The Unassuming Economist

On prices, rent, and mortgage:    

• Map Shows Where Prices Are Dropping for Newly Built Homes as Builders Target Smaller Floor Plans – Realtor.com
• Widespread softening: Almost every major housing market is seeing softer pricing. Among the nation’s 50 largest metro-area housing markets, 49 have a weaker year-over-year home-price shift this spring than a year ago. – Fast Company
• Mortgage Rates for New Homes Are Typically Lower, New Research Finds – Realtor.com
• Residential Mortgages Experience Weaker Demand in First Quarter – NAHB
• Rent Prices Are Falling—but These 5 Coastal Cities Remain the Least Affordable – Realtor.com
• MBA: Mortgage Delinquencies Increased Slightly in Q1 2025 – Calculated Risk  
• Q1 NY Fed Report: Mortgage Originations by Credit Score, Delinquencies Increase, Foreclosures Increase – Calculated Risk
• 2 Southern States Lead the U.S. With the Highest Number of Foreclosures – Realtor.com

On sales, permits, starts, and supply:    

• 37 housing markets where sellers hold the most power heading into summer 2025. Among the nation’s 200 largest housing markets, 37 still have significantly less housing inventory than they did in April 2019. – Fast Company
• The Spring Home Sales Season Is Shaping Up to Be a Dud. Inventory is rising, but high home prices and mortgage rates are putting off buyers during the prime selling season – Wall Street Journal
• Weekly Housing Trends View—Data for Week Ending May 3, 2025 – Realtor.com
• Home Listings Surge to 6-Year High—but Cautious Buyers Hold Back – Realtor.com
• 2nd Look at Local Housing Markets in April – Calculated Risk
• New-Construction Insights: Builders Deliver Smaller and More Affordable Homes in These Metros, but Tariffs Threaten Progress – Realtor.com
• Highest Paid Occupations in Construction in 2024 – NAHB
• Part 2: Current State of the Housing Market; Overview for mid-May 2025 – Calculated Risk
• Permit Activity Declines in March 2025 – NAHB
• First-Time Home Buyers Are Struggling. That’s Bad News for Builders. Even with construction companies offering cheap mortgages, youngish people are finding it difficult to enter the market – Wall Street Journal
• What is driving up housing costs across the US? – Brookings
• Soft Spring Selling Season Takes a Toll on Builder Confidence – NAHB

On other developments:    

• What Abundance Lacks. A bestselling progressive book gets its policy all wrong. – Foreign Policy
• US House to Claw Back Biden’s Climate Law to Fund Trump Tax Cuts – Bloomberg
• What’s new in building beautifully. Interesting developments from the last two decades – The Works in Progress Newsletter

On cross-country:

• How a mortgage transforms your investment portfolio. They turn retail savers into hedge-fund managers – The Economist
• Why skyscrapers are so short. How to overcome physical, economic and regulatory barriers and build taller – The Works in Progress Newsletter
• The purpose of a building is how it looks. True functionalism combines utility and beauty – The Works in Progress Newsletter
• From Projects to Process. The Promise of Service-Oriented Housing Development – Thesis Driven
• Where Healthcare Meets Housing. A new generation of operators are boosting returns by marrying Medicaid and real estate – Thesis Driven

Working papers and conferences:

• 5th International workshop on rent control – Universitat Rovira i Virgili
• Social media sentiment and house prices: Evidence from 35 Chinese cities – SSRN
• The Effects of Flood Risk Mandatory Disclosure on Housing Markets – SSRN 
• Global Variations of Urban Form: Characterization and Quantification through Intelligent Remote Sensing Image Analysis – Sustainable Cities and Society
• Introduction to Housing – Routledge

On China:

• China Weighs Housing Market Overhaul to Curb Pre-Sales – Bloomberg

On Australia and New Zealand:

• [Australia] How Housing Became the Third Rail of Australian Politics. Going into a federal election, both major parties are hesitant to tame the sky-high property values that have priced many voters out of the housing market. – New York Times
• [Australia] Australian House Prices Hit Record High Ahead of Saturday’s Vote – Bloomberg
• [Australia] Our Carrie Bradshaw index shows Australia’s housing is in crisis. In most big cities, the average worker struggles to afford their own place – The Economist
• [Australia] Albanese tells crossbench to ‘get out of the way’ on housing as he faces calls for stronger action on environment. PM flags cutting university debts as priority for newly re-elected government as cabinet speculation swirls – The Guardian
• [New Zealand] New Zealand’s house price crash steepens – MacroBusiness

On other countries:  

