About 10% of purchase-mortgage applications were for ARMs in the week ended Oct. 3, the highest rate since 2023. In early 2021, when mortgage rates were near historic lows, less than 3% of purchase applications were for ARMs.
Developer Related Companies has agreed to build a more than $7 billion data-center, one of the largest deals yet for this burgeoning real estate class that powers AI. Related’s 250-acre campus in Saline Township, Mich., is the fourth new site announced as part of a $300-billion contract signed between Oracle and OpenAI, which the ChatGPT maker says is part of its larger Stargate project designed to build trillions of dollars worth of new computing capacity.
National rent prices edged slightly higher for part of this year, buoyed by price rises in the Northeast and Midwest where new supply has been limited. But last month, national average rent fell 0.3% from August, the steepest September drop in more than 15 years.
About 990,000 older adults were living with unrelated housemates or roommates in 2023, which is up 8.8% since 2021, and more than double the number two decades ago.
Nationally, nearly three-quarters of apartment owners reported an average 40% increase in rental-application and -payment fraud last year compared with 2023.
New York property owner RXR completed its purchase of 590 Madison Avenue, the former IBM building, for $1.1 billion. That was the first New York office sale to exceed $1 billion in nearly three years.
New York City’s office market leased 23.2 million square feet in the first nine months of 2025, the largest amount in 19 years.
During the three months ended Aug. 31, the median sale price for luxury properties—defined as the top 5% of the market—increased 3.9% year over year to $1.25 million. But that is down from a 6.1% year-over-year price jump for the three months ended Aug. 31, 2024.
Rents in the top 20 U.S. markets for single-family homes are expected to rise 0.8% this year. That would be the slowest pace since 2011, when job losses caused by the global financial crisis made it hard to increase rent.
