Diana Olick
Diana Olick is an Emmy Award-winning journalist, currently serving as CNBC's senior climate and real estate correspondent. She also contributes her climate and real estate expertise to NBC News NOW, MSNBC, NBC's 'Today' and 'NBC Nightly News.' She is a regular guest speaker and does guest segments on NPR and C-SPAN. Her work on CNBC.com won the Gracie Award for 'Outstanding Blog' in 2015. Soon after joining CNBC in 2002, Olick recognized the quick run-up in the housing market, fueled by investor flipping, and consequently launched the network's real estate beat. She covers both commercial and residential real estate as well as the mortgage market. Olick was at the forefront of reporting on the housing boom, the subprime mortgage collapse, the resulting housing crash and the ongoing recovery. She also launched the real estate page on CNBC.com and is its primary author. In 2018, Olick envisioned a new series for the network called 'Rising Risks,' which examines all aspects of the growing risk to real estate from climate change. The series grew beyond real estate and in 2021, Olick began covering climate full-time across all sectors. That same year, she covered the COP26 United Nations climate summit in Glasgow, Scotland, reporting on government, corporate and private sector investments in the fight against climate change. In early 2022, Olick launched an additional climate series, Clean Start, which follows venture capital money into climate startups. The series airs weekly and has its own page on CNBC.com/clean-start. Prior to joining CNBC, Olick spent seven years as a correspondent for CBS News. Olick began her career as a local news reporter at WABI-TV in Bangor, Maine; WZZM-TV in Grand Rapids, Michigan; and KIRO-TV in Seattle. She joined CBS in 1994 as a New York-based correspondent for the 'CBS Evening News with Dan Rather' and 'The Early Show.' She also contributed pieces to '48 Hours' and 'Sunday Morning.' At CBS, Olick worked in the New York, Dallas and Washington, D.C. bureaus, covering such stories as the World Trade Center conspiracy trial, the crash of TWA Flight 800, the JonBenet Ramsey murder mystery and was the exclusive correspondent for the trial of Oklahoma City bomber Terry Nichols. She also took a temporary assignment in CBS's Moscow bureau, where she chronicled the brief presidential campaign of Mikhail Gorbachev. Olick has a B.A. in comparative literature with a minor in soviet studies from Columbia College in New York and a master's degree in journalism from Northwestern's Medill School of Journalism.
73%
The Daily's Verdict
This author has a mixed reputation for journalistic standards. It is advisable to fact-check, scrutinize for bias, and check for conflicts of interest before relying on the author's reporting.
Bias
90%
Examples:
- The author occasionally approaches the market with optimism despite challenges, potentially indicating a slight bias towards positivity.
Conflicts of Interest
50%
Examples:
- The author occasionally references potential conflicts of interest, such as investors treading more cautiously in the housing market due to rising rents and more multi-family homes entering the market for rent.
Contradictions
85%
Examples:
- Detroit had the biggest year-over-year gain in home prices at 8.1% in October.
- Prices went far above what locals can afford during pandemic-era demand, creating a bubble.
- Sales of homes priced over $1 million saw gains over last year, while the biggest drop in sales was in the $250,000 and lower range.
- San Diego followed with a 7.2% increase and then New York with a 7.1% gain.
- The typical house sold for slightly less than its asking price (0.3% lower) during the four weeks ended June 23, compared to selling at list price a year ago and above list price two years ago.
Deceptions
75%
Examples:
- I thought we would see a recovery this spring. We are not seeing it.
- Record prices That demand continues to push prices higher.
- Sales of previously owned homes fell 1.9% in April from March to 4.14 million units, on a seasonally adjusted annualized basis, according to the National Association of Realtors.
- The numbers, however, are deceiving due to the unprecedented dynamics of today's housing market...
Recent Articles
Record Number of Home Sales Canceled in June: A Significant Decline and New Record Highs for Prices
Broke On: Tuesday, 23 July 2024Home sales declined significantly in June with record cancellations and a decrease in existing home sales to an annual rate of 3.89 million units, the slowest pace since December (CNBC, Bloomberg). Despite this, median home prices reached new record highs of $426,900 due to affordability pressures and low inventory levels (Fox Business). The market remains challenging for buyers but shows signs of shifting towards more balanced conditions with increasing inventory and declining sales. 
