Builder sentiment dropped 12 points to 55, according to a monthly survey from the National Association of Home Builders, and besides April 2020 the largest single month drop in the survey’s 37-year history. Sentiment about current sales conditions saw the largest drop, while buyer traffic fell firmly into negative territory. Some home builders that had diminished the role of buyer's agents are also changing their tune..... (CNBC)
It is estimated that only 5% of homes in the UK have air conditioning .....currently temperatures are soaring past 100 degrees!
In the UK more than 73,500 homes have been carved from former office blocks since 2015. As work-from-home expands, many are considering converting office buildings to residential, potentially alleviating affordable housing options in larger cities faster.... (Bloomberg)
“We see inflation deeply entrenched in the
economy, and what’s unusual about this
particular period is that both demand and
supply are being affected by exogenous
events, namely the pandemic and the war
on Ukraine,” - David Solomon CEO Goldman Sachs
The seasonally adjusted average Canadian June home price was down nearly 8% from a peak earlier this year. In New Zealand, prices dropped 8% in June from their peak in late 2021. May Prices in Sweden fell 1.6% from April, the biggest monthly decline since the pandemic began. An index of global house prices shows that prices rose 19% worldwide between the 1st quarter of 2020 and the 1st quarter of 2022, or 10% after adjusting for inflation. Some markets logged much stronger appreciation. OF COURSE, these massive price escalations had to be met with some pullback as interest rates rise causing many to have reduced buying power. (In New Zealand, home prices rose 45% over 2020 and 2021!) (WSJ)
Canadian mortgage rates are the highest they have been since 2009.
COMPASS' Marina Schindler is marketing one of the oldest homes in the US in Upstate New York (Hudson) built in the 1700'S! Recently featured in the WALL STREET JOURNAL, ...gardens designed by Miranda Books.
Economists say there are some grounds for optimism over housing. The past 24 month's price run-up was driven primarily by rock-bottom rates and evolving consumer preferences for more space, not the loosened lending standards or excessive risk-taking that culminated in the 2008-09 crisis. Supply of homes is tight. (WSJ)
In celebration of Disability Pride Month, join us tomorrow at 12pm PT / 3pm ET for an exciting panel about accessibility in real estate. Special guest speaker Melissa Daugherty, attorney partner at Lewis Brisbois Bisgaard & Smith LLP, and Kathy Mehringer, Broker of Record at COMPASS, will discuss the steps agents need to take to ensure they're creating accessibility during transactions. Register here with your COMPASS email!