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Epoch Times
19-05-2025
- Business
- Epoch Times
Homebuying Season Underperforms as Supply Hits 5-Year High
The sale of existing homes declined in April on a monthly and annual basis amid a jump in supplies, real estate brokerage Redfin said in a May 19 Sales fell to a seasonally adjusted annual rate of nearly 4.2 million units in April, the lowest level since October 2024. It was down 0.2 percent from March and lower by 1.1 percent from April 2024—the first annual decline in seven months. However, there were 1.94 million homes for sale in April, up over 16 percent from a year back. This was the highest level of supply since March 2020. 'Spring is typically the busiest season for the housing market, and with the housing shortage easing and mortgage rates slightly lower than a year ago, one might expect home sales to be stronger,' the brokerage said. 'But Redfin agents report that homebuyers and sellers last month were particularly nervous about tariffs and the ongoing trade war.' Redfin attributed the sluggish housing demand to high home prices and elevated mortgage rates. Related Stories 5/16/2025 5/12/2025 The median home sale price was $438,466 in April, up 1.4 percent year-over-year. The average 30-year-fixed mortgage rate in April was 6.73 percent, up from 6.65 percent in March. Monthly housing payments hit a record high in April. This past week brought some relief from tariff anxiety when the United States and China According to the agreement, the United States lowered tariffs on Chinese imports to 30 percent while China rolled back its U.S. import tariffs to 10 percent. In a May 12 'NAHB urges the administration to move quickly to obtain fair, equitable trade deals with other nations that will result in the elimination of tariffs that are currently hurting building material supply chains and raising construction costs.' The NAHB On the plus side, Hughes said builders are expecting that 'future trade negotiations and progress on tax policy will help stabilize the economic outlook and strengthen housing demand.' Housing Affordability A May 15 'In April, many households didn't know what was next for their jobs, investment portfolios, or budgets. As a result, some potential buyers sat on the sidelines, awaiting further clarity before making significant purchases—including homes,' the report said. There was almost 20 percent more inventory last month compared to a year back, providing buyers with more options. Meanwhile, sellers are increasingly opting to cut prices to attract buyers. 'Though the spring housing market started more sluggishly than desired, activity is underway, with improved options for buyers, steady price growth, and better affordability than last year; all positive indicators for the months ahead,' Zillow said. Meanwhile, lawmakers are taking action to address the affordability issue. Last month, a bipartisan group of senators introduced the Affordable Housing Credit Improvement Act that is expected to help build nearly 1.6 million new affordable homes over the next 10 years, according to an April 29 The legislation is related to the federal government's Low-Income Housing Tax Credit (LIHTC) LIHTC provides states and local agencies with around $10.5 billion in annual budget authority to issue tax credits for acquiring, rehabilitating, or building rental housing for lower-income households. The Act would boost tax credits available to states by 50 percent for the next two years. It would also make a 12.5 percent temporary tax credit increase from 2018 permanent. 'It's time for Congress to meet the housing crisis with the bold solutions it demands, and that starts with increasing housing supply,' said Sen. Ron Wyden (D-Ore.), another bill sponsor. 'Our bill will deliver some much-needed relief to families by supporting existing, successful federal housing programs and building over one million new units of affordable housing. I am all in to bring down costs and make housing more affordable for everyone no matter your zip code.'
