Luxury Home Sales in U.S. Plummet 28 Percent Annually in Q3

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.

Record Warehouse Development Driven by Aging U.S. Inventory

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.

U.S. Home Sales Slip Again in August, Seventh Consecutive Month

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.

Home Buyers Retreat as Mortgage Rates Hit 6 Percent in U.S.

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.

Portland Property News

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