Housing View – January 12, 2024

On cross-country:

  • Housing Affordability Remains Stretched Amid Higher Interest Rate Environment. Prospective home buyers face high prices and elevated borrowing costs, while homeowners refrain from listing their properties – IMF
  • House prices and rents increased between Q2 and Q3 2023 – Eurostat
  • Letter: Why housing is such a tricky emissions reduction target – FT
  • Europe’s property boom lowered inequality, ECB saysReuters

Working papers and conferences:

  • Haste or Waste? The Role of Presale in Residential Housing – NBER
  • Refinancing Frictions, Mortgage Pricing and Redistribution – NBER
  • Energy Hogs and Energy Angels: What Does Residential Electricity Usage Really Tell Us About Profligate Consumption? – NBER
  • Neighborhood Effects of Buy-to-Rent and Build-To Rent Public Housing – SSRN
  • Does Homeownership Preserve Wealth for Low- Income and Minority Senior Households? – SSRN

On the US—developments on house prices, rent, permits and mortgage:    

  • Why Buffalo will be 2024’s Hottest Market. Zillow’s annual predictions for the hottest housing markets of the year. Factors include expected home value growth, projected change in owner-occupied households and job growth compared to new construction. – Zillow
  • Moody’s: Apartment Vacancy Rate increased in Q4; Office Vacancy Rate in “Uncharted Territory” at Record High. Apartment Net Absorption “Plummeted” in Q4 – Calculated Risk
  • US Home Price Insights – January 2024 – CoreLogic
  • Why This Is a Good Year to Be a Renter, in Three Charts. Renters have more options and negotiating power than a year ago – Wall Street Journal
  • US home prices jump another 5% on tumbling mortgage rates and tight supply – Business Insider

On the US—other developments:    

  • Buying Home and Auto Insurance Used to Be Routine. It’s Becoming a Nightmare. Huge losses from national disasters prompt industry to jack up prices and pull back from some markets; ‘worst possible scenario’ for consumers – Wall Street Journal
  • US homebuyer confidence up in December; more see loan rates falling – Reuters
  • 1st Look at Local Housing Markets in December. Early Reports Suggest Sales in December were Down Slightly Year-over-year – Calculated Risk
  • Part 1: Current State of the Housing Market; Overview for mid-January 2024 – Calculated Risk

On other countries:  

  • [Canada] Canada Offers Cities Money to Spur Home Building. Effort to reshape municipal zoning comes amid citizen anger over low housing inventory, elevated rents – Wall Street Journal
  • [Canada] Canadians Give Trudeau Low Marks for Housing Affordability in Poll. Ontario, West are more negative than Quebec, Atlantic region. Government has tried to accelerate building through incentives – Bloomberg
  • [Canada] Canadian seniors are selling their homes later in life. What will this mean for the housing market? – Canada Mortgage Trends
  • [Denmark] Denmark’s housing market conditions worsening – Global Property Guide
  • [France] France’s housing market momentum stalls – Global Property Guide
  • [Hong Kong] Hong Kong’s housing market remains depressed – Global Property Guide
  • [New Zealand] New Zealand Home-Building Costs Rise at Slowest Pace Since 2016 – Bloomberg
  • [Singapore] Singapore’s house prices still increasing, despite falling demand – Global Property Guide
  • [South Korea] South Korea president vows to ease regulations to boost home supplies – Reuters
  • [Thailand] Thailand’s house prices rising modestly, buoyed by recovering demand – Global Property Guide
  • [United Kingdom] What Does 2024 Hold for UK House Prices? Given where mortgage rates are heading, a tepid recovery looks to be on the cards. – Bloomberg
  • [United Kingdom] Britain’s housing market may be ‘past peak pain’ but what will 2024 bring? Second year of falling prices expected though recovery is likely in the second half as interest rates come down – The Guardian
  • [United Kingdom] UK house prices rise for third consecutive month, Halifax data shows. Supply shortage pushes property valuations to highest level since last March – FT
  • [United Kingdom] UK House Prices Defy Gloom With Gain in 2023, Halifax Says. Prices have stagnated in 2023 instead of plunging 10%. Outlook for a more modest decline this year or even gains – Bloomberg
  • [United Kingdom] Spending on affordable housing in England to be slashed in 2024. Planned investment by housing associations drops due to budget pressures – FT
  • [United Kingdom] The reasons for the housing crisis go beyond the green belt. Readers respond to the building design tsar’s comments on housebuilding – The Guardian
  •  [United Kingdom] UK Housing Market Gloom Is Overdone — Again. Britain’s home values will prove resilient this year. – Bloomberg

Posted by at 5:00 AM

Labels: Global Housing Watch


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