Happy Friday! It’s Dec. 1, 2023. We have three great stories to wrap up the past two weeks in markets, business, and the economy for you and your family.

Here are the highlights:

• Airlines are devaluing rewards. Time to take a vacation!
• Better not wait to buy a home. Home prices rose for the 8th consecutive month.
• Cybertruck is here. Elon Musk’s latest car has arrived.

Airlines Are Devaluing Rewards At Record Pace

The COVID-19 pandemic gave airlines the most trying conditions they’ve experienced since 9/11, but nearly three years later, air travel is more popular than ever. But by the time 2023 is over, airline revenue will still be down 7% from 2019 according to data from Statista — and profit margins are expected to come in at an anemic 1.2%.

That has many large airlines devaluing their rewards programs, such as the benefits and miles you get for flying frequently. And in 2024, there could be even more changes as airlines continue to weather their economic situation:

• United Airlines led the pack by massively devaluing miles without notice in June 2023. After the changes, you need 30%+ more miles to book an Award flight.
• Delta Airlines went on to rock the boat with massive changes to its SkyMiles Reward program, putting greater emphasis on credit card spend in its calculation of benefit levels. It also limited access to its famous Delta SkyClub for AmEx cardholders.
• Southwest gave its ardent fans a heads up, at least — but on the first day of 2024, it will devalue points by [4%](https://simpleflying.com/southwest-airlines-rapid-rewards-points-devaluation-2024/#:~:text=Starting 1st January 2024%2C points,track perfectly to cash prices.), according to a press release it made last week.

Why does it matter for EarlyBird families?

Although Congress has proposed a bill to prevent these kinds of ‘no notice’ valuations from taking place, it’s unlikely to save your points anytime soon — so if you or your family vacation every once in awhile, let this be your sign to use those points. If you’re struggling to use the points, you can get a free trial on a platform like point.me to find the best points deals.

Better Not Wait: Home Prices Are Rising

When the Federal Reserve raises interest rates, the price of bonds, stocks, and other assets should fall — but housing prices didn’t catch the memo.

Home prices set a new record in September, rising for the seventh consecutive month according to the Case-Shiller National Home Price Index. Home prices were up 3.9% year-over-year, causing the index to register its highest reading ever.

• High interest rates have locked in many homeowners… Since many households bought homes during periods of historically low interest rates, many will stay put, reaping the benefits of their 2-4% mortgage rate.
• And that has the housing supply at historic lows… There were just 1.15 million existing homes on the market in October according to data from the National Association of Realtors, which is nearly half the long-term historical average of available inventory.