What are the main news related to the residential real estate market for this week?

If you are interested in the latest developments and trends in the residential real estate market, you might want to read this blog post.

We have compiled some of the most important and relevant news stories from various sources that cover the housing market in the U.S. and abroad.

Here are some of the highlights:

• The median existing-home sales price was down 0.2% to $363,000 in February compared to a year ago, according to the National Association of Realtors (NAR). This ends a record streak of 131 consecutive months of year-over-year increases .

• Total existing-home sales jumped 14.5% from January to February—ending a 12 consecutive months of declining sales—but were still down 22.6% from a year ago, per NAR .

• Housing starts also rose 9.8% in February, according to preliminary data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD), helping to provide much-needed inventory .

• Mortgage rates, meanwhile, have ticked down in recent weeks, falling to 6.32% for the week ending March 30, according to Freddie Mac . Declining rates seem to be luring at least some shoppers off the sidelines .

• Another news that caught our attention is that the global residential real estate market is expected to grow at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030, reaching a value of $8.9 trillion by 2030, according to a report by MarketWatch. The report cites factors such as urbanization, population growth, rising income levels, and government initiatives as drivers of this growth. The report also segments the market by type, region, and end-user, providing insights into the competitive landscape and key players.

• On the other hand, some news could be unfavorable for the residential real estate market.
  For instance, according to another report by MSN, Morgan Stanley analysts warn that commercial real estate is headed for a crisis worse than 2008 due to high-interest rates, low occupancy rates, and falling property values. hey warn that commercial property values could fall by as much as 40% in the next two years due to rising interest rates, declining rents, lower occupancy rates and higher defaults. The report states that many commercial properties face difficulties refinancing their mortgages, which could lead to defaults and foreclosures. This could have spillover effects on the residential real estate market and the broader economy.

• Moreover, some experts remain cautious about the prospects of a housing recovery in the U.S., despite some encouraging signs such as lower mortgage rates, higher home sales, and slower home price growth. According to a report by Forbes, many economists are still mixed about how much more home prices will drop this year, as they depend on factors such as supply and demand, inflation, and consumer sentiment. The report also notes that affordability challenges persist for many buyers, especially first-time buyers who face stiff competition from investors and cash buyers.

• Finally, some news are more neutral or mixed for the residential real estate market. For example, a report by Realtor.com that summarizes various news and data sources on topics such as new home sales, existing-home sales, housing starts, pending home sales, home price indices, and mortgage rates shows that some indicators are improving while others are declining or stagnating, reflecting the complexity and diversity of the housing market across different regions and segments.

In conclusion, the residential real estate market is a dynamic and multifaceted sector influenced by various factors and forces.
Keeping up with the latest news and trends can help buyers, sellers, investors, and professionals make informed decisions and take advantage of opportunities.

Here are some links to the sources we used for this blog post:

MarketWatch
MSN Commercial
Forbes
Realtor.com