Gender gap widens: Growth trend reverses for young single women homeowners
Women have returned to the workforce in near pre-pandemic numbers, but homeownership remains elusive for those who are single SEATTLE, March 24, 2023 -- Single men have long been more likely than single women to own a home, but that gap narrowed sharply in recent years, nearly closing in 2021. However, a new Zillow® analysis shows that it widened again last year, shining light on the homebuying challenges single women face, including lower salaries and a more volatile workforce experience. In 2016, 19.4% of young single women owned a home, compared with 29.6% of young single men — a gap of 10.1 percentage points. The gap shrunk throughout the next five years as more and more women entered the workforce — leading to record-high numbers in 2020 — and women's incomes began to rise. By 2021, that gap was a mere 1.8 percentage points. But that progress was wiped out in 2022. The first year of the pandemic saw an outsize share of women leave their jobs to take on caregiving responsibilities, as child-care and eldercare options were in flux. Women also continue to earn significantly less than men on average, receiving approximately 82 cents to every dollar earned by men. As a result, young single women have fewer options when it comes to affordable home listings than young single men. "Single women had made great strides in narrowing the homeownership gap, but the pandemic reminded us that progress is not always linear," said Skylar Olsen, chief economist at Zillow. "Despite women showing remarkable resilience in returning to the workforce, single women's homeownership rate took a heavy hit in 2022. With rising and volatile mortgage rates furthering affordability challenges, the road to affordable homeownership remains an uphill battle, and it may take creative solutions or even doubling up in a home to achieve that dream." After growing to 28.6% by 2021, the homeownership rate for single women dropped to 24.5% last year, wiping out almost half the gains made since 2016, when single women's homeownership was at an all-time low of 19.4%. At the same time, the homeownership rate for single men increased 2.7 percentage points in 2022 to 33.1%. Single women looking to buy a home in Pittsburgh, St. Louis or Detroit — which are among the nation's 50 largest metro areas — will find the highest share of affordable listings. Single women in Atlanta, Baltimore, Washington, D.C., and Raleigh are most able to compete with single men in the for-sale market; single women in those metros, on average, can afford at least 2% of all active listings and at least 90% of the listings single men can afford. On the other hand, Cincinnati, Kansas City, Oklahoma City, Minneapolis, Jacksonville and New Orleans see the largest gender-based disparity in housing affordability, with single women able to afford fewer than 70% of the homes that single men can afford. Sources and Methodology Labor force participation rates for working age adults (ages 16–64 years) are produced by the Bureau of Labor Statistics and pulled from the FRED API. Annual homeownership rates of households headed by 25- to 35-year-olds (annually from 1980 to 2022) and broken out by employment, marital status and living arrangement were estimated by Zillow Economic Research using individual records from the Current Population Survey provided by IPUMS CPS, at the University of Minnesota, www.ipums.org. Information regarding gender pay equity was obtained from the Pew Research Center, www.pewresearch.org. The number and share of active listings on Zillow that are affordable for single women and single men (limited here to employed singles between ages 18 and 44) were estimated using all listings ever active on Zillow during February 2023 and median individual incomes by gender, estimated by Zillow Research using individual responses to the American Community Survey, also provided by IPUMS at the University of Minnesota. A home is considered "affordable," in this case, if the estimated mortgage payment on the listing takes up no more than 30% of income. We set the mortgage rate for this analysis at the average weekly mortgage rate, reported by Freddie Mac, for February. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and brands include Zillow®; Premier Agent®; Zillow Home Loans℠; Zillow Closing Services℠; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which includes ShowingTime®, Bridge Interactive®, and dotloop® and Listing Media Services. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

Second Century Ventures Announces Early Acceptances to 2023 REACH U.S. Programs
CHICAGO (March 23, 2023) – Second Century Ventures, the strategic investment arm of the National Association of Realtors®, announced today the early acceptance of two companies as part of the 2023 REACH U.S. programs. REACH is a scale-up program that helps propel technology companies throughout the real estate, finance, banking, home services and insurance industries. "The early selection of these companies demonstrates the speed at which Second Century Ventures and REACH operate to equip real estate professionals, across all sectors, with top tools to accelerate their businesses," said Dave Garland, managing partner, Second Century Ventures. "We are tremendously impressed by Real Grader and APM Help, for both their solutions and their teams' passion for advancing innovation. They will join a portfolio of more than 200 companies that have demonstrated immense value for the real estate ecosystem worldwide." The companies chosen for early acceptance to the 2023 REACH and REACH Commercial programs are: Real Grader measures, manages and maximizes digital presence for real estate professionals. Its most recent product launch, the Instacard® – a digital business card – has already been adopted by tens of thousands of agents, brokers and MLS organizations worldwide; and APM Help assists property managers with audit, accounting, finance, and technology to run their businesses better. Clients can manage their entire back office while accessing a curated marketplace of partner solutions with preferred pricing and seamless integrations. The 2023 REACH and REACH Commercial programs mark the 11th and 4th years of operation, respectively. This year's rosters of companies will leverage the longstanding success of the REACH program – which saw its 2022 U.S. portfolio raise more than $240 million and secure numerous strategic partnerships across the corporate landscape while incorporating feedback from Realtors® in the development of various new products and services. Real Grader was featured at the 2022 Miami Realtors® Rock the Market event as part of the REACH Labs initiative. "It has always been a vision to team up with the people at REACH," said Alex Montalenti, CEO, Real Grader. "We look forward to leveraging their knowledge, mentorship and partners to advance our adoption nationwide and worldwide. We are confident that this will accelerate our growth and expansion in the industry." APM Help founder and CEO Taylor Hou also shared his excitement to join the 2023 program. "We built APM Help to assist commercial brokers and it was a natural fit to work with REACH to help accelerate our vision to be the ‘easy button' for brokers to manage properties," Hou said. "We are excited to work with Second Century Ventures and REACH to help brokers diversify their businesses while managing their rentals with our AI-powered property management solutions." REACH will announce the remaining participants for the highly-competitive 2023 program in mid-April. The program will offer its incoming cohort a robust curriculum comprised of education, mentorship, exclusive networking opportunities and significant exposure to the global real estate marketplace. To learn more about REACH and how you can get involved, visit www.narreach.com. About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. About REACH REACH is a unique technology scale-up program created by Second Century Ventures, the most active global fund in real estate technology. Backed by the National Association of Realtors®, Second Century Ventures leverages the association's more than 1.5 million members and an unparalleled network of executives within real estate and adjacent industries. The REACH program helps technology companies scale across the real estate vertical and its adjacent markets through education, mentorship and market exposure. For more on REACH, visit www.narreach.com.

Buyers are in the game, but interest rates are keeping sellers on the bench
Relatively high rates are keeping new listings low, frustrating willing buyers SEATTLE, March 21, 2023 -- Mortgage rates — both their high levels and their wild swings — are making life difficult for both buyers and sellers, according to Zillow's® latest market report1. Relatively high rates have brought new listings down to record lows, leaving buyers with limited options. Any dips in mortgage rates are stimulating demand and stiffening competition, but they have been short-lived. "We know there are a lot of motivated buyers looking for homes. When we see mortgage rates fall, sales pick up," said Skylar Olsen, Zillow chief economist. "But buyers are disappointed in their options. Homeowners aren't giving up their current house and low monthly payments to join a tight, expensive market. Meanwhile, volatility in the economy makes planning extremely difficult." The flow of new listings in February is at a record low for this time of year, nearly a third lower than before the pandemic and 22% lower than last year. Mortgage rates are likely driving the decline — those who bought or refinanced in 2020 or 2021, when rates were well below 3.5%, are unwilling to trade in their current mortgage for a new one with double the interest, Olsen said. The largest annual declines in new listings are in West Coast markets: San Jose (-47%), Portland (-46%), Seattle (-45%) and Sacramento (-44%). The trickle of new listings is contributing to extremely low levels of total inventory, now 17% higher than what was the absolute bottom in February 2022, but still about 43% below pre-pandemic norms. Instead of inventory growing through the first two months of the year, like it did in 2018 and 2019, the number of choices shrank. "This market is not as frenzied as it was during the last two years, but home buyers might start to feel some déjà vu at the dearth of options," said Jeff Tucker, Zillow senior economist. "Home sellers seem to be sitting out the early spring selling season in surprising numbers." Mortgage rates have been incredibly volatile over the past six months, and buyers are responding to the chance to lock in a cheaper monthly payment when the opportunity arises. Sales activity is picking up, just not accelerating like it usually does at this time of year. After being reinvigorated by lower rates in late January, sales slowed over the course of February as rates hiked back up. All in all, February saw 19% fewer newly pending sales than last year and 5% fewer sales than the most recent pre-pandemic reading in 2020. Ultralow inventory means that when attractive, well-priced houses do come on the market, they are readily finding buyers. Homes that went under contract in February did so after a median span of 17 days. That's more time than in 2022 and 2021, when time on market was seven and nine days, respectively, but significantly less than before the pandemic. Home values flatlined from January to February, leaving the typical home value at $328,604, or 4% below the peak value set in July 2022, according to the Zillow Home Value Index. Home values are 4.4% higher than one year earlier — a rapidly decelerating pace of annual growth, down from the nearly record-high 18.8% year-over-year growth measured last April. The overall lack of inventory, along with the resurgence of buyers when costs fall, should prevent significant price declines. Rates are likely to remain volatile through the spring selling season. Working with a mortgage professional early in the process can help buyers demystify what's affordable, prepare their credit and get pre-approved to strengthen their offer. *Table ordered by market size 1 The Zillow Real Estate Market Report is a monthly overview of the national and local real estate markets. The reports are compiled by Zillow Research. For more information, visit www.zillow.com/research. About Zillow Group Zillow Group, Inc. (NASDAQ: Z) (NASDAQ: ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and brands include Zillow®; Premier Agent®; Zillow Home Loans℠; Zillow Closing Services℠; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠ , which includes ShowingTime®, Bridge Interactive®, and dotloop® and Listing Media Services. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

Get Ready: The Best Time to Sell is April 16-22, according to Realtor.com
Homeowners who list that week will experience the best combination of market conditions and could get $48,000 more for their home than the start of the year SANTA CLARA, Calif., March 15, 2023 -- While it's nearly impossible to time the real estate market, there is one week that is most likely to get home sellers the best possible outcome, according to Realtor.com®. Nationally, homeowners who list the week of April 16-22, 2023 will hit the sweet spot in terms of the best combination of higher prices, fewer homes to compete against, faster sales time and strong buyer demand. A recent survey from Realtor.com® and HarrisX found that 60% of home sellers took up to 3 months to get their home ready to list, so for homeowners who have been making preparations, listing during that crucial April week could get $48,000 more for their home than they would have at the start of the year. "Many home shoppers kick off their search in the early spring and they often beat the majority of home sellers to the punch," said Realtor.com® Chief Economist Danielle Hale. "For this reason, sellers who list on the earlier side will get more buyer attention and therefore be more likely to sell quickly and for a higher price." Why is April 16-22 the best time to sell? While mortgage rates are expected to remain elevated through 2023, for-sale inventory is still well below pre-pandemic levels, so sellers can still expect well-priced homes to be in high demand. Those looking to take advantage of seasonal market trends should consider getting ready to list April 16-22, which is anticipated to have the best mix of market conditions for sellers, including: Higher prices – Homes listed during this week have historically had prices 2.1% higher than the average week throughout the year, and are typically 12.1% higher than the start of the year. If 2023 follows the typical seasonal trend, the national median listing price could reach $8,400 higher than the average week, and $48,000 more than the start of the year. Strong buyer demand – The more buyers looking at a home, the better, as the home is likely to get more offers and sell quickly. Historically, this week garnered 16.4% more views per listing than the typical week, but in 2022 this week got 32.5% more views per listing than the average week, as buyer demand dropped in the latter part of the year. Fast-selling homes – Thanks to above-average demand, homes tend to sell more quickly during this week. Historically, homes actively for sale during this week sold 18.0% faster than the average week. In the fast-moving 2022 market, this week saw homes typically on the market for 32 days, 13 days faster than the year's average, and 37 days faster than was typical in 2019. The 2023 market is not expected to move as quickly as in 2022, but the best week is still expected to see faster sales than the year's typical pace. Less competition from other sellers – Typically, there would be 9.3% fewer sellers on the market during this week compared to the average week throughout the year. Last year saw significant inventory gains as buyer demand cooled, but sellers responded by pulling back on listings by the end of the year. Active inventory was 65.5% higher at the start of 2023 versus 2022, but still 43.2% lower than pre-pandemic levels. This gap means there continues to be opportunities for sellers who enter the market this spring. Tips on prepping a home for sale According to Realtor.com®'s survey, it took most recent sellers (80%) between 2 weeks and 6 months to prepare their home for sale, with the sweet spot being between 1-3 months (32%). For most (56%) it took more time than expected to list their home, while 23% said it was faster than expected and 22% said it took about as long as they expected. For those considering a home sale this year, it's best to start preparing now in case it takes longer than anticipated. For the best chance at a quick sale and high price, homeowners should make sure that their home looks its best, has been well cared for and is up-to-date with routine maintenance. To get ready to list, about a third of recent sellers (35%) made repairs/updates to the home, did some cleaning and decluttering (33%) and found an agent to help them (31%). In order to best market their home, owners and their agents had listing photos taken (34%); created marketing materials such as flyers (27%); created a 3D/virtual tour (20%) and staged the home (11%). Making minor repairs can go a long way during a showing. Potentially, a buyer who sees leaky faucets and closet doors that don't close might become concerned about larger potential problems with the home. The most common repairs made by survey respondents were: Minor cosmetic updates such as replacing light fixtures or faucets (16%) Carpet/floor replacement or refinishing (14%) Landscaping such as mulch, vegetation, etc. (13%) Full painting of exterior (12%) Touch-up paint (12%) Full painting of interior (12%) Replacing appliances such as kitchen or laundry (11%) Replacing the roof (9%) Replacing major systems such as HVAC, hot water (8%) Caulking (6%) Replacing grout (6%) "In today's market, it's really important to price your home well and make sure that it looks its best in order to get top dollar and find a buyer quickly," said Hannah Jones, economic research analyst Realtor.com®. "There are still buyers in the market, but due to high prices and interest rates, they're being a bit more picky than they were the past several years." Homeowners who are looking to sell their home can visit Realtor.com® to find a trusted agent in their area and check out Realtor.com®'s Complete Guide for Selling Your Home. Report Methodology Listing metrics (e.g. list prices) from 2018-2019 and 2021-2022 were measured on a weekly basis, with each week compared against a benchmark from the first full week of the year. Averaging across the years yielded the "typical" seasonal trend for each metric. Percentile levels for each week were calculated along each metric (prices, listings, days on market, etc.), and were then averaged together across metrics to determine a Best Time to List score for each week. Rankings for each week were based on these Best Time to List scores. Survey Methodology The survey was conducted online from Feb. 3-10, 2023, among 2,286 adults in the U.S. by HarrisX. The sampling margin of error of this poll is +/- 2.1 percentage points and larger for subgroups. The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

RentSpree and SkySlope Partner to Enhance Tech Capabilities for Rental Agents
LOS ANGELES, March 14, 2023 -- RentSpree, the industry's premier end-to-end rental management software provider, announced its latest partnership with SkySlope, a full-service transaction management solution recently named one of the top 20 proptech companies of 2022. Integrating RentSpree's online standard rental application and screening platform with SkySlope's transaction management capabilities will help agents save time and streamline the rental process even further. "We are always looking for strategic collaboration opportunities with other industry leaders to help provide best-in-class technology solutions for real estate professionals," said Michael Lucarelli, CEO and Co-Founder of RentSpree. "SkySlope is a key player in their space, and combining forces enables us to support rental agents in the most effective way possible." SkySlope, which provides time-saving solutions for real estate transactions from contract to close, was founded in 2011 and now serves more than 650,000 real estate professionals throughout the U.S. and Canada. "At SkySlope, we are always mindful of how we can serve the changing needs of real estate professionals," said SkySlope CEO Tyler Smith. "Therefore, combining forces with RentSpree is another sensible step in achieving that mission." RentSpree offers an all-in-one suite of tools, including background and credit checks, rent estimates, renters' insurance and rent payments. Its Agent Tools feature supports holistic rental management for agents, from advertising and nurturing leads to seamlessly diversifying their client portfolio, as well as supporting their rental clients' transition to homeownership in due time. "We are very deliberate in the partnerships we seek across different segments of the real estate sector," said Caroline Mulvey, Senior Client Success Manager at RentSpree. "Collaborations with top-notch proptech firms such as SkySlope are key as technology will continue to play an increasingly important part in making the daily lives of agents and brokers easier and more efficient." About RentSpree Los Angeles-based RentSpree is a provider of award-winning rental software that helps seamlessly connect real estate agents, owners, and renters to simplify and automate the entire rental process, from listing to lease. The all-in-one platform is known across all 50 states for its easy and secure interface and suite of rental tools, including tenant screening, rent payments, marketing and renter management. To date, RentSpree has partnered with more than 250 of the most influential MLSs, real estate associations and brokerages to serve over one million users in the U.S. RentSpree is ranked 625th on Inc. 5000's fastest-growing private companies in 2022. Visit www.rentspree.com for more information. About SkySlope Established in 2011, SkySlope is the customer experience platform managing real estate transactions from contract to close. Serving over 650,000 real estate professionals across the U.S. and Canada, SkySlope manages nearly 3 million transactions annually. SkySlope is on a mission to build solutions that reshape the real estate industry by creating the most powerful autonomous transaction platform. For more information, visit www.SkySlope.com.

