Investment in 2022 reached $129 billion as interest rate hikes weighed on market sentiments According to data by global real estate consultant JLL, commercial real estate investment in Asia Pacific in 2022 declined by 27% year-on-year as a tightening interest rate cycle and global macroeconomic uncertainties influenced decision-making. Direct investment in Asia Pacific commercial real…
New York City, Singapore and London top the list of global cities rent price growth in 2022 According to international property consultant Knight Frank, prime residential rents continue to rise but the rate of growth is slowing. Across ten global cities luxury rents increased 10.2% on average in the 12 months to Q3 2022, down…
According to a new report from the American Institute of Architects, demand for design services from architecture firms continued to decrease in November 2022. The pace of decline during November accelerated from October, posting an Architecture Billings Index (ABI) score of 46.6 from 47.7 (any score below 50 indicates a decline in firm billings). The…
Luxury sales sink 38% in November, biggest decline on Record According to national property broker Redfin, sales of luxury U.S. homes fell 38.1% year over year during the three months ending November 2022, the biggest decline on record. That outpaced the record 31.4% decline in sales of non-luxury homes. Redfin’s data goes back to 2012.…
According to the National Association of Realtors, U.S. pending home sales slid for the sixth consecutive month in November 2022. All four U.S. regions recorded month-over-month decreases, and all four regions saw year-over-year declines in transactions. “Pending home sales recorded the second-lowest monthly reading in 20 years as interest rates, which climbed at one of…
In comparison to November 2021, Palm Beach County November 2022 residential sales decreased 41.1% year-over-year, from 2,793 to 1,646, because of high mortgage rates and low inventory, says the Miami Association of Realtors. Single-family home sales decreased 38.8% year-over-year, from 1,491 in record-breaking November 2021 to 920 in November 2022, due to lack of inventory…
I’ve read endless posts about people backing out of their contracts because of values going down. I’m puzzled at why they don’t assess the market before this and negotiate. I get harassed by a builder who did 1200 starts 30mins in bfe. They’ve already shaved off 25% of the price in January. With this trajectory…
In this market and current circumstances, is buying land still a good investment? My wife and I have the opportunity to buy a 0.40 acre lot in a small village in rural NW Ohio. The current owners bought the lot back in spring of 2021 for $34k. He’s getting desperate to dump this now. It’s…
The real estate market is on just about everyone’s mind these days.
If you’re following today’s housing market, you know two of the top issues consumers face are inflation and mortgage rates.