AGP Executive Report

Market Pressure: New Zealand home prices rose 0.4% nationally in September, but remain 17% below their 2021 peak. Auckland is down 24.7% and Wellington 29.5%, keeping housing costs in the spotlight ahead of the election. Affordable Housing: San Diego nonprofits say funding shortfalls have stalled projects for low-income households; a proposed $11.25 billion state bond could help close the gap. Building Supply: A Duluth opinion piece argues that pre-approved home plans could cut the cost and delay of adding multiplexes and townhomes. Developer Strain: Another Scottish housing developer has entered administration, adding to concerns about builders’ ability to deliver homes during the country’s housing emergency. Buyer Watch: A California buyer discovered a supposedly paid-off solar system came with a 25-year contract costing about $240 a month, a reminder to verify energy agreements before closing.

First-Time Buyers: Blenheim Estate’s Woodstock shared-ownership scheme lets buyers purchase a 40% share, with a package worth up to £6,500 for those who move in before Christmas. Builder Pressure: Glasgow developer Acre Road Developments has entered administration, adding to a string of Scottish housebuilder failures amid the country’s housing emergency. Market Signals: US home sellers now outnumber buyers by a record 63%. Metro Vancouver prices fell 4% year over year in Q3, with a further decline forecast; in some Australian suburbs, mortgage payments are nearing or below rent, though the comparison excludes ownership costs. Apartment Rights: Karnataka’s new law gives owners more control over common areas and redevelopment, which requires written consent from owners representing at least 75% of apartments.

Local Markets: Greater Hartford’s median single-family price rose 10.8% year over year to $460,000 in September, while inventory grew 8.4%; homes still sold faster, averaging 18 days on market. Buyer Conditions: U.S. sellers outnumbered buyers by a record 63% in September, but mortgage rates near 7% remain a hurdle. New-home sales rose 4%, while CREA cut its 2026 Canadian sales forecast after September transactions fell 7.7% year over year. Outlook: Australian property professionals now expect prices to fall 4.2% over the next 12 months, with the steepest drops forecast in South Australia and New South Wales. Climate Risk: Malibu’s fire-scarred market faces another threat as El Niño-driven waves worsen erosion; burned lots are struggling to find buyers.

U.S. Market: Sellers outnumbered buyers by a record 63% in September as pending sales stalled and mortgage rates returned to the 7% range. Higher borrowing costs are deepening the divide between buyers who can afford to move and those priced out. South Korea: Housing demand is spilling from Seoul into the semiconductor belt: Gyeonggi apartment prices rose 0.26% in a week, while Dongtan is up 20.14% this year. Buyers are also seeking less-regulated, lower-priced suburbs. Vietnam: A proposed law would bar most foreign buyers from purchasing houses, while still allowing them to buy apartments. Metro Vancouver: More than 40% of unsold concrete condos are two-bedroom homes, challenging the idea that small unit sizes alone explain slow sales; affordability and cautious buyers are also weighing on demand. NSW Strata: New rules limit excessive fees and bonds, make it easier for owners to install EV chargers, and let prospective buyers check compliance issues with owners corporations.

Market Pulse: U.S. pending home sales are near a 12-year low, despite September resales rising; higher mortgage rates are clouding the outlook. In Chatham-Kent, September sales jumped nearly 13% year over year, while average prices fell more than 4% and inventory stayed strong. Rent or Buy?: Zillow data puts typical U.S. rent at $1,948 a month, compared with $3,014 for a new homeowner’s mortgage, taxes and insurance. Meanwhile, Australian renters are watching a downturn that has cut prices 5.2% from their March peak, hoping it opens a path to ownership. Housing Protections: Michigan lawmakers are considering annual inspections of mobile-home parks, utility overcharge rules and a year’s notice before redevelopment; residents could also get a chance to buy a park when it’s sold. Growth and Infrastructure: Thousands of homes are advancing around Lockhart, Texas, raising questions about whether roads, schools and utilities can keep pace.