Housing Markets in California, Illinois and East Coast Still Top List of Areas Around U.S. More Vulnerable to Declines
Chicago and New York City Areas Remain More At Risk Based on Key Market Measures from Fourth Quarter of 2022; East Coast and Swaths of Interior California Also More Vulnerable to Downturns; South Region and Sections of Midwest are Less Vulnerable IRVINE, Calif. — Mar. 9, 2023 — ATTOM, a leading curator of land, property, and real estate data, today released a Special Housing Risk Report spotlighting county-level housing markets around the United States that are more or less vulnerable to declines, based on home affordability, foreclosures and other measures in the fourth quarter of 2022. The report shows that inland California, Illinois, New Jersey, and Delaware continued to have some of the highest concentrations of the most-at-risk markets in the country, with the biggest clusters in the New York City and Chicago metropolitan areas. Southern and midwestern states remained less exposed. The fourth-quarter patterns – based on gaps in home affordability, underwater mortgages, foreclosures, and unemployment – revealed that New Jersey, Illinois, and California had 31 of the 50 counties most vulnerable to potential declines around the U.S. That was roughly the same as the 28 more-at-risk markets that were in those states in the third quarter of last year. During a time when the broader U.S. housing market boom stalled, those concentrations dwarfed other parts of the country. The 50 most at-risk included seven in the Chicago metropolitan area, five in and around New York City, three in or near Cleveland, OH, and 13 spread through northern, central, and southern California. The rest were clustered mainly in other parts of the East Coast, including two of the three counties in Delaware. At the other end of the risk spectrum, the South, Midwest, and western areas outside California continued to have the biggest concentration of markets considered least vulnerable to falling housing markets. "With the U.S. housing market cooling off considerably since the middle of last year, some areas of the country continue to show signs of being more at risk of a larger downturn than others. That's based on several key factors that can either boost or damage local housing markets, including unusually high home ownership costs, foreclosures, and relatively weak homeowner equity," said Rob Barber, chief executive officer at ATTOM. "It remains important to note that we are not identifying markets headed for an imminent fall, just those that look to be more exposed to market troubles. Heading into the peak buying season of 2023, we will keep monitoring those areas closely to see if anything changes." Counties were considered more or less at risk based on the percentage of homes facing possible foreclosure, the portion with mortgage balances that exceeded estimated property values, the percentage of average local wages required to pay for major home ownership expenses on median-priced single-family homes and condos, and local unemployment rates. The conclusions were drawn from an analysis of the most recent home affordability, equity and foreclosure reports prepared by ATTOM. Unemployment rates came from federal government data. Rankings were based on a combination of those four categories in 581 counties around the United States with sufficient data to analyze in the fourth quarter of 2022. Counties were ranked in each category, from lowest to highest, with the overall conclusion based on a combination of the four ranks. See below for the full methodology. The ongoing wide disparities in risks throughout the country remained in place during a time when the overall U.S. housing market had one of its worst second-half performances in more than a decade. Key measures showed the national median home value decreasing 8 percent (down 4 percent specifically in the fourth quarter), while home-seller profits dipped lower, homeowner equity stopped growing, foreclosures continued to increase and mortgage lending plummeted to its lowest level in almost nine years. That happened as 30-year mortgages rates climbed close to 7 percent, inflation remained at a 40-year high and the stock market fell. Each of those forces cut into what home buyers could afford. Most-vulnerable counties again clustered in the Chicago, New York City and Cleveland areas, along with sections of California and Delaware Thirty of the 50 U.S. counties considered most vulnerable in the fourth quarter of 2022 to housing market troubles (from among 581 counties with enough data to be included in the report) were in the metropolitan areas around Chicago, IL, New York, NY, and Cleveland, OH, as well as in Delaware and California. California markets on the list remained mostly inland, away from the coast. The 50 most at-risk counties included seven in the Chicago area (Cook, De Kalb, Kane, Kendall, Lake, McHenry, and Will counties, all in Illinois), two in New York City (Kings and Richmond counties, which cover Brooklyn and Staten Island) and three in the New York City suburbs (Essex, Passaic and Sussex counties in New Jersey). The three in the Cleveland metro area that were among the top 50 in the fourth quarter were Cuyahoga, Lake, and Lorain counties. Elsewhere, California had 13 counties in the top 50 list: Butte County (outside Sacramento), Humboldt County (Eureka), San Joaquin (Stockton), Solano County (outside Sacramento) and Shasta County (Redding) in the northern part of the state; Fresno County, Madera County (outside Fresno), Merced County (outside Modesto), Stanislaus County (Modesto) and Tulare County (outside Fresno) in central California, and Kern County (Bakersfield), Riverside County and San Bernardino County in the southern part of the state. Counties most at-risk of downfalls seeing elevated levels of unaffordable housing, underwater mortgages, foreclosures and unemployment Major home ownership costs (mortgage payments, property taxes and insurance) on median-priced single-family homes and condos consumed more than one-third of average local wages in 34 of the 50 counties that were most vulnerable to market problems in the fourth quarter of 2022. The highest percentages in those markets were in Kings County (Brooklyn), NY (114.6. percent of average local wages needed for major ownership costs); Richmond County (Staten Island), NY (70.1 percent); Riverside County, CA (70 percent); San Joaquin County (Stockton), CA (63.6 percent) and Passaic County, NJ (outside New York City) (59.6 percent). Nationwide, major expenses on typical homes sold in the fourth quarter required 32.3 percent of average local wages. At least 7 percent of residential mortgages were underwater in the fourth quarter of 2022 in 25 of the 50 most at-risk counties. Nationwide, 5.9 percent of mortgages fell into that category, with homeowners owing more on their mortgages than the estimated value of their properties. Those with the highest underwater rates among the 50 most at-risk counties were Peoria County, IL (18.5 percent underwater); Tangipahoa Parish, LA (outside New Orleans) (16.3 percent); Rock Island County (Moline), IL (16.1 percent); Saint Clair County, IL (outside St. Louis, MO) (15.5 percent) and Kankakee County, IL (outside Chicago) (14.6 percent). More than one of every 1,000 residential properties faced a foreclosure action in the fourth quarter of 2022 in 44 of the 50 most at-risk counties. Nationwide, one in 1,549 homes were in that position. The highest foreclosure rates in the top 50 counties were in Saint Clair County, IL (outside St. Louis, MO) (one in 126 residential properties facing possible foreclosure); Cumberland County, NJ (outside Philadelphia, PA) (one in 376); Sussex County, NJ (outside New York City) (one in 435); Madison County, IL (outside St. Louis, MO) (one in 469) and Will County, IL (outside Chicago) (one in 523). The November 2022 unemployment rate was higher than the national 3.7 percent level in 41 of the 50 most at-risk counties. The highest levels among the top 50 counties were in Tulare County, CA (outside Fresno) (8.6 percent); Merced County, CA (outside Modesto) (7.3 percent); Kern County (Bakersfield), CA (6.8 percent); Fresno County, CA (6.6 percent) and Madera County, CA (outside Fresno) (6.3 percent). Midwest and South continue to have larger concentrations of less at-risk markets Seventeen of the 50 counties least vulnerable to housing-market problems from among the 581 included in the fourth-quarter report were in the Midwest, while another 15 were in the South. Just nine were in the West and nine were in the Northeast. Wisconsin had six of the 50 least at-risk counties in the fourth quarter of 2022. Spread throughout the state, they were Brown County (Green Bay), Dane County (Madison), Eau Claire County, La Crosse County, Washington County (outside Milwaukee) and Winnebago County (Oshkosh). Three others among the 50 least-exposed counties were in the Nashville, TN, metro area (Davidson, Rutherford and Williamson). Counties with a population of at least 1 million that were among the 50 least at-risk included Santa Clara County (San Jose), CA; Middlesex County, MA (outside Boston); Travis County (Austin) TX; Hennepin County (Minneapolis), MN, and Salt Lake County (Salt Lake City), UT. Smaller underwater mortgages rates, less foreclosure activity and lower unemployment benefitting least-vulnerable counties Less than 5 percent of residential mortgages were underwater in the fourth quarter of 2022 (with owners owing more than their properties were worth) in 31 of the 50 least-at-risk counties. Those with the lowest rates among those counties were Chittenden County (Burlington), VT (1.1 percent of mortgages were underwater); Martin County (Palm City), FL (1.6 percent); San Mateo, CA (1.9 percent); Santa Clara County (San Jose), CA (2 percent) and Gallatin County (Bozeman), MT (2.3 percent). More than one in 1,000 residential properties faced a foreclosure action during the fourth quarter of 2022 in none of the 50 least at-risk counties. Those with the lowest rates were Chittenden County (Burlington), VT (no residential properties facing possible foreclosure); Dane County (Madison), WI (one in 24,880); La Crosse County, WI (one in 17,591); Johnson County (Overland Park), KS (one in 12,584) and Lebanon County, PA (one in 11,817). The November 2022 unemployment rate was less than 3 percent in every one of the 50 least-at-risk counties. The lowest rates among those counties were in Cass County (Fargo), ND (1.5 percent); Olmsted County (Rochester), MN (1.6 percent); Shelby County, AL (outside Birmingham) (1.7 percent); Gallatin County (Bozeman), MT (1.7 percent); and Yellowstone County (Billings), MT (1.8 percent). Among the least-vulnerable counties, those where home ownership consumed the smallest portion of average local wages were Morgan County, AL (outside Huntsville) (22.6 percent of average local wages needed for major ownership costs); Winnebago County, WI (Oshkosh) (24.8 percent); Limestone County, AL (outside Huntsville) (25.5 percent); Tippecanoe County (Lafayette), IN (27.2 percent) and Olmsted County (Rochester), MN (27.9 percent). Report methodology The ATTOM Special Housing Risk Report is based on ATTOM's fourth-quarter 2022 residential foreclosure, home affordability and underwater property reports, plus November 2022 unemployment figures from the U.S. Bureau of Labor Statistics. (Press releases for affordability, foreclosure and underwater-property reports show the methodology for each.) Counties with sufficient data to analyze were ranked based on the fourth-quarter percentage of residential properties with a foreclosure filing, the percentage of average local wages needed to afford the major expenses of owning a median-priced single-family home and condo and the percentage of properties with outstanding mortgage balances that exceeded their estimated market values, along with November 2022 County unemployment rates. Ranks then were added up to develop a composite ranking across all four categories. Equal weight was given to each category. Counties with the lowest composite rank were considered most vulnerable to housing market problems. Those with the highest composite rank were considered least vulnerable. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

RentSpree Starts Women-Focused Initiative RENEW (Real Estate Network of Empowered Women)
RENEW kicks off with podcast series, in-person + virtual events and monthly newsletter LOS ANGELES, March 1, 2023 -- RentSpree, the industry's premier end-to-end rental management software provider, is proud to announce the launch of its RENEW — Real Estate Network of Empowered Women — initiative to support, connect, and empower women in the real estate sector. RENEW has seen tremendous growth since its inception, with over 100 members now involved in the initiative. As a result, the group is looking to further expand its reach and impact by launching a new podcast series. The first episode, featuring Chief Executive Officer, Teresa King Kinney, and Chief of MLS & Innovation, Liz Sturrock, of the MIAMI Association of REALTORS®, highlights the importance of empowering women in real estate and across all industries. "Technology [for example] has always been a male-heavy area," said MIAMI's Sturrock. "Has it gotten better? Absolutely. But there's still room to even the playing field. I say that as a woman who worked in pure technology before real estate. In real estate tech alone, I would often be the only woman in the room." When asked about keys to success, King Kinney advocated for women to "Continue to say yes. Public speaking is one of the top things that I recommend for anyone who wants to further their career and create new opportunities for themselves. When you speak effectively, it creates new opportunities for you and it elevates who you are and what you do." Last November, RENEW kicked off with a breakfast at the National Association of REALTORS® (NAR) conference, during which RENEW Founder, Lauren Martin, introduced the initiative and how the concept came about. "We are thrilled to be making such a positive impact in the real estate industry," said RENEW's Martin. "The response to our initiative has been overwhelmingly positive, and we look forward to continuing to support and empower women in this field." At the beginning of this year, the group also hosted a private guided tour at the Metropolitan Museum of Art in New York on the sidelines of Inman Connect. The tour provided women with the opportunity to network and connect with one another while enjoying the beauty of art. To listen to the RENEW podcast episode, please click here. About RENEW RENEW is dedicated to fostering a community that looks to elevate female voices, to promote knowledge-sharing on how to navigate industry challenges and to showcase the remarkable achievements of women in real estate. The initiative provides its members with opportunities for growth, support, and connection through events, networking opportunities, and a podcast series. RENEW membership is open to all women within the real estate industry, with certain women leaders eligible to take on an "Ambassador." Visit RENEW for more information. About RentSpree Los Angeles-based RentSpree is a provider of award-winning rental software that helps seamlessly connect real estate agents, owners, and renters to simplify and automate the entire rental process, from listing to lease. The all-in-one platform is known across all 50 states for its easy and secure interface and suite of rental tools, including tenant screening, rent payments, marketing and renter management. To date, RentSpree has partnered with more than 250 of the most influential MLSs, real estate associations and brokerages to serve over one million users in the U.S. RentSpree is ranked 625th on Inc. 5000's fastest-growing private companies in 2022. Visit RentSpree.com for more information.

Homes owned by Black families appreciated the fastest during the pandemic
Black Americans' housing wealth has made strides, but remains well below that of the typical U.S. household SEATTLE, Feb. 27, 2023 -- Homes owned by Black families appreciated more than any others since the start of the pandemic, with the typical Black homeowner gaining nearly $84,000 in equity. Black Americans also made slight gains in homeownership rates, despite disproportionate job and income loss. The gap between the typical Black-owned home's value and the value of the typical U.S. home is now the smallest it's been in more than two decades, according to a new analysis of data from Zillow and the Home Mortgage Disclosure Act. "These gains are extremely important in terms of increasing wealth among the Black community, as homeowners of color are more likely to have the bulk of their household wealth tied up in their homes," said Nicole Bachaud, senior economist at Zillow. "Due to years of redlining and other forms of systemic discrimination, housing disparities between Black and white families persist. Policies and interventions like expanding access to credit, building more affordable homes and finding new approaches to mitigate appraisal bias are keys to achieving housing equity." From February 2020 to January 2023,1 Black homeowners saw their home values increase 42.5%, compared to 38.2% for U.S. home values overall, and 37.8% for white-owned home values. Hispanic- and Asian-owned home values increased by 38.3% and 37%, respectively. Home value appreciation among Black homeowners has outpaced all other races since 2014, and that trend accelerated at the start of the pandemic, further shrinking the home value gap. In February 2020, the typical Black-owned home was worth 17.3% less than the typical home overall. By January 2023, that gap closed to 14.8%, which is the closest Black-owned home values have been to overall values since at least the year 2000. Among the 50 largest metros in the country, that home value gap has shrunk the most in Detroit — by 9 percentage points — since February 2020. Kansas City, Chicago, Cleveland, Milwaukee and Louisville, among other markets, also saw large improvements, with the gap closing by more than 5 percentage points in that time. Homeownership In 2021, the latest available data from the U.S. Census Bureau, 44% of Black households owned their homes, compared with 73.3% of white households — a gap of more than 29 points. According to the most recent U.S Census Bureau data, Black homeownership increased 2 percentage points from 2019 to 2021, compared to 1.3% for the nation at large. Black women ages 45–54 and 75 and older saw the largest increase among Black homeowners during the pandemic, with 2.9 percentage points of growth. Black men ages 35–44 saw a 2.5 percentage-point jump in homeownership rate over that period, the second-largest increase in the group. Still, for many Black Americans, barriers to accessing homeownership abound. Many markets with the highest appreciation in Black home values also have the highest mortgage denial rates for Black applicants, meaning the markets where Black homeowners have the best chance of improving their household wealth and gaining equity with homeowners overall are markets where it's most difficult for Black mortgage applicants to actually become homeowners. Pandemic-era Changes in Black Americans' Housing Wealth *Ranked by largest reduction in home value gap between Black-owned homes and the overall typical home in the region About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠ , which houses ShowingTime®, Bridge Interactive®, and dotloop® and interactive floor plans. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

Chime's AI Assistant Delivers Nearly 95% Conversational Accuracy
Quality of AI-Human interactions consistently improved through built-in machine learning algorithms and dedicated training team PHOENIX, Feb. 20, 2023 -- Chime Technologies, an award-winning real estate tech innovator, today announced the overwhelming year over year success of its intuitive chatbot AI Assistant in helping increase agent productivity and boost conversion rates. Unlike simple AI solutions with limited capabilities, AI Assistant - launched in 2019 - is consistently improving from both machine learning algorithms and a professional training team, dedicated to reviewing thousands of real conversations and coaching the AI. Boasting more than 93% conversational accuracy, the chatbot's ability to deliver high quality interactions is the result of Chime's proven approach to consistently humanizing the AI and four years of strategic product development. Learn more about AI Assistant HERE. As competition increases and market conditions evolve, agents are under intense pressure to attract, nurture, and convert leads more efficiently. Increasingly, agents understand the role of technology and specifically AI, to help them do so. In fact, according to a 2022 Technology Survey from the National Association of REALTORS®, more than 15% of agents believe that artificial intelligence tools will be very impactful in their business within the next 24 months. In 2022, Chime reported a more than 46% increase in chatbot adoption among customers. According to long time Chime customer Adam Frank of eXp Realty, "[Chime's AI Assistant] is an unprecedented tool. There are other chatbots, but nothing else runs and works like AI Assistant does." In the past year, AI Assistant increased daily messages by more than 322% and daily lead responses by more than 108%. This significant momentum was driven by Chime's consistent coaching and humanizing of the chatbot. Unlike anything else on the market, AI Assistant is innately powered by machine learning and natural language processing technologies and consistently enhanced by a dedicated training team who regularly reviews the chatbot's performance to train the AI and deliver the operational intelligence agents need to close deals. Year over year, Chime continues to enhance the capabilities of AI Assistant to best serve the needs of agents and more tightly integrate into Chime's robust sales acceleration platform. By automating and streamlining key processes right from the chatbot, agents are freed to focus on servicing their clients and delivering the essential human elements necessary for success in real estate. New features support the following: Showings - Directly schedule a showing based on lead's availability, empowering the chatbot to serve as a true assistant to agents Listing Ads - Responds directly to listing ad questions in real-time to expedite sales process Smart Plans - Seamless integration with Smart Plans based on real conversations with leads to avoid lag time Cold-Lead Nurturing - Automated long-term cold-lead nurturing to ensure agents stay focused on only those sales-ready leads "Four years ago, our forward-thinking product development team recognized the potential for AI to significantly impact the real estate industry and delivered a powerful and intuitive chatbot designed to help agents work smarter and not harder," said Dave Carter, vice president, marketing, Chime. "Today, we are proud of the value AI Assistant offers our customers nationwide in attracting and converting leads for increased business. We will continue to prioritize humanizing our AI to deliver high quality interactions for the benefit of agents and consumers alike." To learn more, visit HERE. About Chime Technologies Chime is an all-in-one Sales Acceleration Platform for the real estate industry headquartered in Phoenix, Arizona. Its award-winning productivity suite offers a robust set of features that help real estate professionals and teams of all sizes run and grow their business. Chime Technologies operates as a US subsidiary of Renren, Inc. (RENN). For more information, contact [email protected] or 888-682-4463, or visit www.chime.me.

