As outlined in our previous reports, in mid-summer 2022 the existing home market swiftly pivoted and what had been a sellers’ market became more of a power-share. This continued to be the case in Q2 2023. Global geopolitical and macroeconomic factors are the main causes of the adjustment in market dynamics; most notably the war in Ukraine, rapid rises in the cost of living (especially energy), interest rate hikes for the first time since 2011, and less disposable income.

Download the full Residential Market Update Q2 2023