Today's Headlines - Realty Times
Posted On Saturday, 06 April 2024 16:04 Written by

March data shows the largest share of price reductions since 2019 with 34 out of the 50 largest metros showing an uptick in drops 

According to the Realtor.com® March housing report, buyers are looking at an optimistic mix of increasing inventory and an uptick in price reductions going into the Spring season. In March, the percentage of homes with price reductions increased to 15.0% - the largest share in 5 years -  and the total number of homes actively for sale grew by 23.5% compared to last March (but remains well below pre pandemic levels).

“Sellers are starting to warm up to the current environment, wading into the market in increasing numbers despite market mortgage rates that are likely above their existing rate, if they have a mortgage.  As a result, data shows surprisingly competitive pricing trends among sellers, especially in the lead up to this year’s Best Time to Sell, which Realtor.com® reported will be between April 14th - 20th,” said Danielle Hale, Chief Economist of Realtor.com®. “As seller optimism swells, we may see even further inventory gains later in the season that will  likely create a more balanced environment for hopeful homebuyers.”  

List of the 10 Metro Areas with Largest Share of Price Reductions of Total Inventory 

  1. Tampa-St. Petersburg-Clearwater, Fla. – 27.6%
  2. Phoenix-Mesa-Chandler, Ariz. – 23.0%
  3. Austin-Round Rock-Georgetown, Texas – 22.3%
  4. Jacksonville, Fla. – 22.1%
  5. San Antonio-New Braunfels, Texas – 21.8%
  6. Orlando-Kissimmee-Sanford, Fla. – 20.2%
  7. Portland-Vancouver-Hillsboro, Ore.-Wash. – 20.1%
  8. Miami-Fort Lauderdale-Pompano Beach, Fla. – 19.7%
  9. Dallas-Fort Worth-Arlington, Texas – 19.5%
  10. Memphis, Tenn.-Miss.-Ark. – 19.3%

Across the country, price reductions were up compared with last year. In the South it was up 3.5 percentage points, +1.0 percentage points in the Midwest, +0.5 percentage points in the Northeast, and +0.2 percentage points in the West. 

Sellers Turned Out as Home Listing Activity Continued to Climb

Between January 2024 and March 2024, the inventory of homes actively for sale was at its highest level since 2020. While inventory looks to be on the upswing, it’s important to note that the market is still down 37.9% compared to pre-pandemic levels. Like in February 2024, one price range in particular has outpaced all other price categories as home inventory between $200,000 and $350,000 grew by 30.5% compared to March 2023. A few metros experienced huge gains in active inventory for sale including Tampa (+58.3%), Orlando (53.3%), and Miami (48.2%).

Median List Price is in Flux; Up From Last Month, But Not Much has Changed from Last Year 

The national median list price increased from $415,500 to $424,900 between February and March 2024. But, when compared to last year, the median list price only increased by 0.2% from March 2023. In two weeks of March, the median list price even dipped below last year’s levels. Out of the 50 largest metros, 18 saw their median list price decline compared to last year including Miami (-8.4%), Oklahoma City (-8.3%), and San Francisco (-7.6%), while Los Angeles (+15.1%), Richmond (+11.8%), and Pittsburgh (+11.6%) saw the biggest increases.  As prices fluctuate, so do the requirements for financing a home. With mortgage rates hovering between 6.6% and 7% for the past three months, the cost of financing a home (assuming a 20% down payment) increased by $63 compared to last March. 

March 2024 Housing Metrics – National

Metric

Change over Mar 2023

Change over Mar 2019

Median listing price

+0.2% (to $422,700)

+38.9%

Active listings

+32.5%

-37.7%

New listings

+16.5%

-17.2%

Median days on market

-2 days (to 50 days)

-15  days

Share of active listings with price reductions

+2.2 percentage points 

(to 15.0%)

+0.0  percentage points

Additional details and full analysis of the market inventory levels, price reductions, fluctuations and stabilization can be found in the Realtor.com® March Monthly Housing Report

March 2024 Housing Overview of the 50 Largest Metros, Ranked by Largest Price Reduction

Metro Area

Median Listing Price

Median Listing Price YoY

Median Listing Price per Sq. Ft. YoY

Active Listing Count YoY

New Listing Count YoY

Median Days on Market

Median Days on Market Y-Y (Days)

Price Reduced Share

Price Reduced Share Y-Y (Percentage Points)

Tampa-St.