Selling made easier: Zillow customers can now choose between a cash offer from Opendoor or selling with an agent
Zillow and Opendoor's partnership allows homeowners on Zillow to now compare multiple selling options up front — including a cash offer from Opendoor and an estimate to sell on the open market with a Zillow Premier Agent partner. SEATTLE and SAN FRANCISCO, Feb. 15, 2023 -- Zillow, Inc. and Opendoor Technologies Inc. announced today homeowners in Atlanta and Raleigh have a new way to explore multiple home-selling options on Zillow. Customers who start their selling journey with Zillow can now simultaneously request both a cash offer from Opendoor and an estimate of what their home could sell for on the open market with a local Zillow Premier Agent partner. "A recent Zillow survey found nearly a third of Americans were surprised by the emotional toll of selling their home," said Matt Daimler, Zillow senior vice president of product. "We want to simplify the process by providing sellers all their home-selling options in one place. Customers can now easily get both a cash offer from Opendoor and a market-price estimate to sell on the open market with a local Zillow Premier Agent partner on Zillow– and then make the decision that works best for their situation." Customers visiting Zillow can explore selling options themselves, or they can work with one of Zillow's licensed advisors to guide them through their options so they can confidently sell their current home and move into their next one. Once a seller explores each option and decides which is best for them - whether to receive a cash offer from Opendoor or sell on the open market with a Zillow Premier Agent partner - they can use the service as a standalone offering or in tandem with other Zillow home shopping services, such as financing through Zillow Home Loans, working with a Zillow Premier Agent partner to buy their next home, or, when it's available, closing with Zillow Closing Services. This new product experience will launch in additional markets nationwide in the coming months. "Selling a home can be stressful and full of unknowns for many people, but selling to Opendoor is simple, certain, and on the homeowner's timeline," said Brian Tolkin, Opendoor vice president of product. "An Opendoor sale means no home showings, no home prep or making repairs and none of the hassle that can come with a traditional listing. With this new Opendoor experience on Zillow, consumers can explore their selling options and choose one that meets their needs." In August 2022, Zillow and Opendoor announced a multi-year partnership, bringing together two category leaders to transform how people initiate their move. This new solution is one more of the buying and selling services available on Zillow's platform, including on-demand touring, financial and mortgage resources, as well as high-resolution listing photos, an interactive floor plan with embedded virtual tour, downloadable floor plans, and aerial photos from ShowingTime+ to make any listing stand out. It also expands the reach of Opendoor's e-commerce experience to millions of people who visit Zillow each month. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which houses ShowingTime®, Bridge Interactive®, dotloop® and interactive floor plans. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). About Opendoor Opendoor's mission is to power life's progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple way to buy and sell a home. Opendoor currently operates in a growing number of markets nationwide. For more information, please visit www.opendoor.com.

Renters pay a 'singles tax' of nearly $7,000 for living alone
Roses are red, violets are blue, if you're single and rent, more money is due SEATTLE, Feb. 13, 2023 -- This Valentine's Day, Zillow has uncovered a heartbreaking truth for apartment-hunting singles: Renters living in a one-bedroom on their own face a yearly "singles tax"1 of nearly $7,000, according to an analysis by Zillow. While singles across the country pay a high price for a solo living arrangement, the size of that "tax" varies widely depending on where they live. The price of living alone in a one-bedroom apartment is the highest in New York City, where StreetEasy data finds that singles pay $19,500 more a year than someone living with a partner in the same place. This rises to nearly $24,000 in Manhattan, the priciest borough. San Francisco isn't too far behind with a $14,000 "singles tax" for a one-bedroom apartment. Of the 50 largest U.S. cities (by population), Detroit and Cleveland have the lowest "singles tax" at $4,483 and $4,387 respectively. It is, of course, worth mentioning that singles can avoid this "tax" by taking in roommates — an extremely popular choice for saving on rent. "Living alone has its perks — you never have to share a bathroom, you have a claim to the TV at all times, and dirty dishes can stack up as long as you want, judgment free. But all that freedom comes with a cost," says Amanda Pendleton, Zillow home trends expert. "Even though rent prices are starting to cool, they are still significantly higher than they were a year ago. Renters considering going solo this year must decide how valuable living alone is to them, and if the cost is worth it." Zillow's analysis also found that cohabitating renters in the U.S. save a collective $14,000 annually, compared to renters living alone. Couples in more expensive cities can save even more, with the discount reaching up to $39,000 in New York City. That's a sizable amount of money that can be used toward paying off student loans, a wedding or even a down payment on a home. In the end, moving in together or deciding to live roommate-free are extremely personal decisions. This data highlights the importance of finding a rental that's the right fit for each individual and household. Zillow has a variety of resources available (and more are coming soon) to help renting couples, roommates and independent renters make the best financial decisions and find the perfect apartment to call home: Rent affordability calculator: For renters living alone or with a roommate or partner, setting a realistic budget is an important place to start. Solo renters can use this Zillow tool to determine if the "singles tax" is something they're able to afford. Move-in date filter: Aligning lease start and end dates is a hassle for one person, let alone a couple potentially living in two different apartments with two different leases. Zillow's move-in date filter ensures all renters are seeing apartments that are available when they need them to avoid paying double rent. Renter Hub: Organization is key for renters during their search. Within Renter Hub, renters can see the status and next step for every apartment they've saved, shared or contacted. They can also update their renter profile to share basic information with property managers, and keep up with conversations with potential landlords — all within the Zillow app. Automated tour scheduling: This is ideal for both busy couples and single renters seeking apartment tours. With this new integration for participating properties, renters can instantly book an apartment tour online without needing to wait for a response — making a cumbersome process as simple as booking a restaurant reservation. Room for Rent (coming soon to Zillow): With the "singles tax" being so high, many renters don't have the option of living in a one-bedroom apartment alone. This new feature, which is coming soon to Zillow, will allow renters to search and rent single bedrooms within rental units, opening up more affordable options for those looking for their place. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠ , which houses ShowingTime®, Bridge Interactive®, and dotloop® and interactive floor plans. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

Moderne Ventures Announces First Passport Class of 2023
Moderne Ventures launches its newest Passport Class addressing the biggest challenges facing real estate, finance, insurance, ESG, and home services CHICAGO, Feb. 7, 2023 -- Moderne Ventures, a strategic venture fund focused on technologies innovating around the real estate, finance, insurance, ESG, and home services industries, announced its first Passport Class of 2023. The Passport Program is an intensive six-month program providing its participants education, exposure, insight, and relationships to drive customer growth. "Unlike a traditional accelerator, Moderne Passport is a comprehensive industry immersion program that helps companies of all stages – seed through pre-IPO – hone their go-to-market strategies in the real estate sector, build relationships with industry leaders and execute pilot programs and customer relationships with some of the largest companies in the world," said Carolyn Kwon, Moderne Passport Director. Moderne Ventures is currently accepting Passport applications for its second class of the year launching in early March. The first cohort of 2023 Passport Companies is helping Moderne's multi-trillion dollar industries innovate and grow across a diverse set of sectors and themes, including affordability, decarbonization and return-to-office. This class has raised over $50M in funding with collective valuations north of $300M. The companies are: IncentiFind (Incentifind.com) – Houston, TX: IncentiFind empowers developers, property teams, and occupants to search, verify, and capture incentive dollars for their commercial real estate and home improvement projects Kairos (Kairoswater.io) – Atlanta, GA: Kairos protects the physical and economic life of properties through patented leak detection and water metering technology Tailos (Tailos.com) – Austin, TX: Tailos' commercial vacuum robots utilize AI technology to autonomously operate in complex indoor environments to improve operational efficiencies and cleanliness TestFit (Testfit.io) – Dallas, TX: TestFit is the leading real estate feasibility platform for developers, architects and contractors to maximize site potential and get the right deals done faster Wayleadr (Wayleadr.com) – New York, NY: Wayleadr optimizes underutilized parking assets to increase NOI, while improving space and operational efficiency with the world's #1 ranked software WYL (Wyl.co) – New York, NY: WYL's digital platform improves communication, trust, and retention rates by giving owners and operators actionable insights about their residents' experiences "Moderne most often looks outside its industries to find technologies that can be applicable within them. This latest Passport cohort was curated to include innovative solutions that are highly applicable to some of our industry's most pressing challenges. We look forward to helping these companies optimize their products and services and connect with partners in the Moderne Network who can benefit most from them," said Constance Freedman, Founder and Managing Partner at Moderne Ventures. About Moderne Ventures Moderne Ventures is a strategic venture capital firm approaching $450 AUM. Moderne invests in technology companies in and around the multi-trillion-dollar industries of real estate, finance, insurance, ESG, and home services. It has both a Fund and an Industry Immersion Program, the Moderne Passport, designed to foster innovation, partnership and growth between industry partners and new emerging technology companies. Moderne has built an extraordinary network of more than 700 executives and corporations within its core industries and evaluates over 4,500 emerging tech companies each year. Moderne most often looks outside its industries to find technologies that can be applicable within them, and it has invested in over 135 companies across its funds. Moderne has built a stellar track record investing in companies like DocuSign, Porch, Hippo, Homesnap , Caribou, Xeal and ICON.

NAR Calls on Realtors Who Give Back to Apply for the 2023 Good Neighbor Awards
CHICAGO (February 2, 2023) – The National Association of Realtors® announced today that it is accepting applications for the 2023 Good Neighbor Awards. The program recognizes Realtors® who have made an extraordinary impact in their communities through volunteer service. Five winners will each receive a $10,000 grant for their nonprofit organization and be recognized in November during NAR NXT, The REALTOR® Experience, in Anaheim, California. Five honorable mentions will also each receive a $2,500 grant. "The Good Neighbor Awards program is a testament to the unwavering commitment of our members who give back to their communities," said NAR President Kenny Parcell, a Realtor® from Spanish Fork, Utah, and broker-owner of Equity Real Estate Utah. "We are proud to recognize and support these outstanding individuals as they work tirelessly to improve the lives of those around them." A recent NAR report found that roughly two out of three Realtors® – 66% – volunteered monthly, spending an average of eight hours volunteering each month. Since 2000, the Good Neighbor Awards program has donated $1.4 million to Realtor®-led nonprofits around the country. The awards program is supported by primary sponsor, Realtor.com®, and receives additional support from the Center for REALTOR® Development. "As a sponsor of the Good Neighbor Awards and Fair Housing Champions program, Realtor.com® shares a commitment with NAR to give back to the communities we serve," said Realtor.com® Chief Marketing Officer Mickey Neuberger. "At Realtor.com®, 'to each their home' isn't just a tagline; it's a core value that informs our experience and extends to issues like equal access to housing and community building. We are inspired by all the Realtors® who give their time and energy to improve the lives of others." Good Neighbor Award entries must be received by April 19, 2023. To be eligible, nominees must be an NAR member in good standing and should have made a significant impact as a volunteer for a 501(c)3 nonprofit organization. Nominees are chosen for the award based on their community impact through volunteer work. For additional details, judging criteria and to apply, visit nar.realtor/gna or call 800-874-6500. About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com. About The Center for REALTOR® Development The Center for REALTOR® Development (CRD) is NAR's home for exceptional education. With 10 designations and certifications, 11 learning pathways, over 100 microcourses, and an award-winning podcast, there is a learning experience for every real estate professional. Sharpen your skills and boost your business by investing in yourself. Get started at https://crd.realtor/.

