Sales of new homes rose 2.3% between November and December 2022.
But sales of existing homes fell 1.5%, marking the 11th straight monthly decline.
A Zillow economist told the NYT that while she expects continued interest rate declines to entice more buyers, home prices will likely see minimal decline.
Experts suggest an interest rate of 5.5% would be a Goldilocks range — comfortable for sellers and buyers.
So is that a happy ending?
Except, recession fears may spoil it. A bad economy would likely keep the housing market in limbo, so the real estate industry badly wants the economic “soft landing” the Fed is attempting.
As for renters: After huge nationwide increases, several major markets are seeing slight declines in monthly rents.
AI, replace my ex. Video and photo editing app Picsart made a tool for replacing subjects from old photos — like your ex — with items like, for instance, a red flag or a snake. “We’ve all been there,” Picsart wrote.
Stocks: Appleposted its first revenue decline since 2019, and Alphabet and Starbucks missed their major targets. Amazon beat its revenue projection but still experienced its slowest growth year in the company’s public history.
Liftoff? Amazon’s long-awaited drone delivery program launched in December, but by mid-January it reportedly delivered to fewer than 10 houses because of FAA restrictions.
Fan-cy schmancy: Sports merchandise giant Fanatics plans to leverage its internal database of 90m sports fans to serve up livestreamed shopping experiences.
TikTok chopping block: Sen. Michael Bennet wrote a letter to Tim Cook and Sundar Pichai demanding they “immediately” remove the app from their app stores, citing national security.
TodAI in AI: UBS said ChatGPT reached 100m monthly users in around two months — a record for consumer apps. Meanwhile, Netflix Japan, citing labor shortages, is using AI-generated art.
That’s cool: Microsoft Teams dropped premium features that include automated meeting recaps, so there’s even less reason to pay attention.
Tetris fans, say hello to Tetris, a new movie from Apple about Tetris, the game, which itself is looking forward to enjoying the film.
In Q4, US box shipments dropped 8.4%, the worst dip since the Great Recession, and ~20% of US box production capacity was untouched, the most since Q1 2009.
At 4.3 weeks, supply of the packaging material containerboard was unusually high last quarter, and boxboard saw its lowest operating capacity on record, per the American Forest & Paper Association.
In a recent call to investors, the Packaging Corporation of America said inflation, rising interest rates, a shift from goods back to services, and a cooler housing market have all dampened box demand.
Good news is, despite the slump, the Packaging Corporation of America expects shipments for Q1 2023 to be 6% higher than the same period in 2019.
How to launch a successful podcast
Forty-one percent of Americans listen to podcasts monthly.
Twenty-eight percent of Americans bump seven episodes per week on average.
Everyone and their mother is making a podcast, sure. But plenty of them are winging it, recording in kitchens with “ers” and “ums.”
Here’s a tactful blueprint to help you hit the streaming platforms running.