Signals: What We're Tracking
A record 242 U.S. cities now have starter homes worth $1 million or more, nearly triple the 80 cities in early 2020. Once mostly a coastal California phenomenon, it's now spreading into New York and New Jersey, according to a recent Zillow analysis.
Meanwhile, in Austin... SpaceX's IPO was said to have created about 4,000 new millionaires, with luxury realtors in Texas and California already fielding calls from employees planning to buy. "It feels like we're on the verge of the next wave in Austin's expansion fueled by this tech run," a local real estate agent told CNBC.
Heard!
"AI can model a market. It can’t model a deal.”
Celebrity real estate mogul Ryan Serhant, after ChatGPT nearly sank his $50 million sale, telling the seller to hold and the buyer that he was overpaying. Serhant says AI was making directives on a property it didn't understand. [More on AI and home prices →]
Tropical exterior hardwoods like ipe have been harder and pricier to source after international trade rules tightened in recent years. The beneficiary has been modified wood, treated for rot resistance and durability. Accoya, one such product, reports it's now specified in Marvin, TruStile, and Lepage Millwork products, with North American sales up 60% year-over-year
Texas is forecast to set a record for electricity demand this summer, with the state also now authorized to cut power to large users in emergencies.
Why it matters: For builders in high-growth markets, it's one more reason to consider energy backups in the design conversation. [What's driving record grid demand →]
