Houses are selling in just 6 days on average in a red-hot market, and just 3 days in some Midwest cities, an industry report says

A couple stand in front of their new home and smile at each other.
Homes are typically taking just six days to be sold nationwide in a “red-hot” market.

Houses are selling quicker than ever before in the US, according to a report by real-estate site Zillow.

Newly listed homes nationwide typically took six days to go under contract in May, which was one day shorter than in April, according to the report. Homes in Cincinnati, Kansas City, and Columbus typically took just three days to be sold, the report said.

Zillow also said that high demand in one of the hottest housing markets in history and a lack of supply had pushed up prices. Typical house prices rose 13.2% year-on-year in May to $287,148, up 1.7% from April.

And rising home values show “virtually no signs of slowing as sky-high demand runs headlong into inadequate supply,” the report said.

But there are signs that the supply crunch could be easing. The report said that housing inventory – the number of new homes listed for sale – rose 3.9% over April, which was the first monthly rise in for-sale homes since July 2020.

The number of for-sale homes jumped 30.3% in San Jose, and 25.6% in San Francisco from a year ago, the report said. But inventory was still down 31.2% nationwide from the same period a year ago, it said.

In April, just under half of newly listed homes were sold within a week, and 76% were sold within a month, Zillow said.

Some buyers have been moving from coastal cities to states such as Texas and Florida during the pandemic as many jobs went remote. A Zillow survey in April said that 11% of Americans have moved since the pandemic hit last year.

Zillow did not immediately respond to Insider’s request for comment.

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Fox News guest draws baseless conclusion that mass shooters ‘probably got vaccinated’ and ‘will come out exactly in tandem with the number of vaccinations’

Fox News
Fox News coverage of a mass shooting in San Jose, California on May 26, 2021

  • A Fox News guest baselessly claimed that rising COVID-19 vaccinations will cause mass shootings.
  • “You can be sure they probably got vaccinated,” retired NYPD detective Pat Brosnan said of shooters.
  • Mass shootings and gun violence overall actually increased during the pandemic.
  • See more stories on Insider’s business page.

A Fox News guest baselessly claimed that mass shooters “will come out exactly in tandem with the number of vaccinations” in commenting on a mass shooting at a San Jose, California rail yard on Wednesday.

Retired New York City Police Department detective Pat Brosnan first connected the latest shooting to an overall “lack of enforcement” of laws and a lack of respect for law enforcement. He then claimed, without evidence, that more Americans getting vaccinated will cause more mass shootings, arguing that mass shooters were previously too scared of COVID-19 to commit violence.

“This is a time that I wish I was wrong with my prediction, which I mention to anybody who would listen, that once COVID starts to lift, these cowardly shooters will come out exactly in tandem with the number of vaccinations. You can be sure they probably got vaccinated, they were just scared to come out,” Brosnan said. “And they’re coming back. And you see the numbers don’t lie, shootings are up dramatically, skyrocketing actually on active shootings in the United States.”

Read more: Police reform once brought Democratic lawmakers and Black Lives Matter activists together. But now, tension rules.

Fox News has had a tumultuous relationship with accurate information regarding COVID-19 since the start of the pandemic.

While much of the network’s coverage has mirrored the approach of late-founder Roger Ailes in its hyperbolic framing around culture wars, the network also has medical experts and doctors who provide accurate statistics and relatively nuanced assessments of the virus.

However, opinion hosts such as Tucker Carlson have attacked the vaccines with baseless claims about their safety, and Fox News still will not confirm whether their highest-rated anchor has been vaccinated or ever plans to be.

On Tuesday, the network’s daytime news programming featured a recurring segment from a Johns Hopkins doctor about the value of vaccines and natural immunity against COVID-19.

The on-the-fly analysis from Brosnan with no evidence to back up his claim marks the latest coronavirus whiplash on the cable news powerhouse.

Authorities confirmed Wednesday that a shooter caused multiple fatalities and injuries at a Valley Transit Authority rail yard in San Jose.

The latest violence in San Jose follows other high-profile mass shootings at a series of spas in Atlanta, a grocery store in Boulder, and a FedEx warehouse in Indianapolis, among others.

Contrary to Brosnan’s claims, mass shootings didn’t slow down during COVID-19 – the pandemic largely took mass shooting events and all gun violence behind closed doors and onto city streets, instead of in spaces like stores and workplaces.

Data from the Gun Violence Archive found that mass shootings, defined as shooting events that kill four or more people, increased from 417 in 2019 to 610 in 2020.

According to the archive, 2020 was the deadliest year for gun violence in two decades, with nearly 20,000 Americans dying of murder, homicide, unintentional, and defensive gun deaths, with an additional 24,000 dying by suicide with a gun.

