China Sept. used home prices -0.64% m/m; drop faster than Aug.
China Sept. new home prices -0.41% m/m; drop faster than Aug. China's largest asset by a factor of 2 continues to disintegrate... Source: zerohedge, GS
Trump posted this on Truth Social over the week-end.
Source: Jim Bianco
In case you missed it... 30-Year US Mortgage Rate plunges to 6.49%, the lowest level in almost 12 months
Source: Barchart
In the US, searches for "help with mortgage" surpass 2008 housing crisis.
Source: Polymarket @Polymarket
Real estate has held its spot as America’s favorite long-term investment for the 12th year in a row, ahead of stocks, gold, and savings accounts
Source : pacaso, chartr
Housing market in Spain is booming.
Home sales and prices are closing in on the record highs set before the 2008 financial crash. The strong momentum is supported by a classic supply / demand imbalance. On the supply side, only about 100,000 new apartments are built each year – roughly a third of what’s needed. On the demand side: strong economic growth, a surge in tourism, and rising migration The house price index now sits just 3.2% below its 2008 peak. Source: Bloomberg, HolgerZ
Marrying two datasets from the Census Bureau and the National Association of Realtors.
This reveals that the median $403,800 sales price of new homes was lower than the $422,400 median price of existing homes nationally as of July. The reason? There’s simply way too many newly completed homes. As of July, the inventory of unsold new homes on the market would take more than nine months to clear, the highest level in 15 years excluding the pandemic, compared to the 4.6-month supply of existing homes. To attract buyers and trim their overflowing inventories, homebuilders are adding discounts to new home deals, like mortgage rate “buydowns” of about 5% on average — even if it hurts their margins. In fact, a record 38% of builders said they cut home prices in July, per the National Association of Home Builders. Source: Quartr
US housing market activity is rapidly slowing down
In July, the typical home sat on the market for 43 days, the slowest July pace in 10 years. By comparison, it was just 16 days in July 2021. Additionally, pending home sales fell -1.1% MoM, to their lowest since November 2023. Despite this, prices are still rising, with the median home sales price up +1.4% YoY, to a record July high of $443,867. Many homeowners are choosing to rent or delay selling rather than accept lower offers, further limiting supply. The housing market is stalling. Source: The Kobeissi Letter
