 on the four-week moving average, and we aren’t there yet.
The CPI data
The CPI data from BLS: The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2 percent in June on a seasonally adjusted basis, after increasing 0.1 percent in May, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.0 percent before seasonal adjustment.
The headline inflation growth rate is slowing down as everyone anticipated, and if any Fed member says no progress has been made on inflation, I need to come up with a term stronger than old and slow. The growth rate of headline CPI has collapsed, as you can see in the chart below.
Last year on CPI day in September, I went on CNBC to explain that the shelter inflation portion of CPI data, which is 44.4% of the weighting, was going to lag reality and that in 2023 it would be a positive story as the growth rate of inflation would cool. We are now seeing this process take its course, which will help cool down core inflation over the next 6-12 months.
In real time, the biggest component of core CPI — shelter — is already cooling off, but it’s still lagging in the data.
The most frustrating inflation aspect has probably been car prices: the shortage of chips and supply of cars boosted inflation because of the pandemic lags and other issues. However, the growth rate of car inflation is falling and the used car price index should be cooler over the next few months, which will help. We now have two positive stories looking out 6-12 months on core inflation which will cool the growth rate of inflation down.
All in all, today’s report is positive but one that the markets have expected for some time. If inflation was taking off like the 1970s as the Fed fears, rent inflation would be skyrocketing and honey, that story is dead.
The Federal Reserve over-hiked for no reason the last three rate hikes and if they hike again, the only purpose at this stage would be to target American workers so they lose their jobs. But the 1970s are dead, and the Fed doesn’t need to create a job-loss recession to bring down the inflation growth rate. The Fed needs to endure, let the supply side of certain items come to place and not crash the plane.
If you wonder why the Fed is still talking about more rate hikes with all the data we have now, the best answer I can give you is this: The Fed believes it needs to make real yields higher. As the inflation growth rate falls, it is being more restrictive, which will help it get the unemployment forecast of 4.5%. If it seems like they want to hike more or not even talk about cutting rates, that’s because it was always about attacking the labor market, which is still too strong for them.
Democratic senators including Banking Chair Sherrod Brown and Elizabeth Warren want to restrict tax breaks for large corporate investors that buy local homes and often drive up costs.
The Stop Predatory Investing Act would prohibit an investor who acquires 50 or more single-family rental homes from deducting interest or depreciation on those properties.
In too many communities, “big investors funded by Wall Street buy up homes that could have gone to first-time home buyers, then jack up rent, neglect repairs, and threaten families with eviction,” said Ohio Senator Brown in a statement.
The legislation would also encourage big investors to sell single-family rental homes back to homeowners or nonprofits in the community.
Located on the picturesque shores of Cape Cod Bay, Plymouth, Massachusetts, is renowned as the site of the Pilgrims’ arrival in 1620, making it one of the oldest towns in the United States. Living in Plymouth offers a unique experience, where residents are immersed in a rich history while enjoying modern amenities and a relaxed seaside lifestyle. From exploring iconic landmarks like Plymouth Rock and the Mayflower II to indulging in outdoor adventures along the pristine beaches and lush trails, there is never a shortage of things to do in Plymouth. So whether you’re searching for apartments for rent in Plymouth or homes for sale, read on for a Redfin guide on fun things to do in your new city.
1. Start your journey at Plymouth Rock
Exploring Plymouth Rock is a fun thing to do when living in Plymouth. This iconic symbol of American history holds a captivating allure, allowing visitors to connect with the Pilgrims’ arrival in 1620 and the founding of the Plymouth Colony. Standing in front of this monumental rock evokes a sense of awe and wonder, as one can imagine the challenges and triumphs experienced by those early settlers. Additionally, the surrounding area offers numerous attractions to enhance the experience. Visit the nearby Pilgrim Hall Museum, which houses an extensive collection of artifacts and exhibits detailing the pilgrims’ journey.
2. Take a stroll along Plymouth Harbor
The harbor offers a picturesque setting with its serene waters, charming marinas, and bustling waterfront atmosphere. Whether strolling along the promenade or renting a kayak, you can immerse yourself in the harbor’s beauty while enjoying various recreational activities. For nature enthusiasts, a harbor cruise provides an excellent opportunity to spot diverse marine life, including seals and seabirds, and learn about the area’s rich maritime history. The harbor is also home to several fantastic seafood restaurants where visitors can savor freshly caught lobster, clams, and other delectable dishes while savoring the pleasant waterfront views.
3. Step aboard the Mayflower II
For newcomers to Plymouth, exploring the Mayflower is an immersive experience that brings history to life. The Mayflower II is a meticulously crafted replica of the original ship that transported the Pilgrims to the New World in 1620. As you walk the weathered decks and venture below, you’ll gain a profound appreciation for the hardships and resilience of the Pilgrims during their voyage. Engage with knowledgeable guides who share intriguing stories and insights, offering a glimpse into the daily lives of those early settlers.
