U
.S. real‑estate prices are diverging regionally: high‑cost states see declines, while the Midwest and Northeast remain steady. Inventory is climbing, especially in the South, prompting builders like Lennar to offer record incentives and tightening margins. Mortgage rates stay high despite recent cuts, limiting buyer activity and preventing a shift to a buyer’s market; the 10‑year Treasury yield defies the latest cut. Commercial property remains uneven; office delinquencies have risen above Great Financial Crisis levels, though a normalization is expected as rates ease. Public office REITs appear largely insulated from the commercial downturn, suggesting greater resilience than private REITs.

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