After more than two years of booming sales and price increases, the U.S. housing market sank this year under the weight of high mortgage rates. In April, home prices declined year over year for the first time in 11 years.

As many as 188,000 low-cost rental apartments funded by the government tax credit are eligible to convert their properties to market rate by 2027.

Despite the rise in mortgage rates last year, sales of student housing property reached a record high of $22.9 billion in 2022.

Prologis has agreed to pay Blackstone $3.1 billion for a portfolio of U.S. warehouses and distribution properties. The portfolio includes nearly 14 million square feet in about 70 properties in major markets. The all-cash deal, which is one of the largest commercial real-estate transactions of 2023, is expected to close by the end of June.

Office buildings are only about 50% as full, with public-transportation ridership at less than 70%, as before Covid-19 across 10 major metro areas.

New building permits for private housing in the U.S. fell by a seasonally adjusted 21.1% in April compared with a year earlier, while construction starts were down 22.3%

Share prices of the five largest real-estate investment trusts that concentrate on downtown office buildings were down an average 63% in June compared to the end of 2019. Price declines were much smaller for REITs focused on retail property down 7% and apartment-focused REITs down 8%.

The average of six national rental-price measures shows new-lease asking rents rose just under 2% over the 12 months ending in May. That is down from the double-digit increases of a year ago and represents the largest deceleration over any year in recent history.

In the first quarter, banks’ real-estate loans, excluding residential single- to four-family homes, yielded 5.4%. That represented a rise of more than 1.7 percentage points over a year earlier. Those residential home-loan yields, by contrast, rose just over 0.6 point from a year earlier, to 3.96%.

The ratio of money banks lent out compared to property value dropped to 51% LTV this spring, a 30-year low in commercial mortgages.