U.S. Home Seller Profits Top 50 Percent in 2022 Despite Market Slowdown
Profits on Typical Sales Nationwide Rise from 45 percent to 51 Percent; National Median Home Price for Full Year Up 10 Percent to $330,000 Even as Values Drop in Second Half; Home Sellers Continue Staying in Their Homes Less Than Six Years IRVINE, Calif. – Jan. 26, 2023 — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its Year-End 2022 U.S. Home Sales Report, which shows that home sellers nationwide realized a profit of $112,000 on the typical sale in 2022, up 21 percent from $92,500 in 2021 and up 78 percent from $63,000 two years ago. Despite a market slowdown in the second half of last year, profits rose from 2021 to 2022 in 98 percent of housing markets with enough data to analyze. The latest nationwide profit figure, based on median purchase and resale prices, marked the highest level in the United States since at least 2008. The $112,000 profit on median-priced home sales in 2022 represented a 51.4 percent return on investment compared to the original purchase price, up from 44.6 percent last year and from 32.8 percent in 2020. The latest profit margin also represented a high point since at least 2008. "It seems pretty likely that home seller profits peaked for this cycle in 2022," said Rick Sharga, executive vice president of market intelligence at ATTOM. "Median prices have declined on a monthly basis since mortgage rates doubled between January and October and are likely to decline further in many markets across the country in 2023, reducing profitability for home sellers." Both raw profits and ROI have improved nationwide for 11 straight years, shooting up again in 2022 as the national median home price increased 10 percent to $330,000 – yet another annual record. At the same time, though, profits increased at a slower pace than in 2021, reflecting a year when the nation's decade-long housing boom stalled. The national median home value dipped 8 percent over the second half of last year as home-mortgage rates doubled, consumer price inflation soared to a 40-year high and the stock market slumped. Those forces cut into the amounts potential home buyers could afford, generating multiple headwinds that threaten to further erode the housing market, cutting demand and potentially pushing seller profits down. Total sales last year declined after rising in eight of the previous 10 years. Among 157 metropolitan statistical areas with a population greater than 200,000 and sufficient sales data, those in western and southern states reaped the highest returns on investment in 2022. The West and South regions had 14 of the 15 metro areas with the highest ROIs on typical home sales last year, led by Hilo, HI (100 percent return on investment); Lake Havasu City-Kingman, AZ (88.4 percent); Spokane, WA (86.2 percent); Fort Myers, FL (85.4 percent) and Port St. Lucie, FL (84.8 percent). Prices up at least 10 percent in more than half the country as most markets again hit new highs The U.S. median home price increased 10 percent in 2022, hitting another all-time annual high of $330,000. The full-year median home-price appreciation in 2022 fell below the 17.6 percent nationwide gain in 2021. Still, the latest increase in the national median value remained among the best over the past decade. Since 2012, when the U.S. housing market was just starting to recover from the Great Recession of the late 2000s, the national median price has grown 120 percent. Median prices rose from 2021 to 2022 in all but two of the 157 metropolitan statistical areas around the U.S. with a population of 200,000 or more and sufficient home price data in 2022. Values shot up at least 10 percent in 85 of those metros (54 percent). Those with the biggest year-over-year increases were in Florida, led by Naples, FL (median up 26.9 percent); Fort Myers, FL (up 26.7 percent); Lakeland, FL (up 25.7 percent); Port St. Lucie, FL (up 24.6 percent) and Ocala, FL (up 23.8 percent). The largest median-price increases in metro areas with a population of at least 1 million in 2022 came in Tampa, FL (up 21.9 percent); Raleigh, NC (up 17.9 percent); Austin, TX (up 17.9 percent); Orlando, FL (up 17.7 percent) and Tucson, AZ (up 17.2 percent). Typical home prices in 2022 reached new peaks in 153 of the 157 metros analyzed (97 percent), including New York, NY; Los Angeles, CA; Chicago, IL; Dallas, TX, and Houston, TX. Metro areas where median prices dropped in 2022, or rose by the smallest amounts, were Davenport, IA (down 2 percent); Shreveport, LA (down 1.7 percent); Baltimore, MD (up 2.7 percent); Pittsburgh, PA (up 2.7 percent) and Toledo, OH (up 2.8 percent). Profit margins increase in 90 percent of nation Profit margins on typical home sales improved from 2021 to 2022 in 141 of the 157 metro areas with sufficient data to analyze (90 percent). That happened as the 10 percent jump in sale prices nationwide in 2022 surpassed the 5 percent increases recent sellers had been paying when they originally bought their homes. Nine of the 10 largest increases in investment returns were in Florida, led by Fort Myers, FL (ROI up from 51 percent in 2021 to 85.4 percent in 2022); Ocala, FL (up from 49.7 percent to 82.4 percent); Naples, FL (up from 44.7 percent to 74.4 percent); Port St. Lucie, FL (up from 62.8 percent to 84.8 percent) and Miami, FL (up from 42.9 percent of 64.1 percent). Aside from Miami, the largest ROI gains from 2021 to 2022 in metro areas with a population of at least 1 million were in Orlando, FL (ROI up from 42.2 percent to 62.2 percent); Tampa, FL (up from 53.8 percent to 73.8 percent); Jacksonville, FL (up from 43.7 percent to 58.4 percent) and Las Vegas, NV (up from 48.8 percent to 59.8 percent). The biggest decreases in investment returns from 2021 to 2022 came in Salem, OR (ROI down from 82.7 percent to 43.1 percent); Atlanta, GA (down from 43.9 percent to 36 percent); Boise, ID (down from 75.9 percent to 68.9 percent); Prescott, AZ, (down from 82.7 percent to 75.9 percent) and Sacramento, CA (down from 61 percent to 54.7 percent). Aside from Atlanta and Sacramento, metro areas with a population of at least 1 million and declining profit margins in 2022 included Minneapolis, MN (down from 43.8 percent to 40 percent); Los Angeles, CA (down from 48.2 percent to 45.2 percent) and San Francisco, CA (down from 75.2 percent to 72.8 percent). Raw profits top $100,000 in half the country, with largest clustered on West Coast Raw profits on median-priced home sales in 2022 topped $100,000 in 79, or 50 percent, of the 157 metro areas with sufficient data to analyze. The West region had 17 of the top 20 raw profits in 2022, led by San Jose, CA ($621,000); San Francisco, CA ($473,000); Seattle, WA ($304,063); San Diego, CA ($295,500) and Los Angeles, CA ($272,500). The smallest raw profits in 2022 were mainly in the South and Midwest, reflecting lower homes prices in those areas than elsewhere. Those regions had 19 of the 20 lowest profits on typical sales, led by Columbus, GA ($19,000); Shreveport, LA ($20,000); Beaumont, TX ($22,991); Rockford, IL ($34,500) and Davenport, IA ($38,500). Home seller tenure remains near 10-year low Home sellers in the U.S. who sold in the fourth quarter of 2022 had owned their homes an average of 5.85 years, down from 5.96 years in the previous quarter and from 6.05 years in the fourth quarter of 2021. The latest figure represented the third-shortest average home-seller tenure since 2012. Average seller tenures were down, year over year, in 77, or 72 percent, of the 107 metro areas with a population of at least 200,000 and sufficient data. The biggest declines in average seller tenure from the fourth quarter of 2021 to the fourth quarter of 2022 were in Rockford, IL (down 23 percent); Atlantic City, NJ (down 22 percent); Dayton, OH (down 20 percent); Knoxville, TN (down 19 percent) and Salem, OR (down 18 percent). The longest tenures for home sellers in the fourth quarter of 2022 were in Bellingham, WA (9.87 years); Manchester, NH (8.58 years); Honolulu, HI (8.38 years); Bridgeport, CT (7.78 years) and New Haven, CT (7.57 years). Cash sales at nine-year high Nationwide, all-cash purchases accounted for 36.1 percent, or one of every three single-family home and condo sales in 2022. The latest percentage – the highest since 2013 – was up from 34.4 percent in 2021 and from 22.7 percent in 2020, although still off the 38.5 percent peaks in 2011 and 2012. "Cash buyers – many, but not all of whom are investors – are in a position of competitive advantage in today's higher interest rate environment, and will continue to account for a higher-than-usual share of market at least until mortgage rates dip back down a bit," Sharga noted. "With affordability a problem for many buyers – especially first-time buyers – it wouldn't be a surprise to see the percentage of cash purchases actually increase in 2023." Among those metropolitan statistical areas with a population of at least 200,000 and sufficient cash-sales data, those where cash sales represented the largest share of all transactions in 2022 were Augusta, GA (72.1 percent of sales); Columbus, GA (69 percent); Athens, GA (60.6 percent); Flint, MI (59.5 percent) and Gainesville, GA (58.9 percent). Lender-owned foreclosure purchases in U.S. at lowest level in at least 17 years Foreclosure sales to lenders accounted for just 1.2 percent, or one of every 87 single-family home sales in 2022 – the lowest level since at least 2005. The 2022 figure was down from 1.5 percent of sales, or one in 68, in 2021 and 3.6 percent, or one in 28, in 2020. States where lender-purchased (REO) foreclosure sales comprised the largest portion of total sales in 2022 were Michigan (3.2 percent of sales), Illinois (3 percent), Connecticut (2.2 percent), New York (1.9 percent) and Arkansas (1.9 percent). Among 156 metropolitan statistical areas with a population of at least 200,000 and sufficient data, those where lender-purchased foreclosure sales represented the largest portion of all sales in 2022 were Flint, MI (8.3 percent of sales); Binghamton, NY (4.9 percent); Kalamazoo, MI (4.6 percent); Lansing, MI (4.5 percent) and Huntington, WV (3.7 percent). Among 55 metropolitan statistical areas with a population of at least 1 million, those with the highest levels of lender-purchased foreclosures in 2022 were Chicago, IL (2.8 percent of sales); St. Louis, MO (2.4 percent); Detroit, MI (2.1 percent); Grand Rapids, MI (2 percent) and Baltimore, MD (2 percent). Those with the smallest shares were Raleigh, NC (0.2 percent of sales); Denver, CO (0.2 percent); Tucson, AZ (0.3 percent); San Francisco, CA (0.3 percent) and Colorado Springs, CO (0.3 percent). Aside from Raleigh, Denver, Tucson and San Francisco, metro areas with at least 1 million people where lender-purchased foreclosures represented the smallest share of total sales also included Phoenix, AZ (0.3 percent). Institutional investing down in 2022 Institutional investors nationwide accounted for 6.5 percent, or one of every 15 single-family home and condo sales in 2022 in the U.S. The latest figure was down from 8.1 percent in 2021, but was still more than twice the 2.9 percent level in 2020. Among those metropolitan statistical areas with a population of at least 200,000 and sufficient institutional-investor sales data, those with the highest portions of institutional-investor transactions in 2022 were Atlanta, GA (19 percent of sales); Memphis, TN (18.4 percent); Jacksonville, FL (17.9 percent); Charlotte, NC (16.8 percent) and Tucson, AZ (16.6 percent). FHA sales at lowest point in 15 years Nationwide, buyers using Federal Housing Administration (FHA) loans accounted for 7.5 percent, or one of every 13 single-family home and condo purchases in 2022. That was down from 8.3 percent in 2021 and from 11.8 percent in 2020, to the lowest point since 2007. Among those metropolitan statistical areas with a population of at least 200,000 and sufficient FHA- buyer data in 2022, those with the highest share of purchases made with FHA loans were Bakersfield, CA (18.9 percent of sales); Visalia, CA (18.3 percent); Merced, CA (17.7 percent); Hagerstown, MD (15.8 percent) and Modesto, CA (15.6 percent). Report methodology The ATTOM U.S. Home Sales Report provides percentages of REO sales and all sales that are sold to institutional investors and cash buyers, at the state and metropolitan statistical area. Data is also available at the county and zip code level, upon request. The data is derived from recorded sales deeds, foreclosure filings and loan data. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Second Century Ventures Announces 8 Companies Selected to 2023 REACH Australia Technology Growth Program
SUNSHINE COAST, QUEENSLAND, AUSTRALIA (January 30, 2023) – Second Century Ventures, the strategic investment arm of the National Association of Realtors® and the most active global real estate technology fund, announced today the acceptance of eight companies to the 2023 REACH Australia program. Now entering its fourth year in Australia, the REACH growth program is designed to help technology companies scale their growth and make a lasting impact across real estate communities worldwide. "We are delighted to be welcoming these new innovators to the property community," said Peter Schravemade, managing partner, REACH Australia. "This portfolio has demonstrated tremendous relevance and innovation to the global real estate industry, and we are excited about the growth 2023 will bring." The companies selected for the 2023 Australia program were handpicked for their groundbreaking technologies and potential to impact the industry, from automating listing descriptions to bringing transparency to the offer management process. They are set to kick off on March 12 in Brisbane with a unique conference hosted by REACH Australia. The companies accepted to the REACH Australia 2023 program are as follows: Sensor Global: The patent owners of a home/facility sensor that automatically checks itself backed by monitoring software. Liz: An app designed to assist tenants with fiscal responsibility and shared payment scenarios. QuantPS: An optimization engine that helps banks and their customers sell distressed residential property for more, faster. Tapi: The property care platform for residential property managers to better report, track and plan maintenance and repairs. ListAssist.ai: Artificial intelligence automating the writing of listing descriptions for the sale and lease of residential properties. MarketBuy.com.au: Bringing transparency and communication to the offer management process in residential real estate. Realtime Conveyancer: A breakthrough end-to-end software as a service (SaaS) solution built by practitioners to empower conveyancers and lawyers to execute faster, safer and smoother property settlements for the benefit of all parties. Properti.ai: An online platform that automates real estate social media marketing by creating, posting and promoting brand video and image creatives. To learn more about REACH Australia and how you can get involved, visit www.narreach.com. About REACH REACH is a unique technology scale-up program created by Second Century Ventures, the most active global fund in real estate technology. Backed by the National Association of Realtors®, Second Century Ventures leverages the association's more than 1.5 million members and an unparalleled network of executives within real estate and adjacent industries. The REACH program helps technology companies scale across the real estate vertical and its adjacent markets through education, mentorship and market exposure. For more on REACH, visit www.narreach.com. About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.

Renting More Affordable than Homeownership Across Most of the Nation in 2023
Rents Rising Faster Than Home Prices in Almost Half the U.S.; Both Renting and Owning Unaffordable for Average Workers Throughout the Country; Renting Still More Manageable in Vast Majority of Markets IRVINE, Calif. – Jan. 19, 2023 — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its 2023 Rental Affordability Report, which shows that the average three-bedroom rent is more affordable than owning a comparably sized median-priced home in 210, or 95 percent, of the 222 U.S. counties analyzed for the report. Both renting and owning a three-bedroom home are significant financial burdens for households around the U.S., consuming more than one-third of average wages in most major housing markets. But average rents still require a significantly smaller portion of wages than major home-ownership expenses on three-bedroom properties. That gap has emerged even as rents have risen faster than home prices over the past year in roughly half the nation. The analysis for this report incorporated 2023 rental prices and 2022 home prices, collected from ATTOM's nationwide property database, as well as publicly recorded sales deed data licensed by ATTOM (see full methodology below). Those two data sources were combined with average wage figures from the Bureau of Labor Statistics (see full methodology below). "What a difference a year makes," said Rick Sharga, executive vice president of market intelligence for ATTOM. "Last year our study concluded that it was more affordable to own than to rent in 60 percent of the markets analyzed. But with mortgage rates doubling, monthly payments for new homeowners rose by 45-50 percent compared to a year ago, even though home price appreciation has slowed down dramatically. This has made renter more affordable in the majority of markets, despite rental rates continuing to rise over the past year." The report shows that renting is more affordable in most of the country following a year of mixed market patterns around the country, flowing from a rapidly changing housing market. Average three-bedroom rents climbed more than median sales prices on single-family homes in 46 percent of the markets analyzed. That happened at a time when a decade-long run of price spikes slowed considerably across the U.S., amid rising mortgage rates, high inflation, a declining stock market and other factors that cut into what potential buyers could afford. Still, rents didn't go up fast enough to keep them from being the more financially viable option for workers earning average local wages in most markets. Average rents commonly consume a smaller portion of average wages than major home ownership by anywhere from 5 to 30 percentage points. The patterns hold throughout the country, but are most pronounced in the most populous urban markets. Rents rising faster than home prices in half the nation Average rents for three-bedroom homes are increasing more than median prices for single-family homes in 103 of the 222 counties analyzed in this report (46 percent). Counties were included in the report if they had a population of 100,000 or more, at least 100 sales from January through November of 2022, and sufficient data. The most populous counties where three-bedroom rents are rising faster than median sales prices for single-family homes are Cook County (Chicago), IL; San Diego County, CA; Orange County, CA (outside Los Angeles); Kings County (Brooklyn), NY, and Miami-Dade County, FL. The largest 119 counties where sales for single-family homes are rising faster than rents are Los Angeles County, CA; Harris County (Houston), TX; Maricopa County (Phoenix), AZ; Dallas County, TX, and Clark County (Las Vegas), NV. Widest affordability gaps between renting and owning in most populous counties Renting the average three-bedroom home is more affordable compared to owning a single-family home in the nation's largest counties, with populations of at least 1 million. Among 46 counties with a population of at least 1 million included in the report, the biggest gaps are in Honolulu, HI (average three-bedroom rents consume 66 percent of average local wages while single-family home ownership expenses consumes 140 percent); Alameda County (Oakland), CA (47 percent for renting versus 110 percent for owning); Santa Clara County (San Jose), CA (28 percent versus 83 percent); Orange County, CA (outside Los Angeles) (73 percent versus 125 percent) and Contra Costa County, CA (outside San Francisco) (49 percent versus 90 percent). The only county with a population of more than 1 million where it is more affordable to buy than rent is Cook County (Chicago), IL (average rents consume 40 percent of average local wages while home ownership consumes 38 percent). The biggest gaps among counties in the report with populations of less than 1 million are in San Mateo County, CA (outside San Francisco) (average three-bedroom rents consume 39 percent of average local wages while single-family home ownership expenses consumes 103 percent); Alexandria City/County, VA (outside Washington, DC) (46 percent versus 101 percent); Loudoun County, VA (outside Washington, DC) (44 percent versus 97 percent); San Francisco County (41 percent versus 92 percent) and Utah County (Provo), UT (37 percent versus 84 percent). Renting three-bedroom homes difficult for average wage earners, but most affordable in South and Midwest The report shows that renting the typical three-bedroom property requires more than one-third of average local wages in 174 of the 222 counties analyzed for the report (78 percent). Among the 48 markets where average three-bedroom rents require less than one-third of average local wages, 44 are in the Midwest and South. The most affordable counties for renting a 3-bedroom property are Jefferson County (Birmingham), AL (20 percent of average local wages needed to rent); Pulaski County (Little Rock), AR (23 percent); Cuyahoga County (Cleveland), OH (23 percent); Wayne County (Detroit), MI (24 percent) and Summit County (Akron), OH (25 percent). Aside from Cuyahoga and Wayne counties, the most affordable counties for renting, among those with a population of at least 1 million, are St. Louis County, MO (25 percent of average local wages needed to rent); Allegheny County (Pittsburgh), PA (26 percent) and Philadelphia County, PA (26 percent). The least affordable counties for renting are spread through the South, Northeast and West, including Kings County (Brooklyn), NY (126 percent of average local wages needed to rent); Indian River County (Vero Beach), FL (100 percent); Charlotte County, FL (outside Fort Myers) (84 percent); Monterey County, CA (outside San Francisco) (82 percent) and Riverside County CA (outside Los Angeles) (77 percent). Aside from Kings and Riverside counties, the least affordable for renting among counties with a population of at least 1 million are Orange County, CA (outside Los Angeles) (73 percent of average local wages needed to rent); Palm Beach County (West Palm Beach), FL (71 percent) and Westchester County, NY (outside New York City) (69 percent). South and Midwest also have most-affordable home ownership markets; least affordable are in West and Northeast The report shows that major expenses on a median-priced single-family home requires more than one-third of average local wages (assuming a 20 percent down payment) in 206 of the 222 counties analyzed for the report (93 percent). The most affordable markets for owning are Wayne County (Detroit), MI (24.1 percent of average local wages needed to own); Montgomery County, AL (27.6 percent); Cuyahoga County (Cleveland), OH (27.7 percent); Richmond County (Augusta), GA (28.7 percent) and Allegheny County (Pittsburgh), PA (29.2 percent). Aside from Wayne, Cuyahoga and Allegheny counties, the most affordable for owning among counties with a population of at least 1 million are St. Louis County, MO (32.9 percent of average local wages needed to own) and Cook County (Chicago), IL (38.3 percent). The least affordable markets for owning among those analyzed are Honolulu County, HI (139.8 percent of average local wages needed to own); Kings County (Brooklyn), NY (125.9 percent); Orange County, CA (outside Los Angeles) (124.7 percent); Monterey County, CA (outside San Francisco) (117.3 percent) and Alameda County (Oakland), CA (110.1 percent). Aside from Honolulu, Kings, Orange and Alameda counties, the least affordable county among others with a population of at least 1 million is Queens County, NY (102.6 percent of average local wages needed to own). Rents growing faster that wages in almost three-quarters markets Average fair-market rents are increasing more than average local wages in 156 of the 222 counties analyzed in the report (70 percent), including Los Angeles County, CA; Cook County (Chicago), IL; Harris County (Houston), TX; San Diego County, CA, and Orange County, CA (outside Los Angeles). Average local wages are growing faster than average rents in 66 of the 222 counties in the report (30 percent), including Maricopa County (Phoenix), AZ; Dallas County, TX; Clark County (Las Vegas), NV; Tarrant County (Fort Worth), TX, and Hillsborough County (Tampa), FL. Home prices rising faster than wages in more than 90 percent of nation Median single-family home prices are rising faster than average weekly wages in 207 of the 222 counties analyzed in the report (93 percent), including Los Angeles County, CA; Harris County (Houston), TX; Maricopa County (Phoenix), AZ; San Diego County, CA, and Orange County, CA (outside Los Angeles). Average weekly wages are rising faster than median home prices in just 15 of the 222 counties in the report (7 percent), including Cook County (Chicago), IL; Cuyahoga County (Cleveland), OH; Westchester County, NY (outside New York City); Washington, D.C., and Jefferson County (Birmingham), AL. Methodology For this report, ATTOM looked at January-November (YTD) 2022 single-family home price data from ATTOM's publicly recorded sales deed data, as well as 3-bedroom average rental data for 2023, collected and licensed by ATTOM. This data was then analyzed for U.S. counties with a population of 100,000 or more and sufficient home price and rental rate data. The analysis also incorporated second-quarter 2022 average weekly wage data from the Bureau of Labor Statistics (most recent available). Rental affordability represents the average fair market rent for a three-bedroom property as a percentage of the average monthly wage (based on average weekly wages). Home-buying affordability represents the monthly house payment for a single-family median-priced home (including mortgage, based on a 20 percent down payment, plus property tax, homeowner's insurance and private mortgage insurance) as a percentage of the average monthly wage. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Renters Can Now Instantly Book Apartment Tours on Zillow
Zillow is improving the challenging tour-scheduling process by enabling renters to automatically schedule tours in the same way they book restaurant reservations SEATTLE, Jan. 23, 2023 -- Zillow today announced a convenient feature which enables renters to book an apartment tour online, making the once-cumbersome process as simple as booking a restaurant reservation. More than two-thirds (71%) of recent renters reported taking up to four in-person tours, according to Zillow's 2022 Consumer Housing Trends Report. In 2021, 58% of recent renters said they preferred to schedule in-person tours online. Zillow is now allowing apartment shoppers to do just that – scheduling tours instantly, online, without the hassle and delay of having to get in touch with someone directly. With automated tour scheduling, renters are assured that they will see the apartment they're interested in at a time that works in their busy schedule, without needing to wait for a response from a property manager. Renters also receive automated email and text reminders for their appointment time. "Touring is a major milestone in the journey of finding a rental, and it's due for innovation," says Michael Sherman, vice president of Zillow Rentals. "Allowing renters to instantly book a tour removes barriers and delivers a more seamless and convenient experience for renters and property managers. Freeing up the time it takes to coordinate schedules allows renters to focus on finding their perfect place without worrying about when they'll get a chance to see it, and gives property managers valuable time back for other important tasks." Renters can now directly book tours for listings at more than 2,600 apartment buildings on Zillow, and more properties are continually adopting the technology. This functionality is made possible through Zillow's integrations with Knock® CRM and Funnel Leasing®, two leading leasing and customer relationship management platforms used by multifamily properties across the country. And soon, renters will be able to specify the type of tour they want to take (in-person, self-guided or a live virtual tour) when booking. Along with the ability to instantly book apartment tours on Zillow Rentals, the No. 1 most-visited rental network[1], renters can take advantage of other free features available now to help streamline the process. By creating a Zillow Renter Profile, renters can more quickly put their best foot forward and potentially expedite the screening process. And even before they schedule the in-person tour, renters can take an immersive virtual tour of a property using Zillow 3D Home tours to help them make a decision about which properties are worth touring in-person, and get them into their next home faster and more confidently. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which houses ShowingTime®, Bridge Interactive®, dotloop® and interactive floor plans. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). About Knock Knock®, a RealPage Company, offers an integrated suite of front office technology that provides multifamily owners and operators with the levers they need to more profitably acquire and retain high-value, long-term residents. Knock CRM empowers leasing teams with tools to accelerate successful leasing and renewal outcomes, provides marketers the data to optimize spend, and ensures executives have the business intelligence and insights needed to outperform their competitors. Learn more at www.knockcrm.com. About Funnel Funnel exists so multifamily operators don't have to pick between antiquated monopolies or single solution challengers. After decades of the status quo, operators are no more efficient, and renters still dread the process of leasing an apartment. We fixed that with an independently-owned platform that turns the entire business model on its head. Renter Management Software is a new category of connected tools built around the renter. The software delivers a consistent, connected experience from the initial inquiry through years of renewals. All this while simultaneously saving operators quantifiable money through the smaller, and happier teams that only a renter-centric platform can enable.

