The view from the US

We're seeing similar themes in New York, where prime rents hit an all-time high in September. Average rents broke the US$5,000 per month threshold for the first time in June 2022, and now sit at US$5,287. Kate Everett-Allen and Jonathan Miller have more. 

Sales continue to slow in the national market. Sales through October of this year are just shy of 4.4 million, and the National Association of Realtors estimates the 2022 total will reach 5.13 million units when November and December data are reported, down by more than 16% from 2021’s 6.12 million. See the write up from Reuters here. 

Supply is constrained, which is putting a floor under price falls. There were 1.22 million homes for sale in October, roughly half the long-run average.