The U.S. has recorded more than 11 million unfilled job openings in six of the past seven months, four million more monthly openings than was typical before Covid-19 hit the economy in early 2020.
First Half Performance
The S&P 500 fell 21% through Thursday, suffering its worst first half of a year since 1970. Investment-grade bonds lost 11%, posting their worst start to a year in history.
Manhattan Multifamily
A venture of a New York investment firm and a U.S. residential developer has agreed to pay $1.75 billion for six Manhattan rental apartment buildings, the highest price tag for a New York multifamily portfolio since the beginning of the pandemic.
Surfside FL
The price of condo sales there has been down markedly much of this year compared to the months before the tragedy. Surfside's average condo sales price in April and May was $1.3 million, or 64% lower than in those months a year earlier.
Housing Update
Existing-home sale prices reached a record median of $407,600 in May, while sales slid for the fourth consecutive month. Mortgage rates have nearly doubled since January.
Convertible Bonds
New sales of convertible bonds have all but dried up with the Convertible Index sliding about 20% this year, roughly matching the S&P 500.
Rent Increases
In 2021, rents for professionally managed apartments rose by almost 12%—more than triple the average recorded in the five years preceding the pandemic.
Offices to Apartments
In 2020 and 2021, office conversions created a total of more than 13,000 apartments nationwide.
S&P 500 Fall
The S&P 500 has fallen 23% in 2022, marking its worst start to a year since 1932.
Mortgage Rates
The average rate on a 30-year fixed-rate mortgage rose to 5.78%, the highest level since November 2008 and well above the 3.11% recorded near the start of the year.