4. Make your way to the Myles Standish State Forest
Myles Standish State Forest in Plymouth is a vast natural oasis spanning over 12,000 acres, encompassing serene lakes, lush forests, and winding trails, making it an ideal destination for outdoor enthusiasts. Upon arrival, visitors are greeted by the refreshing scent of pine trees and the soothing sounds of nature. The forest provides many recreational activities, such as hiking, biking, horseback riding, fishing, and camping. Traverse the well-maintained trails, allowing yourself to get lost in the beauty of the surroundings, or embark on a serene kayak or canoe ride along one of the picturesque lakes.
5. Spend a day at Plymouth Long Beach
Visiting Plymouth Long Beach in Plymouth is a great coastal experience that offers a perfect blend of relaxation, recreation, and natural beauty. Begin your visit by strolling along the pristine sandy shoreline, feeling the soft sand beneath your feet, and enjoying the refreshing ocean breeze. The beach stretches for miles, providing ample space for sunbathing, picnicking, and building sandcastles. Enjoy a refreshing swim in the clear, blue waters or try various water sports like paddleboarding, kayaking, or even surfing, as the beach offers favorable conditions for beginners and enthusiasts alike.
6. Visit the Plymouth Center for the Arts
The Plymouth Center for the Arts is a vibrant cultural hub that serves as a platform for local and regional artists to showcase their talent. The center hosts diverse art exhibitions featuring various mediums such as painting, sculpture, photography, and mixed media. Visitors can immerse themselves in the art world, exploring thought-provoking and visually captivating works that reflect the artists’ unique perspectives.
7. Explore the Plymouth Farmers Market
Wandering through the Plymouth Farmers Market is a fun activity that showcases the vibrant local community. As you enter the market, you’ll be greeted by a bustling atmosphere filled with the enticing aromas of fresh produce, artisanal goods, and delectable treats. The market is a treasure trove of locally grown fruits and vegetables, homemade jams and preserves, artisan cheeses, baked goods, flowers, and much more.
8. Immerse yourself at the Plimoth Patuxet
The Plimoth Patuxet provides a unique opportunity to step back in time and experience firsthand the daily life, customs, and traditions of the 17th century. Engage with costumed interpreters who portray Pilgrims and Wampanoag people, gaining insights into their respective cultures, trades, and ways of life. Take time and explore the meticulously recreated 17th-century English village. It is complete with thatched-roof houses, gardens, and workshops to get a sense of the challenges and triumphs faced by the early settlers.
9. Embark on a whale watching trip
Plymouth is renowned for its abundant whale populations, including humpback whales, finback whales, and even the majestic North Atlantic right whale. As you scan the horizon, keep your eyes peeled for the telltale signs of their presence—spouts, breaches, and flukes emerging from the water. When you spot a whale, time seems to stand still as you witness their graceful movements and colossal size up close. The thrill of seeing these majestic creatures in person, they’re gentle giants of the sea, leaves an indelible mark on your memory. In addition to whales, it’s common to encounter other marine life, such as dolphins, seals, and various seabirds, adding to the excitement of the experience.
10. Go wine tasting at Plymouth Bay Winery
Plymouth is home to several wineries and vineyards that offer unique tasting experiences, showcasing a variety of locally produced wines. One such destination is the Plymouth Bay Winery, where visitors can sample fruit wines made from locally sourced cranberries, blueberries, and other fruits. The winery’s cozy and inviting atmosphere and the friendly and knowledgeable staff create a memorable experience for wine enthusiasts of all levels. Another must-visit spot is the 1620 Winery & Wine Bar in the heart of historic Plymouth. Here, guests can enjoy tastings of award-winning wines crafted from premium California grapes while taking in the ambiance of the elegant wine bar.
Atlanta is a big city. And that means there’s something exciting hiding around almost every corner. From activities to parks and places to eat and grab a drink, you never know where your new favorite spot is waiting.
Take it from these local experts. Atlanta is full of hidden gems throughout the city. Today’s the day to find your next go-to spot.
1. The Edible Garden
As a hidden gem within a local favorite, you’ll find the Edible Garden inside the Atlanta Botanical Garden located beside Piedmont Park. Situated all the way at the back of the Edible Garden, behind rows of growing veggies and herbs, you can watch a free Garden Chef demo, with the price of admission, each weekend from May to October.
“Saturday’s and Sundays at noon, 1:00, and 2:00 p.m., we make garden-fresh inspired recipes for all to sample,” shares Megan McCarthy, the Chef behind Healthy Eating 101. “I am one of the Edible Garden chefs that does the demos and have been keeping this beautiful secret since 2010! Our fig trees and others keep on growing!”
