Consumer confidence improves
Consumer confidence, a key metric for the housing market, inched up in July and beat analyst expectations but remains short of last year's sentiment levels, The Conference Board reported Tuesday.
The Consumer Confidence Index improved to 97.2 from 95.2 in June. A consensus of analysts had predicted the July reading would be 95.9. Plans to buy cars and homes declined in July but remained stable on a six-month moving average, the report found.
Despite the increase, consumers’ write-in responses expressed concerns about the effects of tariffs and the "One Big, Beautiful Bill Act," according to Stephanie Guichard, a senior economist for The Conference Board.
"Consumer confidence has stabilized since May, rebounding from April’s plunge, but remains below last year’s heady levels,” Guichard said in a statement. “In July, pessimism about the future receded somewhat, leading to a slight improvement in overall confidence."
Down payment programs hit record high
The number of housing down payment assistance programs nationwide totals a record 2,554, according to a report Tuesday.
The Homeownership Program Index found that 45 programs launched in the second quarter, up 2% from the first quarter, Atlanta-based Down Payment Resource, or DPR, said. The firm analyzes the funding status, eligibility rules and benefits of homebuyer assistance programs administered by state and local housing finance agencies, municipalities, nonprofits and other organizations.
The second quarter includes the traditional spring selling season when families look to buy and get settled before the new school year starts. But the season was largely a disappointment, builders say, as buyers face affordability challenges and economic uncertainty.
“Even with these market headwinds, we are heartened to find more assistance programs than ever — at least one in every U.S. county and 2,000 counties with 10 or more — helping lenders qualify eligible buyers and close more loans in this tough market,” said Rob Chrane, founder and CEO of DPR, in a statement.
Christie's embraces cryptocurrency
Christie's International Real Estate is the first major U.S. brokerage to create an arm devoted to cryptocurrency-only home sales, according to The New York Times.
Aaron Kirman, CEO of a 150-agent Christie’s firm in Beverly Hills, California, launched the division last week in response to the growing demand to use cryptocurrency in transactions, the newspaper reported.
“The trend was obvious — crypto is here to stay,” Kirman told The Times. “It’s only going to get bigger over the next few years.”