Buyer Affordability: Australian mortgage demand fell 19.2% year over year in September, with first-home buyer demand posting its steepest drop since 2022. High rates and strict lending tests are sidelining younger buyers, while NAB’s latest survey points to falling prices and worsening housing sentiment. Commercial Property: Mirvac is expanding its premium office holdings, buying a 50% stake in Sydney’s Five Martin Place and agreeing to acquire half of a Melbourne tower. Spain’s Housing Crisis: Protests are demanding lower rents and stronger tenant protections as rental costs have climbed 84% over the past decade and affordable homes remain scarce. Housing Supply: Davis voters will decide on a 1,250-home development, including affordable units and townhomes aimed at middle-income buyers.

Mortgage Watch: HSBC and NatWest are expected to cut some UK fixed-rate deals, a possible reprieve after average five-year rates reached 6%. In the U.S., mortgage rates above 7% continue to strain affordability. Market Pulse: Existing-home sales rose 1.5% in September, but the median price hit a record $417,500. New York metro prices climbed 3.6%, even as buyers gained more options, and bidding wars are fading across Texas. Affordability: An RBC poll found 53% of Canadian prospective buyers would consider a multigenerational home, often to manage housing costs.

Mortgage Costs: Rates have climbed above 7%, adding about $268 a month to payments on the same home. September U.S. existing-home sales still rose 1.5%, but higher borrowing costs cloud the outlook. Australia’s Market: Buyers are increasingly walking away from deals as fears of overpaying grow. One economist warns prices could fall sharply, forecasting declines of up to 40% in some Sydney suburbs. New Zealand Slowdown: September sales fell 11.6% year over year as listings rose 10.7%; prices slipped 1.5%, giving buyers more choice. Buyer Protections: Maharashtra will block registration of sales documents for unauthorized buildings and flats that violate approved plans, aiming to curb illegal sales. Affordability: A Utah report finds 91% of renter households cannot afford a median-priced home, underscoring the widening gap between rents and homeownership.

U.S. Market: Existing-home sales rose 1.5% in September but remained 2.2% below a year earlier. Inventory is growing, giving buyers more negotiating power and putting pressure on sellers to offer discounts. Ireland: Annual home-price growth eased to 5.1% in August, its slowest pace since late 2023, as higher borrowing costs and affordability pressures cool demand. Housing Costs: A new UK housing commission says regulation, policy and tax account for half of the £76,000 increase in homebuilding costs since 2020, and recommends a three-year pause on new rules. Local Affordability: Montgomery County, Maryland, is weighing expanded property-tax relief for lower-income households and local school employees. Preservation: In Sarasota, plans for a 324-unit apartment project have collapsed, sparing a collection of historic cottages that house local businesses.

Buyer Leverage: Pending sales are falling as inventory rises, giving buyers more choice. Rates and Affordability: Australia’s Reserve Bank signaled another possible rate hike, adding pressure on borrowers. In Rhode Island, AnchorHome has financed 119 purchases worth more than $45 million; three lenders are joining a program offering eligible first-time buyers fixed-rate mortgages starting at 3.99%, down-payment help and no private mortgage insurance. Condo Trends: Colombo prices rose 3.2% year over year in the second quarter even as sales fell 6.7%, with demand shifting toward higher-priced units. Luxury Market: Singapore’s auction of properties seized in a major money-laundering case drew crowds but few bids: only four apartments sold at auction from more than two dozen offered.

Multifamily Investment: Big investors are retreating from Seattle apartments as rates hit a 20-year high, while a Bellevue firm bought at a reported 28% discount. Housing Mobility: Census-based reports show renters are moving less across several states; nationally, just 11.2% of households changed addresses in 2024, a record low. Higher mortgage rates may be keeping both owners and renters in place. New Zealand Market: Home values fell 1.5% in the third quarter to an average NZ$892,580, with declines in most major cities. Buyers have more choice and little urgency, while Queenstown bucked the trend with 3.1% growth. Development & Deals: Islandia approved a zoning change for a $10 million, 12-unit condo project for buyers aged 55 and over. In Manhattan, a 22-unit NoHo apartment building sold for $16.6 million.