There are a lot of parks throughout Atlanta, many of which are dog-friendly. “One of our favorites,” says Laraine Wilkinson, Owner of Two Chicks and a Pack, “is East Palisades at Whitewater Creek, which is kind of an undisclosed dog park at the bend of the Chattahoochee River off Mt. Paran Road. It is an area where friendly and trained, off-leash dogs can go to and play with other dogs and humans. But, for those not off-leash trained, going on a weekday is best.”
Hidden within the Atlanta suburb of Sandy Springs, East Palisades is one of the city’s most scenic spots with a small bamboo forest you can hike through.
Also within Sandy Spring’s borders, you’ll find the Cochran Shoals Trail within the larger system along the Chattahoochee River. This particular trail is a local favorite since it’s half covered in shade for a more comfortable walk.
3. The food in Reynoldstown
Source: facebook.com/staplehouseATL
Fully tapped into Atlanta’s thriving food and drink scene, Biggerstaff Brewing Company owner, Sarah Davies has a couple of suggestions for can’t-miss hidden gems in Atlanta’s Reynoldstown neighborhood.
“For a casual experience, my go-to is El Tesoro. The food is delicious, the vibe is chill, and the drinks are great. For an elevated experience, my go-to is Staplehouse. The food is divine and the patio is magical.”
For some vegan fare, Anmarie Smith of DV Photo Video suggests another Reynoldstown staple, Chi Chi Vegan. She considers it a great lunch spot and suggests the vegan tacos.
One of many historic districts on the east side of Atlanta, Reynoldstown is full of character and community. Its location provides easy access across the city and is a safe and walkable neighborhood.
4. Trail of the Muscogee
Source: C Brown Photo
Tucked away in Stone Mountain State Park, the Trail of the Muscogee is ideal for a quick getaway according to local photographer Cindy Brown of C Brown Photo. “It’s a one-and-a-half-mile loop trail that winds through a wooded area (where we’ve seen deer) and beside a lake.”
This Stone Mountain Park hidden gem is also referred to as, “the lake trail” because of its pristine beauty. With an easy path through native stone and hardwoods, this particular trail is great for hikers of any level.
Stone Mountain as a whole is a local favorite. “I love walking up Stone Mountain,” says Erica Thomas, Editor-in-Chief and Founder of Eating with Erica. “It’s a great workout and provides even better views. It’s truly the best of both worlds, burning calories while taking in the beautiful views of Georgia. I love to visit first thing in the morning.”
5. The Works
Source: facebook.com/theworksatl
“One of my favorite go-to spots is The Works in the Westside neighborhood of Atlanta,” says Leslie Andrews of Leslie Andrews Photography. This mixed-use spot combines local culture, food, drink and retail shops. “I love it because it’s right by my house and it has so many options of places to eat and drink. You can grab your food and sit outside on the patio in the sun or you can head over to the park area to catch some live music.”
Andrews knows first-hand the advantages that come with finding a home on the Westside. This vibrant area is one of the many examples around Atlanta of the culture and beauty that result when history and heritage meet.
6. Arabia Mountain
A little outside the perimeter, Arabia Mountain in Lithonia has great lakes and amazing wildflowers that bloom throughout the year.
To get started on at least one of the area’s trails, you’ll pass the AWARE Center, which rescues and rehabilitates wild animals. You can hike and help save local wildlife all at once.
7. The East Side
Source: facebook.com/RevolutionDoughnuts
Popping up again with some additional East Side recommendations, Anmarie Smith of DV Photo Video also suggests you swing into Revolution Doughnuts for great vegan donuts and tasty coffee. You can find Revolution Doughnuts in Decatur and Inman Park.
You can also head to The Eastern, an up-and-coming venue in Reynoldstown, for a fun night out. “There is not a bad seat in the house and it has beautiful acoustics. LOVE this spot.”
For Michael Diane, Atlanta Wholesale Manager at PERC Coffee, a favorite East Side location, that’s perfect for a date night, is Gaja in East Atlanta Village. “It has really good Korean Food, but its cocktail menu is one of my favorites in Atlanta, by far.”
Other Atlanta gems to enjoy
Source: facebook.com/poorhendrix
The few places already listed by our experts only skim the surface of what Atlanta has to offer. Providing a few more suggestions, Diane first takes you to Summerhill.
“For a cute afternoon snack I love stopping by Big Softie to get some amazing soft serve and it’s next door to Little Tart Bakeshop,” he shares.
For an actual meal, and a few beverages, Diane scoots over to East Lake and visit Poor Hendrix. This is a fun gathering spot to meet up with friends.
