In the past year, apartment construction in Raleigh, North Carolina, has reached record highs, significantly impacting the local housing market. An estimated ~11,000 units were added in 2023, marking a 210% increase from 2020, one of the largest surges seen across the country. This influx of new housing supply, particularly in the luxury segment, has contributed to a reduction in rents across various classes, with asking rents decreasing by -3.5% year-over-year in the luxury sector and -1.4% in the mid-tier sector. This trend in Raleigh's housing market coincides with strong job, income, and population growth in the area. Meanwhile, in the UK, mortgage approvals have surged to the highest level since October 2022, indicating a robust recovery in the housing market. UK house prices have also experienced growth for the first time in over a year, driven by lower mortgage rates attracting more buyers. This recovery is further evidenced by Nationwide Building Society's report, which highlights the annual growth in house prices turning positive in February for the first time in around a year.
UK house prices rise for first time in over a year, lender Nationwide says https://t.co/cvv4rZDP23 https://t.co/JtgF6SepRC
Annual growth in house prices turned positive for the first time in around a year in February, according to an index ✍: @ThisIsVickyShaw https://t.co/KUfBbRG5Pt
UK house prices post first annual increase in more than a year https://t.co/UHEgXZcdjE
⚠️ UK HOUSE PRICES RISE FOR FIRST TIME IN OVER A YEAR, LENDER NATIONWIDE SAYS (Reuters) British house prices in February rose in annual terms for the first time in more than a year, mortgage lender Nationwide Building Society said on Friday, the latest sign of a recovery in the… https://t.co/S9zcwLwttL
UK house prices return to year-on-year growth, Nationwide says https://t.co/r2Xd4EWXF4 via @tomelleryrees https://t.co/nINYhcxLb8
UK house prices rise for first time in over a year after borrowing costs fall – business live https://t.co/xKeXEpO1xS
UK house prices grew year-on-year for the first time in 13 months as lower mortgage rates entice more buyers back into the property market https://t.co/iyPmOsl9Hz
Home prices across the country have defied the steep rise in interest rates, and in February have hit fresh, all-time highs. https://t.co/s8347pZbaz
Australian home prices accelerated in February, extending gains at a time of elevated interest rates, reflecting a spike in population growth and a dearth of new housing construction. https://t.co/GTwpc6cRmT
UK mortgage approvals surge to highest level since October 2022 https://t.co/gE3m1q2PAY
Mortgage approvals at highest level since Truss mini-budget Read more🔗 https://t.co/soA7CxTgOg
UK mortgage approvals hit 15-month high, consumer credit jumps https://t.co/2KQ7XbFEFt via @tomelleryrees https://t.co/oQstK9fomX
UK mortgage approvals rose to a 15-month high in January, adding to signs that the housing market is gathering momentum https://t.co/ArXzscdwfn
UK Mortgage Approvals Rise To Highest Since Oct 2022, BoE Data Shows - MS https://t.co/fzS0cMumSq
Raleigh NC market data + proof new “luxury” supply DOES reduce rents across classes. 📈 ~11k units estimated in 2023, +210% from 2020. One of the biggest surges in the country. 📉 Asking rent -3.5% YoY in A, -1.4% in mid tier. Yet job, income & population growth is among the… https://t.co/qElAWhamyL
Raleigh NC market data + proof new “luxury” supply DOES reduce rents across classes. 📈 ~11k units estimated in 2023, +210% from 2020. One of the biggest surges in the country. 📉 Asking rent -3.5% YoY in A, -1.4% in mid tier. Meanwhile job, income, & population growth is… https://t.co/ZjHDFSQiXs
Raleigh NC market data + proof new “luxury” supply DOES reduce rents across classes. 📈 ~11k units estimated in 2023, +210% from 2020. One of the biggest surges in the country. 📉 Asking rent -3.5% YoY in A, -1.4% in mid tier. Meanwhile job, income, & population growth has… https://t.co/YjqdRbTvcn
"Apartment construction hit record highs across the country in the past year — but Raleigh's stood out nationally for how much supply was coming on the market. That's helped cool prices." 🤯🤯 https://t.co/id4JQ57Y8C https://t.co/jzDAlddmwH