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New York firm buys Chesapeake apartments as part of $58.2M portfolio

New York-based investment firm Newbrook Capital Properties announced this week it has acquired a two-property, 340-unit portfolio of apartment complexes in the Virginia-North Carolina border region for $58.2 million.

The portfolio includes Green Tree, a 208-unit garden-style apartment community at 749 Green Tree Circle in , and Emerald Lake, a 132-unit garden-style complex about 40 minutes south at 1500 Emerald Lake Circle in Elizabeth City, North Carolina. Newbrook purchased both properties from MRKT Capital, and they were 98% occupied at the time of the sale.

Built in 1990, Green Tree offers ranging from 575 to 950 square feet, with rents from $1,175 to $ 1,550.

Newbrook plans to renovate 70% of the unit interiors, but a company spokesperson said it was “too early” to discuss what the renovations may entail. The spokesperson also declined to discuss how the improvements may affect rent and whether Newbrook had plans to sell the property after it eventually made the improvements.

The firm tapped StoneCreek, a St. Louis-based property management firm, to manage the two complexes.

Cushman & Wakefield’s Hunter Bowling and Paul Marley represented the seller on Emerald Lake, while Berkadia’s Drew White and Carter Wood handled the Green Tree sale.

Newbrook was co-founded in late 2023 by hedge fund manager Robert Boucai and James Broyer, former president of multifamily investments at JRK Property Holdings. Since then, the firm has acquired $400 million in assets under management, encompassing over 2,000 units across Colorado, North Carolina, Ohio, Missouri and Virginia.

“Our strategy is built around identifying mispriced, high-quality assets in primary and secondary markets with durable multifamily fundamentals, limited supply, elevated occupancies, and rental upside,” said Broyer in a statement. “This approach allows us to acquire properties at an attractive cost basis with long-term fixed-rate financing and hold them for longer durations, while generating stable income growth and consistent, outsized cash yields for our investors.”

SAIC wins $1.4B task order to speed warfighting tech development

The U.S. Department of awarded -based Fortune 500 government contractor Science Applications International Corp. ()  a $1.4 billion Collaborative Operations for Battlespace Resilient Architecture (COBRA) to assist the federal government with fast-tracking warfighting technologies from concept to combat, the company announced Thursday.

The goal behind COBRA is to give military commands flexibility to modernize existing systems across the Combined Joint All-Domain Command and Control (CJADC2) ecosystem. CJADC2 is the federal agency’s approach “to developing both material and nonmaterial solutions to deliver information and decision advantage to commanders,” according to the DOD, also known as the Department of War.

“COBRA highlights the urgent need to deliver integrated, all-domain capabilities to our warfighters,” Vincent DiFronzo, executive vice president of Air Force and combatant commands business group, stated in the announcement. “SAIC will use our proven experience, speed and flexibility to fast-track warfighting technologies from concept to combat. With rigorous execution, we will rapidly deliver next-gen capabilities that accelerate decision superiority, strengthen readiness and enhance lethality.”

As an example of COBRA’s impact, SAIC said in a news release that the U.S. Indo-Pacific Command, which is responsible for defending and promoting U.S. interests in the Pacific and Asia, could use COBRA “to deliver technological innovation for mission requirements.”

SAIC’s work on the task order will include digital engineering and new system development for CJADC2, modeling and simulation, rapid prototyping, testing, data analytics, modernization in unmanned systems and cybersecurity.

The task order comes during a time of transition at SAIC. Following on the heels of former CEO ‘s departure in October, SAIC’s executive vice presidents of its Army sector and its Space and Intelligence group, Josh Jackson and David Ray, as well as Chief Innovation Officer Lauren Knausenberger, have left “to pursue other opportunities,” the company announced Nov. 13.

That day, the company also announced it is consolidating its five business groups into three. Effective Jan. 31, 2026, the current Army and Navy business groups will be combined as ANG, and the Air Force and Space and Intelligence (AFSI) business groups will be consolidated.

SAIC has about 24,000 employees and annual revenue of about $7.5 billion.

Data center developer to build $3B campus in Caroline

CleanArc is building a $3 billion campus in , Gov. Glenn Youngkin announced Thursday.

Located in Ruther Glen, the is expected to create 50 jobs once it’s operating at its full 900-megawatt capacity.