When you’ve had enough of the city and its immediate neighborhoods, don’t forget to extend your reach into the suburbs. Hidden gems abound throughout.
A-Town is calling
Feeling tempted to venture out into Atlanta and explore an area you might not go to regularly? Even if it is a familiar spot, like the Botanical Gardens or Stone Mountain, you may be surprised at what you can find if you take a closer look. It’s what makes Atlanta such a magical place to live, even if you’re new here, and such a fun city to explore.
Lesly Gregory has over 15 years of marketing experience, ranging from community management to blogging to creating marketing collateral for a variety of industries. A graduate of Boston University, Lesly holds a B.S. in Journalism. She currently lives in Atlanta with her husband, two young children, three cats and assorted fish.
From the outside, the rows of tile-roof houses in a new community in Menifee don’t look much different from those in other subdivisions cropping up in this fast-growing city in Riverside County. But on the inside, these all-electric homes are revolutionary, offering a glimpse of the zero-emission future we should be hurtling toward to fight climate change and adapt to its effects.
All the houses in the Durango and Oak Shade at Shadow Mountain communities, two adjacent KB Home subdivisions I visited in May for an opening event, were built without natural gas hookups or appliances. Each of the 219 homes comes with rooftop solar panels, heat pumps for heating and cooling, induction cooktops and other energy-efficient electric appliances, and a smart electrical panel that manages energy use. In the garage is a battery storage system that can power the home during an outage and in the evenings when the cost of electricity from the grid is higher.
They’ll also soon be connected to a shared community battery storage facility the size of a shipping container that’s a backbone of a system known as a microgrid. It will allow residents to disconnect from the electrical grid during an outage, and use the backup power to keep their lights on for a few days.
I expected these homes to come with a premium price tag, given their futuristic amenities. But they start around $520,000, and a 2,900-square foot, four-bedroom, two-bath Spanish-style home recently sold for about $590,000. Buyers aren’t paying extra for technology that would otherwise cost $30,000, according to the homebuilder, because the project was subsidized by a $6.65 million U.S. Department of Energy grant.
The homes have other energy efficiency features such as spray foam insulation under the roof to help cool the attic and the living space below. The houses are essentially “like a Yeti cooler,” as one official with SunPower, the company that provided their solar and battery-storage systems, told me. That’s life changing in this corner of Riverside County where summer days often exceed 100 degrees and utility bills climb painfully high.
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After spending a few hours checking out the homes’ energy-smart features and listening to company and government officials talk up their climate-friendliness and resilience, I was almost envious. The people moving into these houses are living in a world that, for now, remains a distant reality for most Californians for whom a fossil fuel-free home is still very much a pipe dream. And it highlighted how much work there is yet to do by state officials to ensure all Californians start to benefit from home electrification as that need becomes increasingly obvious in a world altered by climate change.
Underscoring that feeling for me was a remark by a California Energy Commission official in attendance, who noted that new construction accounts for less than 1% of the state’s housing stock in any given year.
California has 14 million homes and builds only about 110,000 new housing units a year. So even if all new homes are built with at least one electric heat pump, as the Energy Commission expects, that would account for only about 8% of all homes by 2030, 14% by 2040, and 20% by 2050. That’s not anywhere near fast enough to slash climate-warming emissions, which means that most of this transition will have to happen by replacing appliances in existing homes.
For now, California remains heavily dependent on fossil fuel in daily life, especially the methane gas that powers the majority of home appliances. For most of us, the transition to zero-emission electric living will be far more complicated, messy and slow than buying a new home.
The furnaces, stoves, clothes dryers and water heaters in our homes and businesses may not seem like big polluters individually, but they all add up to a lot. Buildings are one of the biggest emissions sources in California, responsible for about 25% of its climate pollution. But California still lacks the kind of straightforward zero-emission targets for buildings that it has already adopted for other major pollution sources like electricity generation and new cars.
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Because home appliances like furnaces and water heaters can last 15 years or longer, scaling up action over the next few years is critical if we are to get on a path to zero out greenhouse gas emissions by midcentury and avert catastrophic levels of climate change.
A recent report by Rewiring America, an electrification-focused nonprofit organization, found that to meet those climate targets the U.S. has to dramatically increase the pace of replacing fossil-fueled appliances and cars over the next three years. That would mean purchasing about 14 million more electric heat pumps, water heaters, stoves, rooftop solar systems and electric vehicles above what’s expected.
While California has some laudable goals, including Gov. Gavin Newsom’s target of installing 6 million heat pumps by 2030, state officials acknowledge that much greater numbers will be needed to put California on track to achieving a carbon-neutral economy by 2045.