  Petersburg-Clearwater, Fla.

$419,000

2.2%

3.0%

58.3%

29.3%

51

0

27.6%

8.3 pp

Phoenix-Mesa-Chandler,

  Ariz.

$535,000

7.1%

4.1%

16.9%

9.7%

49

-1

23.0%

-2.0 pp

Austin-Round

  Rock-Georgetown, Texas

$550,000

0.0%

2.0%

15.8%

19.0%

40

-11

22.3%

-4.5 pp

Jacksonville,

  Fla.

$415,000

3.9%

4.6%

38.6%

22.1%

47

-5

22.1%

4.6 pp

San

  Antonio-New Braunfels, Texas

$340,000

-1.9%

-1.4%

36.8%

16.9%

57

2.5

21.8%

3.1 pp

Orlando-Kissimmee-Sanford,

  Fla.

$439,000

-0.4%

2.0%

53.3%

14.6%

54

1

20.2%

6.2 pp

Portland-Vancouver-Hillsboro,

  Ore.-Wash.

$605,000

-1.6%

2.2%

26.7%

7.7%

45

1.5

20.1%

9.7 pp

Miami-Fort

  Lauderdale-Pompano Beach, Fla.

$549,000

-8.4%

-3.6%

48.2%

16.6%

58

-2

19.7%

5.5 pp

Dallas-Fort

  Worth-Arlington, Texas

$440,000

-0.5%

1.4%

38.0%

16.7%

40

-5.5

19.5%

3.5 pp

Memphis,

  Tenn.-Miss.-Ark.

$327,000

2.5%

2.3%

38.2%

16.1%

51

-1.5

19.3%

4.8 pp

Nashville-Davidson-Murfreesboro-Franklin,

  Tenn.

$559,000

6.0%

6.9%

9.3%

3.6%

32

-3

18.8%

0.6 pp

New

  Orleans-Metairie, La.

$329,000

-0.3%

-0.5%

27.7%

-4.8%

67

9

17.8%

-0.6 pp

Oklahoma

  City, Okla.

$321,000

-8.3%

-1.5%

22.9%

17.4%

45

-5.5

17.2%

5.2 pp

Denver-Aurora-Lakewood,

  Colo.

$620,000

-5.4%

2.6%

48.1%

19.4%

30

3.25

17.2%

4.1 pp

Houston-The

  Woodlands-Sugar Land, Texas

$363,000

0.7%

1.3%

23.5%

20.1%

43

-3.5

16.7%

2.4 pp

Charlotte-Concord-Gastonia,

  N.C.-S.C.

$410,000

2.1%

5.8%

19.9%

1.2%

38

-3.5

16.5%

4.1 pp

Indianapolis-Carmel-Anderson,

  Ind.

$330,000

5.5%

5.8%

23.5%

8.3%

42

-4.25

16.2%

2.6 pp

Atlanta-Sandy

  Springs-Alpharetta, Ga.

$410,000

0.0%

4.0%

22.1%

11.9%

41

-5

15.7%

2.6 pp

Columbus,

  Ohio

$380,000

0.8%

6.8%

20.2%

9.7%

29

-0.5

14.2%

2.0 pp

Las

  Vegas-Henderson-Paradise, Nev.

$470,000

4.4%

5.8%

-33.1%

8.4%

38

-15

13.7%

-6.4 pp

Louisville/Jefferson

  County, Ky.-Ind.

$315,000

2.3%

3.6%

14.5%

5.9%

40

4

13.6%

0.6 pp

Virginia

  Beach-Norfolk-Newport News, Va.-N.C.

