The average UK house price jumped by 15.5 percent year-on-year in July, marking the biggest increase in 19 years, official figures show. The average UK house price was £292,000 ($338,000) in July 2022, which is £39,000 higher than this time last year, according to the latest data from the Office for National Statistics (ONS). The…
UK House Prices Fall for 1st Time This Year as Market Slows in Summer: Report
House prices in the UK have fallen for the first time in 2022 largely because of seasonal factors rather than wider economic conditions, a property website has said. According to the Rightmove website, the average asking price for UK properties fell by 1.3 percent, or £4,795 ($5,680), in cash terms month-on-month in August to reach…
Australian House Values Drop While Unit Prices Increase in June Quarter
A new report has shown that the growth of apartment prices across Australia has surpassed houses’ in the June quarter for the first time in three years. According to the June Quarterly House Price Report by digital property portal Domain, buyers had to spend $618,542 (US$431,893) on average to acquire a unit in Australia’s capital…
UK House Prices Still Rising Despite Cooling Demand: Survey
UK house prices continued on an upward march in June though the number of new inquiries from house hunters decreased, according to new data. Survey results from the Royal Institution of Chartered Surveyors (RICS) show that 27 percent of property professionals reported a fall in interest from would-be buyers last month. It marked the third…
Inflation of US Housing Market Slows Down as Higher Mortgage Rates Shrink Demand
The rate of home price inflation in the United States is expected to decline to about 10 percent by the end of 2022 and slow even further over the next two years, as high housing prices and increased mortgage rates push out prospective buyers, according to a Reuters poll on May 31. Forty-year high consumer…
Pending Home Sales Dive as Soaring Prices, High Mortgage Rates Take Toll
May 26, 2022
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A measure of U.S. home sales based on signed contracts dropped to a 2-year low in April, the latest in a string of data points suggesting the housing market may be heading into choppier waters. Contracts to buy previously owned homes fell 3.9 percent last month to a reading of 99.3, the National Association of Realtors…
UK House Prices Rising Sharply but Growth Expected to Slow
House prices in the UK continued to rise sharply in April, but experts warn the boom may soon be over amid increasing pressure on household finances. The average UK house price increased by 1.1 percent or £3,078 ($3,801) last month, marking the longest run of monthly rises since 2016, according to the Halifax House Price…
Affordable Home Sales Are up While Luxury Home Sales Decline: Report
Fourth-quarter sales of the most affordable homes were up 11.3 percent year-over-year while luxury home sales plummeted 16.3 percent in the same period, according to new data from Redfin Corp. What Happened Affordable homeownership opportunities have been elusive in many parts of the country for years, but Redfin attributed much of this new uptick in…
The Real Crash in Real Estate: 2022 Housing Predictions
Commentary Yankees legend Yogi Berra once said: “It’s tough to make predictions, especially about the future.” Nonetheless, I provide my forecast for the housing market below. First, let’s explore how we arrived where we are today. Understand that three fundamental value drivers are: scarcity, utility, and demand. Let’s parse all three in order to draw our…
Biotech Investor Buys $70 Million Mansion in Orange County, Setting New Record
December 1, 2021
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LAGUNA BEACH, Calif.—Setting an all-time high record for home price in Orange County, a biotech hedge fund mogul purchased a $70 million oceanfront estate, nearly doubling the price the last time the property was sold in 2018. Joseph Edelman, founder and CEO of the New York-based Perspective Advisors, and his wife, Susan Lebovitz-Edelman, purchased the…
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