10AM Hour: Exclusive: Airbnb CEO, Compass CEO on Housing Affordability, Reaction to Apple’s Product Event 9/10/26

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Sara Eisen (0:57)

Good Thursday morning. Welcome to Squawk on the Street. I'm Sara Eisen with Carl Quintanilla. We are live as always from Post 9 of the New York Stock Exchange. David Faber's on assignment. Coming up this hour, big exclusive interview with Airbnb CEO Brian Chesky, including his advice for Sam Altman and Dario Amodei as existential AI fears build on Wall Street and beyond. Plus, as high rates remain in sharp focus, we'll talk to the CEO Compass Real Estate about how it's all impacting the housing market, and we'll get to the street's reaction to Apple's big product launch and whether the foldable iPhone will move the needle for investors.

Carl Quintanilla (1:31)

Let's get some wholesale inventories crossing. Rick Santelli's got it. Morning, Rick.

Rick Santelli (1:36)

Good morning, Carl.

Carl Quintanilla (1:37)

Indeed.

Rick Santelli (1:37)

Now, on the inventory front, this is a final July read, meaning we take the mid-month read and we update it. The mid-month read was 1.3%. It remains at 1.3%, and that would be the loftiest inventory build going back to March when it was up 1.5%.

Now, if you look at the sales side of the equation, this is a fresh July number, up 8 tenths, and that is followed or preceded by minus 2.9%, and up 8 tenths would be the best build that we've had going back to, well, two months ago when it was up 3.5%.

And this is the interesting part. So if you look at the up 3.5% in May, it was followed by June, which you see the revision there from 3% to 2.9%. So those lofty numbers negated each other. We're back on track here on the positive side of sales. The big news this morning, PPI was well, well above on its year over years, the 2% target of Fed, but it is the wholesale side. And if you looked at expectations, it matched up pretty well. That doesn't dismiss the fact that it was lofty, and of course claims were well behaved. Hey, there's one more number out, existing home sales for August. And for that, we go to Diana Olick. Diana?

Diana Olick (2:57)

Well, Rick, existing home sales in August fell 2% to a seasonally adjusted annualized rate of 3.98 million units. That's pretty close to expectations. The street was looking for 3.97 million, but that's the slowest in over a year. Sales were down 1.2% year over year, and they fell hardest month to month in the Northeast and the Midwest. Now, this count is based on closing, so that's contracts likely signed in June and July when mortgage rates were on the higher side, but not quite as high as they are today. There were 1.62 million homes for sale at the end of August. That's up 3.2% from July and up 5.9% from the year before. That's the highest level in over a decade, because the current sales pace puts that at a 4.9-month supply. Now, despite higher supply, prices continue to rise. The median price of a home sold in August was $429,100. That's up 1.6% year over year. Homes are sitting longer, 31 days compared with 29 in July, but the same as August of last year. All cash at 27%.

That's down slightly from last year. First-time buyers, though, made up 30% of sales. That's up from both July and from August of last year. Just a note on mortgage rates. We don't have the number for today yet, but my source at Mortgage News Daily, who runs that survey number, says he is forecasting that we'll see the 30-year fixed over 7% today. It was at 6.97 yesterday, Sara.

Sara Eisen (4:25)

Yeah, makes sense, following those market rates higher. Thank you, Diana. Diana Olek. Just to add to some of the data, we did hear in the last 24 hours from some big bank CEOs. Charlie Sharp was with me at the Wells Fargo Conference. This is one of the biggest lenders in the country.