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In April, sales of existing homes slipped 0.5 percent from March to four million units, marking the slowest April since 2009 when the Great Recession was underway, the National Association of Realtors (NAR) reported. April’s result was 2 percent below that in April 2024.
U.S. home prices grew 3.9 percent in December, year over year, a faster rate than November’s 3.7 percent, according to the S&P CoreLogic Case-Shiller National Home Price Index.
Apartment rents, which fell during the post-COVID apartment building boom, are poised to rise again.
In both 2023 and 2024, U.S. home sales languished at their lowest levels since 1995, with sales last month 20 percent below the same period in 2019, the Financial Times reported…
The lofty home prices and high interest rates that have restricted home sales have also cut revenues for home improvement and home furnishings businesses that depend on people buying and fixing up houses.
With home prices hovering near record highs, mortgage interest rates stuck around 7 percent, and banks more cautious in lending, more people are renting their abodes.
Home prices in the Eurozone rose 1.3 percent in this year’s second quarter, year over year, after contracting for four successive quarters.
In a new Gallup survey, half the respondents in the world’s wealthiest countries—including 60 percent of U.S. residents—cited the lack of affordable housing as their chief worry, edging out education, healthcare, and other urgencies.
In July, the number of closed home sales rose 1.3 percent from June, reversing a four-month trend of decreasing sales, the National Association of Realtors (NAR) reported.
In 237 U.S. cities, a low-priced starter home now costs at least $1 million, according to online brokerage Zillow. The number has almost tripled since 2019, when 84 cities featured seven-figure entry-level homes.
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