TimesLIVE
14-05-2025
- Automotive
- TimesLIVE
FIA reduces penalty for swearing after driver backlash
The maximum penalties for drivers swearing has been reduced by 50% while stewards will also be given more discretion on deciding penalties, the governing FIA said on Wednesday. Competitors in Formula One and rallying have been at loggerheads with FIA president Mohammed Ben Sulayem over a crackdown on bad language during events. Ben Sulayem said last month that he was considering 'improvements' to rules. World championship rally drivers had made a breakthrough in April when they reached a compromise to divide events into a controlled zone and an uncontrolled one, with the change now being implemented across all events sanctioned by the FIA. The FIA said the base maximum penalty has been reduced from €10,000 (R204,466) to €5,000 (R102,232) while stewards will have the option to fully suspend a penalty if it is the first offence by a driver or a team. Moreover, stewards will be able to differentiate between 'controlled and non-controlled environments'. Controlled environments include press conferences while tracks or rally stages are uncontrolled environments. 'As a former rally driver, I know first-hand the range of emotions that are faced during competition,' said Ben Sulayem, who is up for re-election at the end of the year. 'I have led an extensive and collaborative review with contributions from across the seven FIA world championships, FIA member clubs and other motor sports organisations. 'The improvements the FIA announced today to Appendix B will ensure we continue to promote the best of sportsmanship in motorsport, while also giving stewards effective guidelines to act against individuals who may bring the sport into disrepute.' Appendix B covers stewards' penalty guidelines, setting out punishments for misconduct including words, deeds or writings that might have caused moral injury to the FIA or motorsport in general. Mitigating circumstances will also be considered while the abuse of officials will now result in sporting penalties instead of fines. Formula One Stewards chair Garry Connelly said the new changes would give stewards guidance to 'differentiate between on- and off-track issues'. 'Drivers are looked up to as role models by young fans and are rightly seen as ambassadors for the wider world of motorsport,' said Ronan Morgan, president of the Drivers' Committee. 'How they act really does matter but it is important to recognise that there is a difference between what is said during a race and in a press conference.' Last season, Red Bull's triple world champion Max Verstappen was punished for his language in a press conference at the Singapore Grand Prix in September.
Express Tribune
14-04-2025
- Business
- Express Tribune
Gold market shows signs of softening
Gold prices in Pakistan fell on Monday following a continued upward trend over the past several sessions. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola dropped by Rs1,800, settling at Rs338,800 in the local market. Similarly, the price of 10 grams of gold decreased by Rs1,543, reaching Rs290,466. This decline comes after gold touched an all-time high of Rs340,600 per tola on Saturday. Internationally, gold prices also softened. The global rate stood at $3,218 per ounce on Monday (including a $20 premium), marking a day-on-day drop of $18, as per APGJSA. "Gold appears to be entering a corrective phase after a sharp rally," said noted Adnan Agar, Director at Interactive Commodities, commenting on the market trend. "Prices surged nearly 10% within four to five days without any significant pullback. Today, gold hit a high of $3,245 - the same level it touched on Friday - and recorded a low of $3,190 before stabilising around $3,202," he said. Agar pointed out that if gold breaches the $3,190 level, it may test further support zones around $3,150 and potentially $3,100, with a lower range between $3,050 and $3,080 also in play. He added that global market activity may slow down later this week due to the Good Friday holiday and Easter weekend, as many international markets will remain closed. "With Europe shut on Monday and the US observing a partial holiday, we expect subdued movement until Tuesday, when trading volumes may begin to normalise," he said. Meanwhile, the Pakistani rupee registered a slight depreciation against the US dollar on Monday, slipping by 0.05% in the inter-bank market. By the end of the trading session, the local currency settled at Rs280.60, down 13 paisas from the previous close. In the prior week, the rupee largely held steady against the greenback. It had initially weakened by 31 paisas over the first three sessions, but recovered those losses in the final two sessions, closing the week unchanged at Rs280.47, as per data released by the State Bank of Pakistan (SBP). On the global front, the US dollar edged lower on Monday. After briefly rebounding from a three-year low, its momentum faded amid growing investor unease, triggered by a string of tariff-related statements from US President Donald Trump, which continued to pressure sentiment surrounding the world's reserve currency.
Express Tribune
14-04-2025
- Business
- Express Tribune
Gold price in Pakistan today – April 14, 2025
Listen to article Gold prices in Pakistan fell on Monday following a three-day upward trend. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola declined by Rs1,800, bringing it down to Rs338,800 in the local market. Similarly, the price of 10 grams of gold dropped by Rs1,543 and was recorded at Rs290,466. This decline comes after gold reached a record high of Rs340,600 per tola on Saturday, following a single-day increase of Rs1,800. Internationally, gold prices also experienced a decline. APGJSA reported the global gold rate at $3,218 per ounce (including a $20 premium), reflecting a decrease of $18. Meanwhile, silver prices remained stable, with the rate unchanged at Rs3,234 per tola.
