U.S. New Home Sales Fell in May The rate of new home sales fell in May, according to a report released on Wednesday by the Census Bureau and the Department of Housing and Urban Development. Sales of new single-family homes fell to 580,000 in May, from 626,000 in April, the report said. A consensus of economists polled by The Wall Street Journal expected 632,000 sales in May. The estimate...
Second Koreatown in Manhattan… ‘35th Geel’ Opens. • Koreatown, which has grown around Manhattan's 32nd Street over the past 40 years, is facing a new phase of expansion. • As the so-called ‘Koreatown 2.0’ project—which integrates Korean brands and K-content—gets underway, expectations for the creation of a second Koreatown are rising. • PD Properties (Co-CEOs Tony Park and...
Existing Home Sales Reach Highest Level in Five Months • Existing home sales across the United States rose more than expected in May, signaling a potential improvement in the housing market. • The National Association of Realtors (NAR) reported that existing home sales reached an annualized rate of 4.17 million units in May, adjusted for seasonal factors, representing a 3.2% increase from...
Paul Kim Defeats Suk Jun Min to Secure Democratic Nomination for Pal Park Mayor • Paul Kim, the incumbent mayor of Palisades Park, has defeated Pal Park Councilman Suk Jun Min to officially secure the Democratic nomination for the upcoming Palisades Park mayoral race. • According to the unofficial tallies released by Bergen County for the New Jersey primary election held on June 2nd, Mayor Paul...
Hochul Bares Details On Second-Home Tax. • The tax would apply to an estimated 10,000 homes, Hochul’s office said on Thursday, down from an initial estimate of 13,000 homes. The larger figure was based on older data, a spokeswoman said. • Still, Hochul expects that the pied-à-terre tax would raise $500 million even with fewer homes taxed, her office said, which is the same figure she...
What One Home Sale Tells Us About San Francisco’s Comeback. • A CONTEMPORARY HOUSE on San Francisco’s Russian Hill has sold for its full asking price of $24 million, property records show. The six-bedroom home went into contract a week after going on the market, said local MLS. • The speedy sale is a far cry from the last time the house went on the market, for $19.995 million in 2022. That...
Office Demand Sees Biggest Rebound Since Pandemic. • The ”Office Demand Index (ODI)”—which tracks new in-person and virtual office tours—reached 79 points in the first quarter. This is an 18% increase from the previous quarter and a 13% increase compared to the same period last year, marking the highest level since the pandemic began – Impacted by AI, Finance, and Culture Industry...
New Dedicated Agency Established to Prevent Real Estate Fraud. • New York City Mayor Eric Adams has established a dedicated agency to strengthen the response to home ownership fraud. On the 24th, Mayor Adams announced the creation of the city's first Office of Deed Theft Prevention (ODTP) under the Department of Finance (DOF). • The agency will be tasked with monitoring "deed theft"—real...
NYC Developers Are Suddenly Obsessed With the Number 99. A city government program that was enacted in 2024 offers a tax exemption to developers of most apartment buildings that have fewer than 100 units and include some affordable housing. Anyone building bigger than that has to abide by stricter requirements to get the same tax break. They have to pay construction workers at least $40 an hour, or...
New Jersey Home Price Growth Ranks #1 in the Nation • Compared to the national average home price growth of 0.5% during the same period, home prices up 6% compared to last year Driven by influx from New York City and limited supply. While the national housing market is generally slowing down, New Jersey's home price growth has emerged as the most prominent in the country. • The 'Spillover'...
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