• [Belgium] Brussels’ collapsing rental market: How Airbnb is draining the housing supply. In some parts of the city, over 30% of real estate has been converted into tourist accommodation. – The Brussels Times
• [Canada] Canada’s building homes fast─but for how long? – RBC
• [Canada] Canada’s housing markets crack under weight of trade war – RBC
• [Canada] Toronto Home-Price Declines Accelerate Amid Trade War With US – Bloomberg
• [Canada] GTA: Home sales remained depressed in April – National Bank of Canada
• [India] India sees debut listing of residential mortgage-backed securities – Reuters
• [Norway] Norway’s Home Prices Shrink for First Time in Nine Months – Bloomberg
• [Spain] Madrid’s House Prices Rise 24% as Real Estate Crunch Deepens – Bloomberg
• [United Kingdom] One-of-a-kind ‘Delayed Start’ mortgage launched in UK. The deal, unveiled by Skipton building society, means buyers would not have to make any repayments for the first three months – The Guardian
• [United Kingdom] UK financial watchdog consults on steps to simplify mortgage rules – Reuters
• [United Kingdom] UK regulator to dilute mortgage lending rules. FCA responds to prime minister’s call for watchdogs to focus on promoting economic growth – FT
• [United Kingdom] UK house prices rose unexpectedly in April – Halifax – Reuters

On prices, rent, and mortgage:    

• Inflation Adjusted House Prices 0.8% Below 2022 Peak. Price-to-rent index is 7.5% below 2022 peak – Calculated Risk
• ICE Mortgage Monitor: Home Prices Continue to Cool – Calculated Risk
• Prices for New Homes Continue to Drop as Existing Rises – NAHB
• Renters Are Paying More Than Ever—Here’s Where Rents Have Spiked the Most – Realtor.com
• Asking Rents Mostly Unchanged Year-over-year – Calculated Risk
• Falling Rents Are Holding the Housing Market Captive. A historic wave of apartment construction has kept rental prices down in much of the US, allowing would-be buyers to put off purchasing decisions. – Bloomberg
• Trump budget would slash rental aid by 40% — and let states fill the gap if they want – NPR
• See Where Home Prices Are Rising and Falling the Most. Markets in Florida and Texas with lots of inventory post biggest price declines, while prices in Northeast and Midwest rise – Wall Street Journal
• Sellers in Sun Belt Cities Are Slashing Home Prices the Most—and the Majority of Cuts Are in Florida – Realtor.com
• High mortgage rates and tariff uncertainty drag on US housing market. Trump’s trade wars and federal job cuts lead to stagnation during what should be peak selling season – FT
• Mortgage Activity Levels Off in April as Rates Increase – NAHB
• April 2025 Monthly Housing Market Trends Report – Realtor.com
• 3 Reasons Why Houses Are So Expensive Right Now – Redfin
• Could climate change trigger the next subprime mortgage crisis? Climate change is quietly corroding the foundations of the U.S. housing market. The result could be disastrous. – Fast Company

On sales, permits, starts, and supply:    

• Canadian Snowbirds Are Selling. Which housing markets are most vulnerable? – Home Economics
• March Private Residential Construction Spending Dips – NAHB
• Federal opportunities to build housing supply and advance affordable homeownership – JP Morgan Chase Policy Center
• Would the Housing Crisis Ease if Boomers Rented Out Their Empty Rooms? Millions of single-family homes are underused, on spacious lots. Refitting them for “roommate houses” or backyard cottages could make a difference. – New York Times
• 69 housing markets where higher inventory is tipping scales to buyers. Among the nation’s 200 largest housing markets, these 69 metro areas now have active inventory at or above 2019 pre-pandemic levels. – Fast Company
• Residential Building Worker Wage Growth Slows Amid Softer Labor Market – NAHB
• Former V-P Mike Pence warns Trump’s tariffs could lead to US shortages – The Straits Times
• 1st Look at Local Housing Markets in April – Calculated Risk
• Multifamily Developer Confidence Falls in the First Quarter – NAHB

On other developments:    

