The residential real estate market is facing a number of adverse conditions that are causing residential sales to decline and resulting in losses for real estate firms. Douglas Elliman, one of the country’s largest real estate firms, is feeling the strain of these market conditions as it posted a quarterly loss this year.
High mortgage rates and limited listings inventory have been recognized as two of the biggest factors driving down residential real estate sales. As such, a low number of properties continue to linger on the market for longer periods and decline in value. This has been a major cause of the slow sales, creating a difficult environment for real estate firms.
The most important elements of the text include:
• Douglas Elliman posted a quarterly loss this year
• High mortgage rates and limited listings inventory are causing residential sales to decline
• Low number of properties are on the market for longer
• Property values are declining due to the slow sales
• Difficult environment for real estate firms
You can read this full article at: https://www.housingwire.com/articles/douglas-elliman-loses-5-2m-in-q2-2023/(subscription required)
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