The longest streak of rising home prices on record was broken in February when the median price of a home in the United States dipped by 0.2 percent in annualized terms. The National Association of Realtors (NAR) said Tuesday that the median existing home price was $363,000 in February, down 0.2 percent from $363,700 recorded…
Canadian Home Sales Drop 40 Percent in February Compared With Year Ago
February’s home sales plummeted 40 per cent from a year ago to levels not seen since before the pandemic as new listings and prices also dropped in what one economist called “hints of a bottoming process.” The plunge in sales came as actual average home prices declined 18.9 per cent compared with the all-time record…
Toronto-Area Home Prices Down 18% From Last February, Sales Halved: Board
Greater Toronto Area home prices fell almost 18 per cent from last February as the number of properties sold was halved, the region’s real estate board said. The Toronto Regional Real Estate Board (TRREB) said Friday that the average selling price for February totalled $1,095,617, roughly five per cent higher than the average January price…
US Home Prices Fall for Fourth Straight Month Amid Higher Interest Rates
U.S. home prices fell for the fourth consecutive month in October as a mix of higher interest rates, elevated inflation, and low housing inventory weighed on the real estate market. The S&P CoreLogic Case-Shiller 20-city home price index in the United States (pdf) tumbled 0.8 percent month-over-month. Compared to the same time a year…
Existing Home Sales Expected to Drop Next Year to 11-Year Low
December 14, 2022
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Existing home sales in the United States will likely drop in 2023 to an 11-year low. Sales of previously owned homes will fall for a second year in 2023 to their lowest annual total since 2012, when the housing market was still recovering from the subprime mortgage crisis of 2008–09, according to the National Association of…
Total Number of Homes for Sale Jumps by Record Amount as Housing Market Slowdown Continues
December 9, 2022
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Home sale numbers in the United States rose by a record, while new listings fell amid a slowing down in the housing market, according to real estate brokerage firm Redfin. There was a 15 percent increase in the total number of houses available for sale for the week ended Dec. 4 when compared to a…
Prices of Detached and Semi-Detached Homes Hit Hardest by Rising Interest Rates: Report
Prices of detached and semi-detached homes took the hardest hit in the Greater Toronto Area (GTA) last month as sales across all home types continue to be impacted by increased borrowing costs due to higher interest rates, a new report says. Released by the Toronto Regional Real Estate Board (TRREB) on Dec. 5, the report…
Homebuilders Worried About Steeper Downturn in the Housing Market
November 1, 2022
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As the housing market cools down, homebuilders are concerned that the downturn might be too steep for them to handle. The COVID-19 economy was a good time for homebuilders as low interest rates and higher demand saw home prices spike by more than 40 percent in two years. But now that mortgage rates are elevated,…
Wall Street Expects Second-Biggest Home Price Drop Since Great Depression
October 6, 2022
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Top investment firms, including Morgan Stanley, are predicting a significant drop in U.S. home prices amid high mortgage rates, elevated home prices, and affordability challenges. Morgan Stanley is calculating home prices to dip by 7 percent by the end of 2023, which is more than twice as large as the 3.1 percent peak-to-trough decline seen…
Experts Warn Homebuyers of Red Flags Beyond Climbing Interest Rates
Over the past two years, houses nationwide were going like hotcakes, with sellers often receiving tens or even hundreds of thousands of dollars over asking price. Buyers often waived inspections and picked up some of the sellers’ costs in dire hopes of securing that coveted single-family home. While the current landscape has changed due to…
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