Record-Breaking Home Inventory in the Southern US: Is a Housing Market Crash on the Horizon?
Broke On: Monday, 08 July 2024Amidst a record-breaking 300,000 new homes for sale in the Southern US region, housing market experts debate whether a potential bubble has formed due to pandemic-driven demand and remote work trends. With inventory at an all-time high and demand slowing down, concerns of unaffordable prices and a possible housing market crash loom. 
Housing Market Shifts: Homes Sell Below Asking Price for First Time Since Pandemic, Prices Cool and Buyers Gain Power
Broke On: Sunday, 30 June 2024Amidst cooling housing market trends, homes now sell below asking price for the first time since the pandemic began. The typical U.S. home sold 0.3% under its list price in late June 2024, marking a significant shift from previous years when homes typically sold at or above their asking prices. Sellers have been reducing prices by about 7%, compared to a decrease of 4.7% last year, as inventory remains low and demand eases slightly. 
Record-Breaking Home Prices: May 2024 Median at $419,300 - NAR Report
Broke On: Friday, 21 June 2024In May 2024, US home prices reached a record high of $419,300, up 5.8% YoY according to NAR. Despite this increase, sales of previously owned homes remained relatively stable and inventory saw a significant rise. The Federal Reserve is expected to adjust interest rates later this year which may ease affordability for homebuyers. 
Existing Home Sales Decline 1.9% in April Amidst Rising Mortgage Rates and Limited Inventory: Prices Reach Record High of $407,600
Broke On: Wednesday, 22 May 2024Existing home sales dropped 1.9% in April to a seasonally adjusted annual rate of 4.14 million units, despite a 9% increase in inventory and record-high median home prices of $407,600. First-time buyers made up 33% of sales, while all-cash transactions remained high at 28%. The Northeast, Midwest, South, and West regions all experienced decreases in sales but rising prices. The market is stabilizing with more inventory available but remains competitive for potential homebuyers. 
Mortgage Rates Surge to Highest Level of the Year: What It Means for Homebuyers
Broke On: Monday, 01 April 2024Mortgage rates have surged to their highest level of the year, averaging 7.5% for the popular 30-year fixed mortgage. This upward trend, driven by inflation concerns and Fed Chair Jerome Powell's comments, has led to a rise in sales data reflecting the impact on homebuyers. Despite this, mortgage applications have only slightly increased compared to last year, with experts urging potential buyers to act quickly due to strong economic data keeping rates elevated. Additionally, rising material costs are causing builders to increase prices and further impact affordability. 
March Home Sales Decline: Rising Mortgage Rates Pause Buyer Activity, Inventory Improves Slightly
Broke On: Thursday, 18 April 2024Home sales declined by 4.3% in March due to rising mortgage rates, resulting in a seasonally adjusted annualized rate of 4.19 million units. Median home prices hit a new record high at $393,500, while inventory slightly improved with a 4.7% increase to 1.11 million homes for sale. First-time homebuyers accounted for 32% of sales and all-cash purchases decreased slightly, but mortgage rates are expected to rise further this month. 
Rising Mortgage Rates: What You Need to Know
Broke On: Thursday, 15 February 2024Mortgage rates have increased to 6.77% for the second week, driven by high inflation and strong employment data. 
2023: US Residential Real Estate Market Experiences Significant Decline in Home Sales and Record High Median Sale Price
Broke On: Wednesday, 31 January 2024In 2023, the US residential real estate market experienced a significant decline with home sales dropping to their lowest level since 1995. The median sale price of an existing home sold in December hit $389,800 - a record high. 
Home Prices Rise for Ninth Straight Month in October 2023
Broke On: Tuesday, 26 December 2023Home prices in the US rose for a ninth straight month in October 2023. The national index of home prices increased by 4.8% from October 2022 levels. Detroit saw an annual gain of 8.1%. San Diego and New York also experienced gains of 7.2% and 7.1%, respectively. Despite rising mortgage rates in October, demand for homes remained strong.