• Is Florida’s Downturn Coming for the Rest of the Country? It feels a bit like 2004 – Home Economics
• Americans’ Satisfaction With ‘Good, Affordable Housing’ in U.S. Plunges—Here’s Why – Realtor.com
• Fannie and Freddie: Single Family Serious Delinquency Rates Decreased in March. Multi-Family Delinquency Rate Equals Highest Since 2011 (ex-Pandemic) – Calculated Risk
• April 2025 Monthly Housing Market Trends Report – Realtor.com
• Homeownership further out of reach as rising prices, high mortgage rates widen affordability gap – AP
• Fitch Ratings to Host Webinar on State of the U.S. Housing Economy – Fitch
• Supporting bipartisan policies to tackle the national housing supply shortage – JP Morgan Chase 
• Trump Seeks to End Permanent Supportive Housing for the Chronically Homeless. More than 300,000 people live in such housing, all chronically homeless and disabled. Many are veterans. – New York Times
• Market Volatility Is Already Making the Housing Shortage Worse. What an Arizona land investor is seeing in the market – Bloomberg
• Proposed cuts to housing programs could affect millions, experts warn. The White House proposed slashing funding for Section 8 and other federal programs by about 43 percent, saying it will “fix our broken federal housing policy.” – Washington Post
• Problems With Low-Income Housing Tax Credits. State and local governments should reassess zoning rules, land-use regulations, and permitting requirements that raise costs and slow construction, particularly for multifamily housing. – Cato
• Home Equity Dips Slightly During First Quarter But Remains Near Historic Highs – ATTOM

On cross-country:

• 3 Asian property markets could offer shelter from Trump’s tariff storm. Although no property market is fully shielded from the trade shock, Asia’s real estate sector has strong and diverse sources of resilience – South China Morning Post
• The beauty of concrete. Why are buildings today simple and austere, while buildings of the past were ornate and elaborately ornamented? The answer is not the cost of labor. – Works in Progress

Working papers and conferences:

• Working from home and housing demand during the pandemic – Danmarks Nationalbank
• Can Stay-at-Home Orders Create a Pandemic Housing Boom? – SSRN
• Monetary Transmission Through the Housing Sector – SSRN  

On Australia and New Zealand:

• [Australia] We heard from the politicians; now economists offer their housing fix – Financial Review
• [Australia] The affordable Melbourne suburbs where residents never want to leave – The Sydney Morning Herald
• [Australia] ‘I love it, always have’: The Sydney suburb people never want to leave – The Sydney Morning Herald
• [Australia] Can Australia’s Housing Crisis Be Fixed – Bloomberg
• [Australia] House prices fade as Aussies wait on RBA – MacroBusiness
• [Australia] Australia’s Housing Crisis Needs More Than a Renovation. Ambitious reforms, including the European model of long-term rentals, must be on the table. – Bloomberg
• [Australia] Australia home prices set record in April, sales volume slows on tariff risk, Cotality data shows – Reuters
• [New Zealand] New Zealand’s House Prices Climb for a Fourth Straight Month – Bloomberg

On other countries:  

• [Canada] Will Carney end the housing crisis? The promise and peril of the Liberals’ plan – The Globe and Mail
• [Bangladesh] Bangladesh’s Residential Property Market Analysis 2025 – Global Property Guide
• [Germany] Germany loosens property crisis regulation as risks recede – Reuters
• [Hong Kong] The dysfunctional tiger. How to upzone Hong Kong – The Works in Progress Newsletter
• [Ireland] Most people expect house values to keep rising and goods prices to increase over next five years – Irish Independent
• [New Zealand] New Zealand’s House Prices Climb for a Fourth Straight Month – Bloomberg
• [Spain] Madrid’s Biggest Landlord? U.S. Investment Firms. As private equity firms assert control over much of Spain’s housing, thousands face the threat of eviction. – New York Times
• [United Kingdom] The fewer the merrier. The merits of unified land ownership – The Works in Progress Newsletter
• [United Kingdom] UK House Prices Decline Most Since 2023, Nationwide Says – Bloomberg
• [United Kingdom] UK house prices fall in April as stamp duty taxes rise, data shows. Month-on-month drop of 0.6% was below zero growth forecasted by economists, Nationwide says – FT
• [United Kingdom] UK house prices fall but market ‘likely to pick up’ during summer. Average property value drops to £270,752 in April because of stamp duty changes, Nationwide says – The Guardian
• [United Kingdom] UK Mortgage Approvals Dip as Time Ran Out to Beat Tax Hike – Bloomberg

On prices, rent, and mortgage:    

