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The Star
14 hours ago
- General
- The Star
Dearer durians due to unfavourable weather, smaller harvest
Wong (third from right) checking out the varieties of durian supplied by a Balik Pulau vendor at the event. — CHAN BOON KAI/The Star WITH strong demand and unfavourable weather resulting in more costly durians this year, indulging in the thorny fruit can burn a hole in the pocket. This makes community durian parties – like the one organised by Pengkalan Kota assemblyman Wong Yuee Harng – a great opportunity to feast to the heart's content. A Balik Pulau farm supplied roughly 450kg of the 'King of Fruits' for the event that was held at the Penang Youth Centre hall in Acheh Street, George Town. Around 150 guests attended, including community leaders, government agency officials, city councillors and local media. Among them were the constituency's women and family development committee members Yun Chiew Eng, 58, Rose Gooi, 57, and Lim Hooi Chin, 48. Yun said durian parties were something she enjoyed attending every year, not just to sample the pungent treats but also for the atmosphere and camaraderie. 'It's very lau juak (merriment) as they say in Hokkien. 'As the farms collaborate directly with the service centre, the durians supplied are always of good quality,' she said. 'One can eat a lot and try many different varieties without having to worry about the price,' Yun added. Gooi expressed similar thoughts and said every piece she had on the day was tasty. 'I enjoyed the occasion. 'It's nice tucking in with good friends,' she added in between taking selfies with the durians. This is the second year that Wong's service centre hosted a durian party as a gesture of thanks to all those serving the local community. 'Penangites love their durians. So, what better way to show our appreciation? 'Many growers have said harvests would be smaller this season. 'We wanted to make sure everyone got the chance to sample the best fruits before the season was over,' said Wong. He said a secondary aim was to promote Penang durians from local growers to the wider public and foreign tourists. To address the issue of durians from other states and neighbouring countries like Thailand being misrepresented as Penang durians by unscrupulous vendors, the state agrotechnology, food security and cooperative development committee launched a Track and Trace system for durians at the start of June. 'This will ensure our local growers are not sidelined and consumers can have confidence in Penang durians,' Wong said of the initiative.
Yahoo
2 days ago
- Business
- Yahoo
NAR Pending Home Sales Report Reveals 1.8% Increase in May
Pending Home Sales: May 2025 WASHINGTON, June 26, 2025 (GLOBE NEWSWIRE) -- Month-Over-Month 1.8% increase in pending home sales All four U.S. regions experienced increases Year-Over-Year 1.1% increase in pending home sales Pending home sales increased in the Midwest and South but decreased in the Northeast and West Pending home sales increased by 1.8% in May from the prior month and 1.1% year-over-year, according to the National Association of Realtors® Pending Home Sales report. All four U.S. regions experienced month-over-month increases – most notably the West. Year-over-year, contract signings rose in the Midwest and South, while they fell in the Northeast and West. This report equips real estate professionals who are Realtors® with valuable information that helps them serve their clients and get to their next transaction. 'Consistent job gains and rising wages are modestly helping the housing market,' said NAR Chief Economist Lawrence Yun. 'Hourly wages are increasing faster than home prices. However, mortgage rate fluctuations are the primary driver of homebuying decisions and impact housing affordability more than wage gains.' Regarding regional differences, Yun added, 'The Northeast's housing shortage is boosting home prices, with more than a quarter of homes selling above list price. Conversely, more inventory in the South gives home buyers greater negotiation power. Price declines in the South should be considered temporary given the region's strong job creation.' May 2025 National Snapshot May 2025 Pending Home Sales 1.8% month-over-month increase. 1.1% year-over-year increase. May 2025 Regional Snapshot Northeast 2.1% month-over-month increase. 0.5% year-over-year decrease. Midwest 0.3% month-over-month increase. 2.6% year-over-year increase. South 1.0% month-over-month increase. 2.0% year-over-year increase. West 6.0% month-over-month increase. 1.2% year-over-year decrease. The percent of change in pending home sales is based on the Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on home-contract signings. An index of 100 is equal to the level of contract activity in 2001. About the National Association of Realtors®The National Association of Realtors® is involved in all aspects of residential and commercial real estate. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes – from written buyer agreements to negotiating compensation – visit # # # *The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. Pending contracts are good early indicators of upcoming sales closings. However, the amount of time between pending contracts and completed sales is not identical for all home sales. Variations in the length of the process from pending contract to closed sale can be caused by issues such as buyer difficulties with obtaining mortgage financing, home inspection problems, or appraisal issues. The index is based on a sample that covers about 40% of multiple listing service data each month. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months. An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population. NOTE: Existing-Home Sales for June will be reported on July 23. The next Pending Home Sales Index will be released on July 30. All release times are 10 a.m. Eastern. View the NAR Statistical News Release Schedule. Information about NAR is available at This and other news releases are posted in the newsroom at Statistical data in this release, as well as other tables and surveys, are posted in the 'Research and Statistics' tab. Attachment Pending Home Sales: May 2025 CONTACT: Lauren Cozzi National Association of REALTORS® 202/383-1178 LCozzi@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Korea Herald
