The issues about House owners

A report from the Denver Post in Colorado. “Listings continued to flow into metro Denver’s housing market last month, according to the Denver Metro Association of Realtors. Despite lower borrowing costs, buyers fell short when it came to absorbing the new inventory, even for the most affordable tier of homes, which usually see rock-solid demand.”

“Buyers purchased 5,234 homes and condos in metro Denver last month, a decline of 14.31 percent from May and 14.34 percent from June of last year, according to the DMAR counts. What has been the strongest segments of the market for demand, homes and condos priced below $500,000, experienced a 13.5 percent monthly drop in sales.”

“The number of homes and condos available for sale in metro Denver at the end of June was 9,520, an increase of 7.1 percent from May and up 28 percent from June 2018. Metro Denver hasn’t had so many homes available for sale since October 2013, noted Jill Schafer, head of DMAR’s market trends committee.”

From Yahoo Finance on New York. “The average resale apartment price in Q2 fell 5% from the comparable quarter last year, to $1,641,989, Brown Harris Stevens (BHS) said in its quarterly survey of New York City real estate. During that time frame, resale closings stagnated, and sellers offered their biggest price discounts in nearly a decade, BHS said. ‘Resale apartments sold in the second quarter spent an average of 131 days on the market,’ the firm noted in its report. ‘This figure was 27% more than a year ago, and the highest level in seven years. Sellers offered their biggest price discounts in nine years, receiving on average 96.1% of their last asking price.’”

“BHS’s CEO Bess Freedman, said that ‘Buyers are in the drivers seat’ as real estate prices moderate. ‘If we want to see the market improve, sellers have to adjust their prices,’ Freedman added.”

The Naples Daily News in Florida. “In the Naples area asking prices are coming down. NABOR reports that more than 2,000 sellers reduced their list prices in May. Sales for higher-end homes between $1 and $2 million declined 8.9% over the year. Home sellers have been dropping prices in Lee too, in an effort to attract more buyers. ‘Collier County seems to be ahead of most of the other markets in the state,’ said broker Brenda Fioretti.”

“She offered up one reason the county might be doing better than many other markets in the state, especially on Florida’s east coast. Some areas, such as Miami and Fort Lauderdale, have been overbuilt, she said.”

The Thousand Oaks Acorn in California. “A housing affordability crisis threatens to deepen an already wobbly Ventura County economy that has seen a record number of workers move out of the area due to high prices, an analyst told the Greater Conejo Valley Chamber of Commerce. Last year, Ventura County experienced negative population growth for the first time. Statewide, 156,000 more people left California than moved here, numbers show.”

“Roughly 3,500 homes were permitted in the county in the year before the recession. In 2017 growth in the county had rebounded with 2,500 permits, but in 2018 fewer than 1,500 permits were issued. ‘The bottom fell out last year,’ said Matthew Fienup of Cal Lutheran University’s Center for Economic Research and Forecasting.”

From City AM. “Online estate agent Purplebricks today confirmed it is pulling out of the US, just two years after launch, two months after deciding to shut its Australian arm. The two businesses, it said today, helped drive its losses with a £52.9m operating loss in the countries. It expects withdrawing will significantly reduce the amount of cash it burns through.”

“‘Without a proper grasp of the new markets they were entering, and a downturn in Australia’s domestic housing market, the entrepreneur’s dream has quickly turned into a nightmare,’ said Julie Palmer, a partner at Begbies Traynor.”

“Purplebricks said it was open to selling the business in the US. But would close it if no buyer could be found. It operates in seven states. ‘While there remains a significant opportunity to disrupt the US market, it would take substantially more management time and resources than the company is able to commit at this time,’ said chief executive Vic Darvey.”

Leave a Reply

Your email address will not be published. Required fields are marked *