CoreLogic’s weekly market update suggests that lockdowns are tightening the nation’s residential property market.
Specifically, total listings have collapsed, down 18.2% year-on-year:
Acute shortage of stock.
At the same time, mortgage demand remains very strong. As shown below, it was the strongest August for “mortgage activity events” in at least four years:
Still red hot demand.
Strong buyer demand amid reduced market supply is obviously a recipe for ongoing price growth.
At this stage, lockdowns look likely to impact turnover rather than prices.
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