New service from ShowingTime+ enables agents to deliver beautiful, dynamic listings with less hassle
Listing Media Services brings together photography services and high-quality, immersive listing media, giving agents everything they need to create interactive, save-worthy listings SEATTLE, Jan. 18, 2023 -- Zillow Group brand ShowingTime+ has launched Listing Media Services in select markets. It is the first of two next-generation listing marketing products from the software suite that will transform the way real estate agents prepare and market their for-sale listings. Listing Media Services is currently available in Milwaukee, Atlanta, Dallas and Los Angeles, with Tampa and Orlando coming online in a few days, and other markets having access to the service soon. Listing Media Services is a technology-enabled real estate photography service that offers agents comprehensive media packages to make their listings stand out in any market. With just a few clicks, agents can schedule a professional photographer with on-demand booking to capture all the media they need to build a compelling listing. This includes high-resolution listing photos, an interactive floor plan with embedded virtual tour and listing photos, downloadable floor plans, aerial photos and more — delivered on time, neatly packaged and easily shared. The interactive floor plan is automatically syndicated to Zillow®, Redfin® and select multiple listing services. The listing then receives specialized exposure and unique filters in search results on Zillow and Trulia® and is featured in dedicated emails to shoppers. Listing Media Services' easy scheduling, consistent availability and reliable service take the guesswork out of ordering listing media for agents. Agents simply select their media package, schedule a photographer and enter a few details about the property. From there, ShowingTime+'s experienced professionals deliver beautiful, engaging media for every listing, when the agent needs it. "We want to help agents effortlessly deliver standout listings that wow their sellers and help win over potential buyers," said Cynthia Taylor, vice president of product for ShowingTime+. "Listing Media Services cuts down on the time agents spend preparing a listing so they can focus on the high-touch, high-value work they do as a trusted adviser for their clients." Spotlighting a seller's home is more important than ever as listings linger on the market and home prices continue to decline. Higher mortgage rates and the subsequent pullback in home-buyer demand mean sellers and their agents are facing more days on market for their properties and less negotiating power than during the frenzied pandemic market. A key to unlocking listing engagement with potential buyers is to give them the immersive, digital home shopping experience they want. Homes on Zillow with a 3D Home tour and/or interactive floor plan were saved by users 78% more often than homes without a virtual tour. For home sellers, interactive listing media is no longer optional. In fact, most sellers (70%) say they are more likely to hire an agent who includes virtual tours and/or interactive floor plans in their services. First-time home sellers now see their agent's use of rich listing media as essential to bringing in a higher sale price. Nearly 2 in 5 (39%) recent first-time sellers think they could have gotten a higher sale price with better listing photos, and 1 in 4 (25%) say a virtual home tour would have helped boost their bottom line. Listing Media Services makes it easy for agents to deliver the interactive listing media that home sellers want and home shoppers expect. Listing Media Services forms the foundation for ShowingTime+'s premium listing marketing product, Listing Showcase, launching in select markets later this year. Building on Listing Media Services' beautiful, easy-to-book media packages, Listing Showcase will enable agents to create a premium, customizable listing that stands out on Zillow and puts their personal brand front and center. Listing Media Services joins the ShowingTime+ suite of technology and tools that help agents highlight their brand, streamline processes and increase productivity. Interested agents can sign up to hear from ShowingTime+ about when Listing Media Services and Listing Showcase will be available in their market. About ShowingTime+ ShowingTime+ is modernizing real estate for the benefit of all agents, brokers and multiple listing services (MLSs). A brand of Zillow Group, Inc., ShowingTime+ provides products and services to help real estate professionals streamline their businesses and deliver elevated experiences to their customers. The ShowingTime+ technology suite includes ShowingTime®, dotloop®, Bridge Interactive®, Listing Media Services, and soon, Listing Showcase. ShowingTime+ products are used by hundreds of MLSs representing more than 1 million real estate professionals across the U.S. and Canada. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+, which houses ShowingTime®, Bridge Interactive®, dotloop® and interactive floor plans. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

Revive and SOLD.com team up to deliver market-ready listings to agents
IRVINE, Calif. — Jan. 17, 2023 — Revive, the most complete presale home renovation solution for sellers, and SOLD.com, the leading online real estate marketplace and educational resource provider, are teaming up to empower the 45,000+ agents in the SOLD.com network to unlock inventory and create move-in-ready homes with $0 due from sellers until closing. "Home buyers are starting to call the shots in today's real estate market," said Michael Alladawi, Revive CEO and founder. "What buyers want now more than anything else is a market-ready home," he added. "SOLD.com agents can offer homeowners Revive's unique, end-to-end solution for home renovations, helping agents win more listings and sellers secure a much higher price," added Matt Woods, SOLD.com CEO. Revive, with products available in all 50 states, offers presale renovation services for homeowners to help maximize their profits from their home sales. Renovations start within seven days; the average completion time is four to six weeks. As a result, when homeowners renovate their homes before selling, they boost their return on their most significant asset — their home. Once the renovated home is listed, it sells faster. "SOLD.com helps save time, reduces stress and improves sales outcomes for home sellers," explained Woods. "We educate and guide sellers to make their best decisions and ensure a better home selling experience. Teaming with Revive by offering its modern solution to get homes market-ready helps us deliver just that," he added. "By teaming up with SOLD.com, Revive is getting closer to solving a $300 billion-plus problem." said Dalip Jaggi, Revive co-founder. "Research shows when home sellers don't list their homes in move-in-ready condition, they can leave as much as 15 to 20 percent of potential profits from the home sale." When this occurs, hundreds of billions of dollars in additional profits are left on the table. However, Revive sellers average $186,000 more than the renovation costs and substantially more in higher-cost markets. As a result, agents that work with Revive typically see an increase in their commissions by 22% and win 40% more listings. Move-in-ready homes are what most Millennials home buyers want, according to research by the National Association of Realtors. The NAR also notes that Millennials represent 43 percent of home buyers, the highest share of any generation. Other research shows not only do Millennials want to avoid buying a home that needs improvements, but also that 70 percent of Millennial home buyers will also choose a smaller home, giving up more space, to buy a move-in ready home. Revive has products in all 50 states, offering presale renovation services for homeowners to help maximize their home sale profits. Since its inception in 2020, Revive has helped hundreds of homeowners create $60 million in profits. SOLD.com has matched over 75,000 home sellers and buyers with agents using data versus emotion or personal obligation to help find the best neighborhood professional to accomplish their goals. By providing unbiased, data-driven educational services, SOLD.com helps home buyers and sellers learn about all options available. Learn more about Revive and SOLD.com at www.revive.realestate and SOLD.com. About SOLD.com SOLD.com is an online marketplace, educating and connecting homeowners with the best method to buy or sell their homes. SOLD.com uses its proprietary technology and personal concierge services to analyze objective and subjective factors – including local market characteristics, customer service rankings and personal preferences – to provide users with free and unbiased recommendations for the most efficient, cost-effective route to making their move. About Revive Revive Real Estate's mission is to help every homeowner maximize their home equity through renovations. By providing access to Revive's supported network of contractors and without the upfront cost, homeowners and home sellers are able to maximize their wealth from their biggest asset– their home. Home sellers gain an average of $186,000 in additional profit when selling their home with Revive. Revive is the 2022 iOi Summit Pitch Battle winner. Learn more at www.revive.realestate.

Zillow names Charlotte as 2023's hottest housing market
Zillow's 10 hottest markets are based on factors such as expected home value growth and buyer demand SEATTLE, Jan. 12, 2023 -- Charlotte will be this year's hottest housing market, according to a Zillow® analysis. Cleveland, Pittsburgh, Dallas and Nashville join Charlotte in the top five of the Zillow 2023 hottest markets list. "This year's hottest markets will feel much chillier than they did a year ago," said Anushna Prakash, economic data analyst at Zillow. "The desire to move hasn't changed, but both buyers and sellers are frozen in place by higher mortgage rates, slowing the housing market to a crawl. Markets that offer relative affordability and room to grow are poised to stand out, especially given the prevalence of remote work. The good news for buyers is that monthly housing costs have stopped climbing. Home shoppers who can overcome affordability hurdles will find a more comfortable market this year, with more time to consider options and less chance of a bidding war, even if they're shopping in one of the hottest markets." Zillow's 10 hottest housing markets of 2023: Charlotte Cleveland Pittsburgh Dallas Nashville Jacksonville Kansas City Miami Atlanta Philadelphia Unlike in recent years, fast-growing home values are not a requirement for making this year's list of hottest markets. Higher mortgage rates and severe affordability challenges have chilled demand and brought home values down from last summer's peak. Home value growth in Charlotte is expected to be much slower this year than its 11.8% pace of 2022, as is the case in all of Zillow's 2023 hottest markets and the U.S. as a whole. Charlotte ranks second among large markets in projections for both home value growth and growth in owner-occupied households, which helped shoot it to the top of this year's hottest markets list. Both Cleveland and Pittsburgh ranked high in projections for time on market and new jobs per new home built. There are only four holdovers from last year's top 10, an indicator of how much the housing market has changed in just one year. Last year's hottest market, Tampa, just missed the cut this year, coming in at 11. Austin, 2021's hottest market, has fallen all the way to 29th on the list, in large part because it now ranks among the country's most expensive large markets. San Jose, Sacramento, Minneapolis–St. Paul, Denver and San Francisco make up the five coolest large markets in Zillow's 2023 projections. While affordability remains a major hurdle, the good news for home buyers is that the cost of a typical mortgage fell in November, thanks to lower mortgage rates. Zillow economists expect affordability to stabilize in 2023, if not improve, making it easier for households to budget and plan for their housing decisions. For those able to buy now, less competition from other buyers means homes are staying on the market longer, many sellers are cutting their list price, and there is less chance of being caught in a bidding war. Methodology Zillow analyzed the 50 largest U.S. metro areas to forecast the hottest, or most competitive, housing markets of 2023. Seven metro areas were excluded due to missing data. The analysis incorporates expected home value appreciation from December 2022 through November 2023, the anticipated change in home value appreciation from 2022, new jobs per new housing unit permitted, an estimate of the net new number of home-owning households based on current demographic trends and the speed at which homes are being sold. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+™, which houses ShowingTime®, Bridge Interactive®, and dotloop®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

Pending Home Sales Slid 4.0% in November
WASHINGTON (December 28, 2022) – Pending home sales slid for the sixth consecutive month in November, according to the National Association of REALTORS®. All four U.S. regions recorded month-over-month decreases, and all four regions saw year-over-year declines in transactions. "Pending home sales recorded the second-lowest monthly reading in 20 years as interest rates, which climbed at one of the fastest paces on record this year, drastically cut into the number of contract signings to buy a home," said NAR Chief Economist Lawrence Yun. "Falling home sales and construction have hurt broader economic activity." The Pending Home Sales Index (PHSI) — a forward-looking indicator of home sales based on contract signings — fell 4.0% to 73.9 in November. Year-over-year, pending transactions dropped by 37.8%. An index of 100 is equal to the level of contract activity in 2001. "The residential investment component of GDP has fallen for six straight quarters," Yun added. "There are approximately two months of lag time between mortgage rates and home sales. With mortgage rates falling throughout December, home-buying activity should inevitably rebound in the coming months and help economic growth." Pending Home Sales Regional Breakdown The Northeast PHSI slipped 7.9% from last month to 63.3, a drop of 34.9% from November 2021. The Midwest index decreased 6.6% to 77.8 in November, a fall of 31.6% from one year ago. The South PHSI retracted 2.3% to 88.5 in November, fading 38.5% from the prior year. The West index dropped by 0.9% in November to 55.1, retreating 45.7% from November 2021. "The Midwest region — with relatively affordable home prices — has held up better, while the unaffordable West region suffered the largest decline in activity," Yun said. The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.

Updates to conforming loan limits mean 2 million U.S. homes no longer require a jumbo loan
This could open up more home options for buyers shopping at higher price points and hoping to avoid the additional fees of a jumbo loan SEATTLE, Jan. 4, 2023 -- More than 2 million homes across the country no longer require a jumbo loan, according to a new analysis by Zillow Home Loans. This means customers will have additional available inventory that is covered by a more accessible financing option. The change is due to the Federal Housing Finance Agency's (FHFA) recent increase of conforming loan limits to $1,089,300 in some high-cost markets. The news may be welcome for buyers looking to purchase a home this coming shopping season, as jumbo loans often come with additional fees and more stringent qualification standards, making them less affordable for most buyers. The FHFA increased the limits on the home price that qualifies for a conforming loan, which is the largest amount a mortgage company can lend to a borrower and still sell the loans conventionally to Fannie Mae and Freddie Mac. Compared to conforming loans, jumbo loans typically require a higher credit score — 700 is the minimum score that many lenders accept for a jumbo loan, versus the score of 620 that many require for a conforming loan. Bigger down payments are also the norm with a jumbo loan: Jumbo loans often require 20% down, although some call for even higher down payments. Some jumbo loans also will require proof of larger cash reserves than conventional loans (up to 12 months worth). For the majority of the country, the conforming loan requirement increased by $79,000 — going from $647,200 in 2022 to a baseline of $726,200 in 2023. In the most expensive parts of the county (103 counties), the conforming loan limit was raised to $1,089,300, topping the $1 million mark for the first time. These counties are largely concentrated in the nation's most expensive metro areas, along the coasts and in the Mountain West. These updates to loan limits come within a changing housing market. While home price appreciation has slowed, home prices are still significantly higher than a year ago. Affordability challenges weighed heavily on home sales in the second half of 2022 — the number of listings that went pending in November fell by 16.5% from October and are down 38% compared to last November. "The addition of 2 million homes that now qualify for conforming loan options across the county is welcome news for home buyers entering a shopping season with fewer homes on the market," said Nicole Bachaud, Zillow Home Loans senior economist. "Home price appreciation has slowed significantly, and this means that homes nearing jumbo loan territory will stay eligible for conforming loans longer than we have seen in the last few years." A recent survey from Zillow Home Loans shows that prospective buyers spend nearly as much time researching their next TV purchase as they do their mortgage lender. Home buyers looking to purchase in the next year can take steps now to research and prepare for their mortgage as they get started on their home-financing journey, including: Understanding their credit profile: Credit scores are key to getting approved for a mortgage, but for many home buyers, understanding credit is complex. Improving their credit score: Once buyers familiarize themselves with what's in their credit report, they can take steps to pay down existing debts, pay bills on time, and review their credit report and dispute possible errors. Avoiding closing accounts: Don't close an account to remove it from your report. Those accounts aren't automatically removed and will continue to show up on your report. Holding off on large purchases that need to be financed: Wait to make purchases that need to be financed, such as a car, until after you close on a home. This type of purchase will impact your debt-to-income ratio, which will negatively impact the amount of home loan you qualify for. Determining what affordability looks like: Once buyers have a good understanding of their credit report and are satisfied with their credit score, it's time to understand how much home they can afford. Use Zillow's mortgage affordability calculator to customize payment details. "Buyers should educate themselves about loan limits in their area and speak with qualified loan officers so they are making informed choices about their home purchase and the best loan option for their personal financial situation," said Bachaud. About Zillow Group Zillow Group, Inc. (NASDAQ: Z) and (NASDAQ: ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org)

