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Home Values Are Growing the Most in Suburbs, but Demand May Be Shifting Back Toward City Centers

The typical suburban home gained more value over the past year than the typical urban home. That is a reversal from previous norms and from the first 15…

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  • The typical suburban home gained more value over the past year than the typical urban home. That is a reversal from previous norms and from the first 15 months of the pandemic.
  • Many buyers are prioritizing affordability and space over proximity to the workplace, with remote work now an option for more households.
  • In some markets, such as Seattle and New York, where urban home values are much higher than home values in the suburbs, demand is starting to shift back nearer to city centers as the tradeoff in affordability from living in the suburbs is no longer as significant.

During the first 15 months of the pandemic, when many headlines foretold an exodus from urban centers, home value growth in urban ZIP codes closely followed that of suburban ZIP codes. But in recent months, we have begun to see a shift in favor of suburban areas, with the dollar gains in the typical home value increasing faster in the suburbs, indicating stronger demand and fiercer competition. 

In terms of dollar value growth, home values in suburban ZIP codes have been growing faster on an annual basis than those in urban areas since July 2021. Nationally, the typical suburban home gained $66,490 in value in the year ending March 2022, while the typical urban home gained "only" $61,671 in value. Suburban home values outpacing urban homes has rarely been the case since January 2013, about when home values began to recover following the housing crash. 

The rise of remote work has had a tangible effect on where and how people live, as seen in the changing relationship between housing and commute times. Home buyers have placed a greater emphasis on affordability and space than proximity to work. 

To be sure, urban real estate has seen incredible growth as well. This is not a case of housing in the suburbs gaining value at the expense of urban real estate. It's also worth noting that while the typical urban home is worth more than the typical suburban home across the U.S., that is not necessarily the case in every market. And there are signs that demand may be shifting back in favor of urban homes. In each of the first three months of this year, the gap between annual home value growth in the suburbs and in urban areas has shrunk. Annual suburban home value growth outpaced urban home value growth by about $7,250 in December, but only by about $4,820 in March. 

The winter housing market, although hotter than in a typical year, showed some signs that perhaps the market had finally reached a turning point. Pockets of opportunity popped up in markets around the country where many ZIP codes - urban and suburban, and even rural, for that matter - showed negative quarterly growth. Austin, where home values have been among the fastest-growing in the nation during the pandemic, was one market that saw negative growth in some ZIP codes on the edges of the metro area this winter. Those have shifted back to positive this spring, albeit slower than the breakneck speeds that this market witnessed last year.

Just because a metro area's housing market is still growing rapidly doesn't mean that growth is spread equally. Seattle is an interesting case study because it is experiencing a big change in where growth is concentrated within the metro. In mid-2018, we saw the fastest home value growth, on a quarterly level, starting to expand out from the urban center to ZIP codes on the edges of the metro, possibly a result of buyers seeking affordable options after brisk price growth near the downtown core. Over the past year, the value of a typical suburban home in Seattle increased by $146,815, whereas the typical home in an urban ZIP code increased by $119,725.

But the strongest growth is starting to creep back toward Seattle's urban core. The fastest-growing ZIP codes are still in the suburbs, but that growth is moving closer to the city center. The suburbs seeing the strongest growth are also some of the most expensive areas in Seattle - the fastest-growing cities have typical home values above $1 million - signaling that affordability is likely not the top priority for buyers in these in-demand areas.

The net result: In the summer of 2018, the typical Seattle metro home in an urban ZIP code was about $315,000 more expensive than the typical home in the Seattle suburbs, but now the difference is down to about $217,000. As the affordability tradeoff for living in the suburbs becomes less of a factor in markets like Seattle, we may see similar demand shifts become more common. 

New York is another example of a metro where the trends recently have reversed. There was a strong preference for the suburbs in the beginning of the pandemic, with the fastest growth rates concentrated around the edges of the metro. As in Seattle, that is beginning to shift, with the strongest growth leaving the fringes and making its way back toward the city. 

Still, the suburbs are seeing higher demand in much of the country. In the majority of the 50 largest U.S. metros, there was a higher dollar-value growth over the course of the past year in suburban ZIP codes compared to urban ZIP codes. Only three of the top 50 metros saw greater dollar gains in the typical value of an urban home compared to suburban homes in the past year. Those metros are Austin, San Jose and Portland, Oregon. Five metros saw dollar gains in suburban homes more than double the gains for urban homes: Detroit, Philadelphia, Birmingham, St. Louis and Minneapolis–St. Paul. 

