Zillow’s decision to pull the plug on Zillow Offers, its tech-powered business of buying and selling homes, came as a surprise amid the still-hot housing market and prompted a question: Is the business model flawed? As the third-quarter earnings reports from two of Zillow's competitors showed, it's too early to write off the business model. Zillow ... READ MORE >
Real Estate
Real estate and the middle market go hand in hand. Developers in commercial, residential and industrial markets provide the economic fuel to transform local economies, building infrastructure that leads to new business and job creation.
How the construction industry can work toward a net-zero future
The construction industry has been resilient through the pandemic even as it confronts shortages of workers and raw materials, and rising inflation. But these challenges will pale in comparison to the ones that contractors will face as nations race to meet aggressive goals in reducing carbon emissions. At the United Nations Climate Change Conference, ... READ MORE >
Chart of the day: Home affordability continues to drop
U.S. housing was less affordable in the third quarter than in the previous quarter, with the composite homebuyer index dropping from 151.9 to 150.8, and the first-time buyer index dropping from 100.1 to 99.2, according to data released this week by the National Association of Realtors. A value of 100 means that a family with the national median income has ... READ MORE >
Multi-family dwellings drive Canada building permit value up 8.2%
The value of building permits in Canada grew to CA$10.14 billion in September, an 8.2% increase compared to August, driven by the increasing value of multi-family residential permits, according to data released by Statistics Canada on Tuesday. That growth marks a reversal from the drop in residential permit value in August, but non-residential permit ... READ MORE >
iBuyers, offering convenience at a price, disrupt home sale market
Consumers have long been frustrated by the difficulty and uncertainty that go with buying and selling a home. Whether it’s the balancing act of properly timing a home sale and a purchase, making even small repairs in advance of a sale, or simply raising the cash for a down payment, the process only adds to what can be a difficult transaction. Now, ... READ MORE >
Chart of the day: Pending home sales dipped in September
The pending home sales index fell by 2.3% to 116.7 in September after a strong gain of 8% in August, a sign of a modest pullback in home buying as some purchases are delayed until next year, according to a report from the National Association of Realtors on Thursday. But the market remains strong, and robust sales will continue for some time. Pending home ... READ MORE >
New home sales highest since March
New home sales increased by 14% in September to 800,000, the highest since March, indicating that strong demand for new houses continued to drive the market, according to Commerce Department data released on Tuesday. This was the biggest one-month percentage increase since July 2020, as the change in new home sales in August of this year was revised ... READ MORE >
Existing home sales rebounded in September to highest level since February
Sales of existing homes bounced back in September, with 6.29 million units sold, the highest level since February, and up 7% compared to the prior month, according to a report released on Thursday from the National Association of Realtors. The sales number was an upside surprise to earlier estimates of 6.1 million units, pointing to a ... READ MORE >
Chart of the day: U.S. housing starts and permits slowed amid shortages
Housing starts and permits stayed below expectations in September, signaling a supply slowdown because of shortages of materials and labor. The headline figure for housing starts fell by 1.6% on the month to 1.555 million units annualized because of a drop in multifamily units while single-family starts—the more important series—remained unchanged, ... READ MORE >
Housing starts in Canada fall for the fourth consecutive month
Housing starts in Canada fell 4.42% to 251,151 in September, another sign of the continuing shortages of raw materials and labor that have gripped the economy. The drop, the fourth monthly decline in a row, was led by dramatic decreases in Ontario (9,380 units), Alberta (4,730 units) and most notably British Columbia (11,164 units), according to data ... READ MORE >