USA
The U.S. existing home sales are declining due to rising mortgage rates and affordability issues. However, July 2024 saw a 1.3% sales increase, with the median price hitting a record $422,600. Inventory also increased to a 4.0-month supply, potentially giving buyers more leverage.
Source: Prices still at record levels as existing-home sales inch up
U.K.
The U.K. property market has experienced a significant upturn following a cut in interest rates. This response indicates strong underlying demand, particularly in areas that had previously seen sluggish activity. The rate cut has fuelled new energy into the market, with potential buyers rushing to capitalize on lower borrowing costs.
Source: Interest rate cut fuels immediate upturn in U.K. property market
Canada
Canadian buyers now lead in U.S. real estate purchases, making up 13% of international transactions, despite the slowest period in over 15 years. Economic challenges like high inflation, interest rates, and limited inventory have pushed more Canadians to pay in cash. Popular destinations include Florida, Arizona, and Hawaii, focusing on vacation and retirement properties. U.S. real estate remains attractive for Canadians seeking affordability and lifestyle benefits despite rising prices.
Source: History Suggests Stressful Times for the Canadian Housing Market
Australia
Australian homeowners have been benefiting significantly from the strong housing market, with new data showing that sellers are making substantial profits from property sales. The average gain from selling a house has been reported at $395,000, highlighting the lucrative opportunities present in the current market environment.
Source: Australians are making a median of $326,000 from selling their houses, new data finds
Dubai
Dubai's real estate market thrives amidst increasing business travel and an influx of wealthy migrants, driven by regional unrest. This prosperity is reflected in the city's booming property sector, with significant growth in high-end residential and commercial investments.
Source: Dubai's Prosperity Soars With Rising Business Travel And Wealth Migration Amid Regional Unrest
Singapore
In July 2024, Singapore's home sales rebounded as developers introduced more supply into the market. The increase in sales followed a sluggish period, with higher demand particularly noted for mass-market and luxury properties. This recovery is seen as a positive sign for the market, indicating renewed buyer interest and confidence, especially as developers continue to meet demand with new projects.
Source: Singapore Home Sales Recover in July with More Developer Supply
America Mortgages Weekly
As the 2024 presidential election draws closer, many are speculating on how a Kamala Harris victory could impact the U.S. housing market. Experts suggest that Harris's focus on affordable housing and economic equity might lead to more affordable housing projects and increased opportunities for first-time homeownership. However, the continuation ofhigher interest rates under her administration could temper market growth. Investors, particularly foreign nationals,should consider these potential shifts when planning their U.S. real estate investments.
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