Some markets, however, are seeing more widespread, balanced growth. In 2022's hottest markets, for example, growth doesn't show any signs of slowing down anywhere. Tampa, projected by Zillow Research to be the hottest market of 2022, is still on the upswing, with every ZIP code in the metro seeing higher quarterly growth than in December 2019. This trend is paralleled in Jacksonville and Raleigh, to round out the three hottest markets of 2022. 

 

The post Home Values Are Growing the Most in Suburbs, but Demand May Be Shifting Back Toward City Centers appeared first on Zillow Research.

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Aging-US | Time makes histone H3 modifications drift in mouse liver

BUFFALO, NY- June 30, 2022 – A new research paper was published in Aging (Aging-US) on the cover of Volume 14, Issue 12, entitled, “Time makes histone…

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BUFFALO, NY- June 30, 2022 – A new research paper was published in Aging (Aging-US) on the cover of Volume 14, Issue 12, entitled, “Time makes histone H3 modifications drift in mouse liver.”

Credit: Hillje et al.

BUFFALO, NY- June 30, 2022 – A new research paper was published in Aging (Aging-US) on the cover of Volume 14, Issue 12, entitled, “Time makes histone H3 modifications drift in mouse liver.”

Aging is known to involve epigenetic histone modifications, which are associated with transcriptional changes, occurring throughout the entire lifespan of an individual.

“So far, no study discloses any drift of histone marks in mammals which is time-dependent or influenced by pro-longevity caloric restriction treatment.”

To detect the epigenetic drift of time passing, researchers—from Istituto di Ricovero e Cura a Carattere Scientifico, University of Urbino ‘Carlo Bo’, University of Milan, and University of Padua—determined the genome-wide distributions of mono- and tri-methylated lysine 4 and acetylated and tri-methylated lysine 27 of histone H3 in the livers of healthy 3, 6 and 12 months old C57BL/6 mice. 

“In this study, we used chromatin immunoprecipitation sequencing technology to acquire 108 high-resolution profiles of H3K4me3, H3K4me1, H3K27me3 and H3K27ac from the livers of mice aged between 3 months and 12 months and fed 30% caloric restriction diet (CR) or standard diet (SD).”

The comparison of different age profiles of histone H3 marks revealed global redistribution of histone H3 modifications with time, in particular in intergenic regions and near transcription start sites, as well as altered correlation between the profiles of different histone modifications. Moreover, feeding mice with caloric restriction diet, a treatment known to retard aging, reduced the extent of changes occurring during the first year of life in these genomic regions.

“In conclusion, while our data do not establish that the observed changes in H3 modification are causally involved in aging, they indicate age, buffered by caloric restriction, releases the histone H3 marking process of transcriptional suppression in gene desert regions of mouse liver genome most of which remain to be functionally understood.”

DOI: https://doi.org/10.18632/aging.204107 

Corresponding Author: Marco Giorgio – marco.giorgio@unipd.it 

Keywords: epigenetics, aging, histones, ChIP-seq, diet

Sign up for free Altmetric alerts about this article:  https://aging.altmetric.com/details/email_updates?id=10.18632%2Faging.204107

About Aging-US:

Launched in 2009, Aging (Aging-US) publishes papers of general interest and biological significance in all fields of aging research and age-related diseases, including cancer—and now, with a special focus on COVID-19 vulnerability as an age-dependent syndrome. Topics in Aging go beyond traditional gerontology, including, but not limited to, cellular and molecular biology, human age-related diseases, pathology in model organisms, signal transduction pathways (e.g., p53, sirtuins, and PI-3K/AKT/mTOR, among others), and approaches to modulating these signaling pathways.

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FDA asks for COVID boosters to fight Omicron’s BA.4, BA.5 subvariants

The U.S. Food and Drug Administration on Thursday recommended booster doses of COVID-19 vaccines be modified beginning this fall to include components…

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FDA asks for COVID boosters to fight Omicron’s BA.4, BA.5 subvariants

By Michael Erman

June 30 (Reuters) – The U.S. Food and Drug Administration on Thursday recommended booster doses of COVID-19 vaccines be modified beginning this fall to include components tailored to combat the currently dominant Omicron BA.4 and BA.5 subvariants of the coronavirus.

The FDA said manufacturers would not need to change the vaccine for the primary vaccination series, saying the coming year will be “a transitional period when this modified booster vaccine may be introduced.”

FILE PHOTO: Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. REUTERS/Andrew Kelly/File Photo

The new booster shots would be bivalent vaccines, meaning doses would target both the original virus as well as the Omicron subvariants.

