Business Show The US housing market is in the midst of a significant pullback, with cooling conditions that have contributed to a spike in home sale cancellation rates, according to the top boss at real estate firm RedFin. RedFin CEO Glenn Kelman noted housing demand plummeted because buyers were “absolutely freaked out” in May and June as the Federal Reserve’s sharp interest rate hikes prompted an increase in mortgage rates. While rates have fallen slightly since jumping above 5.8% for a 30-year mortgage in June, economic instability has resulted in “a very high cancellation rate” for home sales “even for the deals that are under contract,” according to Kelman. “It’s just hard to put deals together because the economy is so volatile,” Kelman said in an interview with MarketWatch published last Friday. “It’s a remarkably uncertain time.” Home prices have begun to fall, especially in overheated markets such as Boise, Idaho, and Tampa, Fla., as sellers react to dwindling demand by slashing their listing prices. Some sellers are opting to delay their plans rather than accept a lower price. New sale listings plunged by 15% in the four weekends ending on Aug. 21, according to a RedFin report published last week. That figure marked the largest annual decline in listings since the beginning of the COVID-19 pandemic. “Sellers are coming to terms with the fact that volatile mortgage rates have dampened demand,” Redfin economics research lead Chen Zhao said. “Some sellers are pricing lower, and some homeowners are staying put because they’re nervous they won’t get a good offer or they’re hesitant to give up their low mortgage rate.” The median home sale price for the same period was $371,125 — down 6% from an all-time high of $394,775 reached in June. However, prices are still up 6% compared to the same week one year ago. The median listing price has fallen 5% to $382,475, down from an all-time high set in May. The 30-year fixed mortgage rate hit 5.55% last week, according to Freddie Mac. Rates have nearly doubled since January. As The Post reported, data showed that 21% of home sellers dropped their asking prices in July, with the most significant declines occurring in pandemic-era “boomtowns” that saw a major run in activity over the last two years. The housing slowdown is expected to continue in the months ahead as the Fed tightens monetary policy to tamp down inflation. The US stock market turned lower Monday after Fed Chair Jerome Powell delivered hawkish remarks at an annual meeting in Jackson Hole, Wyoming.
About this data: Facts and figures on this page are accurate as of Spring 2022, unless otherwise indicated. IntroductionDuring the summer of 2022, the University of New Haven instituted an innovative leadership transition that is designed to build upon he University’s rich success and to position it for continued long-term growth. Steven H. Kaplan, Ph.D., who served as president since 2004, leading the University through a period of remarkable growth and development, building it into one of the top universities in the region, resulting in record enrollments and fundraising success, was named the University’s first Chancellor and CEO. Sheahon Zenger, Ph.D., who has nearly 30 years of experience in administration, development, coaching and academia, was named Interim President. Recognition
Awards and Affiliations LocationThe University of New Haven's main campus is located on 82 acres in West Haven, Connecticut, a suburban hillside community minutes from the bustling city of New Haven and miles of Connecticut shoreline and beaches. The campus is 90 minutes from New York City and 2 1/2 hours from Boston. Additionally, the University has satellite campuses in Orange, Connecticut; New London, Connecticut; and Prato, Italy. For more information, click here for the University of New Haven Campus Locations page. Academic OverviewThe University is composed of: the College of Arts and Sciences, the College of Business, the School of Health Sciences, the Henry C. Lee College of Criminal Justice and Forensic Sciences, and the Tagliatela College of Engineering. The University awards bachelor's and associate degrees in 82 undergraduate majors; master's degrees in 72 areas of graduate study; and a doctorate in criminal justice. For more information about our academic programs, click here for our Academics page. In 2020-21, the University of New Haven awarded 1,060 undergraduate and 990 graduate degrees. Costs and FinancesUndergraduate tuition and fees for the 2022-2023 academic year are $21,305 per semester, while graduate tuition is $1,020 per credit. For international students, 2022-2023 tuition and fees are $42,610 for undergraduates (two semesters) and $18,360 for graduate students (two semesters). For the most up-to-date tuition and fee information, visit the Bursar's Office webpage. Financial Aid(Data