The numbers don’t lie — and they paint a sobering picture for anyone who invested in Chinese real estate over the past two decades. According to the Bank for International Settlements data tracked by FRED (Federal Reserve Economic Data), China’s real residential property prices (inflation-adjusted, indexed to 2010=100) have collapsed back below their mid-2000s levels. … Read more
Details can be viewed at https://www.oahure.com/Statistics/MSR_2023-05MAY.pdf.
“We continue to see the market settle following the spike in interest rates and rising inflation,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS®. “Compared to the frenetic real estate market we saw the last two years, sales momentum is sluggish, but median prices are holding steady due to low inventory.”
The Days on Market for Single Family is up 300%, wow. It is definitely a slower market for sellers, and they are dropping their prices to sell.
Day on Market Single Family up 261%. Last year it was 13 days. Now 47 days. It is interesting that the Fed says the percentage of median income needed to buy a home is now the same as it was in 2006 before the housing crash, so homes are in no way inexpensive right now … Read more
Prices are starting to drop. Some places are a lot more than the median 7.6%.
The National Association of Realtors said sales have crashed to the lowest level ever per Realtor. It looks like close to 1/2 million Realtors will be looking for a new line of work in 2023. I am noticing the slowdown already too much more than the 2008 housing crash.