From August to November of last year, home sales were down an average of 25% year on year for the top third of the market, but an average of just 11% for the bottom third.

The average 30-year home loan rate has come down by just about a full percentage point from a 20-year high above 7% in November with mortgage applications up by about a quarter since the end of last year.

Home prices declined in November from the prior month as higher mortgage-interest rates made home purchases less affordable for home buyers. The National Home Price Index fell 0.6% in November compared with October, the fifth straight month-over-month decline.

The average discount for “super-prime” luxury apartment units in Manhattan, defined as properties selling for $10 million or more, during the seconed half of last year was 12%.

The cost of insuring commercial real-estate loans against a rise in interest rates has exploded over the past year, raising the prospect of a market selloff since many property owners will no longer be able to afford these hedges. Property owners are paying 10 times as much to insure loans against rising interest rates as a year ago.

Foreclosure filings soared 115% in 2022 compared to the prior year as the last of the federal moratoriums expired, but they were still 34% lower than 2019 levels.

The U.S. office vacancy rate was 12.3% at the end of the third quarter, about where it was at its peak during the global financial crisis. The rates in some major metro areas—including New York, Washington, D.C. and San Francisco—are at the highest levels recorded.

Shares in office real-estate investment trusts are down 45%, including dividends, since February 2020. That’s compared with about a 5% decline for the equity real-estate investment trust index.

Nearly half a million new apartment units—the most of any year since 1986—are expected to complete construction by the end of 2023. That will come after more than 400,000 units were completed during 2022.

University of California will invest $4 Billion in Blackstone’s BREIT real-estate vehicle. UC Investments will put its BREIT shares into a strategic venture to which Blackstone will contribute $1 billion of BREIT shares that it already owns. The venture will have an 11.25% hurdle rate, meaning that if BREIT’s net annualized return exceeds that rate, Blackstone will get an extra 5% incentive fee. If the vehicle’s performance falls short of the 11.25% rate, Blackstone will make up the difference.