What’s going on in the Real Estate world this week?
THIS WEEK ON STATEN ISLAND AND BEYOND
#1 Is it Still a Seller’s Market if No One is Selling?
Just 14 of every 1,000 US homes, or a little more than 1%, have changed owners so far in 2023, marking the lowest house turnover rate in at least a decade, according to an analysis of MLS data published Tuesday by real estate firm RedFin. Turnover rates effectively measure housing availability -- meaning prospective home buyers have exceptionally few options.
#2 Home Flippers are Making Money
Property data curator ATTOM released its first-quarter 2023 U.S. Home Flipping Report, showing that 72,960 single-family homes and condominiums were flipped in the first quarter. Those transactions represented 9 percent of all sales.
The latest portion was down from 9.4 percent in the first quarter of 2022. However, it was still up from 8 percent in the fourth quarter of last year, hitting the second-highest level this century.
#3 The Commercial Crater is Coming
The U.S. economy isn’t the only thing unwilling to capitulate despite sharply higher interest rates. Commercial real-estate prices have been heading lower in the wake of the pandemic and the Federal Reserve’s inflation fight, but the bulk of the pain still looks poised to come, according to Morgan Stanley analysts.