A sharp downturn in the luxury markets in Melbourne and Sydney caused a major correction in Australia’s national home prices last month, according to a new report. Read More
BY THE NUMBERS
LISTING OF THE DAY
Just outside of downtown, the 12,208-square-foot home sits on 11 acres of landscaped property in New Mexico. Read More
Here are some high-tech exercise equipment that will give you the full professional gym experience from the comfort of your own home. Read More
Toronto Sales Cool in May
Housing sales in May were down 22.2% in Greater Toronto year-on-year, due in great part to efforts by the government to temper the soaring market. Now a poll by the Toronto Real Estate Board shows that a majority of locals wish to see the land transfer tax, a 0.5% to 2.5% levy on the purchase of new homes, ended. In fact, 77% of respondents said they would like to see it lessened and 68% want it to be abolished altogether, feeling that homes in the area are still too unaffordable.
Diane Keaton Purchases Tucson Home
Diane Keaton is the new owner of a $1.5 million home in Tucson, Arizona. The 4,500-square-foot, 1880s-era four-bedroom Southwestern-style home in the city’s Barrio Viejo area was an adobe building before the sellers converted in into a residential property. Ms. Keaton spoke of the home during an appearance on “Jimmy Kimmel Live!” and said that she expects to eventually resell it.
U.S. Home Sales Fall Amid Supply Concerns
The number of overall home sales in the U.S. dropped 1.3% in April for the month and are down 2.1% for the year. The data from the National Association of Realtors reflected that pending sales slowed as a result of significant shortages in supply. The report anticipates existing home sales to increase by 0.5% this year and the median price to grow 5.1%. In 2017, sales were up by 1.1% while prices rose by 5.7%.
American Wealth Focused on Homeownership
Consumer wealth in the U.S. continues to be primarily generated by home ownership. A new Survey of Consumer Finances from the Board of Governors of the Federal Reserve System showed that homes accounted for one-quarter of assets held by households. The fourth quarter of 2017 showed Americans retaining $14.4 trillion of home equity, the highest number ever. The percentage of homeownership stands at 64.2% for the country, which is up from the low of 2016 but still 66.3%, the average rate over the past 25 years.
AROUND NEWS CORP
Kyra Sedgwick on Growing Up in a Home That Felt Like a Museum [The Wall Street Journal]
NBA Cribs: Where the Stars of the Cleveland Cavaliers Call Home [Realtor.com]
RBA Leaves Interest Rates on Hold Again at Record Low [realestate.com.au]
Queen Elizabeth Gives Harry and Meghan Country Home as Wedding Gift [Fox News]
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