“Virginia is the data center capital of the world, and I am thrilled that CleanArc has selected Caroline County as the site to invest $3 billion for their newest data center campus,” Youngkin said in a statement, describing the CleanArc project as “the largest announced economic investment in the history of Caroline County.”

CleanArc, a Las Vegas-based hyperscale data center developer and operator, held a groundbreaking for the project, dubbed VA1, on Thursday. The company’s data center campus in Virginia will be its first, according to prior news releases.

“Today marks an important milestone for CleanArc Data Centers and Northern Virginia,” CleanArc founder and CEO James Trout said in a statement. “This new leading-edge campus reflects our commitment to delivering reliable, efficient and sustainable data center solutions while supporting the local economy and workforce.”

The facility’s first 300 megawatts of grid capacity is expected to come online in the first quarter of 2027, with the second 300-megawatt increment following in 2030. The final  300 megawatts are expected to be online in the 2033-2035 window.

CleanArc will use modular data center design and off-site manufacturing to deliver pre-engineered systems to the Caroline County site.

New York private equity firm Snowhawk is a majority investor in CleanArc, and Nuveen — the investment manager for TIAA — and Cleveland-based investment advisory firm Townsend Group are minority investors.

Brian McMullen, Snowhawk managing partner and co-founder, said in a statement: “We are thrilled to support this project, which represents a significant investment in the future of digital infrastructure and underscores our commitment to building advanced, sustainable facilities that empower businesses and communities.”

VA1 is expected to generate about $13 million in annual local tax revenue for Caroline County, about 17% of the county’s current general fund, according to a news release from CleanArc. The company is eligible for the state’s data center sales and use tax exemptions on qualifying computer equipment and enabling software.

Founded in 2022, CleanArc describes itself as a “sustainability-focused data center development and operation solutions” provider focusing on hyperscale projects. Along with its Las Vegas office, CleanArc has offices in and in Arlington, Texas.

The VA1 campus will use closed-loop water systems to reduce usage and design features to reduce noise and light pollution, according to CleanArc.

FDIC files counterclaim against Capital One in special assessment case

This week the Federal Deposit Insurance Corp. filed a counterclaim against -based , National Association, which is suing the over its 2023 of $474 million, which the bank claims is a major overcharge.

The FDIC claims in its Nov. 17 filing that Capital One, National Association, a national bank and subsidiary of , has withheld payment of about $99.4 million it allegedly owes the federal government, part of the $474 million assessed after the March 2023 failures of Silicon Valley Bank and Signature Bank.

According to Capital One’s lawsuit filed in the U.S. District Court of the Eastern District of Virginia in September, the FDIC improperly charged the bank about $149 million of the $474 million after the federal insurer took action to protect the two failed banks’ insured and uninsured depositors, using funds from the Deposit Insurance Fund.

As one of the nation’s largest FDIC-insured banks, Capital One was assessed $474 million in November 2023 to help replenish the FDIC’s insurance fund for emergencies, but that amount was “outsized and improperly calculated,” the bank alleges in its complaint.

Capital One argues that the federal special assessment rule, which the FDIC employed to determine the amount assessed to the bank, was supposed to use the uninsured deposit amount on the bank’s revised December 2022 call report. Instead, the FDIC used the intercompany position — a statistic not listed on the call report — and charged the bank a higher amount. An intercompany position refers to financial exchanges between two or more legal entities within a parent company.

The FDIC says in its counterclaim that Capital One has withheld $99.4 million of the special assessment “because it claims that funds of one of its subsidiaries … are not subject to the special assessment.”

Both Capital One and its subsidiary “identified $56 billion in funds as deposits at the time, and the subsidiary received the benefit of FDIC deposit insurance on these funds up to applicable limits. Nevertheless, [Capital One] now claims that these funds should not be counted as deposits for purposes of calculating … special assessments,” the counterclaim alleges.

It’s not clear why the two amounts — the $149 million Capital One says it does not owe the FDIC and the $99.4 million the FDIC claims the bank owes — differ. Capital One did not respond immediately to requests for comment Thursday, and an FDIC spokesperson said it had no comment beyond its counterclaim.

