Treasury Yields Climb, Cash Home Purchases Hit 3-Year Low, and CoStar Expands into Agricultural Real Estate with Ag-Analytics Acquisition

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Treasury Yields Climb

Treasury yields are climbing as traders look for clearer guidance on the Federal Reserve’s next moves. The 10-year Treasury yield rose to 4.52%, its highest in a week, following reports that muddied the outlook for U.S. inflation. This increase has raised concerns about higher borrowing costs, particularly for mortgages.

Mortgage rates tend to follow the direction of the 10-year Treasury yield. As yields climb, fixed-rate mortgages often do as well, making home loans more expensive for buyers. The recent rise comes amid a complex economic landscape, with inflation risks resurfacing, and signals from the Federal Reserve suggesting that interest rates could remain high for longer.

Investors are now closely watching remarks from Fed officials, including San Francisco Fed President Mary Daly, later today, and minutes from the Fed’s latest meeting due Wednesday. The increased yields and uncertainty may continue to put pressure on mortgage rates and homebuyers.

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Cash Home Purchases Hit 3-Year Low

Cash home purchases have dropped to a three-year low in 2024, making up just 32.6% of all U.S. home sales. That’s down from 35.1% last year, according to a new report from Redfin. This marks the lowest share since 2021, though still higher than pre-pandemic levels when cash sales typically ranged from 25 to 30%.

The decline is mainly due to fewer investor purchases, a major factor in cash transactions. Despite the dip, Florida cities like West Palm Beach continue to see high cash purchase rates, with nearly half of homes sold in cash.

As mortgage rates remain elevated, wealthier buyers are still more likely to pay in cash, keeping the share of all-cash transactions relatively high. Redfin’s economists expect this trend to continue unless mortgage rates drop significantly.

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CoStar Expands into Agricultural Real Estate with Ag-Analytics Acquisition

And finally, CoStar Group has acquired Ag-Analytics, a move that will enhance its Land.com platform and expand into the agricultural land sector. This acquisition integrates Ag-Analytics’ AcreValue platform, which provides critical data on farmland, forestland, and rural properties. AcreValue offers comprehensive insights on land valuations, comparable sales, and property details, covering millions of parcels across the U.S.

CoStar, known for its leadership in commercial real estate through platforms like Homes.com, LoopNet, Apartments.com, and CoStar Suite, is now extending its data and analytics capabilities into agricultural real estate. With 1.5 million users on AcreValue, the integration will provide even deeper insights for landowners, buyers, and institutional investors.

CoStar’s CEO, Andy Florance, highlighted the $3.4 trillion agricultural real estate market as a new growth opportunity, emphasizing how this move will drive revenue and set new standards for data-driven decisions in land and real estate markets. The acquisition will further enhance CoStar’s suite of services, which spans across commercial, residential, and now agricultural real estate.

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