Hong Kong Home Prices at Record Gap to Sales: Chart of the Day
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The gap between Hong Kong home prices and sales is the widest on record as new taxes, rising supply and the prospect of higher mortgage costs deter buyers in the world’s most expensive housing market.
The CHART OF THE DAY tracks Centaline Property Agency Ltd.’s weekly index of home prices against monthly sales of residential units, according to data compiled by Bloomberg dating back to 1996. Prices have fallen 4.2 percent from a record reached in mid-March, compared with a 77 percent contraction in sales from their post-global financial crisis peak in 2010. The lower panel shows the U.S. benchmark interest rate compared with America’s unemployment rate.