Nvidia sales soar as AI chip demand beats forecasts

Summary

  • ‘s AI chip sales far exceeded Wall Street forecasts
  • Results ease concerns over a potential slowdown
  • AI spending continues driving markets and the broader economy
  • Nvidia shares jumped more than 5% after the release

SAN FRANCISCO (AP) — Nvidia’s sales of the computing chips powering the craze surged beyond the lofty bar set by analysts in a performance that may ease recent jitters about a Big Tech boom turning into a bust that topples the world’s most valuable company.

The results announced late Wednesday provided a pulse check on the frenzied spending on AI technology that has been fueling both the stock market and much of the overall economy since OpenAI released its ChatGPT three years ago.

Nvidia has been by far the biggest beneficiary of the run-up because its processors have become indispensable for building the AI factories that are needed to enable what’s supposed to be the most dramatic shift in technology since Apple released the iPhone in 2007.

But in the past few weeks, there has been a rising tide of sentiment that the high expectations for AI may have become far too frothy, setting the stage for a jarring comedown that could be just as dramatic as the ascent that transformed Nvidia from a company worth less than $400 billion three years ago to one worth $4.5 trillion at the end of Wednesday’s trading.

Nvidia’s report for its fiscal third quarter covering the August-October period elicited a sigh of relief among those fretting about a worst-case scenario and could help reverse the recent downturn in the stock market.

“The market should belt out a heavy sigh, given the skittishness we have been experiencing,” said Sean O’Hara, president of the investment firm Pacer ETFs.

The company’s stock price gained more than 5% in Wednesday’s extended trading after the numbers came out. If the shares trade similarly Thursday, it could result in a one-day gain of about $230 billion in stockholder wealth.

Nvidia earned $31.9 billion, or $1.30 per share, a 65% increase from the same time last year, while revenue climbed 62% to $57 billion. Analysts polled by FactSet Research had forecast earnings of $1.26 per share on revenue of $54.9 billion. What’s more, the Santa Clara, California, company predicted its revenue for the current quarter covering November-January will come in at about $65 billion, nearly $3 billion above analysts’ projections, in an indication that demand for its remains feverish.

The incoming orders for Nvidia’s top-of-the-line Blackwell chip are “off the charts,” Nvidia CEO Jensen Huang said in a prepared statement that described the current market conditions as “a virtuous cycle.” In a conference call, Nvidia Chief Financial Officer Collette Kress said that by the end of next year the company will have sold about $500 billion in chips designed for AI factories within a 24-month span Kress also predicts trillions of dollars more will be spent by the end of the 2020s.

In a conference call preamble that has become like a State of the AI Market address, Huang seized the moment to push back against the skeptics who doubt his thesis that technology is at tipping point that will transform the world. “There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different,” Huang insisted while celebrating “depth and breadth” of Nvidia’s growth.

The upbeat results, optimistic commentary and ensuring reaction reflects the pivotal role that Nvidia is playing in the future direction of the economy — a position that Huang has leveraged to forge close ties with President Donald Trump, even as the White House wages a trade war that has inhibited the company’s ability to sell its chips in China’s fertile market.

Trump is increasingly counting on the tech sector and the development of artificial intelligence to deliver on his economic agenda. For all of Trump’s claims that his tariffs are generating new investments, much of that foreign capital is going to for AI’s computing demands or the power facilities needed to run those data centers.

“Saying this is the most important stock in the world is an understatement,” Jay Woods, chief market strategist of investment bank Freedom Capital Markets, said of Nvidia.

The boom has been a boon for more than just Nvidia, which became the first company to eclipse a market value of $5 trillion a few weeks ago, before the recent bubble worries resulted in a more than 10% decline. As OpenAI and other Big Tech powerhouses snap up Nvidia’s chips to build their AI factories and invest in other services connected to the technology, their fortunes have also been soaring. Apple, Microsoft, Google parent Alphabet Inc. and Amazon all boast market values in the $2 trillion to $4 trillion range.

Average US long-term mortgage rate rises to 6.26%

Summary

  • Average 30-year mortgage rate rises to 6.26%
  • Third consecutive weekly increase, still near yearly low
  • Rate compares with 6.84% a year ago
  • Influenced by Fed policy and bond market expectations

The average rate on a 30-year U.S. mortgage edged higher for the third week in a row, though it remains close to its low point this year.

