The sales of newly built homes in April saw a significant drop of 4.7% compared to March and a larger decrease of 7.7% from the prior year, according to the U.S. Census. This decline has been attributed to higher mortgage rates, which have been hindering potential buyers from entering the market. In March, the average
Inventory
The housing market has seen its fair share of ups and downs, with April presenting its own set of challenges. According to the National Association of Realtors, sales of previously owned homes fell by 1.9% in April, coming in at 4.14 million units on a seasonally adjusted annualized basis. This decline was unexpected, as the
China’s recent policy changes to support the real estate market have garnered attention from analysts, who believe that these moves will take time to yield results. S&P remains cautious in its outlook, sticking to the belief that the property market is still in a state of flux. Edward Chan, director of corporate ratings, highlighted the
Phoenix seems to be making strides towards winning the battle against inflation compared to other cities. Recent data shows that when rental prices decrease, overall inflation tends to follow suit. In Phoenix, consumer prices rose by 2.6% from April 2023 to last month, which is slower than the national average of 3.4% and lower than
Chinese authorities have recently announced new measures to support state-owned enterprises in buying unsold apartments, aimed at providing more funding for developers to complete construction on pre-sold properties. This support marks Beijing’s latest effort to address issues in the massive real estate sector. The central bank of China has pledged to provide 300 billion yuan
The recent drop in mortgage rates to the lowest level since April has not made it any easier for buyers to afford homes in today’s housing market. Despite this drop, mortgage demand has only seen a marginal increase. According to the Mortgage Bankers Association, total mortgage application volume went up by a mere 0.5% from
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