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Redfin reports price growth is slowing thanks to a small uptick in new listings as elevated mortgage rates keep buyers at bay

U.S. home prices rose 0.3% month over month in May—the smallest increase on a seasonally adjusted basis since January 2023, per a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Prices climbed 7.2% from a year earlier, but annual growth showed signs of plateauing.

This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing method to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period and how those prices have changed since the last time those same homes sold. It’s similar to the S&P CoreLogic Case-Shiller Home Price Indices but publishes more than one month earlier. May data covers the three months ending May 31, 2024.

While home prices remain at record highs, the pace at which they’re growing has slowed because even though we’re still in a severe housing shortage, it’s not quite as severe as it was last year. New listings have been inching upward, which has taken a little pressure off of sale prices because buyers have more options to choose from. Listings should continue to tick up slowly as the mortgage rate lock-in effect continues to wear off; eventually, the people who don’t want to move because they have an ultra-low mortgage rate have to move.

“We learned last week that inflation continued to cool in May, which means mortgage rates could decline in late summer or early fall,” said Redfin Economics Research Lead Chen Zhao. “A drop in mortgage rates would bring both buyers and sellers back to the market, which could either accelerate price growth or pull it back depending on who comes back with more force. If sellers come back faster, prices would likely cool, but if buyers come back faster, prices would likely ramp up.”

New listings rose 0.3% month over month in May on a seasonally adjusted basis and climbed 8.8% from a year earlier, though they were still roughly 20% below pre-pandemic levels.

Home price growth started to ease at around the same time that new listings started to tick up last year; new listings saw their first notable increase in August 2023, and monthly price growth began cooling during the three months ending Oct. 31, 2023.

To view the full report, including charts and metro-level data, please visit:

https://www.redfin.com/news/home-prices-smallest-increase-over-a-year

Posted On Tuesday, 18 June 2024 05:47 Written by

The role a marketing professional or marketing agency plays in the business world has already been evolving over the years. A century ago, marketing was relegated to salespeople going door to door, sharing flyers and implementing word-of-mouth efforts.

Even in the early 2000s, the act of promoting products and services revolved around creating one-way forms of communication. This included TV commercials, web ads, and marketing materials that were all very one-sided and informative.

In today’s environment of accelerated digital change, merely informing a customer using antiquated marketing tactics is no longer sufficient to stay ahead of your competition or ahead of consumers’ changing needs. Marketing demands now require an individual or team to implement a more dynamic approach focused on addressing future challenges nowThis is made possible with Anticipatory thinking and the exponential use of advanced digital technology available to all.

We are going to take an in-depth look at the trends in marketing today to analyze where they are headed and explore how to keep your organization at the forefront of consumer minds. Here are the three most important trends in the marketing industry today:

  1. Artificial Intelligence (AI) Is Overtaking Every Industry

Talk about conversational AI chatbots and how they are changing how we produce content and interact with customers online is everywhere. With the introduction of ChatGPT in 2022, AI applications helped us take a huge leap into the future, with many other organizations following in OpenAI’s footsteps by creating their own versions of the application. 

As these algorithms are becoming more sophisticated, a Hard Trend is that they will continue to do so at a more accelerated pace. Today’s consumers have a penchant for instant gratification, seeking answers and solutions on a near instantaneous level. As a result, conversational AI has far-reaching implications for marketers. They can facilitate the production of quick and effective content, creating a source for customers to ask questions about products and receive reliable answers, and quickly direct them to useful website information.

This technology is not slowing down and will not anytime soon, but many marketers are refusing to embrace the competitive advantage it can grant them. This is often from fear of change or worry that AI will make their skillset suddenly irrelevant. But putting off working with AI means they are falling behind others who do leverage this technology. Replace that fear by finding the opportunity it presents to you and your clients specifically!

  1. Virtual and Augmented Reality Is Growing

The time of using flyers, simple ads, and landing pages to entice customers has passed us by. As I stated earlier, these forms of marketing are one-way and informative but not interactive. We do not want to merely inform customers of products and services — we want to engage them with experiential marketing!

Getting your customers involved in your product is essential to remaining at the forefront of their thoughts. Both virtual reality (VR) and augmented reality (AR) are extremely common applications in many individuals’ lives. Outside of their recreational uses, marketing professionals and agencies can and should use them to get their message out!

For instance, if your client is a kitchen and bath remodeling company, consider creating a VR tour of their product showroom so customers can experience their work. Several retail brands, such as Warby Parker, are leveraging AR to show how glasses or apparel would look on each individual. This simplifies customers’ lives and facilitates an experience to take away the guesswork around selecting frames, shirts, or even makeup.

  1. Big Data Is Creating Personalization Opportunities

The trend we are now seeing become more important than ever is consumers wanting increased personalization. Marketing campaigns tailor made to speak directly to their wants and needs when they want or need something is vital. This is a trend that has been increasing steadily in the past few years, and it is a future certainty that it will continue to do so.

How do you anticipate a customer’s desires or needs? With the vast amount of data available to marketing professionals today, we can effectively link this data to the products or services of the clients we market to. But this comes with pairing advanced digital technology and big data. With the evolution of AI applications, this allows marketers to process vast amounts of consumer data and preferences quickly, helping them to suggest more accurate products and services based on buying patterns.

