Weakest new home sales in 15 years
New private home sales in December fell to their lowest monthly level in 15 years, taking the year’s total to their weakest since 2008, during the global financial crisis.
For the whole of 2023, an estimated 6,452 new homes were sold, some 9.1% fewer than the 7,099 sales in 2022 and about half the tally sold in 2021.
This is due to a number of factors:
- cooling measures in 2023
- lack of project launches
- interest rate hikes
- macroeconomic uncertainty
CBRE expects about 7,000 to 8,000 new private homes to be sold in 2024, up from the 6,452 units in 2023, but below the 5-year average of 9,763 units,
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