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Commercial Real Estate & Business News – November 28, 2023

US Black Friday Sales Rose 2.5% YoY, Extending 2022’s Double-Digit Growth

Jewellery and apparel emerged as the top gift sectors of 24 November. On 24 November, US retail sales experienced a robust increase of 2.5% year-over-year (YoY), excluding automotive and not accounting for inflation. This growth, as reported by Mastercard SpendingPulse, a measure of…»

Interest Rate Cuts are Coming Next Year, Bank of America Says

Bank of America predicted the Fed will cut interest rates in the middle of 2024. It thinks the country can achieve a soft landing next year, as well. Still, Fed Chair Jerome Powell said the central bank is not considering rate cuts right now. Americans could finally see some financial relief next in…»

Phoenix’s Cost of Living Exceeds National Average, But Not by Much

The cost of living in Phoenix is higher than the national average, though not by much and by less than some other Valley cities. The big picture: The cost of goods and services in Phoenix is just under 2 points higher than the national average, according to the Council for Community…»

Fannie Mae Sees Return to Economic Growth in 2025

Economic growth remains likely to decelerate and ultimately result in a mild recession in 2024, followed by a return to growth in 2025, the Fannie Mae Economic and Strategic Research (ESR) Group said in its November commentary. Although the combination of ongoing employment…»

Mortgage Rates Continue Falling Before Thanksgiving: Freddie Mac

The 30-year, fixed mortgage rate averaged 7.29% for the week ending Nov. 22, spurring an uptick in mortgage demand. Mortgage rates dropped significantly in the last few weeks, but the cost of borrowing remains high prompting many homebuyers to wait for even lower rates. The 30-year…»