U.S. existing-home sales fell 2% in August to a seasonally adjusted annual rate of 3.98 million, the lowest level in more than a year. The national median existing-home price in August rose 1.6% from a year earlier to $429,100.
Mall values rose 13% over the past year, outperforming all other commercial property sectors. But despite recent gains, mall values remain far below peak levels from a decade ago, and some investors remain skeptical of the retail experience.
Centerspace, a major owner of rental properties in Minnesota and several other states, is merging with Philadelphia’s Independence Realty Trust in an all-stock deal valuing the combined company at $8.1 billion, creating a portfolio of more than 44,000 apartment units.
The Atlanta Fed calculates that a household would need income of $124,674 a year to afford a median-priced home—45% more than the median household makes.
Wells Fargo Bank filed a $1.28 billion foreclosure lawsuit against Workspace Property Trust affiliates. The lawsuit targets eight South Florida office properties totaling approximately 1.3 million square feet.
Nationally, home sellers outnumbered buyers in July by 51%. In fact, the 967,000 buyers on the market mark a record low since the survey began recording the metric in 2013.
Goldman Sachs said it had reached an agreement to buy private real-estate investment firm LCN Capital Partners in a deal worth up to $410 million. LCN, which manages roughly $3 billion in assets, is a commercial real-estate investor that specializes in sale-leaseback transactions.
A sample of FHA mortgages recently reviewed by the Housing and Urban Development Department found 76% contained a defect, up from 67% in late 2024.
A new forecast suggests that national office vacancy rates that have dipped below 14% will gradually drop toward 13% over the next few years. The decline is attributed to developers building less new space and older buildings being demolished to make way for something new.
The median sale price in the Washington metropolitan area hit an all-time high of $680,000 in May, up 3% compared with $659,950 the prior year. At the high end demand is even stronger: By the end of the first quarter, luxury-home inventory—properties priced above $1.75 million—was down 22% from a year earlier, even as overall inventory increased by 5%.
