Listed below are three of the week’s prime items of economic perception, gathered from across the internet:
New properties get extra inexpensive
New properties are now not promoting at a premium, mentioned Matt Phillips in Axios. “The median value for an present single-family residence stood at $416,000 in June,” based on FactSet. That is nearly precisely the identical value as what a newly constructed residence was promoting for in Might. The equivalence is sort of unprecedented. “For the final 10 years, costs for brand spanking new single-family properties have been on common about $60,000 greater than present residence gross sales.” Right this moment, nevertheless, there may be “a dwindling provide of present properties in the marketplace, serving to to maintain these costs elevated.” New-home development, in the meantime, has been surging for the previous 12 months. In Might, newly constructed properties accounted for one-third of the properties on the market nationwide, in contrast with a historic norm of 10% to twenty%.
Insurers proceed to go away Florida
Florida’s insurance coverage disaster is worsening, mentioned Kinsey Crowley in USA Right this moment. “Three main firms have voluntarily withdrawn from the state since final 12 months,” together with Farmers Insurance coverage just lately, and “seven native insurance coverage firms have grow to be bancrupt since February 2022.” Final week, AAA joined the statewide exodus, saying it’s going to now not renew “package deal insurance policies that mix residence, car and elective umbrella protection.” The dearth of choices has pushed Floridian householders’ charges up 42% from final 12 months to a mean of $6,000 per 12 months. Local weather disaster has been an element, however insurers additionally blame a 2017 Florida Supreme Courtroom ruling that opened the door for “frivolous lawsuits and fraudulent claims.” Previously three years, “80% of property-claim lawsuits within the nation have been in Florida.”
A rebound for girls’s jobs
The “she-cession” is over, mentioned Jeanna Smialek and Ben Casselman in The New York Occasions. “Ladies misplaced jobs closely early within the pandemic,” notably girls of coloration, and there was fear that ladies may need misplaced years of positive aspects within the workforce. “However that has proved to not be the case.” Because the center of final 12 months, “employment has truly rebounded sooner amongst girls than males,” bringing the employment fee for girls between the ages of 25 and 54 to “the best on report.” One other pandemic employment fable has additionally been busted: that the Covid disaster would trigger a wave of early retirements. In actual fact, staff ages 55 to 64 are “now employed at the next fee than earlier than the pandemic.”
This text was first printed within the newest subject of The Week journal. If you wish to learn extra prefer it, you possibly can strive six risk-free problems with the journal right here.