The average long-term mortgage rate ticked up to 6.26% from 6.24% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.84%.

Three weeks ago, the average rate was at 6.17%, its lowest level in more than a year.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also inched up this week. The rate averaged 5.54%, up from 5.49% last week. A year ago, it was 6.02%, Freddie Mac said.

When rise they reduce homebuyers’ purchasing power. The average rate on a 30-year mortgage has been stuck above 6% since September 2022, the year mortgage rates began climbing from historic lows.

That’s helped kept sales of previously occupied U.S. homes stuck at around a 4-million annual pace going back to 2023. Historically, sales have typically hovered around 5.2 million a year.

While sales have been sluggish this year, they received a boost this fall as mortgage rates eased, remaining below 6.4% since early September. Last month, they accelerated to their fastest pace since February.

Mortgage rates are influenced by several factors, from the Federal Reserve’s interest rate policy decisions to bond market investors’ expectations for the economy and inflation. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.

The 10-year yield was at 4.10% at midday Thursday. That’s down slightly from from a week ago, but up from around 3.95% on Oct. 22.

Mortgage rates began declining this summer ahead of the Federal Reserve’s decision in September to cut its main interest rate for the first time in a year amid signs the labor market was slowing. The Fed lowered its key interest rate again last month, although Fed Chair Jerome Powell cautioned that further rate cuts weren’t guaranteed.

Wall Street traders have reduced their bets that the Fed will cut its main interest rate at its next meeting in December, now giving it a roughly 44% probability, according to data from CME Group. That’s down from nearly 70% a couple of weeks ago, but better than the 30% chance before the release Thursday of the delayed September jobs report.

The central bank doesn’t set mortgage rates, and even when it cuts its short-term rates that doesn’t necessarily mean rates on home loans will necessarily decline.

Walmart posts strong quarter, raises financial outlook

Summary

  • reports strong sales and profits, topping forecasts
  • Retailer raises ahead of holiday season
  • Company moving its stock listing from NYSE to Nasdaq
  • CEO plans early retirement after tech-focused shift

NEW YORK (AP) — Walmart delivered another standout quarter, posting strong sales and profits that blew past Wall Street expectations as it wins over more cash-strapped Americans who have grown increasing anxious about the economy.

With other retailers dialing back projections, the nation’s largest retailer raised its financial outlook Thursday after its strong third quarter, setting itself up for a strong season.

Walmart Inc., based in Bentonville, Arkansas, also said Thursday that it will be transferring the listing of its common stock to the tech-heavy Nasdaq from the New York Stock Exchange. It expects its common stock to begin trading on the Nasdaq Global Select Market on December 9, under the the same ticker symbol “WMT.”

CEO Doug McMillon, who surprised investors last week with plans to retire early next year, has reshaped Walmart itself as tech-powered retail giant that has leaned heavily into automation and .

McMillon spearheaded a period of robust sales growth since becoming chief executive in 2014, going toe-to-toe with online behemoth Amazon. John Furner, 51, the head of Walmart’s U.S. operations, will take over on Feb. 1, the day after McMillon’s retirement becomes effective.

The leadership change arrives at a challenging time for U.S. companies that have spent months navigating an uncertain economic environment as President Donald Trump imposes wide-ranging tariffs on imports and pursues an immigration crackdown that threatens to shrink the number of workers available in America.

Walmart’s performance serves as a barometer of consumer spending given its size and vast customer base. The company maintains that 90% of U.S. households rely on Walmart for a range of products, and more than 150 million customers shop on its website or in its stores every week.

“We’re gaining market share, improving delivery speed, and managing inventory well, McMillon said in prepared remarks. “We’re well-positioned for a strong finish to the year and beyond that.”

That compares with a mixed performance from other retailers so far this quarter.

Target’s third-quarter profit tumbled as the retailer struggled to lure shoppers that are being pressed by stubbornly high inflation. The Minneapolis company said Wednesday that it expects its sales slump to extend through the critical holiday shopping season.

The most recent quarter is the latest challenge for incoming CEO Michael Fiddelke, a 20-year company veteran who is replacing CEO Brian Cornell in February.

