Luxury Real Estate Is Booming in D.C. as Wealthy Try to Get Close to Trump

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  With record levels of dry powder available for investment.

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  Find out what's in store for private.

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  Markets in 2025 and beyond.

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  Listen to Crafting Capital in partnership with ubs@partners.WSJ.com UBS, Spotify and Apple Podcasts.

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  U.S.

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  home sales hit their lowest level since 1995.

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  And President Trump says he will overhaul FEMA as he tours hurricane damage in North Carolina.

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  Plus, the luxury real estate market in Washington, D.C.

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  is blow as people jockey to be close to the new president.

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  If you are a business titan in this country, you want to be close to decision makers, you want to be in the room, you want to be part of that conversation.

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  And that sometimes does require facetime with the ultimate decision maker or their deputies.

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  It's Friday, January 24th.

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  I'm Alex Osola for the Wall Street Journal.

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  This is the PM edition of what's news, the top headlines and business stories that move the world today.

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  US Home sales dropped last year to their lowest level in nearly 30 years.

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  According to data out this morning from the national association of Realtors.

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  Existing home sales fell 0.7% in 2024 from the year prior to 4.06 million.

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  Here to tell us more about what's going on in the housing market is WSJ real estate bureau chief Craig Carman.

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  Craig, sales are low while prices seem to be quite high.

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  Still, the national median existing home price in December was $404,005 $400, a 6% increase from the year before.

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