4 days ago
- Business
- Korea Herald
Allies need to discuss Seoul's defense costs beyond current deal: Joseph Yun
Yun expects Lee-Trump summit 'within a short time' South Korea and the United States need to discuss whether Seoul is paying enough, including costs not currently covered under their existing defense cost-sharing deal, the acting US ambassador to South Korea said Tuesday. Joseph Yun, charge d'affaires ad interim at the US Embassy in Seoul, said the allies should revisit South Korea's financial contributions beyond the scope of the current Special Measures Agreement. South Korea has financially supported the stationing of around 28,500 US Forces Korea personnel by covering three major parts: labor expenses for USFK Korean workers, construction costs for military facilities and logistical support for military operations under the framework of the SMA. Seoul and Washington finalized the 12th SMA from 2026 to 2030 in October last year. 'But the SMA only covers a limited portion of the costs. If you look at the SMA in the document, there are just three categories. But there are other costs beyond those, and the question is how to share those additional expenses,' Yun told reporters in Korean during a press conference in Seoul. 'We also need to discuss whether South Korea's overall defense spending is enough. That's another issue that should be part of the discussion." Yun defended US calls for allies to meet the global standard of spending 5 percent of their gross domestic product on defense, citing the US' own unsustainable budget deficit as context. 'We need fairer sharing, and I think that was one of the key reasons why (US President) Donald Trump was elected — and that is the reality,' Yun said in English. Washington urges quick fix to tariff issue Yun explained Seoul and Washington need broader discussion on how to 'modernize the alliance,' which he described as one of two key challenges in South Korea-US relations. Yun emphasized the need for the allies to jointly address new strategic challenges and emerging regional issues, particularly those stemming from competition between the US and China, including how US assets, defense capabilities, and regional forces such as US Forces Korea and US Forces Japan are postured. Another key challenge for the alliance is trade, with Yun calling on the Lee Jae Myung administration to 'quickly deal with US expectations.' 'From the US side, the most urgent issue is to move quickly on tariff negotiations,' Yun said. 'In terms of trade, tariffs are by far the most serious concern, and the US hopes to normalize and resolve the issue swiftly, as that would help stabilize other areas as well.' When asked about a 'one-stop shopping' deal, which would clinch a deal on tariffs, investment and defense all at once, Yun also suggested that the US preferred a phased approach. Trump mentioned a 'one-stop shopping' deal on Truth Social following his phone call with then-acting President Han Duck-soo in April. 'There is no question: while they may be related in terms of narrow substance, they are different, and they are not readily mixed and matched. So my hope — and our hope — is that there can be a framework agreement that includes many of those parts,' Yun said in English, transitioning from Korean. 'We're not going to reach detailed deals in every one of them. So what is important is the framework agreement that includes all of those elements. But of course, for each stream, it may take a while to finally get all the details.' With regard to the first summit between Lee and Trump, Yun said the allies are doing their best to schedule the meeting, though the timing remains uncertain due to both leaders' unclear schedules. 'On the summit, we're working on it, and I would expect we will announce it. But again, it just needs to fit the schedule of both President Lee and President Trump,' Yun said. 'I have no doubt that, within a short time, there will be a summit meeting between President Trump and President Lee.' Denuclearization nonstarter for Pyongyang On the potential resumption of US-North Korea dialogue, Yun said he has no doubt that Trump considers his engagement with North Korea as 'unfinished business and homework.' 'It takes two to tango, and we haven't really heard from the North Korean side whether they, too, want to engage,' he added. When asked if the US should maintain the goal of North Korea's denuclearization, should dialogue kickstart, Yun said the goal would be a non-starter for North Korea. 'That is not a smart way to engage or begin discussions. You must engage smartly, with a path, so that eventually your big goal can be accomplished,' Yun said. 'And certainly, denuclearization is a big goal — but it cannot be put out as a condition for an initial meeting.' Yun, however, clarified that 'the US is not going to recognize North Korea as a legitimate nuclear weapons state.' 'There's no question about that. But is it a country that possesses nuclear weapons? Yes,' Yun went on to say. 'It is a nuclear weapons-possessing state, but we cannot recognize it as a legitimate nuclear weapons state.'