Home Depot, which reported its third-quarter results on Tuesday, was mixed with fewer violent storms reaching shore, more anxiety among U.S. consumers and a housing market that is in a deep funk. The company lowered its fiscal 2025 adjusted forecast but raised its expectations for sales growth.

TJX, which operates HomeGoods and TJ Maxx, continues to lure frugal shoppers. On Wednesday, it upgraded its full-year outlook and turned in higher profit and sales during the recent quarter.

Walmart, too, has been laser-focused on maintaining low prices while the company under McMillon deploys new technologies, from artificial intelligence to robotics. Walmart has also invested heavily in e-commerce and faster deliveries.

Walmart has also sought out new sources of revenue like advertising and launched a membership program called Walmart + to compete with Amazon Prime.

Those efforts have paid off.

Third-quarter profits rose to $6.14 billion, or 77 cents per share, in the quarter ended Oct. 31. Adjusted earnings were 66 cents, or 6 cents better than Wall Street had expected, according to a poll by FactSet. That is far greater than the $4.58 billion, or 57 cents per share, the company earned in the same period last year.

Sales rose nearly 6% to $179.5 billion, also exceeding the expectations of most analysts.

Comparable sales at Walmart stores — those from sales from established physical stores and online channels— rose 4.5% in the third quarter, just shy of last quarter’s 4.6%.

The number of transactions at Walmart stores rose 1.8%, while the average transaction size rose 2.7%.

Global e-commerce sales rose 27%. That follows a 25% jump in the second quarter and a 22% growth in the first quarter.

The company said that it now expects adjusted profits this year to be in the range of $2.58 to $2.63, up from guidance in August of between $2.52 and $2.62 per share.

Walmart expects sales for the year to be up anywhere from 4.8% to 5.1%. That’s up from its earlier estimates of 3.75% to 4.75%.

Analysts were predicting $2.61 per share, according to FactSet analysts.

Shares were essentially flat before the opening bell Thursday.

Verizon to cut 13,000 jobs in major restructuring

Summary

  • laying off more than 13,000 employees
  • Cuts represent about 20% of
  • CEO says cost structure limits investment
  • Company also reducing outsourced labor expenses

NEW YORK (AP) — Verizon is laying off more than 13,000 employees in mass job reductions that arrive as the telecommunications giant says it must “reorient” its entire company.

The jobs cuts began on Thursday, per to a staff memo from Verizon CEO Dan Schulman. In the letter, which was seen by The Associated Press, Schulman said Verizon’s current cost structure “limits” the company’s ability to invest — pointing particularly to customer experiences.

“We must reorient our entire company around delivering for and delighting our customers,” Schulman wrote. He added that the company needed to simplify its operations “to address the complexity and friction that slow us down and frustrate our customers.”

Verizon had nearly 100,000 full-time employees as of the end of last year, according to securities filings. A spokesperson confirmed that the announced Thursday account for about 20% of the company’s management workforce, which isn’t unionized.

Verizon has faced rising competition in both the wireless phone and home internet space — particularly from AT&T, T-Mobile and other big market players. New leadership at the company has stressed the need to right the company’s direction.

Schulman took the CEO seat just last month. In the company’s most recent , he stated that Verizon’s trajectory was at a “critical inflection point” — and said, rather than incremental changes, Verizon would “aggressively transform” its operations.

For its third quarter of 2025, Verizon posted earnings of $4.95 billion and $33.82 billion in revenue. The carrier reported continued subscriber growth for its prepaid wireless services, but it lost a net 7,000 postpaid connections.

News of coming layoffs at Verizon were reported last week by The Wall Street Journal. The outlet says that the 13,000 job cuts mark the largest-ever round of layoffs at the company.

Beyond the cuts across Verizon’s workforce, Schulman said that the New York company would also “significantly reduce” its outsourced and other outside labor expenses.

It’s a tough time for the job market overall — and Verizon isn’t the only company to announce sizeable workforce reductions recently. More and more layoffs have piled up at companies like Amazon, UPS, Nestlé and more.

Some companies have pointed to rising operational costs spanning from U.S. President Donald Trump’s barrage of new tariffs and shifts in consumer spending. Others cite corporate restructuring more broadly — or are redirecting money to . Regardless, such cuts have raised worker anxieties across sectors.