Home Affordability Worsens Across U.S. During Fourth Quarter of 2022 Despite Declining Home Prices
Major Home-Ownership Costs Consume 32 Percent of Average National Wage, Hitting 15-Year High; Portion of Wages Needed to Own Shoots Up as Rising Interest Rates Outweigh Falling Prices IRVINE, Calif. – Dec. 22, 2022 — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its fourth-quarter 2022 U.S. Home Affordability Report showing that median-priced single-family homes and condos are less affordable in the fourth quarter of 2022 compared to historical averages in 99 percent of counties across the nation with enough data to analyze – far above the 68 percent of counties that were less affordable in the fourth quarter of 2021. The report further shows that the portion of average wages nationwide required for typical major home-ownership expenses has risen to 32.3 percent this quarter. That figure – considered unaffordable by traditional lending standards – is up from 29.6 percent in the third quarter of this year and from 23.8 percent a year ago. It now stands at its highest point since 2007. Affordability has worsened due to rising home-mortgage rates in the U.S., which offset the benefits of rising wages and a recent decline in home values. Higher loan rates in 2022 have pushed up major ownership expenses on median-priced homes by 10 percent this quarter even as the median price of single-family homes and condos nationwide dipped 3 percent this quarter, following a 4 percent drop over the Summer. But lower prices and a 1 percent gain in average wages have been too little to make up for the impact of these increased mortgage payments. "Prospective homebuyers – especially first-time buyers – can't seem to catch a break," said Rick Sharga, executive vice president of market intelligence at ATTOM. "For the past two years home prices have appreciated in double digits – 15 to 20 percent a year in some markets. Now that home prices have plateaued and even declined in some markets, buyers are faced with mortgage rates that have doubled, making home purchases even less affordable." The report determined affordability for average wage earners by calculating the amount of income needed to meet major monthly home ownership expenses — including mortgage, property taxes and insurance — on a median-priced single-family home, assuming a 20 percent down payment and a 28 percent maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics (see full methodology below). Compared to historical levels, median home prices in 577 of the 581 counties analyzed in the fourth quarter of 2022 are less affordable than in the past. The latest number is up slightly from 572 of the same group of counties in the third quarter of 2022. But it is well up from 393 in the fourth quarter of 2021 and just 181, or less than a third, two years ago. Meanwhile, major home-ownership expenses on typical homes are unaffordable to average local wage earners during the fourth quarter of 2022 in 427, or about three-quarters, of the 581 counties in the report, based on the 28-percent lending guideline. Counties with the largest populations that are unaffordable in the fourth quarter are Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, CA (outside Los Angeles) and Kings County (Brooklyn), NY. The most populous of the 181 counties where major expenses on median-priced homes remain affordable for average local workers in the fourth quarter of 2022 are Cook County (Chicago), IL; Harris County (Houston), TX; Wayne County (Detroit), MI; Philadelphia County, PA, and Cuyahoga County (Cleveland), OH. Interest rates have more than doubled this year to almost 7 percent, inflation remains near 40-year highs and the stock market has declined. All those forces have helped drive down prices after a decade of gains. At this point, prices haven't declined enough to make up for rising mortgage costs. But affordability could shift back in favor of home seekers if mortgage rate hikes ease or if prices drop further. "There is a scenario where affordability improves as we move through 2023," Sharga added. "Wage growth continues to be strong; home prices appear to have stabilized and are even going down slightly; and mortgage rates may have peaked for this cycle, and could go down gradually next year. If those conditions remain in place, the affordability picture is much brighter for a lot of potential buyers." Home prices remain up at least 5 percent annually in two-thirds of U.S. but dip quarterly in most Despite the recent decline in the U.S. housing market, median single-family home and condo prices in the fourth quarter of 2022 remain up by at least 5 percent over the fourth quarter of 2021 in 361, or 63 percent, of the 581 counties included in the report. However, typical values have dropped from the third to the fourth quarter in 463, or 80 percent, of those counties. That has contributed to a nationwide 3 percent decrease in the median home price, from $335,000 in the third quarter of 2022 to $325,000 in the fourth quarter. The median is now down 6.9 percent from the peak of $349,000 in the second quarter of this year. Data was analyzed for counties with a population of at least 100,000 and at least 50 single-family home and condo sales in the fourth quarter of 2022. Among the 48 counties in the report with a population of at least 1 million, the biggest year-over-year gains in median sales prices during the fourth quarter of 2022 are in Collin County (Plano), TX (up 34 percent); Hillsborough County (Tampa), FL (up 18 percent); Miami-Dade County, FL (up 17 percent); St. Louis County, MO (up 16 percent) and Palm Beach County (West Palm Beach), FL (up 16 percent). Counties with a population of at least 1 million where median prices have dropped most, year-over-year, during the fourth quarter of 2022 are Philadelphia County, PA (down 13 percent); New York County (Manhattan), NY (down 4 percent); Honolulu County, HI (down 4 percent); Bronx County, NY (down 1 percent) and Santa Clara County (San Jose), CA (down 1 percent). Annual price gains still outpacing wage growth in majority of markets Annual home-price appreciation has surpassed weekly annualized wage growth in the fourth quarter of 2022 in 327 of the 581 counties analyzed in the report (56 percent). But that was down from 84 percent of counties analyzed in the third quarter of this year. The latest group where price gains are outpacing wage gains includes Kings County (Brooklyn), NY; Miami-Dade County, FL; Dallas County, TX; Queens County, NY, and Clark County (Las Vegas), NV. Average annualized wage growth has surpassed year-over-year home-price appreciation in the fourth quarter of 2022 in 254 of the counties in the report (44 percent). That was up from 16 percent of counties analyzed in the third quarter of this year. The latest group where wages are going up faster than prices include Los Angeles County, CA; Cook County, (Chicago), IL; Harris County (Houston), TX; Maricopa County (Phoenix), AZ, and San Diego County, CA. Portion of wages needed for home ownership increases throughout the U.S., with 28-percent benchmark exceeded in three-quarters of the nation With mortgage rates rising close to 7 percent, the portion of average local wages consumed by major expenses on median-priced, single-family homes and condos has increased from the third to the fourth quarter of 2022 in 97 percent of the 581 counties analyzed, helping to drive up the expense-to-wage ratio nationwide. The amount needed now tops the 28-percent lending guideline in 427, or about three-quarters of those counties, assuming a 20 percent down payment. That is up from 388, or two-thirds, of the same group of counties in the third quarter of 2022, and from 246, or less than half, in the fourth quarter of last year. Counties with the largest quarterly increase in the portion of average local wages needed for major ownership expenses are Santa Cruz County, CA (up from 105.3 percent in the third quarter of 2022 to 124.7 percent in the fourth quarter of 2022); Maui County, HI (up from 89.5 percent to 104.3 percent); Beaufort County (Hilton Head), SC (up from 54.2 percent to 68 9 percent); Gallatin County (Bozeman), MT (up from 54.5 percent to 67.3 percent) and Alexandria City County, VA (outside Washington, DC) (up from 42.8 percent to 55.2 percent). Those that require the largest percentage of wages are Santa Cruz County, CA (124.7 percent of annualized weekly wages needed to buy a single-family home); Kings County (Brooklyn), NY (114.6 percent); Marin County, CA (outside San Francisco) (109.6 percent); Maui County, HI (104.3 percent) and San Luis Obispo, CA (outside Bakersfield) (94.2 percent). Aside from Kings County, NY, counties with a population of at least 1 million where major ownership expenses typically consume more than 28 percent of average local wages in the fourth quarter of 2022 include Queens County, NY (82.7 percent); Orange County, CA (outside Los Angeles) (82 percent); Alameda County (Oakland), CA (74.8 percent) and Nassau County (Long Island), NY (72 percent). Counties where the smallest portion of average local wages are required to afford the median-priced home during the fourth quarter of this year are Macon County (Decatur), IL (12 percent of annualized weekly wages needed to buy a home); Schuylkill County, PA (outside Allentown) (12.8 percent); Peoria County, IL (13.5 percent); St. Lawrence County, NY (north of Syracuse) (13.6 percent) and Cambria County, PA (east of Pittsburgh (14.1 percent). Counties with a population of at least 1 million where major ownership expenses typically consume less than 28 percent of average local wages in the fourth quarter of 2022 include Wayne County, (Detroit), MI (16.9 percent); Philadelphia County, PA (18.2 percent); Cuyahoga County (Cleveland), OH (19.7 percent); Allegheny County (Pittsburgh), PA (20.7 percent) and St. Louis County, MO (24.1 percent). Annual wages of more than $75,000 needed to afford typical home in half of markets With affordability declining, annual wages of more than $75,000 are needed to pay for major costs on the median-priced home purchased during the fourth quarter of 2022 in 291, or 50 percent, of the 581 markets in the report. The top 25 highest annual wages required to afford typical homes again are on the east or west coast, led by San Mateo County (outside San Francisco), CA ($367,563); New York County (Manhattan), NY ($364,861); Marin County (outside San Francisco), CA ($349,140); San Francisco County, CA ($327,634) and Santa Clara County (San Jose), CA ($322,775). The lowest annual wages required to afford a median-priced home in the fourth quarter of 2022 are in Cambria County, PA (east of Pittsburgh) ($22,502); Schuylkill County, PA (outside Allentown) ($22,974); St. Lawrence County, NY (north of Syracuse) ($26,714); Macon County (Decatur), IL ($26,788) and Bibb County (Macon), GA ($27,332). Historic affordability continues downward, dropping in nearly all counties Among the 581 counties analyzed, 99 percent are less affordable in the fourth quarter of 2022 than their historic affordability averages. That is virtually the same as the 98 percent level in the third quarter of 2022, but is up from 68 percent of the same counties a year ago. Historic indexes worsened in 97 percent of those counties, helping to drive the nationwide index down to its lowest point since the second quarter of 2007, just before an economic contraction known as the Great Recession hit. Counties with a population of at least 1 million that are less affordable than their historic averages (indexes of less than 100 are considered less affordable compared to historic averages) include Collin County (Plano), TX (index of 50); Hillsborough County (Tampa), FL (55); Wayne County (Detroit), MI (55); Mecklenburg County (Charlotte), NC (56) and Maricopa County (Phoenix), AZ (56). Counties with the worst affordability indexes in the fourth quarter of 2022 are Rankin County (outside Jackson), MS (index of 44); Clayton County, GA (outside Atlanta) (45); Jackson County, MS (outside Mobile, AL) (48); Benton County (Kennewick), WA (48) and Newton County, GA (outside Atlanta) (49). Among counties with a population of at least 1 million, those where the affordability indexes have declined most from the third quarter of 2022 to the fourth quarter of 2022 are Collin County (Plano), TX (index down 20 percent); St. Louis County, MO (down 13 percent); Miami-Dade County, FL (down 12 percent); Alameda County (Oakland), CA (down 12 percent) and Fulton County (Atlanta), GA (down 11 percent). Report Methodology The ATTOM U.S. Home Affordability Index analyzed median home prices derived from publicly recorded sales deed data collected by ATTOM and average wage data from the U.S. Bureau of Labor Statistics in 581 U.S. counties with a combined population of 257.8 million during the fourth quarter of 2022. The affordability index is based on the percentage of average wages needed to pay for major expenses on a median-priced home with a 30-year fixed-rate mortgage and a 20 percent down payment. Those expenses include property taxes, home insurance, mortgage payments and mortgage insurance. Average 30-year fixed interest rates from the Freddie Mac Primary Mortgage Market Survey were used to calculate monthly house payments. The report determined affordability for average wage earners by calculating the amount of income needed for major home ownership expenses on a median-priced home, assuming a loan of 80 percent of the purchase price and a 28 percent maximum "front-end" debt-to-income ratio. For example, the nationwide median home price of $325,000 in the fourth quarter of 2022 requires an annual wage of $80,142. That is based on a $65,000 down payment, a $260,000 loan and monthly expenses not exceeding the 28 percent barrier — meaning wage earners would not be spending more than 28 percent of their pay on mortgage payments, property taxes and insurance. That required income is more than the $69,381 average wage nationwide, based on the most recent average weekly wage data available from the Bureau of Labor Statistics, making a median-priced home nationwide unaffordable for average workers. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

BoomTown Announces Winners of 3rd Annual Give Back Awards
CHARLESTON, S.C., December 21, 2022 — BoomTown, the leading cloud-based end-to-end sales, marketing, and back-office platform for real estate professionals, is excited to announce the winners of their second annual BoomTown Give Back Awards, highlighting members of the real estate community who have gone above and beyond to serve others in 2022. The winners each received a $1,000 prize, $100 was given to the charity of each finalist's choice, and BoomTown's pledge to donate ten dollars per nomination to The Florida Realtors® Disaster Relief Fund, generated an additional $1,830 donation. "Celebrating the accomplishments of those bettering their communities is a privilege I look forward to each year, and this year's recipients truly went above and beyond," said Grier Allen, CEO and President of BoomTown. "It's inspiring to see this initiative grow, to be able to fund more future endeavors, and to honor the kindness and goodwill that can be created in the face of adversity, hardship, and even natural disasters." 2022 BoomTown Give Back Award Recipients: The Helping Hand: Alicia Stukes, Associate Broker, eXp Realty in Maryland The Walk the Talk: Chip Collins, Owner/Broker-in-charge at Collins Group Realty The Creative Changemaker: Tristan Kong, Sales Representative for The Read Estate Team at Keller Williams Real Estate Associates Hurricane Hero: Joey Giordano, Gaff's Realty The Helping Hand award celebrates jumping in to aid friends, family, employees, another business or the community, The Walk the Talk award showcases those making charitable giving an integral part of their business, and The Creative Changemaker highlights using creativity to put an innovative spin on giving back. The Hurricane Hero, a special award this year, celebrates heroic rescue efforts made during hurricane Ian in Florida. Award recipients were selected by a panel of judges from BoomTownLOVE, the company's service and outreach organization, and nominations for 2023 will open in November. To learn more about the winners, visit https://go.boomtownroi.com/boomtown-give-back-awards About BoomTown BoomTown exists to make real estate agents successful. 100,000+ of the industry's top professionals, and 40% of the Real Trends Top 250 teams, trust BoomTown to grow their real estate business with easy-to-use technology that creates opportunities and turns them into closings. BoomTown's full suite of capabilities include a customizable real estate website integrated with local MLS data, client success management, a cutting-edge CRM (Customer Relationship Management) system with custom marketing automation, personalized advertising and lead generation services, a mobile app for agents on the go, transaction management, commissions, and accounting. BoomTown's service offerings extend far beyond technology with lead qualification services to contact, qualify, and nurture leads, and dedicated advisors to offer personalized support at every step from onboarding and training to optimizing your business and planning for strategic growth to coaching services from peers who have catapulted their growth with the system. Founded in 2006 and headquartered in Charleston, SC, BoomTown has additional offices in Carlsbad and San Francisco, CA. BoomTown's brands include some of the most trusted solutions in real estate like Brokermint, real estate's leading back-office and transaction management software, and MyAgentFinder. For more about BoomTown visit boomtownroi.com.

Zillow names the 10 best metros for first-time home buyers in 2023
These places offer the best mix of affordability and selection, and are seeing a higher share of price cuts SEATTLE, Dec. 7, 2022 -- As the share of buyers purchasing a home for the first time rebounds to pre-pandemic levels amid a changing market, a new Zillow analysis rates Wichita, Kansas, as the top area in America for potential first-time home buyers. Zillow ranked U.S. metros based on factors that included mortgage and rent affordability for first-time home buyers, available homes for sale and the share of listings with a price cut. "Although housing affordability is extremely challenging these days, some markets will be more hospitable than others for first-time home buyers," said Zillow senior economist Orphe Divounguy. "These metros are potential hotbeds for those looking to buy their first home. Not only will shoppers find more affordable monthly mortgage costs and have an easier time qualifying for a smaller loan, but rent also is more affordable than elsewhere in the country, shortening the time it takes to save for a down payment." Top 10 best metros for first-time home buyers Wichita, KS Toledo, OH Syracuse, NY Akron, OH Cleveland, OH Tulsa, OK Detroit, MI Pittsburgh, PA St. Louis, MO Little Rock, AR Wichita, the largest metro in Kansas, landed the top spot largely because of its relative affordability — it's among the top metros where people spend the smallest share of their income on rent and mortgage costs. And it has a higher share of for-sale listings relative to active shoppers, which means more options and bargaining power for potential home buyers. Wichita home shoppers can also find a number of deals popping up, with 22% of listings seeing a price cut in October. Three Ohio metros — Toledo, Akron and Cleveland — are also among the top 10. Detroit is the largest metro in the top 10, ranking as the nation's 12th largest. St. Louis (18th) and Pittsburgh (22nd) also are on the list and are among the nation's 30 largest metros. Wichita rose to the top for similar reasons earlier this year when Zillow analyzed the best metros for single renters. Areas with more affordable housing, such as in the Midwest and Great Lakes regions, should see relatively healthier markets and stronger sales in 2023 when compared to other U.S. markets. "Affordability remains the No. 1 challenge for first-time home buyers," said Amanda Pendleton, Zillow's home trends expert. "If they can overcome that significant hurdle, aspiring buyers have a better chance of landing a home than they've had in several years. They have more options, more time to decide and more negotiating power, meaning they may be able to land their dream home at a discount." As the market continues to change amid a high-interest-rate environment, Zillow has gathered tools on one easy-to-navigate web page that can help aspiring first-time buyers make the leap to homeownership. Zillow's top 10 best metros for first-time home buyers Methodology The Zillow Best Markets for First-Time Home Buyers index captures the extent to which housing market conditions are supportive of home-buying activity, particularly for first-time home buyers. The index employs four variables: mortgage affordability; rent affordability; the inventory-to-buyer ratio, which indicates available supply; and the share of listings with a price cut. Since affordability is the biggest challenge facing the housing market today, the index weighs the affordability metrics more heavily than the other two components. Lower rent shortens the time it takes to save for a down payment. A larger share of listings with a price cut and a higher number of active for-sale listings relative to the number of active shoppers mean more options and greater bargaining power for potential home buyers in those markets. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+™, which houses ShowingTime®, Bridge Interactive®, and dotloop®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

RE Technology's Top 10 Articles of 2022
Over the past 10 days, we've been counting down our top 10 articles of the year. These articles are an exclusive breed—at RE Technology, we publish over 1,000 articles each year. So which articles were among the 1 percent that made it into our top 10? Despite the uncertainty hitting the real estate market this year, only one (unlike last year) economics-focused article made the list in 2022. Granted, that article came in at #1, so it's safe to say the market was still top-of-mind. In 2022, the articles that got the most attention focused on client management (#3, #5, and #7) and troubleshooting tech (#4). What else made it into this year's hall of fame? Check out the full list of our most-read articles below: Is a Recession About to Rock the Housing Market? What Type of Car Should Realtors Drive? Termination of Real Estate Contract by Buyer: A Guide for Agents and Buyers Is Cold Calling Still Effective in Real Estate? Friday Freebie: 8 Homebuyer and Seller Checklists The 1 Thing You Must Do After Every Transaction 22 Ideas for Showing Clients Your Appreciation Tips for Growing the Listing Side of Your Real Estate Business Smartphone Running Slower? Here Are 4 Helpful Tips How Much Data Is Hidden in Your Listing Photos?

