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Pending home sales drop to a record low, even worse than during the financial crisis (www.cnbc.com)
submitted 11 months ago by throws_lemy@lemmy.nz to c/news@lemmy.world
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[-] girlfreddy@lemmy.ca 9 points 11 months ago

Here's some data I found.

Many factors have influenced this unusual market, of course. But one that affects the housing shortage in particular is institutional real estate investment. Institutional investors purchased 13.2 percent of all properties sold in 2021, according to a 2022 report by the National Association of Realtors (NAR). Perhaps more concerning is the fact that they bought those homes for 26 percent lower than the state median prices during that period.

These large investment companies are exacerbating the home-inventory shortage by buying up the most affordable properties and renting them out, making it even harder for individuals and families, especially first-time homebuyers, to get themselves onto the housing ladder. Source

Industry advocates argue that they do not control enough market share to dictate prices in any market. Large institutions owned roughly 5% of the 14 million single-family rentals nationally in early 2022, according to analysts.

By 2030, the institutions may hold some 7.6 million homes, or more than 40% of all single-family rentals on the market, according to the 2022 forecast by MetLife Investment Management. Source

this post was submitted on 03 Dec 2023
143 points (98.6% liked)

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