The Asian Development Bank has cut its growth forecast for China due to concerns over the country’s zero-Covid approach and strict lockdowns, which put even more pressure on the real estate sector. Gross domestic product growth for the world’s second largest economy is expected to be at 4% in 2022, down from an earlier estimate
Real Estate
Existing home sales dropped for the fifth straight month in June, according to the National Association of Realtors. Three out of four major U.S. regions experienced month-over-month sales declines and one region held steady. Year-over-year sales sank in all four regions. Total existing home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops,
Doom, gloom, fear and uncertainty have darkened the bright landscape of domestic real estate. Rising mortgage rates and inflation have dampened the enthusiasm of would-be homebuyers and narrowed the outlook of once-confident sellers. But experienced real estate professionals in Manhattan and coastal Orange County, California, predict healthy real estate markets, especially at the high end.
Prices for existing U.S. homes extended their climb in June, with the median rising to a record despite the fifth straight month of falling sales. The data indicate higher mortgage rates are dampening homebuyer interest, though not enough to restrain prices. The average price of existing homes sold in June grew to $416,000, a 13.4%
To keep up with the surging cost of living, consumers are spending more and saving less — and rising interest rates aren’t helping the matter. Next week, the Federal Reserve likely will raise rates by another three-quarters of a percentage point, although some on Wall Street still think it could opt for a full percentage point increase.
A sign is posted in front of a home for sale on July 14, 2022 in San Francisco, California. Justin Sullivan | Getty Images Sales of previously owned homes in June fell 5.4% from May, according to a monthly report from the National Association of Realtors, as prices set records and rates surged. The sales
Pandemic-era home buyers faced intense competition in once affordable markets during the housing market frenzy. But demand is softening as surging mortgage rates, high home prices, inflation and a falling stock market have eroded home buyer budgets, causing some house hunters to back off at an alarming rate, according to a new report from Redfin,
Buying a sofa can be a major challenge. Not only is it one of the most expensive pieces of furniture most of us buy, it defines the style of a living room and is subject to quite a bit of wear and tear. So, finding the right balance between aesthetics and practicality is important. Opting
Daniel Acker | Bloomberg | Getty Images The pain in the mortgage market is only getting worse as higher interest rates and inflation hammer American consumers. Mortgage demand fell more than 6% last week compared with the previous week, hitting the lowest level since 2000, according to the Mortgage Bankers Association’s seasonally adjusted index. Applications
Chinese real estate developers, including highly indebted Evergrande, have operated a business that relied on selling apartments before they were completed. Pictured here is an Evergrande development in Beijing on Jan. 6, 2022. Bloomberg | Bloomberg | Getty Images BEIJING — China’s real estate market desperately needs a boost in confidence, analysts said, after reports
For all those who’ve been frustrated by the continuing need to rent because of the lack of affordable housing, the near-term future is looking overall at least as bad as the immediate past. There’s a three-part problem: a vicious demand circle, the economics of building, and investors. Vicious demand circle No one need tell you
The Eastern end of Long Island, better known as The Hamptons is a coveted enclave with coastal and country homes, mansions, and estates. It’s a great place to live, vacation, and most importantly, shop. Fortunately, there’s no shortage of great places to furnish and decorate these incredible dwellings. Here are some of the best places
Four U.S. metros experienced double-digit inflation in the second quarter–Phoenix, Atlanta, Tampa and Miami–and all four were among the most popular migration destinations for Redfin.com users, according to a new report from Redfin, a technology-powered real estate brokerage. These destinations have the highest inflation rates partly because they’re attracting so many new residents and experiencing
Topline New housing starts unexpectedly plunged more than economists projected in June as home builders grappled with the effects of rising interest rates curbing demand for new homes, according to data released Tuesday, adding to signs of an abrupt turnaround in the booming housing market. Key Facts The number of housing starts, or new houses
It may have once felt natural to assume net-zero residences and luxury living could never take up housekeeping together. Not any longer. Net zero apartments that offer sumptuous creature comforts have not only made the scene, but are seemingly being snapped up by luxe-minded, eco-conscious residents as fast as they go on the market. To
“Shady Pines, Ma!” If that quip sounds familiar, it’s probably because you spent some happy half hours laughing at the hit Golden Girls sitcom in the 1980s or ‘90s. And you probably just read those words in your head in Dorothy’s gravelly voice. The character played by Bea Arthur was related to one other roommate
Anyone who bought a home – or tried to – over the past couple of years knows that it was rip-roaringly competitive, with bidding wars and all-cash deals. But it actually could have been worse. One group all but disappeared from the market during the pandemic: foreign buyers with mega millions. But now foreign real
Renting an apartment for the first time is an exciting step into adulthood but it’s a big commitment financially so you want to make sure you do your homework and make a choice that’s right for you — and your budget. First, you have to time it right when you’re looking at apartments — you
Topline Home-builder confidence plunged to a two-year low in July as high inflation and supply chain constraints prompted many builders to halt construction on homes, the National Association of Home Builders reported Monday, marking the latest sign the housing market is due for a steep turnaround after the pandemic-era home-buying frenzy. Key Facts Builder confidence
A contractor works on a new home under construction in Tucson, Arizona, U.S., on Tuesday, Feb. 22, 2022. Sales of new U.S. homes retreated in January after a flurry of purchases at the end of 2021, indicating a jump in mortgage rates may be starting to restrain demand. Rebecca Noble | Bloomberg | Getty Images