Spotlight

Market Update | Oct 21

Jon Granston | October 14, 2025

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Top Headlines: Delivered by Leonard Steinberg

October 21, 2024

01 2024 will register the lowest volume of home sales since 1995, due to the combination of higher interest rates, record high prices, weak inventory in many areas and the lock-in effect of low mortgages: the lock-in effect has “prevented” the sale of an estimated 1.33 million homes.

(FT)

02 California existing-home sales in September were down 3.4% compared to August.... yet up 5.1% compared to September, 2023. The statewide median price paid for a home in September was $868,150, down 2.3% from $888,740 in August, and up 2.9% from $843,500 a year ago. The 3.6-month supply of homes for sale compares to a 2.8-month supply in September 2023 a year ago.

03 In the decade through 2020, the U.S. population overall grew 7.4% but rose 10.2% in the South and 9.2% in the West.

(WSJ)

04 Retail is strong again, defying the negative consumer sentiment: US retail sales strengthened in September by more than forecast in a broad advance, illustrating resilient consumer spending that continues to power the economy. The value of retail purchases, unadjusted for inflation, increased 0.4% after a 0.1% gain in August. Excluding autos and gasoline stations, sales climbed 0.7%!

(Bloomberg)

05 Contrary to the mass narrative, Millennials are actually faring better financially than Baby boomers did at the same/similar age....on AVERAGE....but....they may be the most economically divided generation ever with massive wealth disparity, a common theme everywhere in the US.

(Barrons)