Schulman on Thursday recognized that “changes in technology and in the economy are impacting the workforce across all industries.” He said that Verizon had established a $20 million “Reskilling and Career Transition Fund” for workers departing the company.

Shares for Verizon were essentially flat Thursday.

US employers added surprisingly solid 119,000 jobs in September

Summary

  • U.S. employers added 119,000 jobs in September
  • Job gains more than doubled economists’ 50,000 forecast
  • rose to 4.4% from 4.3%
  • August jobs were revised downward by 26,000

WASHINGTON (AP) — U.S. employers added a surprisingly solid 119,000 jobs in September, the government said, issuing a key economic report that had been delayed for seven weeks by the federal government shutdown.

The increase in was more than double the 50,000 economists had forecast.

Yet there were some troubling details in the delayed report.

revisions showed that the economy lost 4,000 jobs in August instead of gaining 22,000 as originally reported. Altogether, revisions shaved 33,000 jobs off July and August payrolls. The economy had also shed jobs in June, the first time since the 2020 pandemic that the monthly jobs report has gone negative twice.

And more than 87% of the September job gains were concentrated in two industries: healthcare and social assistance and leisure and hospitality.

“We’ve got these strong headline numbers, but when you look underneath that you’ll see that a lot of that is driven by healthcare,” said Cory Stahle, senior economist at the Indeed Hiring Lab. ”At the end of the day, the question is: Can you support an economic expansion on the back of one industry? Anybody would have a hard time arguing everybody should become a nurse.”

The unemployment rate rose to 4.4% in September, highest since October 2021 and up from 4.3% in August, the Labor Department said Thursday. The jobless rate rose partly because 470,000 people entered the labor market — either working or looking for work — in September and not all of them found jobs right away.

The data, though late, was welcomed by businesses, investors, policymakers and the Federal Reserve. During the 43-day shutdown, they’d been groping in the dark for clues about the health of the American job market because federal workers had been furloughed and couldn’t collect the data.

The report comes at a time of considerable uncertainty about the economy. The job market has been strained by the lingering effects of high interest rates and uncertainty around Trump’s erratic campaign to slap taxes on imports from almost every country on earth. But economic growth at midyear was resilient.

Healthcare and social assistance firms added more than 57,000 jobs in September, restaurants and bars 37,000, construction companies 19,000 and retailers almost 14,000. But factories shed 6,000 jobs — the fifth straight monthly drop. The federal government, targeted by Trump and billionaire Elon Musk’s DOGE cost cutters, lost 3,000 jobs, the eighth straight monthly decline..

Average hourly wages rose just 0.2% from August and 3.8% from a year earlier, edging closer to the 3.5% year-over-year increase that the Federal Reserve’s inflation fighters like to see.

The latest reading on jobs Thursday makes a rate cut by the Fed officials at their next meeting in December less likely. Many were already leaning against a cut next month, according to minutes of their October meeting released Wednesday. Steady hiring suggests the economy doesn’t need lower interest rates to expand.

The September jobs report will be the last one the Fed will see before its Dec. 9-10 meeting. Officials are split between those who see stubbornly high inflation as the main challenge they need to address by keeping rates elevated, and those who are more concerned that hiring is sluggish and needs to be supported by rate reductions.

Hiring has been strained this year by the lingering effects of high interest rates engineered to fight a 2021-2022 spike in inflation and uncertainty around Trump’s campaign to slap taxes on imports from almost every country on earth and on specific products — from copper to foreign films.

Labor Department revisions in September showed that the economy created 911,000 fewer jobs than originally reported in the year that ended in March. That meant that employers added an average of just 71,000 new jobs a month over that period, not the 147,000 first reported. Since March, has fallen farther — to an average 59,000 a month.

With September numbers out, businesses, investors, policymakers and the Fed will have to wait awhile to get another good look at the numbers behind the American labor market.

The Labor Department said Wednesday that it won’t won’t release a full jobs report for October because it couldn’t calculate the unemployment rate during the government shutdown.

Instead, it will release some of the October jobs data — including the number of jobs that employers created last month — along with the full November jobs report on Dec. 16, a couple of weeks late.

The 2025 job market has been marked by an awkward pairing: relatively weak hiring but few , meaning that Americans who have work mostly enjoy job security – but those who don’t often struggle to find employment.