$391,000

4.8%

6.4%

14.3%

2.2%

34

-4

13.2%

2.3 pp

Birmingham-Hoover,

  Ala.

$290,000

4.0%

5.3%

27.6%

12.6%

50

-1

13.1%

-0.1 pp

Riverside-San

  Bernardino-Ontario, Calif.

$599,000

7.1%

7.1%

7.5%

15.2%

47

-7

13.0%

0.4 pp

Pittsburgh,

  Pa.

$240,000

11.6%

9.9%

10.8%

1.3%

55

-9

12.9%

0.8 pp

Baltimore-Columbia-Towson,

  Md.

$335,000

-3.8%

2.4%

11.6%

6.5%

36

-7

11.3%

1.1 pp

Raleigh-Cary,

  N.C.

$450,000

0.0%

5.9%

6.1%

18.1%

42

-9.5

11.2%

-1.5 pp

Kansas

  City, Mo.-Kan.

$425,000

-6.6%

-4.0%

8.1%

20.7%

51

-19.75

11.2%

2.9 pp

Cincinnati,

  Ohio-Ky.-Ind.

$350,000

-4.7%

6.2%

28.1%

17.0%

37

-1

11.1%

3.0 pp

Sacramento-Roseville-Folsom,

  Calif.

$635,000

1.3%

4.2%

16.9%

32.5%

36

-6.5

11.1%

1.0 pp

Philadelphia-Camden-Wilmington,

  Pa.-N.J.-Del.-Md.

$350,000

6.6%

7.2%

-1.3%

1.6%

43

-6.5

11.0%

0.0 pp

Cleveland-Elyria,

  Ohio

$230,000

8.4%

9.2%

0.4%

2.4%

42

-1.5

11.0%

1.5 pp

San

  Diego-Chula Vista-Carlsbad, Calif.

$998,000

5.1%

11.1%

26.3%

25.9%

32

-5

10.9%

1.2 pp

St.

  Louis, Mo.-Ill.

$292,000

4.7%

4.8%

14.2%

4.9%

39

-7.5

10.3%

0.8 pp

Detroit-Warren-Dearborn,

  Mich.

$240,000

1.2%

1.7%

3.6%

4.1%

42

-3.5

9.8%

-2.3 pp

Boston-Cambridge-Newton,

  Mass.-N.H.

$880,000

6.9%

10.0%

0.9%

7.3%

24

-4

9.7%

1.3 pp

Minneapolis-St.

  Paul-Bloomington, Minn.-Wis.

$445,000

-1.4%

-0.2%

24.3%

16.8%

34

-4

9.5%

2.3 pp

Richmond,

  Va.

$450,000

11.8%

8.7%

8.8%

-9.4%

44

3

9.1%

1.3 pp

Los

  Angeles-Long Beach-Anaheim, Calif.

1150000

15.1%

8.1%

5.4%

17.8%

42

-3.5

9.0%

-0.4 pp

Seattle-Tacoma-Bellevue,

  Wash.

$768,000

-2.7%

1.4%

20.3%

19.5%

29

-3

8.7%

-0.8 pp

Washington-Arlington-Alexandria,

  DC-Va.-Md.-W. Va.

$604,000

0.8%

6.6%

2.2%

3.2%

31

-3

8.7%

0.9 pp

San

  Francisco-Oakland-Berkeley, Calif.

$999,000

-7.6%

-1.2%

13.4%

21.7%

27

-6.5

8.6%

-0.3 pp

Milwaukee-Waukesha,

  Wis.

$365,000

-0.3%

5.2%

9.9%

12.4%

29

-3.5

7.9%

0.7 pp

Chicago-Naperville-Elgin,

  Ill.-Ind.-Wis.

$375,000

6.4%

7.3%

-7.7%

2.0%

33

-7

7.8%

-1.8 pp

New

  York-Newark-Jersey City, N.Y.-N.J.-Pa.