State air quality regulators plan to end the sale of new gas-fueled furnaces and water heaters by 2030, and the Inflation Reduction Act and its array of consumer rebate and incentive programs should help bring down the cost of replacing them with electric heat pump models. But state leaders need to establish clear and ambitious targets for home electrification, while pursuing creative solutions such as establishing a neighborhood decarbonization programto retrofit entire low-income communities with electric appliances and infrastructure at the same time.
There are reasons for optimism, including the home construction industry’s embrace of electric technology. Heat pumps are doing particularly well, now accounting for more than 50% of the market in new construction.
But I’ve also encountered troubling stories that make me really concerned about the slow and uneven pace of change. I’ve heard from homeowners struggling to turn their houses all-electric and their travails through a thicket of contractor resistance, government red tape and other obstacles. I’ve spoken to community leaders who fear that low-income tenants and other disadvantaged groups will end up shouldering most of the burdens of electrification, like higher utility bills and rent increases landlords are likely to impose to pay for electrical upgrades. I’ve covered legal setbacks and fossil fuel industry resistance operations that are hindering the transition to healthier, gas-free homes.
At my family’s 1950s-era tract house, I want to replace the gas water heater, furnace, dryer and stove with heat pump and induction models as soon as we can afford to. But I know that will be a long, expensive journey with no shortage of complications — and electrical work.
For now, our entry point is a $100 countertop induction cooktop we’ve started to use instead of our gas burners. It boils water faster and doesn’t pollute the air, but draws so much electricity that we can’t turn on other kitchen appliances at the same time or it overloads the circuit.
Whether we rent or own or have a new or historic home, everyone should be able to live in an efficient, non-polluting and climate-ready dwelling even if it wasn’t purpose-built for an all-electric world like the new construction in Menifee. None of us should have to wait decades for that to be our reality too.
The so-called core measure — which economists view as the better indicator of underlying inflation — advanced 4.8% from last June, the lowest since late 2021 but still well above the Fed’s target.
This is the smallest 12-month increase since the year ending March 2021 and the 12th consecutive month of inflation declines.
Indexes that increased in June include shelter, motor vehicle insurance, apparel, recreation, and personal care. The indexes for airline fares, communication, used cars and trucks, and household furnishings and operations were among those that decreased in June.
Shelter, which is the largest category, also posted a sizable increase, rising 7.8% year over year (down from 8.0% in May) and accounting for more than 70% of the total increase in the all items less food and energy index which was up 0.2% in June.
But the shelter inflation figure is highly imperfect. The BLS’s CPI metric lags asking rents because the CPI measures in-place rent, and because most renters see a change only once per year, the index lags significantly from asking rents on new leases. Peak rent inflation was between May 2022 and February 2023, but has declined in subsequent months and is expected to continue to do so.
An index tracking the rent of primary residences slowed to a 0.46% change in June, the weakest increase since March 2022.
“Despite the positive inflation report, the Fed likely will resume its rate hikes when it meets later this month, remaining committed to raising interest rates until the magical 2% inflation target is met,” said Lisa Sturtevant, chief economist at Bright MLS.
The problem is that housing costs, which account for a large share of the inflation picture, are not coming down meaningfully in the CPI. In June, the index for shelter accounted for 70% of the increase in the CPI. Rents were up 8.3% in June, while owner costs rose 7.8%.
Unfortunately, the Fed does not have the right tools to tackle high housing costs in the U.S, Sturtevant noted. Initially, higher rates did cool housing demand. But because rates had been pushed so low by the Fed during the pandemic and then increased so quickly, the Federal Reserve’s rate increases not only reduced housing demand—as intended—but also severely limited supply by locking homeowners into homes they would have otherwise listed for sale.
“Housing should not be treated like other goods and services in the CPI’s basket. A home is not a dozen eggs or a flat screen tv or a trip to the beach. Pushing rates higher without a strategy for increasing supply in the market will not cause housing costs to fall—until the Fed has gone too far by sending the economy into a recession and decimating demand through job and income losses,” said Sturtevant in a statement.
In the meantime, with inventory hovering around record lows and mortgage rates north of 7%, a generation of Americans is being forced to the sidelines, excluded from the ability to build wealth through homeownership.
Nevertheless, there are signs the housing industry is turning a corner. “Low inflation means low mortgage rates. Therefore, decelerating consumer prices could steadily lift home sales and increase home production in a few months,” said Lawrence Yun, chief economist for the National Association of Realtors. “Moreover, with so many empty apartment units under construction, rents could plateau by this time next year.”
Yun, who’s been critical of the Federal Reserve’s series of rate hikes, said the monetary policymakers “misjudged the early strength of inflation, which got out of control. Now it could misjudge on the economic front.” He said the body is too focused on lagging indicators like jobs rather than early indicators like future inflation and commercial leasing activity.
“They should look ahead and stop raising interest rates,” he said.