for 2020–2021 Undergraduates) Student BodyThe University of New Haven has a total of 7,513 students, a majority of which are full-time (6,460). The student body is nearly a 50-50 split between males and females, with 30.5 percent of students identifying themselves as a member of an underrepresented group, and 249 with military veteran status. Of the University's 5,023 undergraduate students and 2,490 graduate students, 36.5 percent come from Connecticut, while 45.9 percent are from out-of-state and 17.5 percent hail from foreign countries. For fall 2021, the incoming first-year students had an average high school GPA of 3.47 and an average combined SAT score of 1,190. Faculty/Class SizeThe University of New Haven boasts a student-to-faculty ratio of 16:1, with an average class size of 19 students. The University has 243 full-time faculty members in addition to part-time and adjunct faculty. Of the full-time faculty, 74.1 percent hold the highest degree in their field. Career Outcomes DataIn accordance with the National Association of Colleges and Employers ‘Standards and Protocols for First Destination Surveys,' our Career Development Center utilizes a three-phase methodology to ascertain the employment and advanced education outcomes of graduating classes six years out and one year out. Click here to view the info. Campus LifeThe University boasts 150 clubs and organizations, and students have access to hundreds of different study abroad programs, including at our own Tuscany Campus in Prato, Italy. Student news is provided by The Charger Bulletin, a weekly student-run newspaper available in hard copy and online. Students and community members also broadcast on the campus radio station, WNHU 88.7 FM, which is also available online and has won a number of Best College Radio Station awards in local media readers' polls. University of New Haven students show a commitment to community service through club outreach, the Alternative Spring Break program, the President's Public Service Fellowship program in the summer, and many more initiatives. About 52.6 percent of undergraduate students live on campus or in University-sponsored housing in 20 different residence halls. First-year students have the option to participate in Living/Learning Communities, which help foster a greater connection to the University of New Haven by allowing students with a common bond to reside together. Student Life Academic SupportThe Centers for Academic Success and Advising (CASA) are comprised of three offices, each of which is dedicated to giving University of New Haven students the skills they need to be successful students and graduates. Our approach is appreciative, personal, and collaborative. The mission of CASA is to provide a seamless program of services to support students across their entire academic experience. Career DevelopmentThe Career Development Center (CDC) is a comprehensive center for career advising, internships, and other career-related preparation and development. The Center also manages the relationships with external recruiting organizations to connect students, alumni, and faculty with internship and job opportunities. During the 2020-21 academic year, the CDC posted 2,147 jobs and internships available to University of New Haven students. The career development staff conducted 825 mock interviews, hosted 295 employers on campus, and ran 156 workshops and programs for students. Services offered include resume and cover letter writing assistance and workshops, interview training and mock interviews, networking and social media training, graduate school preparation, assistance with choosing a major, and much more. In addition to the CDC website, you can also find out more on Virtual Career Center. Varsity AthleticsThe University of New Haven is a member of the athletically and academically prestigious Northeast-10 Conference and NCAA Division II. Our teams are known as the Chargers, and the University's mascot is Charlie the Charger. The University of New Haven offers 20 varsity sports and we have about 440 student-athletes. Collectively, the University of New Haven's teams have been to the playoffs over 275 times. The Chargers have won conference, regional, and even national championships, and our student-athletes excel in the classroom and community. Charger Athletics Website Student RecreationAt the University of New Haven, campus recreation is called "ChargerREC," with a home base in the David A. Beckerman Recreation Center. There are 20 intramural offerings in three divisions (men's, women's, and co-REC), subdivided into divisions by skill level as well. The University has 21 club sports teams and offers over 35 different fitness classes, in addition to personal training and lifetime health and skills classes. ChargerREC website |
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