The New South Wales (NSW) Housing Minister Rose Jackson has become the first Labor state minister to swat down the left-wing Greens’ campaign for Australia to adopt rent controls to deal with its housing crisis. On June 27, federal Greens housing spokesperson, Max Chandler-Mather, reiterated his party’s position citing San Francisco as an example Australian…
No to San Francisco: Greens Plan Knocked Back as Labor Minister Rejects Rent Controls
June 29, 2023
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Governor Abbott Calls Second Special Session Over Property Tax Reductions
June 28, 2023
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Gov. Greg AbbottPolicies & ImpactsPoliticsproperty taxesreal estateRegional & State NewsRepublicansState NewsTexasTexas special sessionUSUS NewsUS Real Estate
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Texas Gov. Greg Abbott ordered lawmakers back to work for a second special session after they failed to pass legislation to reduce property taxes. “I called another special session to deliver on our promise to provide the largest property tax cut in Texas history. Hardworking Texans deserve lasting property tax cuts. When the House [and]…
Number of US Homes For Sale Plunges to Lowest Level Since 2012
June 24, 2023
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Business & Marketseconomic policieseconomyhigh mortgage rateshousing inventoryMarketsreal estateUSUS Real Estate
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Since real estate brokerage Redfin started taking records, fewer homes were available for sale in the United States in May 2023 than in any other month. The number of homes for sale declined by 7.1 percent year-over-year in May 2023 on a seasonally adjusted basis to 1.4 million units, according to a June 21 Redfin…
Survey Finds 78 Percent of US Home Shoppers Fear Being Priced out of Market
A recent survey from Realtor.com and Censuswide finds 78 percent of potential home buyers expect to be priced out of the market if prices and mortgage interest rates continue to increase. Over 50 percent of that group blames inflation as the number one external factor keeping them from realizing the American dream. Rising interest rates…
Housing Starts See Biggest Monthly Gain Since 1990, but Trend Unsustainable
June 21, 2023
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Business & Marketseconomic policieseconomyhousing startsMarketsreal estateU.S. housing marketUSUS NewsUS Real Estate
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New U.S. housing starts registered the biggest monthly increase in more than 30 years in May, but some experts raised doubts about whether the trend is sustainable. “Privately owned housing starts in May were at a seasonally adjusted annual rate of 1,631,000. This is 21.7 percent above the revised April estimate of 1,340,000,” according to…
US Homes for Sale Fall Nearly 40 Percent Amid Tight Market Conditions
June 16, 2023
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The number of homes for sale has declined from pre-COVID-19 pandemic levels, with high mortgage rates discouraging prospective sellers from putting their properties on the market, said real estate brokerage Redfin. There are now 39 percent fewer homes for sale on the market compared to five years ago in June 2018, according to a June…
Apartment Rent Growth Is Declining Fast
June 15, 2023
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apartmentsBusiness & Marketseconomic policieseconomyinflationInvestmentMarketsreal estaterental pricesUSUS NewsUS Real Estate
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Apartment rent growth in the United States is declining fast, after years of soaring prices. The decline in rents are giving many millions tenants relief for the first time since the early months of the pandemic, partially due to the increasing amount of apartments on the market. Rental prices may start to ease more this…
Commercial Real Estate Forecast Mixed, Office Continues to Slide, Other Sectors Thriving: UCLA Anderson
June 12, 2023
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Business & MarketsCaliforniacommercial real estateeconomyinflationInvestmentLos AngelesMarketsNew YorkNorthern Californiareal estaterecessionRegional & State NewsSan FranciscoSouthern CaliforniaState NewsUniversity of California–Los AngelesUSUS NewsUS Real Estate
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Commercial real estate in the United States is facing uncertainty, with mixed signals from traditional economic bellwethers like housing and employment contributing to the lack of clarity, and lingering fears of recession leave the predictions open-ended, according to a recent forecast by the University of California–Los Angeles Anderson School of Business, which included estimates for…
3D-Printed Homes Hit the Market in Texas
A housing project has put up 3D-printed homes for sale in the Austin region, which is said to be the first such project in the United States. The project, first announced by construction startup Icon last year, is being built at Wolf Ranch, a master planned community in the city of Georgetown, Texas, located 25 miles…
Investor Home Purchases Fell 49 Percent in One Year
The percentage of homes purchased by real estate investors fell 49 percent compared with what they bought a year before, and overall home purchases fell 41 percent, according to real estate brokerage Redfin, which analyzed date from 40 major metros. Something that may have led investors to retreat from the housing market likely are rising…
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