New US Home Sales Jump to Highest Level Since September
Sales of new homes in the US bounced back broadly in March as an abundance of inventory helped drive prices lower.
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Sales of new homes in the US bounced back broadly in March as an abundance of inventory helped drive prices lower.
Hong Kong developer Lai Sun Development Co. is considering options for a planned office tower in the City of London, including a potential sale of a stake in the project.
Germany’s financial regulator BaFin is taking a closer look at the real estate used by lenders to secure covered bonds known as Pfandbriefe, a €400 billion market traditionally considered among the safest in credit.
Taylor Wimpey Plc is failing to see lower mortgage rates translate into higher levels of home sales and is maintaining its forecast for fewer deals in 2024.
Chinese mainland investors increased their portion of total turnover of Hong Kong stocks to a record daily average in April, with the latest measures to bolster the city’s position potentially boosting their purchases.
Jun 3, 2020
Bloomberg News
,(Bloomberg) -- Canada’s residential real estate market is bouncing back from coronavirus shutdowns.
Home sales and prices rose in Toronto in May from the near freeze-up of activity caused by the pandemic in early spring.
Sales in and around Toronto rose 53% from April on a seasonally adjusted basis as new listings surged almost 48% and the average price climbed 4.6%, according to Toronto Regional Real Estate Board. From a year ago, prices rose 3% in May to an average C$863,599 ($638,710) from a year ago, the data show.
“While the public health and economic concerns surrounding Covid-19 continue to impact the housing market, the May sales result represented a marked improvement over April,” TRREB President Michael Collins said in a statement. “Providing we continue to see a gradual reopening of the economy, it is very possible that home sales will continue to improve in the coming months.”
Greater Vancouver’s real estate board reported on Tuesday that homes sales jumped an unadjusted 34% in May from April, with prices little changed on the month. The benchmark price rose 2.9% to C$1.03 million from a year ago.
The pandemic brought Canada’s real estate industry to a virtual standstill from mid-March through the end of April as public health authorities restricted activity and open houses were curtailed.
The impacts of Covid-19 could still be seen in Greater Toronto in May. Sales fell almost 54% from a year ago. Still, that was an improvement from the 67% plunge in April from a year ago.
Benchmark home prices were unchanged from April to May on an unadjusted basis, at C$870,000, according to TRREB data. The average selling price of a detached home fell 0.9% to C$1.03 million from a year ago, while condos jumped 6% to C$625,445.
“The housing sector will be a key driver of growth as consumer confidence increases and more households look to take advantage of very low borrowing costs,” TRREB Chief Executive Officer John DiMichele said in the statement.
©2020 Bloomberg L.P.