Theyβre Sitting On The Market For A Few Weeks To A Few Months And People Are Not Touching It
Theyβre Sitting On The Market For A Few Weeks To A Few Months And People Are Not Touching It
Abstract
"Sales contracts for Manhattan apartments plunged by nearly a third in June as the city's scorching real-estate market started to cool amid recession fears and declining stocks. 'Throughout the second quarter, that slowdown has accelerated: fewer signed contracts, fewer bidding wars, more price reductions, and a gradual increase in available inventory,' Coldwell Banker President Frederick Warburg Peters wrote. 'The gradually slowing sales market manifests in all boroughs and at all price points throughout the city.'" "'This is a market in transition,' said Bess Freedman, CEO of Brown Harris Stevens. "It does appear that in the past 30 days many areas are seeing a few less outrageous over-asking price offers. Realtor Greg Potts of Compass in Fort Worth recently informed CandysDirt.com that he has had an uptick in making offers and receiving offers on his listings. 'There are definitely a lot more options for buyers,' Potts said. 'I have been involved in more negotiations over the past two weeks than in the past two years.'" From USA Today on Mississippi. "A typical Hinds County home listed for $144,500 in June, down 3.3% from the previous month's $149,500. The median list home price in June was down about 18.8% from June 2021. Rankin County's home prices fell 5.8%, to a median $357,950, from a month earlier. Madison County's home prices fell 12.4%, to a median $547,500, from a month earlier." From Bisnow San Francisco on California. "Last month's Greater Vancouver area home sales dropped by about 35 per cent since last June and 16 per cent from May 2022. Such behaviour indicates the market is shifting in favour of buyers, said Tirajeh Mazaheri, a Coldwell Banker Prestige Realty agent in Vancouver. Gone are the days when properties would be sold in days - or sometimes hours - and garner multiple offers. 'Now, they're sitting on the market for a few weeks to a few months and people are not touching it,' Mazaheri said. 'It's a very big, drastic change.'" The Vancouver Sun. "Median prices have been dropping consistently and considerably since the Bank of Canada started hiking interest rates earlier this year, said Hao Li, a Vancouver-based broker with HouseSigma. In February, the median price for all housing types in all of Metro Vancouver was $1.028 million, but fell by 13.5 per cent to $889,000 in June, according to HouseSigma analysis.In some areas, the change in median prices was greater, falling by 28 per cent in Delta, by 23 per cent in Surrey, and by 23 per cent in Maple Ridge, according to HouseSigma." "'This is a very real shift in the market,' said One Flat Fee agent Mayur Arora who has clients in Metro Vancouver and the Fraser Valley. "London's property market is in flux with house prices continuing to rise and apartments declining in value. Apartments are down more than 11% from their peak in August 2020, with the median sale now less than 400,000 pounds, according to an analysis of UK Land Registry data for April by Bloomberg News." Daily Mail Australia. "In what should come as no surprise to regular readers of this column, Australian house prices declined for the second month in a row in June - and the pace of losses is accelerating sharply. There is also clear evidence that what is destined to become the largest draw-down in Aussie housing market history is gradually extending to Brisbane, where home values look to be rolling over, and Perth, where prices are moving sideways again." "Pity the poor home buyers who went out and borrowed vast sums based on the RBA's guidance that they would not lift interest rates until 2024 at the earliest." The Times of India.
