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Real estate industry ‘desperate’ for more inventory: Corcoran CEO

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Pamela Liebman, President and CEO of The Corcoran Group, insisted on Wednesday: real estate The industry is “desperate” for more inventory, and if more homes are available, it will “really help everyone.”

She also said that current rental prices “exceed the sticker shock,” especially in the popular market of New York City.

“Find an apartment and do your best [in New York City] And if you find it, you’re going to pay it through your nose, “Reeveman said.Morning with Maria“Wednesday.” It’s really hard for those who are looking for it now. ”

“Inventory is very low,” Reeveman said, and mortgage rates and rents are high.

Rents hit record highs in April, with price increases of 30% in some regions

She also pointed out that when inventory becomes available again, “too many people are fighting because they currently live in too few places, so they really help everyone in different ways.”

Reeveman reveals that new single-family home sales in the U.S. have fallen to their lowest levels in two years, significantly higher than last month’s expectations, as construction costs, home prices, interest rates and supply chain issues continue. Provided insights the day after becoming. Hit the industry.

The US Census Bureau According to the latest data, the pace of new home sales in April was down 16.6% from the previous month to seasonally adjusted 591,000. Analysts surveyed by Refinitiv expected a 1.7% drop.

The rate of decline is 26.9% lower than it was a year ago, the lowest level since April 2020. This is the fourth consecutive month that new home sales have declined.

The market is “now quite bifurcated,” Reeveman said.

“Looking at sales of less than $ 400,000, that’s where we really made the biggest hit,” she told the host. Maria Bartiromo..

Corcoran Group CEO Pamela Liebman reveals the following real estate hotspots: (IStock / iStock)

“Unfortunately, interest rates on these mortgages are hurting people you really don’t want to hurt, as sales of over 400,000 are actually increasing. [which are] These first-time homebuyers.

Reeveman emphasized that prices and mortgage rates are rising and “affordable prices are declining.”

Millennial and Baby Boomer “Triple Threat” Partial Home Price Rise: Real Estate Experts

The Census Bureau reported that the median selling price of new homes reached $ 450,600 last month.When Interest rates are currently over 5%The rising cost of home ownership is pricing potential buyers from the market.

Reeveman said Wednesday that the pandemic and shift to telecommuting “certainly helped” the real estate boom. “Why don’t you sit nice and warm, reduce taxes and enjoy your lifestyle?”

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“For now, we see strength overall, unless affordability is a factor that makes it too big,” she added.

Reeveman also revealed the next real estate hotspot on Wednesday.

“I think people are trying to buy in areas very close to other areas where prices are skyrocketing. They try to find the next big one,” she said.

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FOX Business’s Breck Dumas contributed to this report.

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