The pandemic boom that sent prices into the stratosphere is running out of steam, and house prices are now falling from Canada to China, setting the stage for the broadest housing market slowdown since the global financial crisis
Last year, Auckland’s largest real estate company couldn’t sell properties quickly enough to meet demand in New Zealand’s biggest city. Houses were “flying out the door,” said Grant Sykes, a manager at real estate agency Barfoot & Thompson. “There were chin-dropping moments when agents stand around the room and are gobsmacked at the prices being achieved,” he told CNN Business.
In the United States, sales of existing homes were down by more than 28% year-over-year in October, the ninth consecutive monthly decline, according to the National Association of Realtors. Mortgage rates in 25 major cities around the world tracked by UBS have almost doubled on average since last year, making house purchases much less affordable.
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