NAR Forecasts 4.78 Million Existing-Home Sales, Stable Prices in 2023
Atlanta named top real estate market to watch next year WASHINGTON (December 13, 2022) – Lawrence Yun, NAR chief economist and senior vice president of research, forecasts that 4.78 million existing homes will be sold, prices will remain stable, and Atlanta will be the top real estate market to watch in 2023 and beyond. Yun unveiled the association's forecast today during NAR's fourth annual year-end Real Estate Forecast Summit. Yun predicts home sales will decline by 6.8% compared to 2022 (5.13 million) and the median home price will reach $385,800 – an increase of just 0.3% from this year ($384,500). "Half of the country may experience small price gains, while the other half may see slight price declines," Yun said. "However, markets in California may be the exception, with San Francisco, for example, likely to register price drops of 10–15%." Yun expects rent prices to rise 5% in 2023, following a 7% increase in 2022. He predicts foreclosure rates will remain at historically low levels in 2023, comprising less than 1% of all mortgages. Yun forecasts U.S. GDP will grow by 1.3%, roughly half the typical historical pace of 2.5%. After eclipsing 7% in late 2022, he expects the 30-year fixed mortgage rate to settle at 5.7% as the Fed slows the pace of rate hikes to control inflation. Yun noted this is lower than the pre-pandemic historical rate of 8%. Top 10 Real Estate Markets to Watch in 2023 and into the Future NAR identified 10 real estate markets that it expects to outperform other metro areas in 2023. In order, the markets are as follows: Atlanta-Sandy Springs-Marietta, Georgia Raleigh, North Carolina Dallas-Fort Worth-Arlington, Texas Fayetteville-Springdale-Rogers, Arkansas-Missouri Greenville-Anderson-Mauldin, South Carolina Charleston-North Charleston, South Carolina Huntsville, Alabama Jacksonville, Florida San Antonio-New Braunfels, Texas Knoxville, Tennessee "The demand for housing continues to outpace supply," Yun said. "The economic conditions in place in the top 10 U.S. markets, all of which are located in the South, provide the support for home prices to climb by at least 5% in 2023." NAR selected the top 10 real estate markets to watch in 2023 based on how they compared to the national average on the following economic indicators: 1) better housing affordability; 2) greater numbers of renters who can afford to buy a median-priced home; 3) stronger job growth; 4) faster growth of information industry jobs; 5) higher shares of the information industry in the respective local GDPs; 6) migration gains; 7) shares of workers teleworking; 8) faster population growth; 9) faster growth of active housing inventory; and 10) smaller housing shortages. To view NAR's On the Horizon: Markets to Watch in 2023 and Beyond report, visit this page. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.

Most Home Buying Pet Parents Would Pass on Their Dream Home if It Doesn't Work for Fido, According to Realtor.com Survey
More than two-thirds of prospective buyers with pets say they'd buy a home specifically because of features that cater toward their pet SANTA CLARA, Calif., Dec. 12, 2022 -- From adding "catios" to foregoing a home that's not pet-friendly, many homeowners and buyers are prioritizing their furry friends when making pivotal real estate decisions. According to a new survey conducted by Realtor.com® and HarrisX among 3,001 U.S. adults, 82% of Americans with pets who are planning to buy a home within the next year consider their pets' needs just as important, if not more so, than their own needs or those of their family. More than three-quarters (77%) of U.S. homeowners have a pet at home, and 79% of pet owners say they factored their pet in when choosing which home or apartment to live in. Pet owners looking to buy a house this year are prioritizing their pets even more, with 91% saying they'll be a factor in their decision. "People love their pets. And they're prioritizing the needs of these furry members of their families when choosing a home to rent or buy," said Clare Trapasso, executive editor at Realtor.com®. "Having an animal-accessible home is more important to many pet owners than extra square footage or a shorter commute to work." Buyers are saying, "No Pet, No Deal." Many prospective homebuyers have decided to abandon their buying process completely if they do not find a home to accommodate their pets. Almost three-quarters (72%) of prospective buyers with pets admit that they would forgo buying their dream home if it didn't accommodate their pets, while 62% of current homeowners with pets say they would. Sixty-six percent of prospective buyers with pets have declined to live in an otherwise perfect home because it couldn't accommodate their pets; and 44% of homeowners with pets say they would decline to live in an otherwise perfect home if it didn't accommodate their pets. Pets take priority over extra space, a short commute, and more. Some homebuyers are willing to adjust their search – and give up sought-after amenities – in order to prioritize their pets. About one third of pet owners planning to buy would give up a bonus room (37%) or extra bedroom (33%) – to be able to afford more/better space for their pet. Nearly one quarter would even give up a shorter commute (23%), an extra bathroom (22%) or an office (21%). Two-thirds (67%) of prospective buyers with pets say they'd buy a home specifically because of features that cater toward their pet, while almost half (49%) of current homeowners with pets would do so. Eighty-seven percent of those with pets looking to buy a house within the next year say they are factoring their pet in when choosing which neighborhood to live in, and more than two-thirds (70%) of current homeowners say they would factor in their pet when choosing a new neighborhood. Homeowners making "purr-fect" spaces with catios, dog doors and fenced-in yards. In some cases, homeowners have decided to take measures into their own hands by adding pet-friendly features, such as patios, dog doors and fenced-in yards, to their space. More than two thirds (69%) of pet owners looking to buy a home within a year say they would build or install special pet features in their home, and half (51%) of current homeowners with pets have built these features. The #1 feature in both groups: a dog door. Of the homeowners who have built special pet features in their home, about two in five (39%) fenced in their yard, 32% built a horse barn/facility, or installed a climbing post (32%); 28% installed a dog shower/bath station, 22% added a dog run in their yard, and 21% built a "catio." Anyone looking for a pet-friendly rental can check out the "pets" filter on realtor.com/rentals which can help you search for homes that will accept furry family members. Methodology: This survey was conducted online within the U.S. from Aug. 9-12, 2022 among 3,001 adults by HarrisX. The sampling margin of error of this poll is plus or minus 1.8 percentage points. The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.

Redfin Reports Homebuying Demand Ticks Up Slightly After Recent Rate Drop
SEATTLE -- Mortgage-purchase applications and Redfin's Homebuyer Demand Index both increased as rates stayed around 6.6%, down sharply from 7% earlier this month, saving the typical buyer over $100 in monthly mortgage payments. Still, supply is piling up--posting a record annual increase--as pending sales fell the most on record. This is according to a new report from Redfin, the technology-powered real estate brokerage. Leading indicators of homebuying activity: For the week ending November 23, 30-year mortgage rates ticked down to 6.58%. Mortgage purchase applications during the week ending November 18 increased 8.7% from a month earlier, seasonally adjusted. Purchase applications were down 41% from a year earlier. Fewer people searched for "homes for sale" on Google than this time in 2021. Searches during the week ending November 19 were down about 38% from a year earlier. The seasonally adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other homebuying services from Redfin agents— was up 1.6% from a month earlier but down 33% from a year earlier during the four weeks ending November 20. Touring activity as of November 20 was down 35% from the start of the year, compared to a 3% year-over-year decrease at the same time last year, according to home tour technology company ShowingTime. Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending November 20. Redfin's weekly housing market data goes back through 2015. The median home sale price was $356,149, up 2.1% year over year, the smallest increase since the start of the pandemic. Among the 50 most populous U.S. metros, home-sale prices fell from a year earlier in five of them. Prices declined 9.5% year over year in San Francisco, 2.1% in Sacramento, 1.7% in Detroit and less than 1% in San Jose, CA and San Diego. Among the 50 most populous U.S. metros, pending sales fell the most from a year earlier in Las Vegas (-64%), Austin (-58.2%), Phoenix (-57%), Jacksonville, FL (-57%) and Sacramento (-54%). The median asking price of newly listed homes was $363,600, up 4.6% year over year, the slowest growth rate since the beginning of the pandemic. The monthly mortgage payment on the median-asking-price home was $2,384 at the current 6.58% mortgage rate. That's down slightly from a week earlier and down 6% from two weeks earlier, when mortgage rates were at 7.08%. That's equal to $140 in monthly mortgage savings from two weeks ago for the typical buyer. Still, monthly mortgage payments are up 41% from a year ago. Pending home sales were down 35.2% year over year, the largest decline since at least January 2015, as far back as this data goes. New listings of homes for sale were down 20% from a year earlier, one of the largest declines since the beginning of the pandemic. Active listings (the number of homes listed for sale at any point during the period) were up 11.6% from a year earlier, the biggest annual increase since at least 2015. Months of supply—a measure of the balance between supply and demand, calculated by dividing the number of active listings by closed sales—was 3.5 months, the highest level since June 2020. 32% of homes that went under contract had an accepted offer within the first two weeks on the market, little changed from the prior four-week period but down from 40% a year earlier. Homes that sold were on the market for a median of 36 days, up more than a week from 28 days a year earlier and up from the record low of 17 days set in May and early June. 27% of homes sold above their final list price, down from 42% a year earlier and the lowest level since July 2020. On average, 7.3% of homes for sale each week had a price drop, up from 3.4% a year earlier but down slightly from the previous two weeks. The average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, fell to 98.5% from 100.4% a year earlier. That's the lowest level since June 2020. View the full report, including charts, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.

MooveGuru Launches HomeKeepr to Its User Network of 370,000 Agents, Loan Officers and Title Reps
Atlanta, November 8, 2022 -- HomeKeepr's network of 370,000 agents, loan officers and title reps as well as their consumer contacts, are now using an enhanced suite of HomeKeepr's products and services. "It's actually a relaunch," says Rob Morelli, President of HomeKeepr. "After MooveGuru acquired HomeKeepr in 2020, we started a significant investment into the platform with the goal of designing the ultimate consumer destination for home management." HomeKeepr enhanced its consumer platform to manage every aspect of home ownership, while remaining branded to and delivered by their real estate agent, mortgage professional and title company. Features include storage for closing documents, photos, appliance manuals, tax information and more. Homekeepr also delivers real-time comparable market activity, home financial details, and a variety of other tools that consumers need to maintain and manage the physical and financial aspects of their home. A true differentiator for HomeKeepr is its home pro network. This network is unique compared to other sets of home pros as ALL MEMBERS of the network were referred by real estate agents and / or loan officers. MooveGuru identified this as a key component in deciding to acquire HomeKeepr in late 2020. Leveraging its unique home pro network has become a focus for MooveGuru. To ensure value for those vendors, the new HomeKeepr allows consumers to use a repair estimator tool to model accurate estimates of repair or renovation costs. The tool adjusts price locally, based on the property zip code, and directs the consumer to a reputable contractor in the HomeKeepr home pro network. MooveGuru understands the needs of real estate agents and mortgage loan officers. Each needs to know who is planning to move. The new HomeKeepr runs a complex algorithm on all consumers linked to an agent or a broker to identify life events that are likely to trigger a move. The algorithm further predicts the timeline to the home purchase or sale. This artificial intelligence feature provides continuous monitoring of over 50 datapoints including social, search, and online spending to identify contacts as likely movers and then notifies the agent and loan officer of who EXACTLY in their sphere to reach out to. "It's a roadmap for agents and loan officers to identify who in their list of contacts is highly likely to buy or sell in the next 90 days and it's incredibly accurate," says Scott Oakley, CEO of MooveGuru." After two years of investment and extensive testing, MooveGuru began rolling out the new HomeKeepr to the company's 370,000 agent clients in July. HomeKeepr and MooveGuru currently support 90% of all Keller Williams agents, 80% of ERA Real Estate and Better Homes and Gardens Real Estate agents, 8,000 eXp Realty agents, The Realty Alliance and the entire networks of Exit Realty, Vylla Real Estate and HomeScout. HomeKeepr is built on an open environment, so agents or loan officers do not have to disrupt their current systems and change transaction management systems or CRM. HomeKeepr provides a seamless experience for its clients through integrations that allow the system to pull contact data from real estate's leading platforms, such as Anywhere's Dash, Keller Williams' Command, MoxiWorks, Dotloop, DocuSign, Skyslope, Boomtown, and many more. "This revolutionary platform keeps the real estate agent and loan officer relevant to their contacts before, during, and long after the transaction. HomeKeepr creates a complete homeownership lifecycle program with the agent and loan officer at the center of the experience. "Bottom line, it gives consumers the tools they need to manage their largest investment while driving more transactions for our agents, loan officers and Title," says Kathleen Kuhn, President of MooveGuru. About MooveGuru Roswell, GA based MooveGuru. Since 2016, MooveGuru Inc. has supported its customers to keep them top of mind before, during and well after the transaction. Its technology is a customer for life solution using a combination of email marketing, utility connections and homeownership dashboards. Using Artificial intelligence to identify consumers buying and selling in the future, its algorithm can predict when a consumer is going to sell. Today, more than 2,200 brokerages, 370,000 agents and loan officers, and millions of homeowners are connected to the MooveGuru and HomeKeepr platforms.

NAR Launches Nationwide Motor Coach Tour to Mobilize Members, Strengthen Voice for US Consumers
CHICAGO (November 15, 2022) – The National Association of Realtors® announced today it will launch a nationwide motor coach tour with coordinated stops or affiliated events planned in every U.S. state over the next year. As its membership numbers approach 1.6 million, NAR is using the opportunity to better engage Realtors® and to emphasize their opportunities to strengthen market conditions for U.S. consumers. "NAR's membership numbers remain at an all-time high, but COVID-19 and the increase in virtual communication have diminished face-to-face interaction between NAR and Realtors® around the country," said NAR's 2023 President Kenny Parcell. "We wanted to reconnect with the members we have in every U.S. ZIP code and remind them of how important it is that we continue to engage policymakers in support of American consumers." Parcell and other members of NAR's leadership team have designed the tour to better mobilize Realtors® and to ensure they recognize their collective voice in representing the interests of U.S. consumers. "Our country is experiencing a 6-million-unit housing shortage, pushing homeownership out of reach for too many Americans," Parcell continued. "Consumers are counting on Realtors® to advocate on their behalf and to help ensure the American dream of home and property ownership remains available to as many people as possible." Riding with the Brand 2023 is a nationwide, multi-stop association member activation tour. The goal is to engage thousands of members nationwide by executing visits that can support member engagement, member recruitment and retention, and community engagement. The tour will make its first stop in Atlantic City, N.J., after launching in Philadelphia on November 29. A complete list of event dates and locations, as well as additional information about the tour's intent, can be found at nar.realtor/riding. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.

Homebuyers Need $107,000 Annually to Afford the Typical U.S. Home -- Up 46% From a Year Ago
Homebuyers across the country need to earn substantially more money than they did a year ago to buy a home, due to high mortgage rates and persistently high home prices SEATTLE -- A homebuyer must earn $107,281 to afford the $2,682 monthly mortgage payment on the typical U.S. home, up 45.6% from $73,668 a year ago, according to a new report from Redfin, the technology-powered real estate brokerage. That's due to mortgage rates that have more than doubled over the last 12 months, combined with persistently high home prices. From February 2020 (just before the pandemic started) to October 2022, the monthly payment for an American family buying the median-priced home increased by roughly 70%. Affordability challenges are a major reason why home sales have slowed so dramatically over the last few months. "High rates are making buyers rethink their priorities, as many of them can no longer afford the home they want in the location they want," said Washington, D.C. Redfin agent Chelsea Traylor. "If you had a $900,000 budget a few months ago, rising rates mean it's now around $700,000–and sellers aren't dropping their prices enough to make up for the change. So buyers are searching further away from the city in more affordable areas or waiting for prices and/or rates to come down before making a move." "I'm encouraging buyers to think long term," Traylor continued. "Prices are unlikely to fall drastically in the long run, so buying a home now–if you can afford the monthly payment–will still help you build wealth over time, especially if you plan to live in it for several years. Even though rates are high, another advantage of buying now is the lack of competition and opportunity to negotiate with sellers." Increases in income required to buy a home are especially eye-popping in Florida Buyers in North Port, FL need to earn $131,535 annually to afford the metro area's typical monthly mortgage payment of $3,288. That's up 73.9% from $75,659 a year earlier, the biggest percent increase of any major U.S. metro. It's followed by Miami, where homebuyers need to earn $128,892, up 63.7% year over year. El Paso, TX ($64,580, up 63.6%), Tampa ($101,682, up 62.4%) and Cape Coral, FL ($104,943, up 60.6%) round out the top five. Sixteen of the 20 metros where the income necessary to afford a home has increased most are in the Sun Belt. Sun Belt destinations have long been popular with homebuyers due to their relative affordability and warm weather, and remote work has made them even more popular, driving up prices in the process. Several Florida metros, including North Port and Cape Coral, were hit hard by Hurricane Ian in September, resulting in sharp drops in pending sales and new listings. It remains to be seen whether that will translate to outsized price declines. Chicago area, Bay Area had smallest upticks in income necessary to afford a home Buyers need to earn at least 50% more income to afford a home than they did a year ago in 39 of the 93 metros included in this analysis. They need to earn at least 30% more in all 93. Lake County, IL–near Chicago–had the smallest gain in income necessary to afford the median-priced home, though buyers still need 33.5% more than a year ago. The Bay Area also had smaller-than-average increases, but the income necessary to buy there is still enormous. Buyers need to earn $402,821 to pay San Francisco's typical $10,071 monthly mortgage payment, up 33.6% from a year ago. It's followed by San Jose ($363,265, up 36.1%) and Oakland ($247,559, up 36.2%). The increases are smaller in Lake County and the Bay Area than other places because they're among the only parts of the country where home prices are falling year over year. Homebuyers in 45 major metros need $100,000-plus income to afford the typical home The incomes buyers need to purchase a home in San Francisco and San Jose are the highest in the country, followed by Anaheim, CA, where the typical buyer must earn $254,286 to afford the typical monthly mortgage payment of $6,357 (+42.1% YoY). Oakland and Los Angeles ($221,592, up 40.7%) round out the top five. Homebuyers must earn at least $100,000 annually to buy a home in roughly half (45) of the metros in this analysis. That's up from 16 metros a year ago. Detroit requires the lowest income to afford the area's median-priced home ($48,435), but that's still up 42.3% from a year ago. It's followed by Dayton, OH ($51,126, up 46.1%), Cleveland ($53,817, up 45.7%), Rochester, NY ($56,508, up 56.2%) and Pittsburgh ($57,853, up 41.7%). View the full report, including additional metro-level data and methodology, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

