CoreLogic’s weekly market update suggests that lockdowns are tightening the nation’s residential property market.
Specifically, total listings have collapsed, down 17.6% year-on-year:
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At the same time, mortgage demand remains strong. As shown below, it is the strongest September for “mortgage activity events” since 2017:
Strong buyer demand amid reduced market supply is obviously a recipe for ongoing price growth.
At this stage, lockdowns are impacting turnover rather than prices.