This is not good.
New York condo prices fell again. Historic spikes slow in Seattle and other metros.
Compass, a real-estate-brokerage unicorn with $800 million in venture funding and a $2.2 billion “valuation,” disrupts – itself?
A different set of private-equity firms, at the peak of the market, as brokers constantly blame low inventories of single-family houses for sky-high prices.
The inflection point was in June. This is how inflection points show up at the subcutaneous level in all housing markets.
High housing costs & taxes lead to this: “Once we decided we had to get our employees out of California, we went about our search systematically.”
The underlying dynamics are similar, but the approach is different.
Asking rents spiral down in Chicago & Honolulu, come unglued in Washington DC, drift lower in New York City, but see double-digit surges in Southern California and many less expensive markets.
Historic spike in Seattle. Sharp increases in other metros. New York condos fall.
No, it’s not Seattle. Denver is by far #1. New York isn’t even in the top 25. And it explains why rents in Chicago are collapsing.