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Total market sales value declined by 24% year-over-year, with transaction volume down 23%, signaling a broad slowdown in deal activity despite a modest 5% rise in price per sqft. The primary market dominates with 66% of total value and 71% of volume, yet it too faced a 20-22% decrease in sales volume and value, indicating waning buyer urgency in new developments. Resale properties saw sharper drops in both volume (-28%) and value (-27%), even as capital gains surged by over 65%, suggesting that price appreciation is increasingly detached from transaction activity, raising caution over sustainability of the resale price growth.
Mortgage financing reveals a nuanced dynamic: while mortgage transactions contracted by 8%, the value of mortgage lending rose 13% alongside a higher average LTV of 75%, reflecting increased leverage per deal but fewer financed purchases. Cash transactions remain predominant at 68% but are slightly retreating, contrasting with mortgage transactions growing nearly 9% year-over-year. This shift toward higher mortgage financing amid falling volumes calls for investors to reassess risk exposure and liquidity. Prioritize assets with verified transaction momentum and leverage rising mortgage availability to optimize entry points before potential pricing corrections widen.
2026 YTD
The analysis captures true capital deployment in the resale market. Refinance and primary market registrations are excluded to prevent artificial inflation of transaction volumes.
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