Global Markets: The "Stagflation" Standoff In Resale Inventory

Midyear data releases dropping in late July confirm a global real estate paradox: home values refuse to drop significantly despite consumer confidence hitting multi-year lows.

• The Data: Reports from major real estate indices (including Zillow and ABN AMRO) reveal that while global transaction volumes are falling between 3% to 5% due to high interest rates, the absolute deficit of active resale listings is propping up prices.

• Why it's huge: Homeowners are fiercely guarding their existing, historically low fixed-rate mortgages, effectively freezing the mid-2026 resale market. Consequently, the entire global real estate narrative for late July is pivoting toward homebuilder incentives (like mortgage rate buydowns) as new-construction projects become the only reliable source of available housing supply