Welcome to an exploration of the vibrant and captivating city of Nashville. In this Redfin article, we invite you to discover the top seven reasons why Nashville has emerged as a coveted destination for relocation, and why it captures the hearts of those who call it home. From its rich musical heritage and thriving entertainment scene to its flourishing job market and welcoming community, Nashville offers a unique blend of opportunities and experiences that make it an extraordinary place to live.
Whether you’re dreaming of pursuing a career in the music industry, seeking a family-friendly environment, or yearning for a vibrant cultural landscape, Nashville has something to offer everyone. So, join us as we delve into the myriad of reasons why Nashville is the place to be, and prepare to fall in love with this remarkable city that embodies the essence of southern charm and limitless possibilities.
1) Sports culture
If you’re a sports fan, you’re in luck. Nashville is home to five professional sports teams. Cheer on the city’s hockey team, the Nashville Predators, or root for the Tennessee Titans football team. If you’re a fan of baseball, head to the First Horizon Park, home of the Nashville Sounds. Or, if soccer is more your thing, you can support the Nashville SC. Golf is also popular here, with the Nashville Golf Open on the developmental tour for the PGA Tour.
2) Excellent education
There are several opportunities to further your education in Nashville; it’s something the city prides itself on. In fact, it’s commonly referred to as the “Athens of the South” because of the number of learning establishments. The city is home to Vanderbilt University, Tennessee State University, and many other colleges and private schools.
3) Affordable living
Nashville, Tennessee stands out as a city with an affordable cost of living, making it an attractive destination for residents. The cost of living in Nashville is 2% lower than the national average, providing a favorable financial advantage. Housing costs in Nashville are reflected in the median sale price of $445,000, which is slightly higher than the national median of $418,000. However, Nashville offers additional cost savings in other areas. Healthcare expenses in the city are 10% lower than the national average, while transportation costs and utilities are 8% and 6% lower, respectively. These factors collectively contribute to Nashville’s reputation as a city that balances affordability with access to amenities, making it an appealing choice for individuals and families looking for a cost-effective living option without sacrificing quality of life.
4) Nashville’s thriving food scene
There’s always a new dish, restaurant, or food truck to try in Nashville. Known for its hot chicken, check out local favorites, including Prince’s Hot Chicken Shack, Hattie B’s Hot Chicken, Wendell Smith’s, Cafe Roze, Brown’s Diner, and Rosepepper Cantina. Martin’s Bar-B-Que Joint, another classic Nashville dining experience, is home to the famous Tennessee Whole Hog Bar-B-Que.
5) Picturesque neighborhoods
If you’re looking at homes for sale or apartments for rent in Nashville – there’s a neighborhood for everyone, each with a distinctive personality and charm. From Downtown Nashville and East End to Edgefield and Germantown be sure to consider every neighborhood and its perks when deciding where is right for you.
6) Music scene
Coined the “Capital City of Country Music” and “Music City,” Nashville is the perfect destination for country music lovers. This city is home to the Country Music Hall of Fame and Museum, The Grande Ole Opry, and the annual four-day CMA Music Festival. While country music may be the most famous music genre in Nashville, the city is also known for its gospel and classical music fans and the Nashville Symphony Orchestra.
7) Things to do
One thing’s for certain, there’s never a shortage of things to do in Nashville. Take a stroll in Nashville’s parks, including Centennial Park and Shelby Park. Enjoy beautiful lookouts and scenic views while hiking in Great Smoky Mountains National Park, which is just a short drive from the city.
Nashville also hosts several events and festivals every month, such as The Nashville Film Festival, the Nashville Whiskey Fest, Nashville Oktoberfest, Nashville Fashion Week, CMA Fest, and the ACM Awards.
Methodology: Median home sale price data was pulled from the US Housing Market resource during June 2023.
Charleston, SC, often captures the imagination of those seeking a charming coastal city with a rich history. However, as with any location, there are pros and cons to consider before deciding to move. Whether you are looking to rent an apartment in Charleston, SC, or purchase a home in the city, this Redfin article presents ten compelling factors to help you evaluate whether living in Charleston is the right place for you. Let’s get started.
Pros of living in Charleston, SC
1. Great weather
Charleston is renowned for its exceptional weather, which combines elements of a subtropical climate with coastal influences. The city enjoys long, warm summers and mild winters, making it a great place to live year-round. Summers in Charleston are characterized by abundant sunshine. Cooling sea breezes from the nearby Atlantic Ocean offer relief from the heat. Winters in Charleston are relatively mild, with temperatures averaging in the 50s and 60s Fahrenheit. While occasional colder spells occur, they are typically brief and followed by milder periods.
