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Pop: Home prices in the US are falling

Pop: Home prices in the US are falling

Pop

Just over 2 weeks ago, we charted about how the combination of higher borrowing costs and still-elevated home prices had created one of the least affordable housing markets in modern history for would-be buyers.

However, data out this week from the NAR revealed that some of the air is coming out of the market, as existing home prices fell 0.2% in Feb 2023 (vs. Feb 2022), breaking an 11-year-streak of continuous annual increases.

Interestingly, the number of homes sold jumped some 14.5% in February. That suggests there is demand from those waiting on the sidelines, standing by for any favorable fluctuations in the mortgage market, where interest rates still hover around 7%. As Fortune put it, the real winners of the pandemic may be the home-buyers who managed to lock in a mortgage rate around 2%.

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Starbucks sells control of China business for $4 billion

Starbucks disclosed on Monday evening in a regulatory filing that it will sell control of its ailing China business to Boyu Capital for about $4 billion.

Under the agreement, Boyu will own a 60% stake in the China segment, which will become a joint venture between Boyu and Starbucks. The coffee chain will retain a 40% interest in the entity and will continue to own and license the brand and intellectual property.

Bloomberg reported earlier this year that the company was looking to sell its China segment. The American coffee giant has struggled to succeed in China, its second-largest market after the US.

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John Wayne Airport in Orange County tops the list of North America’s favorite airports

Despite a record year of passenger numbers, flight cancellations, and delays, a new survey has revealed that flyers have been increasingly satisfied about their experiences in North American airports. 

According to this year’s North America Airport Satisfaction Study from data analysts at J.D. Power, overall passenger satisfaction scores were up 10 points (on a 1,000-point scale), largely from “improvements in food, beverage and retail and ease of travel through the airport.” The annual survey measures overall traveler satisfaction across the region’s airports in seven categories (in order of importance): ease of travel, level of trust, terminal facilities, airport staff, airport departure experience, food and retail, and airport arrival experience.

Here are the regions favorites:

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