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The nation’s housing market is on a correction course

Housing Wire

Homes listed for sale are increasingly seeing asking-price reductions, and both construction and home sales — both existing and new — are slowing.”. Cleveland — Residential construction and real estate activity softened further amid rising interest rates. Single-family construction declined slightly.

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CITIES FACE DAUNTING OFFICE-VACANCY CHALLENGE

Will Springer Realtor

Our urban area accounts for about half of the city’s economic activity, and the Seattle Chamber noted that rising office vacancies coupled with less construction could lead to $2B in decreased revenue. We’ll have new incentives, and quite frankly, this will inform our budget,” he said. New single-family-home listings rose 3.8%

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Will Springer Realtor - Untitled Article

Will Springer Realtor

In many cases, the long lag time to complete projects is no longer from dreaded supply-chain issues. Legislation related to transit-oriented development did not pass. The figure was 37% lower than a year ago and, for context, the five-year average of new listings for the month just before the pandemic began was 4021.

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Will Springer Realtor - Untitled Article

Will Springer Realtor

This year’s “cold down” is stark, with 36% fewer new listings and about 26% fewer homes under contract (Pendings) for all King County home types combined as well as single-family structures alone – and that’s simply from October to November. Read my real estate forecast blog post after you finish the newsletter to learn more!)