From the United States and Canada in North America to Italy, the UK and Singapore, many countries and regions have shown signs of slowing down their home sales and falling confidence.
Confidence decline, and sales down
In 2018, the growth rate of US housing prices slowed down. galvanized steel tubing suppliers The price increase which accumulating in previous has exceeded the growth rate of income, which has weakened the ability of consumers to purchase houses and dragged down the confidence of buying houses. US mortgage agency Fannie Mae released a survey report in January this year, showing that the US home purchase confidence index fell 2.7 points to 83.5 points in December 2018 due to rising mortgage interest rates and rising house prices.
In terms of sales data, US home sales fell to the lowest in December last year. According to the National Association of Realtors, the sales of existing homes in the United States fell by 6.4% in December last year. After considering seasonal factors, the annualized sales were 4.99 million sets, the lowest since November 2015, and the year-on-year plunge 10.3%. In 2018, home sales fell 3.1% year-on-year to 5.34 million units, the lowest since 2015.
In Australia, Sydney and Melbourne real estate market prices fell to the lowest, the Australian real estate market confidence fell to the bottom. The data shows that housing prices in Sydney are currently down 11.1% from the peak in 2017. A joint survey released by the Australian Real Estate Industry Association and ANZ last month showed that the overall confidence index of the Australian real estate industry in the first quarter of 2019 fell by 3 points to 123 points, down 15.5 points from the same period last year, the lowest level since September 2013.
In Europe, the Italian real estate market also performed poorly. Compared with the real estate prices in other European countries, Italian house prices have apparently stagnated, down 0.4% year-on-year, and the decline is mild. In the same period, real estate prices in other European countries rose by an average of 4.3%.
The uncertainty of the Brexit in the UK has led to a decline in the willingness to trade in London. According to LonRes, the housing turnover rate in London in 2018 fell by 14% year-on-year. The shrinking housing transactions from London have gradually affected the periphery, square steel tubing for sale and the Royal Institution of Chartered Surveyors’ outlook for UK housing prices in the short term has fallen to its lowest level since 1999.
In Asia, in the fourth quarter of 2018, Singapore’s residential prices fell for the first time in the past six quarters. According to the data released by the Urban Renewal Authority of Singapore in early January this year, private housing prices in Singapore fell by 0.1% in the fourth quarter of 2018, and house prices in prime urban areas fell by 1.5%.
There are some common factors in the cooling of the real estate market in many countries, such as rising interest rates on loans, tightening of financing, and signs of economic slowdown.