21 November 2025 | 3:01PM CST Equity Research CHINA PROPERTY Potential new round of policy stimulus would be positive on both housing market and consumption On Nov 20, Bloomberg reported that China's policymakers are considering more property market stimulus in the form of mortgage interest subsidies, income-tax rebates for mortgage holders and tax rebates for property transactions. While we do not take a view on the news report and will look for any official government announcement and further details, we ...

Historically elevated prices in equities, corporate bonds, housing and leveraged loan markets may portend a large pullback in valuations, Federal Reserve Governor Lisa Cook said on Thursday, even as she predicted that any such drop is unlikely to send the whole financial system into a downward spiral. ...

This is the strongest buyer's market in housing in more than a decade. That's the headline on a new report from Redfin, a real estate brokerage owned by Rocket Companies. The report points to specific data on the supply of homes for sale and the number of buyers actively looking. There were an estimated 36.8% more sellers than buyers in October, according to Redfin, the largest gap in records dating back to 2013. Redfin defines a buyer's market as one with at least 10% more sellers than buyers. Economists a ...

Over the past five years, American home prices, along with the general cost of living, have boomed. Now, as a new year is about to start, buying a home in 2026 may feel out of reach for many, especially with elevated mortgage rates and persistent inflation. However, not all hope is lost because despite national price pressures, there are still affordable housing markets where homeownership is possible — well, if you’ve saved at least $50,000. Check Out: The Cheapest Place To Buy a Home in Every State Read ...

November 4, 2025 02:55 PM GMT China Property | Asia Pacific M Idea Home Price Decline Accelerated in October Secondary home prices in major cities fell slightly faster in October vs. September amid a deep decline in sales. We believe the high volume of secondary listings could continue to hamper market sentiment, weighing on home sales and prices for the rest of the year. Transaction home prices dropped slightly faster in October, falling 0.9% m-m (- 10.4% y-y) in the ~50 sample cities we track vs. -0.7% in ...

Core Insights - Patrick Industries reported revenue of $975.63 million for Q3 2025, a year-over-year increase of 6.1% [1] - The EPS for the same period was $1.01, down from $1.20 a year ago, with a surprise of +6.32% compared to the consensus estimate of $0.95 [1] - The revenue exceeded the Zacks Consensus Estimate of $906.13 million by +7.67% [1] Revenue Performance by Market Type - Recreational Vehicle segment generated $426 million, surpassing the average estimate of $369 million, reflecting a year-over-year increase of +7.4% [4] - Housing segment reported $302 million, slightly below the average estimate of $308.5 million [4] - Powersports segment achieved $98 million, exceeding the average estimate of $92.5 million, with a year-over-year change of +12.1% [4] - Marine segment recorded $150 million, above the average estimate of $136.5 million, representing a +10.3% change year-over-year [4] Stock Performance - Shares of Patrick Industries have returned -3.9% over the past month, contrasting with the Zacks S&P 500 composite's +3.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - The ongoing federal government shutdown has led to localized and modest impacts on housing markets, particularly in areas with high concentrations of federal employees, such as Washington, D.C., Virginia Beach, and Baltimore [2][4] - Nationally, the median list price for homes remains stable at $424,200, with homes spending an average of 63 days on the market, and 20.2% of listings experiencing price reductions [1][10] Housing Market Trends - In September, the median list price was $424,200, showing a 0.4% increase year-over-year and remaining flat month-over-month [14] - Homes are spending an average of 63 days on the market, which is 5 days longer than the same time last year, indicating a trend towards longer selling times [12] - The number of active listings increased by 15.3% year-over-year, marking the 24th consecutive month of inventory gains, although growth has slowed in recent months [5][6] Federal Employment Impact - Federal employment is most concentrated in Washington, D.C., where 11.0% of employed residents work for the federal government, followed by Virginia Beach (7.0%), Oklahoma City (4.2%), and Baltimore (3.7%) [2] - In these metros, new listings have seen a month-over-month decline, with Washington, D.C. down 13.9%, Virginia Beach down 5.1%, and Baltimore down 2.4% [4] Price Reduction and Buyer Behavior - Price cuts are prevalent, with 20.2% of home listings having price reductions, up 1.6 percentage points from last year [10] - Buyer activity has slowed, with pending home sales down 1.9% year-over-year, indicating a cautious approach from potential buyers amid economic uncertainty [11] Regional Inventory Dynamics - Inventory growth has been observed across all four major U.S. regions, with the West seeing a 17.4% increase and the South a 17.0% increase year-over-year [7] - Despite overall inventory increases, 17 of the top 50 metros still lag at least 25% below their pre-pandemic inventory norms, with Hartford, CT, showing the least recovery at -74.0% [8] Market Conditions and Affordability - The overall housing supply remains below pre-pandemic norms, which continues to affect affordability and competition among buyers [9] - The typical list price per square foot has slightly declined, down 0.5% year-over-year, reflecting ongoing affordability challenges in the market [15]

