Australia’s Central Bank was expected (95% probability) to cut their rates today but that didn’t happen. That pause is causing banks all over the rest of the world to wonder why, and consequently, we’re seeing our yields go UP do to the Aussie inaction.
An interesting piece by realtor.com this morning reports that expired listings are surging across the country 47% from a year ago. Still, there are 28% more homes available for sale today than there were a year ago. To put that first statistic into perspective, for every 100 homes that hit the market, 13 of them will expire without selling. That gives a sell rate of 87%, which is pretty incredible, and well above the 65%-75% average.