$760,000

8.8%

15.2%

-4.3%

2.6%

50

-5

6.8%

-0.4 pp

Providence-Warwick,

  R.I.-Mass.

$500,000

-2.8%

-1.7%

0.1%

12.1%

35.5

-5.75

6.3%

0.6 pp

San

  Jose-Sunnyvale-Santa Clara, Calif.

1481000

-0.9%

1.1%

2.2%

21.5%

22

-5

5.8%

-1.6 pp

Buffalo-Cheektowaga,

  N.Y.

$270,000

9.7%

9.6%

4.2%

3.7%

38

-6.5

5.3%

-0.3 pp

Hartford-East

  Hartford-Middletown, Conn.

$400,000

-0.7%

4.7%

6.1%

6.5%

37

8

5.1%

0.6 pp

Rochester,

  N.Y.

$280,000

8.7%

7.1%

-4.0%

9.0%

22

-2

4.3%

-2.5 pp

Methodology

Realtor.com housing data as of March 2024. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202003). 

Posted On Friday, 05 April 2024 07:40 Written by
Posted On Thursday, 11 April 2024 00:00 Written by

When it comes to the concept of disruptions in this world, we tend to focus on all the new digital tools that are creating ripples in headlines. From generative AI to digital currency, these digital disruptions are definitely leaving their impact. But instead, the focus of today should be on the very concept of disruption itself, not just digital disruption.

The word “disruption” is a key stumbling point for many. Having worked with businesses and organizations of varying sizes worldwide, what I have discovered is that while most have a heavy focus on digital disruptions, others do not consider the many other disruptions this world is throwing our way.

 To help the world while leveraging disruptions, we must better understand the term “transformation” as well. What we are aiming to do is transform the world instead of merely changing it. In today’s world of accelerating disruptions of any kind, if you are only aiming to change something, you are falling further and further behind.

Transformation and Change Have Never Been the Same

To account for those aforementioned disruptions, being agile is important. But no matter how agile you are, reacting quickly is not an effective strategy. You want to implement a strategy that takes into consideration the long-term vitality of your business and one that betters humankind!

We now need to become much more Anticipatory than ever before, using Hard Trends based on future facts to anticipate disruptions before they disrupt. This is how you create more long-term significance in your organization and the world overall.

I always explain this in the form of a two-sided strategic coin. Agility represents a defensive strategy on one side of the strategic coin, and anticipation represents the offensive side. Leveraging disruptions to create transformation is an Anticipatory competency that is vital in many ways. This competency is quite different from making changes to your business strategy to respond to said disruptions with agility.

 When you create a change, you generally are making some type of nominal adjustment. A transformation has a much larger impact on both your organization and the world. We want to make differences that better the lives of our current and future customers.

Create Transformation to Address Problems of Sustainability

If we do not become Anticipatory and look for ways to transform our world instead of trying to change them in an agile way, we will have an increasing number of problems to solve.

Many have said that when dealing with a problem, sometimes the answer is right in front of your eyes. This is true, but I have found that in many cases, the answer may be in the opposite direction.

The Law of Opposites is an Anticipatory competency that helps you and your team see opportunity in the most inconspicuous places. This law encourages you to look in the opposite direction to find solutions to problems that seem overwhelming and often impossible to solve.

SpaceX is a company that leveraged this Anticipatory competency and created a transformation in an industry that others, even NASA themselves, thought to be unrealistic.

Rockets launched into space leave a trail of space junk that, in most cases, burns up upon re-entry into the Earth’s atmosphere. Most of the rockets proved to be a one-time use. Elon Musk and his team at SpaceX went the route of building reusable rockets. This nearly eliminates the issue of space junk and creates a level of sustainability for their organization and the aerospace industry. They are the first to do this and have become a staple in space exploration, launching and servicing satellites, and now are involved in our next moon mission.

So, how did the Law of Opposites help this prolific company create a transformation in their industry?

