The WPJ

Seattle

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.

Home Buying Bidding Wars Decline in U.S. as Mortgage Rates Surge

National property broker Redfin that 44.6% of home offers written nationwide by agents faced competition in August 2022, the lowest bidding-war rate since the beginning of the pandemic when the housing market nearly ground to a halt. It's down from 63.5% a year earlier and a revised rate of 47.2% in July and marks the seventh-straight monthly decline.

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.

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