2. Delicious food
Charleston is celebrated for its vibrant and diverse culinary scene, offering a delectable array of dishes that showcase the region’s rich history and flavors. The city is renowned for its fresh seafood, with shrimp, oysters, and blue crab being local favorites. You can savor a mouthwatering Lowcountry boil, a hearty dish featuring shrimp, corn on the cob, sausage, and potatoes seasoned with Old Bay and other spices.
Another iconic dish is she-crab soup, a creamy and rich bisque made with crab meat, crab roe, and a touch of sherry. For those with a sweet tooth, Charleston offers delectable desserts like the classic Huguenot torte, a layered almond cake filled with raspberry preserves and iced with buttercream.
3. Small-town charm
Despite being a city, Charleston exudes a captivating small-town charm. Its picturesque streets are lined with historic homes, cobblestone walkways, and quaint shops. The city’s rich history is visible at every turn, with beautifully preserved architecture and landmarks that tell the stories of its past, such as the cobblestone streets of the French Quarter or strolling along the iconic Rainbow Row. From lively farmers’ markets to cozy neighborhood eateries and boutique shops, Charleston offers an intimate and inviting ambiance that makes residents feel like they are part of a tight-knit community.
4. Beach access
Charleston offers unparalleled beach access, making it a haven for locals. Folly Beach is a popular destination because of its laid-back atmosphere and sandy shores. Isle of Palms is equally beautiful, with its pristine shoreline and gentle waves. Sullivan’s Island, a quiet and less crowded option, provides a peaceful retreat with natural beauty and historical landmarks. For nature enthusiasts, Kiawah Island and Seabrook Island offer unspoiled stretches of coastline, where visitors can enjoy scenic walks, birdwatching, and dolphin sightings.
5. Diverse neighborhoods
Charleston has a ton of diverse neighborhoods, each offering a unique character and charm. Downtown Charleston is a treasure trove of history, featuring beautifully preserved architecture, cobblestone streets, and iconic landmarks such as The Battery and Rainbow Row. The French Quarter is known for its art galleries, boutique shops, and fine dining establishments.
The West Ashley area offers a mix of suburban and rural charm, with neighborhoods nestled among marshes and oak-lined streets. Mount Pleasant, located just across the Cooper River, boasts waterfront views and a thriving community, complete with shopping centers and parks. These are just a handful of wonderful neighborhoods that bring charm to Charleston.
6. A rich history
Charleston is steeped in a rich and storied history that dates back centuries. Founded in 1670, Charleston played a significant role in the early days of American colonization and was a major port for trade and commerce. The city witnessed pivotal events during the American Revolution, including the Battle of Sullivan’s Island in 1776, where the fort was successfully defended against British naval forces.
Charleston’s role in the Civil War was equally significant, with the first shots fired at Fort Sumter in Charleston Harbor marking the beginning of the conflict. The city’s historic district, often called the “Holy City,” is home to beautifully preserved antebellum homes, churches, and landmarks that serve as tangible reminders of its past.
Cons of living in Charleston, SC
7. Bugs … a lot of them
Charleston is not immune to its fair share of insects and bugs. The warm and humid climate of the region provides an ideal breeding ground for various pests. Mosquitoes, for instance, can be quite prevalent, especially during the summer months. Additionally, biting gnats, known as no-see-ums, can be bothersome, leaving itchy welts and disrupting outdoor gatherings. While efforts are made to control and mitigate these pests through mosquito abatement programs, their presence can still detract from outdoor experiences.
8. Humidity
Charleston experiences a notable downside in the form of high humidity levels, which can be a source of discomfort for many residents. The city’s warm and humid climate, particularly during the summer, creates an environment where moisture hangs in the air, leading to a persistent feeling of stickiness and heaviness.
9. Flat landscape
The city is characterized by a relatively flat landscape, which, while offering its own unique beauty, can present some drawbacks for those seeking varied topography or dramatic scenic vistas. The predominantly flat terrain of the area lacks the rolling hills or towering mountains found in other regions. So if you like a varied topography, Charleston may not be for you.
10. Potential for hurricanes and flooding
Charleston experiences extreme weather conditions as the region is susceptible to tropical storms and hurricanes, which can bring strong winds, heavy rainfall, and potential flooding. These weather events can disrupt daily life, damage property, and pose risks to personal safety. The hurricane season typically lasts from June to November. In addition to hurricanes, Charleston faces occasional periods of intense heat during the summer months, with high temperatures and high humidity.
Boasting a laid-back vibe full of urban amenities, Knoxville is truly eastern Tennessee’s hidden gem. Mild weather, great nightlife, a variety of outdoor activities and manageable traffic all combine to make Knoxville a city worth visiting or even calling home.
Local experts love talking about the little things that make Knoxville great. They were eager to share some of the special spots that really give the city a sense of individuality. Have you discovered any of these Knoxville hidden gems yet?