Leveraging this data to customize your marketing campaigns effectively is a crucial strategy in today’s marketing landscape. I’m not referring to basic targeted ads, but rather to genuine personal product recommendations on an individual level. Making digital marketing and sales feel more human and less like spam can foster a unique trust with your clients’ customers and create personal connections through digital technology.

All three of these trends are giving marketers the opportunity to see the future in their own industry and the industries of their clients. Think about how powerful this is! You are in charge of helping connect customers to your clients’ products, services, or processes with the goal of bettering their lives as a result. Think of how many more individuals you can serve and interact with by utilizing these three trends in marketing.

The key to successful marketing is how well you know your customers and how you use current technological advancements to demonstrate that your organization can meet their needs. With the boundless benefits that can be obtained by leveraging these trends, let them help break you free from legacy thinking or legacy technology. Remember: Just because your marketing campaign works now does not mean that it will continue to do so. Nothing is forever, but that should not come with fear!

Turn these trends into opportunities for you, your clients, their customers, and the world overall.

Posted On Tuesday, 18 June 2024 00:00 Written by
Posted On Monday, 17 June 2024 12:16
Posted On Monday, 17 June 2024 11:45
Posted On Monday, 17 June 2024 08:38 Written by

Father’s Day, LendingTree is revisiting single-parent homeowners, focusing on single fathers. We analyzed housing data to show homeownership rates among men who live without a spouse in a household with children younger than 18.

Metros with the highest homeownership rates among single dads

  1. Minneapolis
  2. Pittsburgh
  3. Cleveland
  4. Cincinnati 
  5. St. Louis

Metros with the lowest homeownership rates among single dads

  1. Los Angeles
  2. San Jose
  3. Orlando
  4. San Diego
  5. New York 

You can check out our full report here: https://www.lendingtree.com/home/mortgage/single-dads-study/

LendingTree's Senior Economist and report author, Jacob Channel, had this to say. 


"Homeownership can bring with it more stability than renting and therefore can be seen as an especially appealing goal for single fathers. That said, single fathers should recognize that buying a house isn’t always the best idea, especially if doing so will leave you seriously cash-strapped or otherwise make it hard for you to make ends meet. Remember renting a house you can afford is better than owning a house you can’t."

Posted On Sunday, 16 June 2024 06:30 Written by

The median asking rent climbed 0.8% year over year to $1,653 just $47 below the record high. Washington, D.C., Cincinnati and Chicago all saw double-digit increases.

The median U.S. asking rent rose 0.8% year over year in May to $1,653 — the highest level since October 2022, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s the second consecutive increase (rents climbed 0.9% year over year in April) following 11 months of decreases. Rents rose 0.5% on a month-over-month basis.

Apartment prices are closely tied to apartment supply. Multifamily construction surged during the pandemic moving frenzy, which pushed rent prices down because building owners were competing for tenants. While multifamily building starts have fallen below their 10-year historical average, there’s still a backlog of new units that are hitting the market every month, which is putting a lid on how much prices can grow.

“Demand from young renters remains high, as many of them are opting to stay put rather than contend with an increasingly unaffordable homebuying market,” said Redfin Senior Economist Sheharyar Bokhari. “But so far, rent price growth has been limited because there are enough new apartments to meet demand, even in the busiest time of year for the rental market.”

For the past three quarters, the rental vacancy rate has hovered at 6.6%. That’s the highest level since 2021, though it’s worth noting that the vacancy rate is no longer growing like it was during the pandemic.

While asking rents ticked up in May, they’re stable compared to recent years; they rose as much as 17.5% year over year during the pandemic, and then fell as much as 4.1% this past summer. Still, the median asking rent in May was just $47 below (-2.8%) August 2022’s record high of $1,700, posing affordability challenges for some renters.

Rents Are Posting Double-Digit Gains in Washington, D.C., But Falling in the Sun Belt

In Washington, D.C., the median asking rent rose 11.1% year over year in May — the biggest jump among the 33 major U.S. metropolitan areas Redfin analyzed. Four other metros saw double-digit gains: Cincinnati (10.9%), Chicago (10.8%), Virginia Beach, VA (10.3%) and Minneapolis (10.3%).

The biggest asking rent declines were in Jacksonville, FL (-10.1%), San Diego (-8.7%), Austin, TX (-7.2%), Seattle (-5.9%) and Phoenix (-5.5%).

Rents are falling in the Sun Belt in part because the region has been building more apartments than other parts of the country (like the Midwest and Northeast) to meet demand brought on by the influx of people who moved in during the pandemic. But the pandemic housing boom is now in the rearview mirror, and property owners are facing vacancies, which is causing rents to cool.

Meanwhile, rents are rising in many Midwest metros because the region hasn’t been building as many apartments. The Midwest is also the most affordable region to live in, which helps bolster demand at a time when housing affordability is strained across most of the U.S.

To view the full report, including charts, metro-level data and methodology, please visit:
https://www.redfin.com/news/asking-rents-highest-since-2022

Posted On Sunday, 16 June 2024 06:17 Written by
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