New Zealand Market: Home values fell 1.5% in the three months to October, with buyers holding the upper hand and little sign of a broad spring recovery. Sotheby’s says easing the $5 million threshold for overseas buyers in weaker regional markets could help lift sales. South Korea: More than half of Seoul apartment sales in the third quarter topped previous price records, while prices rose 10.4% in the year after housing curbs took effect. Australian Housing Costs: About 2.3 million households delayed or missed a bill to cover rent or mortgage payments, underscoring the squeeze on household budgets. Starter Homes: A Utah builder is creating 275 homes under $450,000 by reducing floor plans and garage space, aiming to make ownership more attainable.

Buyer Leverage: Bradenton home prices are slipping, giving buyers more room to negotiate as sellers face rising taxes, insurance and HOA costs. Denver sales fell to 2,849 in September, the lowest monthly total since 2008, while mortgage rates climbed to about 7.5%. Housing Affordability: Hamilton loses 23 affordable homes for every one built, while the city expects to shoulder $130.4 million of its $204.8 million housing and homelessness costs this year. Rental Pressure: San Francisco rents rose nearly 26% year over year, with just 2.6% of apartments vacant and a median one-bedroom rent of $3,915. Condo Lending: Fannie Mae is tightening condo loan rules for 2027 as prices slide in Florida, Texas and Arizona. Seoul Trends: Buyers are turning to cheaper outer districts, where apartment prices rose fastest even as gains in Seoul’s pricier areas stalled.

Historic Homes: A former York church hall, once featured in a Wedding Present music video, is on the market for £1.5 million. Buying Affordability: In South Australia, a single buyer now needs an average pre-tax income of $167,424 to afford a typical house with a 20% deposit, up from $139,778 last year, as higher rates outpace wage gains. Shared Ownership: A survey found 60% of Americans would rather co-own a home than keep renting while saving to buy alone; most want a written agreement on costs and exit plans. Affordable Housing: Fiji’s Housing Authority says a $7 million electricity substation for a major development could push up home prices unless the government covers the infrastructure bill. Growth Corridors: Ghana’s State Housing Company says new roads could make homes outside Accra more affordable by easing commutes and transport costs.

U.S. Market Outlook: Forecaster Meredith Whitney expects home sales to stay weak through 2027, with high prices and limited supply making a sharp price correction unlikely. Buyer Conditions: Some sellers are cutting prices, giving buyers more room to negotiate, but rising mortgage rates can erase those savings. Affordability: Utah’s JDC Ranch shows how smaller homes and lots can deliver starter homes; in London, a room in a shared home now averages £1,002 a month. Malaysia’s proposed RM20 billion housing loan guarantee and stamp-duty exemptions could help first-time buyers, though advocates say clear rules and buyer protections will be crucial. Safer Homeownership: Jamaican building experts urge buyers to check building standards, construction quality and location risks before committing, as disaster resilience starts with the home itself.

UK Market: Higher rate expectations are weighing on housing: RICS says buyer enquiries weakened, prices face more near-term pressure and new listings are rising. Singapore Buyers: Resale condos have delivered stronger historical returns than new launches, with median annualised gains of 3.7% versus 2.7%, according to data cited by The Business Times. Canadian Prices: Fraser Valley buyers remain cautious despite more listings; detached-home benchmarks fell 8.8% year over year in September, while apartment prices dropped 9.3%. Housing Supply: In St. Paul, Habitat for Humanity has 74 homes completed or under construction at The Heights, part of a redevelopment planned for 1,000 homes, including 147 Habitat ownership units. US Affordability: Rising mortgage costs and a shrinking supply of starter homes are making homeownership harder to reach.