Core Insights - Zillow's September 2025 housing market report indicates an unexpected surge in real estate activity during a typically slow season, driven by a dip in mortgage rates and a strong stock market [1][4] - New listings increased by 3% year over year in September, reversing a 3% decline from the previous month, while monthly listings dipped by only 2%, outperforming the historical average of a 9% decline [1][2] Inventory and Market Dynamics - Total inventory decreased by 1% from August to September but is 14% higher than the same period last year [2] - The balance of power is shifting, with 15 of the 50 largest metropolitan areas now classified as buyer's markets, up from six last year [2] Buyer and Seller Markets - Zillow's heat index identifies the top buyer-friendly metropolitan areas, while seller-leaning markets remain competitive due to limited housing supply and restrictive land-use regulations [3] - The best seller's markets include major cities such as Miami, New Orleans, Austin, and San Francisco [6] Economic Indicators - The average 30-year fixed mortgage rate has dropped to approximately 6.19%, the lowest point of 2025, contributing to improved affordability [4] - Existing-home sales reached a seven-month high in September, indicating a potential thaw in the housing market rather than overheating [4][5] Future Outlook - Zillow's economists anticipate that the "unseasonably active" fall will extend into the holiday season, fueled by easing borrowing costs and pent-up demand [5] - This period may represent the first significant opportunity for buyers in nearly three years [5]

Core Insights - San Francisco housing costs have returned to "normal" levels, but this normality does not equate to affordability for most middle-class homebuyers [1][3] Housing Market Analysis - Redfin's baseline for "normal" housing prices is based on the U.S. housing market in July 2018, when the average home in San Francisco was valued at approximately $1.3 million [2][4] - The surge in Big Tech wealth has historically driven San Francisco real estate prices significantly higher, making homeownership increasingly unattainable for the middle class [3][6] Interest Rates and Affordability - In July 2018, interest rates were around 4%, and the nationwide median monthly mortgage payment-to-income ratio was about 30%, indicating a more manageable housing market [4][5] - The mortgage payment-to-income ratio in San Francisco was over 74% in July 2018, but it has improved to 67% seven years later due to a slowdown in home prices and rising incomes [6]

Core Insights - The real estate market is experiencing a paradox where many properties remain vacant while prices continue to rise, and developers are actively constructing new buildings [1][3][5] Group 1: Market Dynamics - The traditional economic principles of supply and demand do not adequately explain the current real estate situation, as overproduction typically leads to price reductions [3] - The perception of real estate has shifted from being merely a place to live to an investment tool, which encourages continuous purchasing despite vacancies [5] Group 2: Social Implications - The high property prices create challenges for individuals with genuine housing needs, exacerbating social inequalities and leading to significant waste of resources due to numerous vacant homes [7] - The government has recognized this issue and implemented the "housing is for living, not for speculation" policy, which has started to show results by curbing price increases and slowing down developers' land acquisition and construction activities [7]