Rents are maybe peaking
See how the line in the chart ticks down a little smidge on the right? That's a clue that after more than a year of massive increases, rent growth in the U.S. is moderating, Emily writes. Why it matters: Housing costs, including skyrocketing rent prices, are a major driver of inflation, as Matt explained last week.
Home sales are slumping
Sales of existing homes fell for the seventh straight month in August, as sharply higher mortgage rates slammed the brakes on buying activity, Matt writes. Driving the news: Numbers published yesterday by the National Association of Realtors showed existing home sales (as opposed to new construction) slipping to an annualized rate of 4.8 million last month.
Minneapolis looking at 6.5% property tax levy increase
Minneapolis residents could face a property tax levy increase of up to 6.5% next year, though its impacts wouldn't be felt evenly across the city, a disparity that concerns some members of the Board of Estimate & Taxation. In a split vote Wednesday, the six-member board cleared the way for officials to approve Mayor Jacob Frey's proposed tax levy later this year.