Banks with less than $250 billion in assets account for 29.9% of the nearly $1.5 trillion in commercial real estate debt is maturing by the end of 2025.

The national median existing-home price fell 1.7% in April from a year earlier to $388,800, the biggest year-over-year price decline in eleven years. Median prices were down 6% from a record $413,800 in June.

The total value of office property bought by investors in the first quarter of this year was $10.7 billion, down 68% from the same period last year.

U.S. office leasing volume fell to 38.5 million square feet in the first three months of 2023, the third consecutive quarter of slowing demand and a 9.8% decline from Q4 2020. Leasing activity was also 10.7% less than was recorded in Q4 2022.

About 58% of companies allow employees to work a portion of their week from home with the number of companies that require employees to be in the office full time declining to 42%, from 49% three months ago.

Many Americans who want to move are trapped in their homes—locked in by low interest rates they can’t afford to give up. The reluctance of homeowners to sell differentiates the current housing market from past downturns and could keep home prices from falling significantly on a national basis.

Pedestrian foot traffic in U.S. urban downtowns was down about 25% in April compared with the same month in 2019 with urban retail availability surpassing suburban availability for the first time since 2013.

New single-family home sales are bouncing back with supply tight in the existing-home market. Active listings in March stood at roughly half of where they were four years earlier, in part because higher mortgage rates made many homeowners reluctant to sell and give up their current low rates.

Nearly 30% of San Francisco’s office space is vacant, which is more than seven times the rate before the pandemic hit, and the biggest increase of any major U.S. city.

Small cities in the Midwest topped The Emerging Housing Markets Index in the first quarter, a sign that buyer demand for affordable homes remains robust even as activity in the broader market slows.