The hike will likely impact housing affordability across the country, economists predict. Read More
BY THE NUMBERS
LISTING OF THE DAY
The property features a grand house and land that produces up to 65 cases per season. Read More
Make the centerpiece of your kitchen stylish and smart. Read More
Increase of Inventory Could Help Homes Sales
A drop in home sales in the United States could be rectified if inventory numbers improve. The July 2018 Housing Forecast from Freddie Mac anticipated that new construction in the late summer will help grow the number of sales by 2.5% to 6.27 million and prices by 6.7%. While demand was up over the typically strong spring season, high prices and lack of options significantly hindered prospective buyers.
New York City is the Second Most Expensive U.S. Rental Market
Despite rent prices coming down a bit recently, a study shows that New York City is the second most expensive city in which to rent an apartment, behind only San Francisco. The study, done by SmartAsset using data from RentCafe, looked at what salary a person would need to make in order to be able to rent a two-bedroom without paying more than 28%. With the average cost of a New York City two-bedroom coming in at $3,789, securing one would require a salary of at least $162,386.
Vietnam New Magnet for Real Estate Development
Vietnam real estate has become a magnet for buyers from the Chinese mainland and Hong Kong and the country could benefit from the ongoing trade war between China and the United States. Upcoming development projects include the Waterina Suites, a 98-unit Ho Chi Minh City building that features a 25-meter swimming pool and spa, where prices begin at HK$4.1 million (US$522,382).
California Sale Is First Blockchain-Only Deal
A sale of 10 acres in Los Angeles County became the U.S.’s first blockchain-only real estate deal. The parcel of land is located 130 miles north of Los Angeles and the buyer, who is based in New York, and seller are anonymous. The buyer paid the unknown sum in Bitcoin—which has been done before—and the entire transaction was recorded on the blockchain, something that had never happened before. The sale was done via a real estate start up platform called Propy.
Australia Sees First Home Sales Growth in 2018
June saw this year’s first increase in Australian sales of new homes, with the number growing 2% after a rough start to 2018 in which sales fell 2.9% from the end of 2017. Despite the growth, sales are still 5.3% below those of the 2017/2018 financial year, according to a sales report from the Housing Industry Association. The only state not to experience growth in June was Victoria, where sales fell by 0.4%, while New South Wales was up by 8.3% on the month earlier.
AROUND NEWS CORP
Home Shark Tanks Are In. Just One Problem: Sharks Make Terrible Pets [The Wall Street Journal]
The Famous Reno Drunk and the Housing-Market Hangover [MarketWatch]
This Home Comes With a Studio—and a Legendary Producer to Help You With Your Music [realtor.com]
Will Buyers Pay More to Live in This New Suburb? [news.com.au]