1. East Knoxville
Source: facebook.com/CruzeFarmGirl
You can define so many neighborhoods throughout Knoxville by their best places to eat or drink. If you’re in East Knoxville, you should start date night at Barrelhouse by Gypsy Circus Cider or take the entire family out for a slice at Cruze Farm.
“We like to go to Barrelhouse by Gypsy Cider,” says Olivia Alfrey, Owner and Operator of June Bug Dog Supplies. “They have yummy food, beers, and ciders (including cider floats!) and to top it all off, your precious pup can join you outside on the patio.”
Cruze Farm is also dog-friendly, according to Alfrey. But the real draw is the salads, pizza and farm-fresh, soft-serve ice cream.
For Quinn, the Lead Photographer, at Winx Photo, Cruze Farm ice cream is also where it’s at when it comes to hidden gems in Knoxville. The best place to enjoy it though is, “at the JFG sign, overlooking the Tennessee River at sunset.” This is where you can get a, “perfect view of the Sunsphere and the way it sparkles with the last little bit of daylight!”
2. Sequoyah Hills Park
Situated in the Sequoyah Hills neighborhood, right alongside the Tennessee River, Sequoyah Hills Park opens up into over 84 acres. When you’re inside the park, you not only have fishing and access to water but there are also spots for picnicking, playing sports and hiking.
For the team at Rala, coming here means bringing Fido along for some pup-human play time.
3. Ijams Nature Center
Another popular outdoor spot is Ijams Nature Center. Ijams is an urban park in South Knoxville. It features ten miles of trails and bike and canoe rentals to aid your exploration of the wetlands and rock formations within the park.
For Summer Tannhauser of Waggy Tails Pet Sitting + Dog Walking, Ijams is the perfect place to spend the middle of the day, in conjunction with other South Knox favorites. After grabbing a donut and Cruze Farm coffee milk from The Donut Shop, she likes to, “enjoy a day of outdoor activities. Activities like stand-up paddle boarding at Ijams, mountain biking trails at Bakers Creek Preserve and maybe even a little geocaching in all the natural spaces and parks.”
She’ll wrap up the perfect day at South Coast Pizza and Hi-Wire Brewing.
4. Take advantage of what’s free
When it comes to Knoxville fun, Lisa Burnett of Nothing Too Fancy knows how to find those free hidden gems throughout the city. For her and her family, Ijams is a popular stop, along with Mead’s Quarry. Next stop would be the playground at Lakeshore Park before enjoying a home-packed picnic at Suttree’s Landing by the Tennessee River.
To round out a hot day she’d, “play in the fountains at World’s Fair Park or Market Square,” before finally spending a few bucks to kick off happy hour right.
5. Sutherland Avenue
Source: facebook.com/thegoldenroast
A special neighborhood within Knoxville, Sutherland Avenue has enough going on to keep you busy for an entire day.
“Grab a coffee at Golden Roast, and go for an easy run or bike ride on Third Creek Greenway,” suggests Julia Conner of The Long Run. It’s her favorite way to get started. Then, “head over to Gus’s Fried Chicken for a bite to eat. Do some shopping at Backroads Market and River Sports. Stop by Albright Grove Brewery for a great local beer or the Frog Juice Boochery right next door for some non-alcoholic local kombucha. Finish with dinner at Savelli’s Italian.”
You tired yet?
Seeking out the cool spots
Source: facebook.com/wildlovebakehouse
A variety of local experts were quick to list a few other “cool” spots throughout Knoxville in a variety of neighborhoods. They even showed enthusiasm for some that haven’t opened yet. For Kelsey Wood, of Wood Shutter Photography, she’s looking forward to the upcoming opening of Fable Hollow Coffee and Bookshoppe, a hidden gem in the making.
Other places to consider in some of the city’s favorite neighborhoods include the Wild Love Bakehouse in North Knoxville and Cultivate Coffee and Flowers in Fountain City.
If you’re looking for a list in West Knoxville:
If you’re traveling Downtown, and need some ideas:
The list could go on. It’s that easy to find a gem or two no matter where in Knoxville you find yourself.
Discovering Knoxville in every direction
Knoxville is not only a beautiful place aesthetically — thanks to the Smoky Mountains and Tennessee River — but a fun one as well. Even when you’re not hiking or boating, there are plenty of secrets to discover within The Marble City. Whether you’ve just moved in, or consider yourself a seasoned local, it’s time to get out and seek out those amazing hidden spots still waiting for you to find.
Lesly Gregory has over 15 years of marketing experience, ranging from community management to blogging to creating marketing collateral for a variety of industries. A graduate of Boston University, Lesly holds a B.S. in Journalism. She currently lives in Atlanta with her husband, two young children, three cats and assorted fish.