Oct 23, 2019

Existing home sales remain mediocre

Data: Investing.com; Chart: Axios Visuals

U.S. existing home sales fell 2.2% in September as the housing market continues to tread water with a dearth of properties for sale, especially cheaper homes, and a lack of interested buyers despite historically low mortgage rates.

Why it matters: It's the latest example of the U.S. real estate market's continued struggles.

  • The National Association of Realtors said existing home sales fell to an annual rate of 5.38 million units last month, reversing two straight months of gains and holding in a range well below its highs from the mid-2000s.

Go deeper: Existing home sales disappoint again in April

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Priciest home in America sells for 62% off

A 38,000-square-foot Los Angeles home with an original price tag of $250 million has sold after three years on the market and multiple markdowns for around $94 million, the Wall Street Journal reports.

Why it matters: The Bel-Air home, dubbed "Billionaire," was purchased by entrepreneur Bruce Makowsky in 2017. In the three years since, "prices are facing pressure amid an oversupply of extremely expensive homes," per the WSJ. And despite some deals going through, many of which are thanks to overseas buyers, "the sales have only made a small dent in the glut of properties on the market."

Go deeper: The missing housing boom

Keep ReadingArrowOct 26, 2019

Enthusiasm may be moving into housing

Photo: Justin Sullivan/Getty Images)

The positive sentiment in the stock market looks to have also gotten into real estate buyers.

What's happening: Mortgage applications and refinances jumped for the week ending Nov. 8, even as mortgage rates rose and increased the total asking price for homes, data from the Mortgage Bankers Association shows.

Go deeperArrowNov 13, 2019

Walmart's stock has almost doubled Amazon in 2019

Data: Money.net; Chart: Axios Visuals

Investors took profits on Walmart's stock after its stronger-than-expected earnings report Thursday, but the outlook remains bright as the world's largest retailer again showed growth in sales as it has in every quarter for five years straight.

The big picture: "A 41% gain in e-commerce sales, up from the second-quarter’s 37%, was especially notable," WSJ's Justin Lahart writes.

Go deeperArrowNov 15, 2019