On June 21, the Supreme Court issued its holding on South Dakota v. Wayfair, Inc., reversing a long-standing rule on online sales tax collection in a decision that’s a win for real estate, brick-and-mortar retailers and the states. The case dealt with whether states can require out-of-state online retailers to charge and remit sales tax on purchases made by residents. Upending a long-held precedent, the Court ruled that the South Dakota law in question, which did just that, could stand, and that the previous doctrine controlling this issue no longer applies.
After a positive start to the summer, the confidence consumers have in housing is teetering, according to the Fannie Mae Home Purchase Sentiment Index® (HPSI) for July. At 86.5, the Index sunk 4.2 percentage points month-over-month, and 0.3 percentage points year-over-year.
Twenty-four percent of homebuyers were optimistic about purchasing—a four-percentage point dip from June—and 41 percent of homeowners were optimistic about selling, down six percentage points, the HPSI shows.