Instead of looking at the obvious problem, they took a look in the opposite direction. The issues, including cost, that were plaguing space travel were not the right problem. The problem was how to continue space exploration in the most sustainable way. In turn, SpaceX built something sustainable for themselves and our world. 

Actionable Insights for Your Organization

I want your organization to be able to sustain growth and its significance in the world. Likewise, I want your organization to be a beacon of transformation that benefits humankind in whatever way you can!

It all starts on a very simple and small scale. I encourage everyone to be both agile and Anticipatory in thinking and practice to create transformations.

As I said earlier and will say again, agility and anticipation are like two sides of a strategic coin. The agility side represents playing defense — a fast, reactive strategy that is good for changes that seem to come out of nowhere. The other half of the strategy coin is anticipation — playing offense, anticipating disruptions before they disrupt, and as the case with SpaceX, going opposite to pre-solve problems before they occur. Both are needed to leverage disruptions to your organization’s advantage.

Will your organization transform your processes, products, and services to build a sustainable practice? Or will you stick to changing them on an as-needed basis? The answer is a Soft Trend — it is up to you to take charge!

Posted On Tuesday, 09 April 2024 00:00 Written by

Sometimes you say something and you later regret having said it. Sometimes you think you are helping, but then say something that only makes things worse! We have all been in or seen that situation and understand how it happens. But when the person who says it is in a position of power, it can really have drastic consequences. In the past few days, we saw just that, the president was out on a campaign event and said that he was pretty sure the FED would be cutting rates soon. While he smiled, the markets knew that this was going to become an issue!

The FED has always tried to maintain at least the appearance of being apolitical and independent. The job is to navigate the economy without yielding to political pressure. While not easy, it becomes even more challenging in a presidential election year and it’s the president suggesting that rate cuts are soon to follow. The knee jerk reaction in the markets and likely the FED is to now anticipate even a longer pause in any potential rate cuts to give the appearance of not succumbing to political pressure from the president. When you add that to the surprising data we have seen over the last couple of weeks, future rate cuts may very well get pushed pretty far down the road. This week we have the jobs report on Friday and another strong report could significantly impact the markets even further than expected.

We also have seen a great deal of conversation about the NAR settlement across the board. I caution everyone to remember that NOTHING has been signed off by a judge yet, so we still have all the specifics going forward. While there is certainly a framework, it’s not a done deal. We also saw the first response from the mortgage side of the equation as FHA 2024-12 was published last week and said that from the FHA point of view, the seller may still pay the buyer’s agent if it is normal and customary in that market and that that it would NOT be considered part of a seller’s concession. So at least there is that. Clearly, there is much more to be addressed on that front down the road.

We have continuing and initial jobless claims today and the March jobs report Friday morning. Could certainly be market moving, so be aware and don’t be blindsided by the news! Questions or comments: This email address is being protected from spambots. You need JavaScript enabled to view it.

Posted On Monday, 08 April 2024 00:00 Written by

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.82 percent.

"Mortgage rates showed little movement again this week, hovering around 6.8 percent,” said Sam Khater, Freddie Mac’s Chief Economist. “Since the start of 2024, the 30-year fixed-rate mortgage has not reached seven percent but has not dropped below 6.6 percent either. While incoming economic signals indicate lower rates of inflation, we do not expect rates will decrease meaningfully in the near-term. On the plus side, inventory is improving somewhat, which should help temper home price growth.”

News Facts

  • The 30-year FRM averaged 6.82 percent as of April 4, 2024, up from last week when it averaged 6.79 percent. A year ago at this time, the 30-year FRM averaged 6.28 percent.
  • The 15-year FRM averaged 6.06 percent, down from last week when it averaged 6.11 percent. A year ago at this time, the 15-year FRM averaged 5.64 percent.

The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website

Posted On Thursday, 04 April 2024 09:22 Written by
Posted On Wednesday, 03 April 2024 13:33
Page 31 of 1823

Agent Resource

Before You List

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.