Scarce inventory and mortgage rates topping 5% have combined with steep prices to yank sales activity back to where it was before the boom. April’s seasonally adjusted annual rate of 5.61 million was the lowest rate since June 2020.
Hotel ADR
For April, U.S. hotel average daily rate was up 35% compared to April 2020, marking 12 consecutive months of double-digit, year-over-year improvement in the metric.
Market Declines
The Dow Jones Industrial Average closed Wednesday down 1164.52 points, or 3.6%, and the S&P 500 dropped 4%, or 165.17 points. The Dow and S&P recorded their worst percentage declines since June 11, 2020.
SPAC Update
An exchange-traded fund tracking companies that have merged with SPACs is down about 30% for the year, a much sharper drop than the broader market.
SEC Climate-Change Rule
The Securities and Exchange Commission estimates the plan will raise the cost to businesses to comply with its disclosure rules from $3.9 billion to $10.2 billion. The leap in expense equates to an ongoing additional cost of $420,000 a year on average for a publicly listed small company and $530,000 a year for a bigger firm, the SEC said.
Hotel Housekeeping
A union representing hotel housekeepers is asking guests to request daily room cleaning as a way to secure housekeepers’ jobs and ease strain.
Crypto
Traders’ flight from risky investments has halved the price of bitcoin and other cryptocurrencies, wiping out more than $1 trillion worth of digital money since November. Bitcoin and Ethereum are down 60% from their highs.
Brookfield Watermark
Brookfield is set to acquire Watermark Lodging Trust in a $3.8-billion all-cash transaction, which includes 25 properties, including five Ritz-Carlton hotels.
Inflation Rate
U.S. consumer inflation eased in April to an 8.3% annual rate marked the first decline in eight months, down from an 8.5% annual rate in March.
Miami Apartments
Apartment rents have soared 58% in the Miami area over the past two years.