Housing markets

Manhattan home sales under $1 million sagged well below their pre-pandemic levels this summer, as rising interest rates cut into buyers' purchasing power and sidelined some potential consumers. 

Housing's unusually high appreciation rates have now slowed for three months straight, and the number of metropolitan areas that are considered overvalued keeps growing, according to CoreLogic.

The industry has cut tens of thousands of positions since January, according to the latest Bureau of Labor Statistics estimates.

Listing inventory is returning to levels not seen since before the pandemic, but building material shortages and supply chain issues continue to have an impact on new construction.

Although housing costs are still far higher than levels from a year ago, monthly data showed prices declined across five U.S. regions in June, and a separate survey indicated almost one-third of sellers had recently slashed prices.

A national measure of prices rose 18% year-over-year, smaller than the 19.9% climb in May, the S&P CoreLogic Case-Shiller index showed Tuesday.

The slowdown also has not been enough to ease affordability in any state given changes in interest rates and incomes, according to research from First American.

Home Partners of America, the single-family landlord owned by Blackstone Inc., will stop buying homes in 38 US cities, becoming the latest institutional investor to back away from an overheated housing market.

U.S. pending home sales fell in July for the sixth time this year to the lowest level since the start of the pandemic, extending the housing market's sharp downturn as high borrowing costs sideline prospective buyers.

Sales of new US homes fell in July for the sixth time this year to the slowest pace since early 2016, extending a months-long deterioration in the housing market fueled by high borrowing costs and a pullback in demand.

Bank lending activity grew at a strong clip in the second quarter and continues to expand. Yet rising interest rates and recession concerns could hamper future growth.

Both bank and nonbanks are starting in — or returning to — this segment as they look to make up for declining originations. But there are a few key issues to consider before taking on the new line of business.

At the same time, the share of overall vacancies fell due to limited inventory, according to a new Attom report.

Privately funded down payment assistance programs help address the racial wealth gap in a safe and responsible fashion, leaders of the Cedar Band of Paiutes, the Lower Brule Sioux and the Rosebud Sioux write.

Their activity was below the record share hit at the start of 2022, and down from the high water mark of 93,700 properties bought in the third quarter last year.

Sales of previously owned U.S. homes fell for a sixth straight month in July in the latest indication of how high borrowing costs and waning demand are propelling the housing market's rapid decline.

While fewer units are being sold and inventory is rising, both Remax and First American are upbeat about buyer demand remaining strong.