Megan Fridenmaker, 28, lost her job last month as a writer for a podcast network in Indianapolis. She’s applied for at least 200 jobs and landed just one interview. “I am far from the only unemployed person in my friend group,” she said. “Where the job market’s at right now – people will apply for hundreds and hundreds (of jobs) before getting one interview.”

“Out of everything I’ve applied for, I get a response from maybe a quarter of them,” she said. “And the vast majority of the responses are the automated – ‘Thank you so much, but we’ve gone with another candidate.’ ‘Thank you so much, but we’ve already filled the position.’

“The whole job-hunting experience has felt so cold and so distant and so removed from who we are as humans.”

US existing home sales rise as mortgage rates ease

Summary

  • rose 1.2% in October to a 4.10M annual rate
  • Sales increased 1.7% from the same month last year
  • Median U.S. home price climbed 2.1% to $415,200
  • Lower boosted demand despite affordability challenges

Sales of previously occupied U.S. homes increased last month to the fastest pace since February as lower mortgage rates helped pull more homebuyers into the market.

Existing home sales rose 1.2% in October from the previous month to a seasonally adjusted annual rate of 4.10 million units, the said Thursday.

Sales climbed 1.7% compared with October last year. The latest sales figure topped the roughly 4.09 million pace economists were expecting, according to FactSet.

October’s home sales were likely limited by the federal government shutdown, which could have delayed some transactions that would have closed last month.

The national median sales price increased 2.1% in October from a year earlier to $415,200, an all-time high for any October on data going back to 1999. have risen on an annual basis for 28 months in a row.

The has been in a slump since 2022, when mortgage rates began climbing from historic lows. Sales of previously occupied U.S. homes sank last year to their lowest level in nearly 30 years.

Sales have remained sluggish this year, but have gotten a boost this fall as the average rate on a 30-year mortgage declined to its lowest level in more than a year.

Even so, affordability remains a challenge for many aspiring homeowners after years of skyrocketing home prices. Uncertainty over the economy and job market are also remain significant hurdles for many aspiring homeowners after years of skyrocketing home prices.

That’s kept existing U.S. home sales stuck at around a 4-million annual pace going back to 2023. Historically, sales have typically hovered around 5.2 million a year.

To close that gap will take a drastic increase in the number of homes on the market and a more meaningful decline in mortgage rates, said Lawrence Yun, NAR’s chief economist, whose 2026 forecast calls for a 14% increase in home sales.

“I don’t think we will get there next year,” Yun said. “We need 1 million more home sales to get us back to normal. I’m only looking at an additional half-million home sales next year.”

That shortage of homes for sale, especially in the more affordable end of the market, continues to weigh especially on first-time homebuyers, who don’t have home equity gains to put toward a new home purchase. They accounted for 34% of homes sales last month. Historically, they made up 40% of home sales.

An annual survey of homebuyers by NAR showed first-time buyers accounted for an all-time low 21% of home purchases between July 2024 and June 2025, while the average age of such homebuyers rose to a record-high of 40.

The Trump administration recently said it is considering backing a 50-year mortgage to help alleviate the home affordability crisis, though the announcement drew swift criticism from many economists and policymakers.

Homes purchased last month likely went under contract in August and September, when the average rate on a 30-year mortgage ranged from 6.63% to 6.26%, according to Freddie Mac. The decline in mortgage rates accelerated in October, pulling the average rate down to 6.17% — its lowest level since Oct. 3, 2024. It has ticked higher in the weeks since then.

Home shoppers who can afford to buy at current mortgage rates are benefiting from a wider selection of properties on the market this year than a year ago.

There were 1.52 million unsold homes at the end of last month, down 0.7% from September and up 10.9% from October last year, NAR said. However, the latest inventory snapshot remains well below the roughly 2 million homes for sale that was typical before the COVID-19 pandemic.

“To the degree pre-Covid conditions were more normal, we are still tight on inventory,” said Yun.

October’s month-end inventory translates to a 4.4-month supply at the current sales pace. Traditionally, a 5- to 6-month supply is considered a balanced market between buyers and sellers.

Still, homes are taking longer to sell. Properties typically remained on the market for 34 days last month before selling, NAR said.

The longer homes linger on the market, the more pressure it puts on homeowners eager to sell to give buyers a better deal.