San Francisco is facing a major struggle in its commercial real estate market, with the vacancy rate for office spaces reaching a record of 34.5% in the second quarter. This is a significant increase from the previous quarters and years, with the average asking rent dropping to the lowest it has been since late 2015.
Real Estate
The Manhattan real estate market is experiencing a shift towards becoming a buyer’s market, with apartment prices falling and inventory rising in the second quarter of 2024, as per recent reports. The average real estate sales price in Manhattan has dropped by 3%, settling just above $2 million. Similarly, the median price has decreased by
The housing market is showing signs of cooling down as home prices, although still higher than a year ago, are seeing shrinking gains. Reports indicate that sellers are starting to lower their prices after facing a stagnant spring market. For the first time since the Covid-19 pandemic began, the typical house sold slightly below its
The summer housing market is facing challenges that continue to dampen expectations for growth. Following a lackluster spring, the summer market is showing no signs of improvement. High home prices persist, mortgage rates remain elevated, and the limited increase in home listings is failing to excite consumers. These factors have culminated in stagnant mortgage demand
In recent years, the trend of shrinking home sizes has become increasingly prevalent in the real estate market. According to data from the U.S. Census Bureau, the typical newly constructed single-family home in the first quarter of 2024 had a median of 2,140 square feet of floor space. This marks a decrease from the median
In April, home prices reached a new record high, increasing by 6.3% compared to the previous year. This growth is surprising, especially considering the rise in mortgage rates and the increased supply of homes for sale in the market. Typically, higher mortgage rates and more available homes would lead to a weakening of prices. However,
The article discusses the least difficult areas to buy a home in the U.S. based on a new real estate indicator. It categorizes various counties based on different contributing factors such as cost, competition, scarcity, and economic instability. While this information is informative, it would have been beneficial to provide a broader scope by including
Amidst the housing affordability crisis in the United States, there has been a notable increase in the construction of built-for-rent single-family homes. According to the National Association of Home Builders (NAHB), this surge in construction is attributed to the challenges faced by potential homebuyers, particularly as mortgage rates continue to rise. As a result, renting
The recent decrease in mortgage rates did not seem to excite consumers as much as expected. Despite the drop in average contract interest rates for 30-year fixed-rate mortgages, mortgage application volume only rose by a modest 0.9%. This minimal increase suggests that consumers may not be as responsive to rate changes as previously thought. The
Hong Kong has once again been named the most expensive city for expats to live in, according to Mercer’s Cost of Living City Ranking 2024. Following closely behind Hong Kong are Singapore and Zurich. These cities continue to maintain their positions as Asia’s biggest financial hubs, making them costly for international workers. Cities in Switzerland,