New Straits Times
5 days ago
- Business
- New Straits Times
US existing home sales little-changed on sluggish market
WASHINGTON: Sales of existing homes in the United States were tepid in May, according to industry data released Monday, as high mortgage rates weighed on the market. Sales of previously-owned homes ticked up 0.8 percent in May from the prior month, to a seasonally-adjusted annual rate of 4.03 million, said the National Association of Realtors (NAR). "The relatively subdued sales are largely due to persistently high mortgage rates," said NAR chief economist Lawrence Yun. "Lower interest rates will attract more buyers and sellers to the housing market," he added in a statement. From a year ago, existing home sales were down 0.7 per cent. Yun told reporters that the 4.03 million pace meant the market is running at 75 per cent of what it was before the Covid-19 pandemic, even though the United States has added jobs over the period. This is primarily due to affordability challenges, he said. The average 30-year fixed rate mortgage was close to 6.9 per cent as of the end of May, according to Freddie Mac, slightly above the 6.8 percent in late April. The elevated mortgage rates come as the US Federal Reserve has held the benchmark lending rate steady this year, keeping interest rates unchanged for a fourth straight policy meeting this month. The median sales price was up 1.3 percent from a year ago at US$422,800, a record high for the month of May, the NAR said. "If mortgage rates decrease in the second half of this year, expect home sales across the country to increase due to strong income growth, healthy inventory, and a record-high number of jobs," Yun added.
Qatar Tribune
5 days ago
- Business
- Qatar Tribune
US existing home sales edge up in May amid affordability woes
Agencies Sales of previously occupied U.S. homes edged higher in May, as stubbornly high mortgage rates and rising prices made homebuying less affordable even as the inventory of properties on the market continued to increase. Existing home sales rose 0.8% last month from April to a seasonally adjusted annual rate of 4.03 million units, the National Association of Realtors said Monday. Still, the sales pace was the slowest for the month of May going back to 2009, when the market was still reeling from a housing crash. April and March's sales pace were also the slowest for those months going back to 2009. Sales fell 0.7% compared with May last year. The latest home sales fell topped the 3.95 million pace economists were expecting, according to FactSet. Home prices increased on an annual basis for the 23rd consecutive month, although the rate of growth continued to slow. The national median sales price rose 1.3% in May from a year earlier to $422,800. That's an all-time high for the month of May, but represents the slowest annual price growth since June 2023.' The relatively subdued sales are largely due to persistently high mortgage rates,' said Lawrence Yun, NAR's chief economist. 'Lower interest rates will attract more buyers and sellers to the housing market.' The U.S. housing market has been in a slump since early 2022, when mortgage rates began to climb from pandemic-era lows. Home sales fell last year to their lowest level in nearly 30 years. The average rate on a 30-year mortgage has remained relatively close to its high so far this year of just above 7%, which it set in mid-January, according to mortgage buyer Freddie Mac. Homes purchased last month likely went under contract in April and May, when the average rate on a 30-year mortgage ranged from 6.62% — the low point so far this year — to 6.89%. Last week, it averaged 6.81%.High mortgage rates, which can add hundreds of dollars a month in costs for borrowers, remain a key affordability hurdle for many would-be homebuyers. Years of soaring home prices have helped put homeownership out of reach. The median U.S. home sales price is up 52% since May 2019. The U.S. hourly wage rate increased 30% in the same period, Yun noted. While price growth has slowed, elevated mortgage rates and rising prices are forcing prospective homebuyers to save more for a down payment. In May, buyers needed an annual income of $91,960 to afford a typical home with a 20% down payment, or nearly 87% more than in May 2019, according to The affordability constraints are limiting home purchases by first-time buyers. They accounted for 30% of homes sales last month. Historically, they made up 40% of home sales. Economists generally expect mortgage rates to stay relatively stable in the coming months, with forecasts calling for the average rate on a 30-year mortgage to remain in a range between 6% and 7% this year. Home shoppers who can afford to buy at current mortgage rates benefited from a wider selection of properties on the were 1.54 million unsold homes at the end of last month, a 6.2% increase from April, and 20.3% higher than May last year, NAR said. That's still well below the roughly 2 million homes for sale that was typical before the pandemic, however. May's month-end inventory translates to a 4.6-month supply at the current sales pace, up from a 4.4-month pace at the end of April and 3.8 months in May last year. Traditionally, a 5- to 6-month supply is considered a balanced market between buyers and sellers. One reason for the pick up in for-sale inventory is properties are taking longer to sell. Homes typically remained on the market for 27 days last month before selling, up from 24 days in May last year, NAR said. As the number of homes for sale increases and the pool of home shoppers who can afford to buy declines it can heighten pressure on sellers to lower their asking price or offer other buyer-friendly concessions. Consider, some 28% of homes sold above their list price last month, down from 30% a year homebuilders have also been lowering prices and offering sales incentives such as mortgage rate buydowns to entice prospective home shoppers at a time when the supply of new homes is running at around 8 months. 'We're moving from a pretty seller-friendly housing market to one with more balance,' said Danielle Hale, chief economist at 'This means we're seeing more buyer-friendly market signals than we have in years.'