The decision follows a recommendation by the agency’s outside advisers to change the design of the shots this fall in order to combat more prevalent versions of the coronavirus. read more

BA.4 and BA.5 are now estimated to account for more than 50% of U.S. infections, according the U.S. Centers for Disease Control and Prevention, and have also become dominant elsewhere.

The FDA said in a statement on Thursday that it hoped the modified vaccines could be used in early to mid-fall.

Pfizer Inc (PFE.N) with partner BioNTech SE (22UAy.DE) and Moderna Inc (MRNA.O) have been testing versions of their vaccines modified to combat the BA.1 Omicron variant that caused the massive surge in cases last winter.

Although they have said those vaccines worked against BA.1 and the more recently circulating variants, they did see a lower immune response against BA.4 and BA.5.

The companies had already been manufacturing their BA.1 vaccines, and said on Tuesday that swapping to a BA.4/BA.5 version could slow the rollout.

Pfizer/BioNTech, which on Wednesday announced a $3.2 billion contract to supply more COVID vaccine doses to the United States, said they would have a substantial amount of BA.4/BA.5 vaccine ready for distribution by the first week of October. read more

Moderna said it would be late October or early November before it would have the newly modified vaccine ready.

Reporting by Michael Erman in New Jersey and Leroy Leo in Bengaluru; Editing by Jonathan Oatis and Bill Berkrot

Our Standards: The Thomson Reuters Trust Principles.

Source: Reuters

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Marketing automation startup Retail Rocket nabs $24M for expansion

Retail Rocket, a retention management platform for brands, today announced that it raised $24 million in a Series A round led by Cyprus-based private equity…

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Retail Rocket, a retention management platform for brands, today announced that it raised $24 million in a Series A round led by Cyprus-based private equity fund Flintera. In addition to the fundraising, Retail Rocket revealed that it acquired SailPlay, a startup developing software to help retailers build loyalty programs and send mass message campaigns.

New York-based SailPlay had raised $3.3 million prior to the acquisition. Founded in 2013 by Leonid Shangin and Yakov Filippenko, the company offered services to collect customer data and leverage it to create games, texts, and tasks designed to encourage repeat business.

As for Retail Rocket, it launched in 2012 headed by Moscow Business School of Management classmates, Nick Khlebinsky and Andrey Chizh, who’d attempted but failed to gain traction with several startups. The learnings from their previous efforts were the springboard for Retail Rocket, which after multiple pivots eventually grew its customer base to over 1,000 companies including Nintendo, Puma, and Decathlon.

“The digital marketing world is growing very fast and the demand for highly-skilled professionals is constantly increasing,” CEO Khlebinsky said. “The complexity of digital marketing tools is booming too — just several years ago we couldn’t imagine the technologies we use today.”

According to Khlebinsky, Retail Rocket uses a mathematical model to segment first-time buyers of a company’s product. By analyzing their actions — for example, the links they click on — the platform attempts to figure out their wants and preferences.

Image Credits: Retail Rocket

Retail Rocket also offers tools for campaign management like email marketing and web-based push notifications, as well as an engine that attempts to identify the best timing and communication channel (e.g., SMS) to make personalized offers. The goal is to create a “system of loyalty and retention management” for both online and offline customers, Khlebinsky said, that ultimately boosts business.

“We work with ecommerce on a performance-based pricing model,” Khlebinsky explained. “In most countries, the pandemic lockdowns spiked online sales, thus we experienced a temporary revenue increase. After the lockdown ended, there was a decrease, but to levels exceeding the pre-lockdown months, because a lot of people were forced to change their buying habits towards online shoppings.”

Absent independent reviews of Retail Rocket’s platform, it’s unclear whether its approach might beat out rivals like SalesForce, SAP, Bloomreach, and Dynamic Yield. But the promise of software that predictably drives repeat business is alluring. According to HubSpot, a mere 5% increase in customer retention can boost profits by 25% to 95%.

Retail Rocket has around 150 employees spread across offices in the Netherlands, Germany, Spain, Italy, and Chile, and it plans to double down on mergers and purchases in the coming months. Sources close to the company tell TechCrunch that Retail Rocket has $50 million set aside for acquisitions alone.

“Retail Rocket popped on our radars thanks to their international expansion and ability to set up sales teams in Europe and Latin America,” Flintera partner Sergey Vasin said in a statement. “We were impressed with the company’s results given the limited amount of investment they raised. The company was bootstrapping its growth after the seed round. Despite that, the efficiency of Retail Rocket products surpasses those of international competitors. We expect that the global e-commerce market will continue its growth at more than 10% per annum, with Latin America leading the race.”

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