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Want more housing market stories from Lance Lamberts ResiClub in your inbox? Subscribe to the ResiClub newsletter. National active housing inventory for sale at the end of April 2025 was up 31% compared with April 2024. Thats just 16% below pre-pandemic levels from April 2019. However, while the national housing market has softened and inventory has surpassed 2019 pre-pandemic levels in some pockets of the Sun Belt, many housing markets remain far tighter than the national average. Pulling from ResiClubs monthly inventory tracker, we identified the tightest major housing markets heading into the spring 2025 season, where active inventory is still the furthest below pre-pandemic 2019 levels. These markets are where home sellers have maintained more power compared with most sellers nationwide. Among the nations 200 largest metro area housing markets, 37 markets (see table below) at the end of April 2025 still had at least 50% less active inventory than in April 2019. Thats lower than last months countwhen 42 of the nations 200 largest metro area housing markets still had active inventory at least 50% below pre-pandemic 2019 levels. Many of those tight markets are in the Northeast, in particular, in states like New Jersey and Connecticut. Unlike the Sun Belt, many markets in the Northeast and Midwest were less reliant on pandemic-era migration and have fewer new home construction projects in progress. With lower exposure to the negative demand shock caused by the slowdown in pandemic-era migrationand fewer homebuilders in these regions offering affordability adjustments once rates spikedactive inventory in many Northeast and Midwest housing markets has remained relatively tight, maintaining a sellers advantage heading into spring 2025. !function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}}))}();
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Robert Prevost of the United States has been named the new pope, the new head of the Catholic church. Cardinals gathered to select their latest leader during a conclave. White smoke poured out of the Sistine Chapel chimney Thursday at 6:07 p.m. local time, signaling that a pontiff had been elected to lead the Catholic Church. Here is the latest: Robert Prevost is elected the first American pope in history Cardinal Robert Prevost, an American missionary who spent his career ministering in Peru and leads the Vaticans powerful office of bishops, was elected the first American pope in the 2,000-year history of the Catholic Church. Prevost, 69, took the name Leo XIV. Older updates… White smoke rises from Sistine Chapel White smoke is pouring out of the Sistine Chapel chimney, signaling that a pope has been elected to lead the Catholic Church. That means the winner secured at least 89 votes of the 133 cardinals participating in the conclave to elect a successor to Pope Francis. The crowd in St. Peters Square erupted in cheers. The name will be announced later, when a top cardinal utters the words Habemus papam! Latin for We have a pope! from the loggia of St. Peters Basilica. The cardinal then reads the winners birth name in Latin, and reveals the name he has chosen to be called. The new pope is then expected to make his first public appearance and impart a blessing from the same loggia. Older cardinals who didnt participate in the conclave rush out to the square These cardinals lined up as military bands played the Italian and Holy See national anthems. Spotted in the crowd were American Cardinals Sean OMalley and Donald Wuerl, both of whom are over 80 and didnt vote. Swiss Guards have taken position in front of front of St. Peters Basilica A marching brass band in blue uniforms led a contingent of Swiss guards through the crowd to a central spot below the balcony, generating another huge roar from the crowd. The Pontifical Swiss Guard is the official security force of the Vatican, and holds a ceremonial and a protective function. And now more marching bands are celebrating the election of a new pope in a parade that includes large groups in military dress uniforms. Vivi il Papa! erupts from the crowd whenever the music pauses. All eyes are now on the red-draped central balcony of St. Peters Basilica Thats where a cardinal will soon emerge to to proclaim a new pope to Rome and to the world. There is incredible excitement the crowd is roaring, and some are shouting hallelujah! Church bells ring in Spain Moments after white smoke poured out of the Sistine Chapel, the bells began tolling in Barcelonas towering Sagrada Familia basilica and the Almudena Cathedral in Madrid, across from the royal palace. The great bells of St. Peters Basilica are tolling And down below, amid the cheers in the vast mix of humanity in St. Peters square, priests are making the sign of the cross and nuns are weeping at the white smoke wafting into the sky. The crowd erupted with joy in St. Peters Square Some are obviously deeply moved, others excited. Theyre clapping and waving national flags and taking photos with their phones. Viva il papa! some shouted. White smoke is pouring out of the Sistine Chapel chimney It signals that a pope has been elected to lead the Catholic Church. That means the winner secured at least 89 votes of the 133 cardinals participating in the conclave to elect a successor to Pope Francis. The crowd in St. Peters Square erupted in cheers. The name will be announced later, when a top cardinal utters the words Habemus papam! Latin for We have a pope! from the loggia of St. Peters Basilica. The cardinal then reads the winners birth name in Latin, and reveals the name he has chosen to be called. The new pope is then expected to make his first public appearance and impart a blessing from the same loggia. The smoke emerged from the chimney at 6:07 p.m. Pope Francis appointed 108 of the cardinals voting for his successor He elevated these men and others who are not eligible to vote in groups throughout his papacy, beginning in January 2014 with 19. They came from around the world, including the developing nations of Haiti and Burkina Faso, in line with his belief the church must pay more attention to the poor and that its hierarchy should reflect the face of the faithful. His last batch was installed in December 2024 with 21 cardinals, 20 of whom are in the conclave. The excitement in the square is contagious At one point there was applause from the crowd as thousands train their eyes on the chimney above the Sistine