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Million-dollar luxury home sales are soaring even as many buyers struggle to find a house

luxury house
Even though wealthy Americans are snapping up luxury homes, there’s an abundance of them on the market.

Luxury home sales are soaring.

They increased by 41.6% in the first three months of 2021 over the first three of 2020, according to a recent Redfin report that defined luxury homes as those selling for an average of $975,000. It’s a sharp contrast from sales for what Redfin deems “affordable” homes (those selling for an average of $184,400), which only increased by 7% in the same time frame.

It’s emblematic of the wealth divide that has deepened in America since the pandemic began, with the wealthy doing just fine and lower-income earners struggling to the point of falling into poverty. This K-shaped recovery is manifest in the housing market.

The report stated that home sales growth is typically similar across price tiers, but the pandemic’s exacerbation of economic inequality has caused it to diverge. “Affluent Americans with the flexibility to work from anywhere are taking advantage of low mortgage rates and buying up high-end houses – particularly in popular vacation destinations -which is contributing to the surge in luxury-home sales,” it reads.

The luxury housing market hasn’t been riddled with the same problems plaguing the more affordable housing market. The latter has seen cutthroat competition rife with ubiquitous bidding wars, as desperate buyers have resorted to all-cash offers, waiving inspections, or forgoing appraisals to win them. It’s resulted in a shortage of homes, Insider’s Taylor Borden reported, with current homeowners afraid to sell their houses for fear of being unable to find another.

America is short 2.5 million homes, per a recent Jefferies note. The National Association of Realtors estimated in March that existing housing inventory could run out in two months.

But while multimillion-dollar luxury properties are also seeing heated competition with multiple offers and selling for more than the asking price, Redfin’s Chief Economist Daryl Fairweather told Housing Wire, there are enough of them to go around.

Miami saw the biggest increase in luxury home sales (101.1%), which could partially be explained by the number of Wall Streeters who have moved there during the pandemic. California gobbled up the next round of luxury home sales, with San Jose leading the way, followed by Oakland and Sacramento.

It seems that the wealthy are in search of sunshine and space, and they are once again exempt from the many pandemic-related economic problems afflicting many Americans.

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A new coronavirus variant has been tied to at least 90 infections in a deadly outbreak at a medical center in San Jose, California

los angeles california coronavirus hospital
Co-director of the intensive care unit at CommonSpirit’s Dignity Health-California Hospital Medical Center, Dr. Zafia Anklesaria, attends to a COVID-19 patient in the hospital where she works in Los Angeles, California on May 18, 2020.

  • A new coronavirus variant is linked to a deadly COVID-19 outbreak at Kaiser Permanente San Jose Medical Center. The outbreak has resulted in at least 90 infections and one death. 
  • The variant called L452R was discovered in other countries and states last year. 
  • It’s different than another, more transmissible variant that was initially discovered in the UK. 
  • Visit Business Insider’s homepage for more stories.

A new coronavirus variant has been linked to multiple outbreaks in Santa Clara County, located southeast of San Francisco. One of the outbreaks has led to at least 90 infections and one death at the Kaiser Permanente medical center in San Jose, public health officials said. 

The variant known as L452R has been discovered in other states and countries, but is now spreading rapidly through California. It’s different than the B.1.1.7 variant, which was first found in the UK. 

“The fact that this variant was identified in several large outbreaks in our county is a red flag and must be investigated further,” Santa Clara County Health Officer Dr. Sara Cody said in a statement. “This virus continues to mutate and adapt, and we cannot let down our guard.”

California is working with Centers for Disease Control and Prevention, local public health departments, and laboratory sequencing partners to learn more about the variant and how it spreads, according to the joint statement from the California Department of Public Health, Santa Clara County, and the University of California San Francisco.

Read also: Biden’s incoming chief of staff says the administration is prepared to tackle the ‘huge mess’ it’s inheriting in COVID-19 vaccine rollout

“It’s too soon to know if this variant will spread more rapidly than others, but it certainly reinforces the need for all Californians to wear masks and reduce mixing with people outside their immediate households to help slow the spread of the virus,” Dr. Erica Pan, state epidemiologist for the CDPH, said.

The statement said the variant was linked to the Kaiser Permanente outbreak, which resulted in the death of one staff member. County health officials have fined the medical center $43,000 for alleged delays in reporting cases, NBC reported. The facility denied the delay. 

The cases are believed to be tied to an employee who wore an inflatable costume on Christmas to cheer patients up. The fan on the “air-powered costume” could have spread droplets to 77 staff members and 15 patients. 

This variant has been found in several other counties, including Los Angeles and San Francisco, however, how prevalent it is across the state or country is not yet known since genomic sequencing is not done equally across the state.

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