• April Mortgage Rates Edge Up Following Treasury Sell-Off – NAHB
• Washington State Lawmakers Vote to Limit Rent Increases. Supporters say an annual cap of 10 percent, including inflation, will protect tenants. Critics worry it will reduce housing supply and discourage investors. – New York Times
• Case-Shiller: National House Price Index Up 3.9% year-over-year in February. FHFA House Prices up 3.9% YoY – Calculated Risk
• Case Shiller Home Price Index Climbs 3.9% in February – Realtor.com
• Freddie Mac House Price Index Mostly Unchanged in March; Up 3.0% Year-over-year. 10 of the 19 cities with largest price declines are in Florida! – Calculated Risk
• Home Price Momentum Slows—and Prices Are Falling in One Florida City – Realtor.com
• US Home-Price Gains Eased in February as Listings Increased – Bloomberg
• AEI Housing Market Indicators, April 2025 – AEI

On sales, permits, starts, and supply:    

• March Home Sales Were the Slowest Since 2009. Some Predict Prices Could Drop Next. – Barron’s
• Final Look at Local Housing Markets in March and a Look Ahead to April Sales – Calculated Risk
• Sales of Existing Homes Plunge to Their Slowest March Pace Since 2009, in Warning Sign for Spring Housing Season – Realtor.com
• Housing market inventory with a price cut just hit a decade high. In total, 302,260 U.S. homes for sale on Realtor.com in March 2025 had a price cut. That represents 33.9% of the active U.S. housing inventory. – Realtor.com
• Back to Basics. Plus: California zoning bill survives powerful lawmaker’s economic illiteracy, Montana legislators pass simple, sweeping, supply-side housing reforms, and Washington passes rent control. – Reason
• Home Builders Are Piling on Discounts as They Struggle to Entice Buyers. Demand during the spring home-buying season has been disappointing, and tariffs threaten to raise costs – Wall Street Journal
• Milwaukee Is One of America’s Most Cutthroat Rental Markets. In this Midwestern city, a lack of housing supply has baby boomers, millennials and Gen Z all vying for apartments. – Wall Street Journal

On other developments:    

• The sluggish housing market isn’t entirely bad news – Axios
• Real Estate Brokerages Fight Over How Houses for Sale Should Be Listed. Compass, one of the largest brokerages in the country, has sued a real estate database in Seattle and accused it of “monopolistic” and “anticompetitive” behavior. – New York Times
• Battle of Home Buyers vs. Investors Is Making Toledo a Housing ‘Gold Mine’. Ohio city of 265,000 is one of the increasingly rare affordable housing markets in the U.S. – Wall Street Journal
• The Spring 2025 Wall Street Journal/Realtor.com Housing Market Ranking – Realtor.com 
• Can the Housing Market Withstand a Shrinking Workforce? The Role of Hispanic Labor Under Pressure – Realtor.com 
• In the competitive D.C. housing market, government layoffs bring a growing sense of unease. The nation’s capital is still a seller’s market, but buyers are slowly gaining power. – Yahoo Finance
• 4 of America’s Hottest Markets Boast Low Cost of Living, Low Home Prices, and Climate Resiliency – Realtor.com
• Homeownership Rate Dips to Five-Year Low – NAHB
• Buyer’s or seller’s housing market? Zillow’s analysis for 250 markets. Here’s where home sellers—and homebuyers—have the most power right now, according to Zillow’s most recent analysis. – Fast Company
• Housing on Federal Lands Aims to Ease Affordability Crisis. Housing developers and researchers say the idea of building more homes on federal land could help ease shortages. But various obstacles could hinder the effort. – New York Times
• Roofs, repairs, and rodents: How housing quality has climbed in the Twin Cities. Alongside paying higher housing costs, Twin Cities area households have bigger, better places to call home than they did in in 1997 – Minneapolis Fed
• Trump’s First 100 Days in Office Deliver Little Progress on Solving the Housing Crisis – Realtor.com
• The Housing Market Has New Rules. Realtors Are Evading Them. A landmark settlement was expected to disrupt how real-estate agents are paid. This is how that didn’t happen. – New York Times
• When Did the American Housing Affordability Crisis Begin? – National Review  
• The Best Time to Sell a Home is in May – ATTOM
• Homeownership Falls to Its Lowest Level in 5 Years—and One Age Group Is Hit the Hardest – Realtor.com
• A YIMBY Theory of Power. Pro-housing advocates offer an analysis of class relations that is more sophisticated and has more explanatory power than the one held by many critics of the “abundance agenda.” – The Nation
• Housing’s Share of the Economy Grows Higher to Start the Year – NAHB
• Long-Term Impacts of Residential Racial Desegregation Programs – NBER 
• Trump Doesn’t Need the Fed To Fix Housing. Former Rep. Ron Paul argues that slashing red tape will do more to bring down home prices than pressuring the central bank to cut interest rates. – Reason
• Texas City Makes Bold Move To Fix the Housing Crisis – Realtor.com