Existing-home sales receded in July, according to the National Association of Realtors®. Among the four major U.S. regions, sales grew in the West but faded in the Northeast, Midwest and South. All four regions registered year-over-year sales declines. Total existing-home sales[1] – completed transactions that include single-family homes, townhomes, condominiums and co-ops – waned 2.2% from June to a seasonally adjusted annual rate of 4.07 million in July. Year-over-year, sales slumped 16.6% (down from 4.88 million in July 2022).
“Two factors are driving current sales activity – inventory availability and mortgage rates,” said NAR Chief Economist Lawrence Yun. “Unfortunately, both have been unfavorable to buyers.” Total housing inventory[2] registered at the end of July was 1.11 million units, up 3.7% from June but down 14.6% from one year ago (1.3 million). Unsold inventory sits at a 3.3-month supply at the current sales pace, up from 3.1 months in…
Posted On Tuesday, 22 August 2023 10:26 Written by
We’ve seen cycles come and go—everything from music trends that emulate days gone by to past decades of fashion making a comeback. It is evident that cycles are all around us. As a business leader, how do you turn cycles into your advantage, and better yet, what industries will benefit from cycles in the coming years?
Trends Are Cycles Within my Anticipatory Organization Model, I emphasize the importance of identifying both Hard Trends, future certainties that will happen, and Soft Trends, future maybes open to influence. Hard Trends and Soft Trends sound similar to the concept of cycles, don’t they? That’s because they are! If we begin with Hard Trends, a future certainty means we know it will happen. For example, we know the sun will rise tomorrow morning, we know spring follows a bitter cold winter, and we know a brisk fall follows a blisteringly hot summer. On the other hand, Soft Trends are merely…
Posted On Tuesday, 22 August 2023 00:00 Written by
Redfin reports homebuyers are turning to newly built single-family homes as overall inventory sits at an all-time low Newly built homes made up nearly one-third (31.4%) of single-family homes on the market nationwide in the second quarter, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s the highest share of any second quarter on record, with new construction keeping the housing market afloat amid the severe shortage of existing homes for sale. The portion of new homes of all inventory is up from 30.3% a year earlier and nearly double the pre-pandemic share of about 17% in the second quarter of 2019.
The second quarter’s share is down from a near-record-high of 33.6% the previous quarter, but that’s a normal seasonal pattern, as the share of new homes tends to peak in the winter months. New homes make up a near-record share of…
Posted On Friday, 18 August 2023 14:47 Written by
Owning a home has long been considered the quintessential American dream, but the path to those white picket fences is far from smooth. Although 84% of Americans say they’d like to own a home one day, 51% who don’t own today worry they’ll never get there. We asked 2,000 U.S. consumers about their homeownership dreams, fears and challenges — here’s what we found.  An overwhelming 94% of consumers say owning a home is part of the American dream — even if only 84% say it’s part of their dream. 51% of respondents who don’t own a home say they’re worried they never will. Among those who want to own one day, 49% say they can’t afford a down payment and 40% say home prices are too high in their area. Student loan debt weighs heaviest on millennials, with 19% citing it as a roadblock to homeownership.
Of the 84% who’d rather own a home…
Posted On Wednesday, 16 August 2023 08:54 Written by
Redfin reports Texas and Florida survey respondents are twice as likely to cite affordability as a factor in choosing where to live than alignment on social issues Roughly two of every five respondents to a recent Redfin survey who live in Texas or Florida would prefer to live in a place where abortion is legal, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s double the share who would prefer not to live in a place where abortion is legal. The results from Texas and Florida are similar to results from the country as a whole. Texas has an abortion ban, and Florida's abortion ban is in legal limbo. Like Florida and Texas residents, about two of every five respondents from the U.S. overall would prefer to live in a place where abortion is legal, roughly double the share who would prefer not to. {loadmoduleid…
Posted On Tuesday, 15 August 2023 06:18 Written by
These days, data has become more valuable in our economy than oil. There have been many discussions about the individual value of your personal data, how to protect it and even who owns it. But what about your intellectual property as an entrepreneur or business leader within an organization? How do you protect something digital? Time and again throughout American history, ideas have been stolen or “borrowed,” whether it be the historic squabble between Apple founder Steve Jobs and Microsoft founder Bill Gates and if Gates stole the idea of the Graphical User Interface from Jobs, or the more recent founding of social media giant Facebook where a savvy coder named Mark Zuckerberg “borrowed” the idea of Facebook from two brothers trying to get his help on a contract-to-hire basis for their similar idea.
As the rate of technological innovation increases exponentially, an increasing number of entrepreneurs are developing…
Posted On Tuesday, 15 August 2023 00:00 Written by
Relief Foundation announced $1.5 million in disaster relief aid has been made available to Hawaii REALTORS® in support of the REALTORS® Association of Maui after fires recently devastated communities on the Hawaiian island of Maui. Funds will be made available to the public to assist with disaster victims’ housing payments as relief and recovery efforts continue. “Maui’s recent wildfires have deeply impacted its residents, and we stand by them during this challenging time,” said RRF President Mike McGrew. “RRF grants aim to ease the path towards recovery, offering tangible aid to those rebuilding their lives. As real estate agents, we recognize that unity and community spirit are invaluable, especially when facing such trying circumstances.”
Since 2001, RRF has disbursed more than $40 million in aid to more than 20,000 families nationwide. The National Association of Realtors® covers all administrative costs, ensuring 100% of all funds collected are distributed…
Posted On Monday, 14 August 2023 15:46 Written by
Almost 60% of metro markets (128 out of 221) registered home price gains in the second quarter of 2023 as 30-year fixed mortgage rates oscillated between 6.28% and 6.71%, according to the National Association of Realtors®’ latest quarterly report. Five percent of the 221 tracked metro areas registered double-digit price increases over the same period, down from seven percent in the first quarter. “Home sales were down due to higher mortgage rates and limited inventory,” said NAR Chief Economist Lawrence Yun. “Affordability challenges are easing due to moderating and, in some cases, falling home prices, while the number of jobs and incomes are increasing.” 
Compared to a year ago, the national median single-family existing-home price dipped 2.4% to $402,600. In the prior quarter, the year-over-year national median price decreased 0.2%. “Just like the weather, large local market variations exist despite the minor change in the national home price,”…
Posted On Friday, 11 August 2023 06:41 Written by
U.S. home prices are up 3% year over year despite relatively slow demand. That’s due to a shortage of homes for sale, with inventory posting its biggest drop in over a year and a half. The median U.S. home-sale price rose 3% year over year during the four weeks ending August 6, the biggest increase since November. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Prices are rising much more in certain parts of the country, with double-digit increases in Miami and Milwaukee. Prices are increasing despite tepid homebuying demand, with some buyers still sidelined by stubbornly high mortgage rates: They’re hovering around 7%, up from a 3% average in 2021 and a 5.3% average in 2022. Redfin’s Homebuyer Demand Index, which measures early-stage demand through requests for tours and other buying services from Redfin agents, is down 5% from a year ago to…
Posted On Thursday, 10 August 2023 10:26 Written by
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