THE BUZZ AROUND TOWN

Familiar Buzzzz

The Charlotte Hornets just wrapped up their 2025 draft; starting by selecting Duke Freshman Know Knueppel 4th overall.  Did you know Rex Chapman was the franchise’s very first draft selection back in 1988, he was a high-flyer from the  University of Kentucky who dropped 16.9 points per game as a rookie. Fast forward to today, and Buzz City isn’t just building the roster with 4 new players; it’s renovating the whole hive!  Spectrum Center getting a $245 million glow-up featuring expanded concourses, upgraded premium clubs, sleek new entrances, and here are the 3 things you need to know this week. 

Oh Boy: Activity down 13.7% from April, pushing new home inventory to nearly 10 months of supply. 

Sales of newly built single-family homes dropped 13.7% between April and May, according to the U.S. Census Bureau, translating to a seasonally adjusted annual rate of 623,000 — well off the 665,000 pace last May. That pushed the supply of new homes to 9.8 months; a year ago, it was 8.5 months.

Honey I Shrunk The: Median down payments dropped to $62,468 in April 2025, a drop of about 1% year over year.

In April ‘25 The typical down payment was $62,468, down from the year prior; representing the first YoY drop in nearly two years. The share of FHA loans rose to 15.3%, up from 14.2% in April 2024. VA loans made up 7.2% of mortgaged purchases, their highest April share since 2020. Nearly one in three buyers (30.7%) paid all cash—slightly below last year’s 31.6%, but still historically high.

Concession Stand: 44% of sellers are offering concessions with the sale of their home. 

Seller concessions most often come in the way of credits they offer a buyer at closing, but can also include other terms such as items, services, or warranties offered to buyers in the transaction.  The advantage to the buyer is they allow them to reduce upfront out of pocket expenses. This is all done in a way where the seller doesn’t have to come out of pocket by conceding gains they hadn’t actually realized. Other buyer friendly trends include: 37% of builders are cutting prices, housing inventory at a 5-year high, and investor-owned homes are hitting the market in record numbers.

As we head towards a holiday weekend I hope you have a great weekend and remember; We’re never as great as our best day - We’re never as bad as our worst day; Be Confident - Stay Humble.