The latest data shows the top 25 hotel markets are now at 65% of year-to-date 2019 levels of gross operating profit per available room and are just seven percentage points below the 2019 year-to-date gross-operating-profit margin. Additionally, all these markets year to date are beyond 50% of 2019 levels in total revenue per available room and beyond 24% of 2019 GOPPAR levels.
Market Valuation
The valuation of the U.S. stock market has fallen faster than in the aftermath of the dot-com crash, recording the biggest six, 12 and 18-month drops since data on price-to-forward-earnings ratios began in 1985.
Home Sales
The median existing home price hit another record in June, rising to $416,000, and sales declined for the fifth straight month as higher interest rates pushed more buyers out of the market.
Foreign Purchases
Foreigners bought 98,600 U.S. homes in the year ended in March, down 7.9% from the prior year. That is the lowest level on record since NAR began collecting the data in 2009. But the dollar volume of residential real estate purchased by international buyers rose 8.5% to $59 billion, reflecting a large increase in U.S. home prices.
New Funding
There are 2,845 private equity funds currently in the market, collectively aiming to raise over $1 trillion in capital. Both figures represent increases of more than 60% over the beginning of 2021.
Manhattan Rent
The average rental price in Manhattan was just above $5,000 last month, marking the first time that has happened in the history of New York City. The exact average was $5,058, or $82.18 a square foot, which is a 29% increase from the average rent of $3,922 at this time last year.
Expected Rate Increase
The probability of a one-point increase rose to around 79% on Wednesday, up from around 12%.
Inflation Record
U.S. inflation reached 9.1% in June, its highest rate in nearly 41 years.
Dividend Record
The companies in the S&P 500 paid out a record $140.6 billion in dividends in the most recent quarter. That’s up from $137.6 billion in the first three months of the year and $123.4 billion in the same quarter last year.
Mortgage Rates
The average rate on a 30-year fixed-rate mortgage fell to 5.30%. That is down from 5.70% last week. Mortgage rates haven’t recorded such a big weekly decline since December 2008, when the rate fell from 5.97% to 5.53%.