According to national property broker Redfin, a typical U.S. homebuyer's monthly mortgage payment has climbed $337 (15%) over the past six weeks to a new high of $2,547.
Sales of luxury U.S. homes fell 28.1% year over year during the three months ending Aug. 31, 2022. That's the biggest decline since at least 2012, eclipsing the 23.2% plunge that occurred when the onset of the coronavirus pandemic brought the housing market to a near standstill roughly two years ago.
According to CBRE research, the 43-year average age of existing U.S. warehouse inventory--nearly 28% or 3.4 billion sq. ft. of which is more than 50 years old and at risk of functional obsolescence--justifies the nation's record 627 million sq. ft. of new warehouse space currently under construction.
According to the National Association of Realtors, existing-home sales in the U.S. experienced another dip in August 2022, marking the seventh consecutive month of declines.
National broker Redfin reports that as U.S. mortgage rates reach 6 percent, seasonally-adjusted new listings of homes for sale have fallen 8% from July to August 2022 to their lowest level since May 2020, when the housing market was paralyzed by the onset of the COVID-19 pandemic. Prior to the pandemic, we hadn't seen so few homes hit the market since November 2012.
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