| Home sales in the secondary market have plunged to historical lows, hit by increased mortgage rates and developers' competitive pricing strategies on new developments that have lured home seekers away from the second-hand housing sector.
With buyers sidelined as they await clearer pricing signals, analysts and property agents believe demand will not pick up again until prices in the mid- to mass housing markets fall by 10 per cent or so, and by more in the luxury sector...............................................Full Article: Source
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