Higher, Again: In July 2024, U.S. home prices rose by 0.2% for the second consecutive month, matching the slowest pace since January 2023, with 20 of the 50 largest metros seeing price declines. Despite limited inventory and ongoing competition, the year-over-year price increase slowed to 6.8%, the lowest annual gain since January. (Redfin)

(Home) Burning Issue: Climate change has intensified wildfire risks, threatening 2.6 million homes across 14 western U.S. states, with California facing the highest risk. A CoreLogic report reveals that this potential housing loss could exacerbate the existing 4.5 million home shortage nationwide. While the situation seems dire, experts emphasize that mitigation efforts can significantly reduce possible losses. The report highlights regulatory changes in California that allow insurers to use catastrophe models for rate-setting, potentially improving coverage in high-risk areas. (HW)

Rent Concessions: As the rental market cools, a third of property managers are offering concessions, such as free rent or parking, to attract tenants. Despite a slight slowdown in rent growth, with a 0.4% increase in July to $2,070, the share of rental listings with concessions has risen to 33.2%, up from 25.4% last year. This trend is driven by a surge in multifamily construction, providing renters with more options and spreading demand. While these perks improve short-term affordability, rents continue to rise at a slower pace, keeping affordability within reach for many renters. (Zillow)

People keep predicting a housing crash, but it turns out the market is more resilient than that weird leftover lasagna in your fridge—no matter how much you expect it to go bad, it’s still there, holding strong. Let’s go!