Chapel, but it was a false alarm. We want a Pope close to the people and close to us, to the youth, who represent the future of the Church, said Kacper Michalak, 20, a seminarian from Poland who came for the 2025 Jubilee. The holy year is an ancient church tradition encouraging spiritual renewal which encourages pilgrimages to Rome. How long does it take to choose a pope? Its hard to say precisely. The Vatican doesnt officially publish the number of votes in past conclaves, and sources compiling their own tallies dont completely agree. But historical data provide a few clues. The longest conclave since the 20th century begantook 14 rounds of balloting across five days, ending with the election of Pius XI in 1922. The shortest, electing Pius XII in 1939, took three ballots over two days. Cardinals must reach a two-thirds majority to elect a pope. That may have been easier in the past: In 1922 there were just 53 voting cardinals, and until 1978 conclaves had fewer than 100. This year there are 133, so 89 votes are needed. These are the US cardinals voting for the next pope The United States is home to 10 of the 133 cardinals eligible to vote for the next pope. Thats more than any other nation except Italy, home to 17 of the electors in the conclave choosing a successor to Pope Francis. Only four of the American electors actively serve as archbishops in the U.S. Timothy Dolan of New York, Blase Cupich of Chicago, Joseph Tobin of Newark, New Jersey, and Robert McElroy of Washington. Two others are retired archbishops, and four have spent many years serving at the Vatican. Its a mixed group, ideologically. McElroy was one of Francis staunchest progressive allies. Cardinal Raymond Burke, a traditionalist, was a frequent critic of Francis.
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E-Commerce
Seventeen states are suing President Donald Trump‘s administration for withholding billions of dollars for building more electric vehicle chargers, according to a federal lawsuit announced Wednesday. The Trump administration in February directed states to stop spending money for electric vehicle charging infrastructure that was allocated under President Joe Bidenpart of a broader push by the Republican president to roll back environmental policies advanced by his Democratic predecessor. The EV charger program was set to allocate $5 billion over five years to various states, of which an estimated $3.3 billion had already been made available. The lawsuit is led by attorneys general from California, Colorado and Washington, and challenges the Federal Highway Administration’s authority to halt the funding. They argue Congress, which approved the money in 2021 as part of the Bipartisan Infrastructure Law, holds that authority. “These funds were going to be used to shape the future of transportation, California Attorney General Rob Bonta said, calling it short-sighted of Trump to revoke the funds. We wont sit back while the Trump administration violates the law, Bonta, a Democrat, said. The U.S. Department of Transportation did not respond to a request for comment on the lawsuit. EVs stood at about 8% of new car sales in the U.S. last year, according to Motorintelligence.com, a sign the market is growingalthough the pace has slowed as the auto industry tries to convince mainstream buyers about going electric. The program was meant to assuage some concerns and build infrastructure along highway corridors first, then address gaps elsewhere once the state highway obligations were met. Some states with projects running under the program have already been reimbursed by the Biden-era federal funds. Others are still contracting for their sites. Still more had halted their plans by the time the Trump administration ordered states to stop their spending. Regardless, getting these chargers installed and operating has been a slow process with contracting challenges, permitting delays and complex electrical upgrades. It was expected that states would fight against the federal governments efforts to slow the nations electric vehicle charger buildout. New York, for example, which is part of the suit, has been awarded over $175 million in federal funds from the program, and state officials say $120 million is currently being withheld by the Trump administration. Even the electric carmaker Tesla, run by Elon Musk, who has spearheaded Trumps Department of Government Efficiency efforts to cut federal spending, benefited greatly from funding under the program, receiving millions of dollars to expand its already-massive footprint of chargers in the U.S. Despite threats to the program, experts have said they expect the nations EV charging buildout to continue as automakers look to make good on massive electrification ambitions. Consumers thinking about buying an EV often cite concerns about the availability of charging infrastructure. It’s a hurdle for people living in multifamily dwellings and in rural areas, or what are otherwise known as charging deserts. It’s also a problem for people who can’t find a place to charge their vehicle near their work, or who often drive longer highway routes. Democratic Gov. Gavin Newsom of California said withholding the funds was illegal and would kill thousands of U.S. jobs, ceding them to China. “Instead of hawking Teslas on the White House lawn, President Trump could actually help Elonand the nationby following the law and releasing this bipartisan funding, Newsom said, referencing Trump’s recent purchase of a Tesla in a show of support for Musk. The Trump administrations effort to withdraw funding for electric vehicle chargers is part of a broader push to roll back environmental policies advanced under Biden. During Trumps first week back in office, he signed executive orders to pull the U.S. out of the Paris climate agreement again, reverse a 2030 target for electric vehicles to make up half of new cars sold, and end environmental justice efforts. At the same time, federal agencies under Trump have rolled back key rules and regulations and supported the build-out of the fossil fuel industry. The U.S. House also advanced proposals last week aimed at blocking California from enforcing vehicle-emission rules, including a ban on the sale of new gas-powered cars by 2035. The Senate parliamentarian says the California policies are not subject to the review mechanism used by the House. Sophie Austin and Alexa St. John, Associated Press/Report for America
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