Weakest new home sales in 15 years

16 Jan 2024 News

New private home sales in December fell to their lowest monthly level in 15 years, taking the yearโ€™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,

/img/December downtime brings developers' to weakest.jpg
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/img/New private home sales in Dec fall to lowest.jpg
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/img/Fewer buyers paid COV for resale.jpg
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