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In order to provide users with reliable overseas real estate information and understand overseas real estate trends, 58.com and Anjuke recently released the overseas Real Estate Price Map, which comprehensively analyzes the house price data of popular overseas real estate countries such as the United States, Canada, Britain, Japan, Australia, Thailand and Singapore.
Interest rates on US home mortgages have soared, eroding the affordability of home buyers. At present, interest rates on 30-year mortgages in the United States have risen for five consecutive weeks, reaching 6.25%, the highest since 2008. In June, the median home price in the United States reached an all-time high of $413800. Home values in the US fell 5.93 per cent in September from August, following a 1.1 per cent monthly decline in August, according to Anjuke’s overseas property data.
San Francisco ranks first among all regions in terms of house prices, with a median transaction price of $1.3682 million (about 9.74 million yuan). Los Angeles is not far behind, with the median price of all homes at $915300 (about 6.52 million yuan).
From a city-by-city point of view, the total price of housing sales in the eight major cities of the United States fell in September, with a month-on-month decline compared with August. Seattle, New York, Boston and Chicago fell, with median prices of $833420 (about 5.93 million yuan), $781500 (about 5.56 million yuan), $768900 (about 5.47 million yuan) and $397520 (about 2.83 million yuan), respectively.
Among the major hot cities in the United States, house prices in Miami rose 5.79% in September from August, with a median price of $511500 (about 3.64 million yuan).
Soaring borrowing costs and still-high house prices are hampering many potential buyers. Although weak demand has dampened the overall mood, analysts expect house prices to fall relatively moderately as supply is still limited in most areas.
Under pressure to raise interest rates, Canadian house prices fell by 5.15% in September 2022, the biggest since records began in 2005, with an average price of C $760400 (about 4 million yuan). Compared with the peak six months ago, the average house price in February 2022 was 868830 Canadian dollars (about 4.57 million yuan), down 14.26%.
Within Canada, there has been a pullback in all the hot cities. The biggest drop in house prices in September was in Vancouver, down 4.49% from a month earlier, with an average price of C $1180500 (about 6.22 million yuan) for all houses. Sales and prices in Toronto have fallen sharply, with homes in Toronto falling sharply in the past six months to C $1144600 from C $1335000 in February.
Before the outbreak, house prices in Canada remained relatively stable for several years. Since the outbreak, Canadian house prices have soared 60 per cent until just a few months ago, when one of Canada’s main economic concerns was that the housing market was “overheated”, fuelling national inflation. In June this year, house prices began a rapid correction. Canada announced a 50 basis point increase in interest rates, raising the policy rate to 1.5%. On August 13th, the Canadian central bank raised interest rates by another 100 basis points, or put more potential home buyers on hold.
In September 2022, British house prices fell for the first time this year. Compared with August 2022, the average house price in the UK fell 1.03 per cent (4795 pounds) to 365173 pounds (about 2.93 million yuan).
As house prices in the UK have fallen, prices in major cities have fallen.
House prices in Edinburgh and Oxford both fell by more than 3% month-on-month, with average prices of 325986 pounds (about 2.58 million yuan) and 561745 pounds (4.45 million yuan), respectively.
In the British capital London, house prices fell 2.48% in September from August, while the average home price fell back to 704979 pounds (about 5.6 million yuan).
Nottingham was followed by Liverpool, down 1.82 per cent, and Manchester, down 1.17 per cent.
Birmingham had the smallest month-on-month decline of 0.69%, with an average house price of 233078 pounds (about 1.85 million yuan).
Anjuke overseas real estate analysis believes that the latest rise in interest rates has caused further pressure on the affordability of buyers. The rise in house prices and interest rates means that after first-time buyers make a 10 per cent down payment, the average monthly payment exceeds £1000 for the first time to £1032. This is 27% higher than at the beginning of the year. Despite this challenge, real estate demand for first-time buyers is 32% higher than it was at this time in 2019.