Welcome to October!
Autumn brings its own season and brand of little-known-facts.
Here are some interesting things you might like to know:
- Around 90% of US mortgage holders have a mortgage interest rate below 5%. Two-thirds have mortgages below 4%. Most will not sell to borrow at 6.3% for a new home, perhaps even if the asking prices compensates for the increased monthly payment.
- People who have put their home purchase on hold have actually paused the process, not stopped it. Experts say that this a very important distinction; this always fuels buyer-build-up. The more people not buying homes now will add to the build-up of those who will buy later.
- While the demand for new homes keeps growing, the cost to build homes needs to be viewed with awareness of the pressure and demands on the construction industry at this hour. A tremendous amount of work is required to maintain and upgrade existing US homes that are aging. Billions of dollars have been approved and budgeted for US infrastructure construction. The enormous demands on the construction industry will be felt for years to come.
- All-cash home purchases in the US hit 31.4% of all transactions in July 2022, just short of an 8-year high reached in February 2022.
- In the second quarter of 2020, over 16% of all retail sales were online. By October 2022, that has eased back to 14.5% which is up from 10.7% three years ago (3Q 2019).
- The most popular design trends of 2022 are classified as NEWstalgia. Characterized by a look that blends vintage and retro furnishings with luxe finishes and hi-end technology, it has a current and evocative feel to it. Other qualities of these trends include sculptural lighting; much use of the color green; jewel-toned furniture, pieces, accessories; materials of stone and clay; curviness; sustainability.
- Target stores - for the first time in years - are starting big discounts in October, weeks prior to the Christmas shopping season. They will have a price-match guarantee if shoppers can beat the price. This is speculated to be a clear indicator that they are overstocked.
- Economists forecast that Americans over the age of 55 will take roughly 50% of all new jobs created in the next decade, as the U.S. population ages and more people postpone retirement. The biggest jump in labor force-growth in coming years will come from those age 75 and older, where overall employment is projected to nearly double by 2030, according to Labor Department forecasts.