According to global property consultant CBRE, U.S. multifamily investment volume in 2022 decreased by 19% year-over-year to $278.8 billion but was the second largest annual total on record. Volume in Q4 fell by 34% quarter-over-quarter and 70% year-over-year to $48 billion. CBRE further reports new construction deliveries of 100,300 units in Q4 brought the total…
Luxury sales sink 38% in November, biggest decline on Record According to national property broker Redfin, sales of luxury U.S. homes fell 38.1% year over year during the three months ending November 2022, the biggest decline on record. That outpaced the record 31.4% decline in sales of non-luxury homes. Redfin’s data goes back to 2012.…
According to a new report from the American Institute of Architects, demand for design services from architecture firms continued to decrease in November 2022. The pace of decline during November accelerated from October, posting an Architecture Billings Index (ABI) score of 46.6 from 47.7 (any score below 50 indicates a decline in firm billings). The…
New York City, Singapore and London top the list of global cities rent price growth in 2022 According to international property consultant Knight Frank, prime residential rents continue to rise but the rate of growth is slowing. Across ten global cities luxury rents increased 10.2% on average in the 12 months to Q3 2022, down…
In comparison to November 2021, Palm Beach County November 2022 residential sales decreased 41.1% year-over-year, from 2,793 to 1,646, because of high mortgage rates and low inventory, says the Miami Association of Realtors. Single-family home sales decreased 38.8% year-over-year, from 1,491 in record-breaking November 2021 to 920 in November 2022, due to lack of inventory…
According to the National Association of Realtors, U.S. pending home sales slid for the sixth consecutive month in November 2022. All four U.S. regions recorded month-over-month decreases, and all four regions saw year-over-year declines in transactions. “Pending home sales recorded the second-lowest monthly reading in 20 years as interest rates, which climbed at one of…
Year-to-date statewide home sales were down 18.5 percent in October Based on new data from the California Association of Realtors, the State of California’s housing market continued shifting in October 2022 as the monthly average 30-year fixed rate mortgage hovered near 7 percent and led to the lowest sales level since February 2008 and the…
According to ATTOM’s newly released November 2022 U.S. Foreclosure Market Report, there were a total of 30,677 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – up 57 percent from a year ago, but down 5 percent from the prior month. Rick Sharga “We may be at or near a…
Slowdowns Specifically Strong in Post-Covid Hot Markets According to the latest findings from the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) for the third quarter of 2022, the big jump in single-family home building activity that occurred in the aftermath of the COVID-19 pandemic in large metro outlying counties and exurban…
Yet South Korea, Hong Kong, Peru, China, New Zealand and Morocco experienced price declines in Q3 According to international property consultant Knight Frank, house prices across 56 countries and territories are still rising at a rate of 8.8% per annum, down from 10.9% at their peak in Q1 2022. However, in real terms, when accounting…
Seventh Consecutive Monthly market decline since last May According to Las Vegas Realtors, the recent slowdown in the local housing market continued, with declining home prices and sales. LVR reported that the median price of existing single-family homes sold in Southern Nevada during November 2022 was $430,990. That’s down 2% from October, and down from…
If you’re following today’s housing market, you know two of the top issues consumers face are inflation and mortgage rates.