Lone Wolf introduces Leads+, a turnkey solution for real estate agents to attract seller leads
New solution combines digital marketing, lead generation and qualification, and CRM DALLAS, TX and CAMBRIDGE, ON - November 11, 2022 - Lone Wolf Technologies ("Lone Wolf"), the leader in North American residential real estate software, is excited to announce the launch of Leads+, a powerful turnkey platform designed to help real estate agents attract seller leads and close more deals, faster and at a lower cost. The new solution debuts this weekend at the first-ever NAR NXT event in Orlando, Florida. For agents today, it's more challenging than ever to find the time to make face-to-face connections with clients while facilitating the sophisticated, straightforward digital communication process that consumers expect. With social media, advertising, and digital engagement standards shifting as often as market conditions, it's a lot to keep up with. Leads+ makes it easy for agents to connect with highly qualified leads—and vice versa—through a combination of human and technology-run follow-up using proven conversion strategies and techniques. The solution brings together Lone Wolf's automated online advertising and lead qualification features to capture and deliver new sellers and listing opportunities to agents. It identifies ad copy, placement, and budget to attract attention and directs potential leads to landing pages monitored and tested for conversion. The solution then pulls the received information into Lone Wolf's CRM for easy follow-up and nurture. "We are thrilled to introduce Leads+ to the real estate industry and continue the momentum of transformative solutions for agents," said Jimmy Kelly, CEO of Lone Wolf. "It's our priority to simplify real estate for all. Leads+ ensures that agents have the time and flexibility to do what they do best—help people find home—with the support of real estate's best technology." As a done-for-you service for agents, Leads+: Launches digital ads based on previous high-performing campaigns, geo-targeting, and generic content to reach a wide audience of qualified sellers online. Creates high-converting, branded landing pages to capture consumers' attention and information. Combines personal and automated nurturing to qualify and deliver seller leads on a regular basis. Uploads all client details into CRM for easy contact management and follow-up. This means that agents can run a full lead generation and nurture program-without needing to worry about creating or editing ads, building landing pages, spending a lot of time on manual tasks for lead nurture, or staying compliant in a constantly changing digital engagement landscape. "Agents today don't want more complex technology. They want to find new opportunities and connect with more potential sellers," said Aaron Kardell, VP of Product at Lone Wolf. "We designed Leads+ to combine the most powerful features agents use to build their business, focus on their clients, and stop worrying about DIY manual tasks." Leads+ is now available to real estate agents across North America. For more information, please visit the Lone Wolf Technologies website here. About Lone Wolf Technologies  Lone Wolf Technologies is the North American leader in residential real estate software, serving over 1.5 million real estate professionals across Canada and the U.S. With cloud solutions for agents, brokers, franchises, MLSs and associations alike, the company provides the entire real estate industry with the tools they need to amaze clients, build their business, and improve profits-from transactions to back office, insights, and more, all in one place. Lone Wolf's head offices are located in Cambridge, ON, and Dallas, TX. 

iGUIDE and HouseLens Announce Partnership
WATERLOO, Ontario - Nov. 9, 2022 -- iGUIDE, an industry leader in 3D tours and floor plans for residential real estate, announced today a partnership with HouseLens, an on-demand real estate data capture and visual marketing company. "We've been excited to announce this partnership," said Michael Vervena, VP of Sales & Marketing at iGUIDE. "We're looking forward to collaborating with HouseLens and bringing iGUIDE to more real estate agents across all major regions in the USA." Through HouseLens, a visual capture service for commercial and residential real estate, iGUIDE will now be able to expand and offer more regional coverage for Real Estate agents to access. HouseLens is the real estate visual marketing service arm of Seek Now, Inc., the nation's leading provider of on-demand, ground truth insurance inspections and real estate data capture. "This strategic partnership is bringing our real estate agent base more options to reach more buyers and provide them with the information they need while leveraging the tools and technologies to be more successful, which is using iGUIDE's 3D virtual tours and floor plans," said David Pedersen, EVP of Enterprise Growth & Strategy at Seek Now. "We're excited to see where else we can introduce this tool to our customers in the future." iGUIDE offers a comprehensive set of features to enhance any listing including accurate floor plans, room measurements, ANSI-Z765-2021 compliant square footage, immersive 3D virtual tours, neighborhood details, and more. iGUIDE empowers homebuyers with the information they want in order to make better-qualified decisions faster. iGUIDE uniquely provides agents with the tools they need to stand out from the competition and help them get more listings and referrals. For 14 years, HouseLens has been capturing homes and businesses across the US to give real estate agents and business owners stunning professional photos and videos to help market their listings in a more visually pleasing way. The artists are highly skilled in the field of professional and HDR photography, professional videography, drone photography/videography, 3D real estate modeling, and much more. iGUIDE and HouseLens will be co-exhibiting at NAR on November 11, 2022. To learn more about the collaboration visit houselens.com/iguide. About iGUIDE Founded in 2013, in Kitchener, Ontario, Canada, Planitar Inc. is the maker of iGUIDE, a proprietary camera and software platform for capturing and delivering immersive 3D virtual tours and extensive property data. iGUIDE is the most efficient system to map interior spaces and features accurate floor plans, measurements, and reliable property square footage. By integrating floor plans and visual data, iGUIDE provides an intuitive and practical way to digitally navigate and explore built environments. To learn more about iGUIDE and its services, visit goiguide.com. About HouseLens HouseLens is the real estate visual marketing service arm of Seek Now, Inc. Introduced in 2008, HouseLens is the nation's largest provider of full-motion walk-through listing videos, professional photography, 3D models, agent video bios, broker promotional videos, and more. To learn more, visit HouseLens.com.

Second Century Ventures Selects Six Tech Companies for 2023 REACH Canada Program
VANCOUVER (November 7, 2022) – Second Century Ventures, the strategic investment arm of the National Association of Realtors®, today announced the six companies selected for its 2023 REACH Canada program. These firms operate within a diverse range of market segments and specializations, helping agents and brokers become more efficient as they serve consumers, enhancing business capabilities, and addressing some of the persistent challenges facing global housing markets. "Our REACH program aims to partner with companies that empower Realtors® to succeed," said NAR CEO and SCV President Bob Goldberg. "These innovators are developing technologies that will help our members navigate the current market and build their businesses for the years ahead. We are thrilled to collaborate with the 2023 REACH Canada cohort to ensure that Realtors® remain at the forefront of the real estate industry." Second Century Ventures is the most active global venture fund in real estate technology, with more than 200 portfolio companies worldwide. It operates the global REACH scale-up program in five major markets – U.S. Residential, U.S. Commercial, Australia, Canada and the United Kingdom – with plans to expand the program to a sixth global region in early 2023. The award-winning REACH program helps high growth-potential companies scale across the real estate, financial services, banking, home services and insurance industries. Leveraging REACH's rapidly expanding global presence, the 2023 REACH Canada cohort represents technology companies based in Canada and around the continent – each with ambitions to advance the real estate ecosystem through unique value-add solutions for homeowners, asset owners, real estate operators and Realtors® alike. The six companies selected for REACH Canada 2023 include the following: iGuard Home Solutions offers technology that protects loved ones and property from kitchen fires before they can start. FrontRunner is the intersection between real estate and new media, changing the face of the digital out of home (DOOH), commercial real estate and retail industries. RealSage builds technologies that leverage data across the rental journey to generate real-time actionable insights and standardized processes for enterprise rental managers. SingleKey helps landlords find the right tenant and manage risks through easy, fast and effective tenant screening and background checks while supporting long term landlord-tenant relationships with rent collection and rent-guarantee products. Productive.app increases Realtors®' productivity by collecting, analyzing and prioritizing tasks, sending them directly from a phone call to their chosen customer relationship management (CRM) tool. JOBI by Sustainable Projects Group is an energy efficiency software as a service solution (SaaS) that empowers property managers and asset owners in the built environment to create and execute industry-leading, actionable sustainability plans. Collectively, these companies have raised over $11 million USD in capital and represent a market capitalization of more than $75 million. "The 2023 REACH Canada cohort offers an impressive range of diverse solutions and demonstrates that technology truly has no borders," said Lynette Keyowski, Managing Partner of REACH Canada. "These six companies – led by a diverse group of founders with expertise spanning multiple industries, geographies and ideologies – are focused on addressing some of the most critical and evolving real estate challenges, including aging in place; access to housing; environmental responsibility; and space utilization. We are excited to work with companies that are helping solve industry challenges in partnership with the Realtor® community." REACH Canada will offer its 2023 program members a robust curriculum including education, mentorship, exclusive networking opportunities and significant exposure to the global real estate marketplace. Learn more about the companies selected for the REACH Canada program and how you can get involved at www.narreach.ca. About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. About REACH REACH is a unique technology scale-up program created by Second Century Ventures, the most active global fund in real estate technology. Backed by the National Association of Realtors®, Second Century Ventures leverages the association's more than 1.5 million members and an unparalleled network of executives within real estate and adjacent industries. The REACH program helps technology companies scale across the real estate vertical and its adjacent markets through education, mentorship and market exposure. For more on REACH, visit www.narreach.com.

Realtor.com October Housing Report: Number of Homes for Sale Surpasses 2020 Levels
In October, the national inventory of active listings grew 33.5% year-over-year to a two-year high; affordability challenges continued to drive home shopper interest in relocating in Q3 SANTA CLARA, Calif., Nov. 3, 2022 -- The U.S. supply of for-sale homes hit a milestone on the road to recovery from the shortage of the past two years in October, as active listings soared 33.5% year-over-year to the highest level since 2020, according to the Realtor.com® Monthly Housing Trends Report released today. However, October data suggests that fewer home shoppers could afford to take advantage of the rise in available inventory, with time on market continuing to climb amid still-high listing prices. "As the rapid runup in rates reshapes housing market dynamics this fall, both buyers and sellers are taking a step back to recalibrate their plans. Home shoppers are looking at a monthly mortgage payment that is roughly $1,000 higher than at this time last year, and incomes are rising but not by that much. Combined with asking prices that are still climbing at a double-digit yearly pace, the average American has taken a huge hit to their homebuying power," said Danielle Hale, Chief Economist for Realtor.com®. "Still, our data indicates that some aspiring homeowners are finding ways to make the most of inventory conditions, such as by exploring relatively affordable metros. For buyers with the flexibility, relocating to a lower-priced market could help offset higher mortgage costs. There's also a takeaway for sellers in these areas – on a well-priced home, you could still see strong interest from these out-of-towners." October 2022 Housing Metrics – National Inventory recovery accelerates amid higher rates and moderating demand In October, the U.S. supply of active listings grew at a record-fast annual pace and surpassed 2020 levels for the first time, even as new sellers declined year-over-year for the fifth consecutive month. Additionally, pending listings, or homes under contract with a buyer, continued to drop. These trends indicate that October's accelerated inventory improvements were largely due to moderating buyer demand, fueled by mortgage costs that are rising at a faster pace than inflation and incomes. While some softening in seller participation is typical in the fall, this year's significant new listings declines reflect the impact of home shoppers' diminished buying power on seller sentiment. However, sellers may still see strong buyer competition for fewer options in some regions, with inventory still lagging October 2020 levels in the Northeast and Midwest, regions where home sales declines have also been more modest. Nationally, active inventory grew 33.5% year-over-year in October, reaching the highest level in 24 months. Meanwhile, both newly-listed homes (-15.9%) and pending listings (-30.0%) declined year-over-year. Among the 50 largest U.S. metros, 42 markets posted yearly active inventory gains in October, led by Phoenix (+173.9%), Raleigh, N.C. (+167.4%) and Nashville, Tenn. (+145.0%). The number of for-sale homes was still down year-over-year in the remaining eight markets, by the largest amounts in Hartford, Conn. (-25.7%), Virginia Beach, Va. (-11.0%) Milwaukee (-9.6%) and Chicago (-9.6%). On average across the 50 largest metros, no regions saw year-over-year new listing increases in October, with the greatest declines registered in the West (-20.6%), followed by the Northeast (-17.4%), Midwest (-15.0%) and South (-9.8%). Furthermore, newly-listed homes increased in just four markets: Nashville, Tenn. (+10.5%), New Orleans (+6.2%), Dallas (+5.6%) and San Antonio (+1.4%). Compared to October 2020, active inventory was higher in 32 of the 50 biggest markets, led by western (+33.9%) and southern metros (+7.2%): Phoenix (+132.0%), Austin, Texas (+120.8%), Riverside, Calif. (+67.2%), Memphis, Tenn. (+59.7%) and Nashville (+55.7%). Inventory remained lower than two years ago in the Northeast (-21.1%) and Midwest (-7.9%). Competition stalls as home listing prices and time on market hold steady With home sales activity declining along with affordability in October, national trends reflected a market in which competition continued at a cooler pace than during this year's summer peak. However, compared to last month, there was little change in both listing prices and time on market. This may be partly attributed to regional variations in supply and demand dynamics, with still-strong home shopper interest in relatively affordable markets balancing out the slowdown in other areas. In the Midwest and Northeast, where buyers saw relatively smaller inventory improvements in October, time on market and the share of homes with price reductions posted smaller year-over-year increases than in other regions. In October, national listing price trends were relatively unchanged from the prior month, with the median listing price dipping just $2,000 to $425,000. Additionally, annual home listing price growth decelerated just slightly, to 13.3% from 13.9% in September. On average across the 50 largest U.S. metros, yearly listing price growth entered single-digit territory in October (+9.2%). However, for-sale home prices continued to rise by double-digits year-over-year in 20 markets, led by Milwaukee (+34.5%), Miami (+25.1%) and Kansas City (+21.4%). The share of homes with price reductions was up 10.3 percentage points to 20.9% in October, well above 2017 (18.1%) and 2019 (17.0%) levels, but just under the 2018 share (21.2%). Western (+18.9 percentage points) and southern metros (+13.6 percentage points) posted the greatest increases in the share of price reductions: Phoenix (+35.9 percentage points), Austin (+31.2 percentage points) and Las Vegas (+24.4 percentage points). The typical home spent 51 days on the market in October, six days more than last year, but still 20 days faster than the typical 2017-2019 pace. The metros where homes spent longest on the market compared to October 2021 were Raleigh (+27 days), Austin (+26 days), Phoenix (+21 days) and Las Vegas (+21 days). Time on market declined year-over-year in October in 10 of the 50 largest metros, led by New Orleans (-21 days), where last year's pace was impacted by Hurricane Ida, followed by Richmond, Va. (-15 days) and Birmingham, Ala. (-6 days). Spotlight On: Higher housing costs fuel demand from out-of-town home shoppers Similar to October's for-sale housing trends, the Realtor.com® Q3 Cross-Market Demand Report also released today highlights regional variations in homebuying activity. With rising rates pushing the typical monthly mortgage payment up 77.1% in October compared to a year ago, some buyers are potentially trying to add room in their budgets by searching further from where they live for lower-priced homes. Nationwide in Q3 2022, 60.7% of listings views on Realtor.com® came from users located outside of the listing's metro, compared to 56.9% during the prior quarter and 52.1% at the same time last year. Regionally, northeastern (69.0%) and western (65.7%) home shoppers were most likely to search out-of-market in Q3. This may be attributed to buyers looking for relative affordability, as October median listing prices were higher across large metros in the Northeast ($440,000) and West ($763,000) than in other regions, on average. Q3 & October 2022 Housing Metrics – Regional* *Note: Regional Q3 2022 Cross-Market Demand metrics include all metros across the U.S. 50 States and District of Columbia. Regional October 2022 housing metrics reflect the combined average of the 50 largest U.S. metro areas. October 2022 Housing Metrics – 50 Largest U.S. Metro Areas Methodology Realtor.com® housing data as of October 2022. Listings include the active inventory of existing single-family homes and condos/townhomes/rowhomes/co-ops for the given level of geography; new construction is excluded unless listed via an MLS. 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). Q3 2022 Cross-Market Demand Report: Analyzes views of for-sale listings on Realtor.com®. Share of outbound views (i.e. out-of-metro views, out-of-market views) are quoted as percentage of views originating from home metros or states to other metros or states. Note: The Q3 analysis focuses on domestic views from metro areas only, and thus the percent of out-of-metro views will not match previously-published reports/releases in which international and non-metro views were included. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.

Zombie Property Count Ticks Upward Again Across U.S. in Fourth Quarter but Remains Tiny Portion of Housing Market
Vacant Homes in Foreclosure Show Third Straight Quarterly Increase; Yet Zombie Properties Still Represent Just One of Every 13,000 Residential Properties Nationwide; Counts Continue Growing Since Lifting of Foreclosure Moratorium Last Year IRVINE, CA – Oct. 27, 2022 — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its fourth-quarter 2022 Vacant Property and Zombie Foreclosure Report showing that 1.3 million (1,264,241) residential properties in the United States sit vacant. That figure represents 1.26 percent, or one in 79 homes, across the nation. The report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure status, equity and owner-occupancy status — matched against monthly updated vacancy data. (See full methodology below). Vacancy data is available for U.S. residential properties at https://www.attomdata.com/solutions/marketing-lists/. The report also reveals that 284,423 residential properties in the U.S. are in the process of foreclosure in the fourth quarter of this year, up 5.2 percent from the third quarter of 2022 and up 27.4 percent from the fourth quarter of 2021. A growing number of homeowners have faced possible foreclosure since a nationwide moratorium on lenders pursuing delinquent homeowners, imposed after the Coronavirus pandemic hit in 2020, was lifted at the end of July 2021. Among those pre-foreclosure properties, 7,722 are zombie foreclosures (pre-foreclosure properties abandoned by owners) in the fourth quarter of 2022, up 0.2 percent from the prior quarter and 3.9 percent from a year ago. The count of zombie properties has grown in each of the last three quarters. "The government's foreclosure moratorium dramatically reduced the number of properties in foreclosure," said Rick Sharga, executive vice president of market intelligence at ATTOM. "Vacant and abandoned properties were among the few homes that could still be foreclosed on during the moratorium, so the number of zombie properties shrank as well. Now that the foreclosure ban has been lifted, we're likely to see a gradual return to pre-pandemic levels." Despite the increase, the number of zombie-foreclosures remains historically low, representing just a tiny segment of the nation's total stock of 100.1 million residential properties. Just one of every 12,963 homes in the fourth quarter of 2022 is vacant and in foreclosure, meaning that most neighborhoods still have no such properties. That ratio is almost exactly the same as in the third quarter of this year, although up 2.5 percent from one in 13,292 in the fourth quarter of 2021. The portion of pre-foreclosure properties that have been abandoned into zombie status, meanwhile, continues to decline, from 3.3 percent a year ago to 2.8 percent in the third quarter of 2022 and 2.7 percent in the fourth quarter of this year. The latest trends – zombie foreclosure numbers up slightly but remaining tiny – again reflect one of many high points from a housing market that has seen 11 years of nearly uninterrupted gains. Median home values nationwide have more than doubled since 2012, home-seller profits have shot up over 50 percent and the vast majority of homeowners have equity built up in their homes. Those forces provide enormous incentive for owners behind on their mortgages to do everything they can to avoid abandoning their properties even as foreclosure activity increases. Home values dipped over the Summer of this year amid rising interest rates, a declining stock market and soaring inflation that have cut into what buyers can afford. But that has yet to significantly boost the presence of vacant properties in foreclosure. Zombie foreclosures inch up again but remain miniscule portion of overall market A total of 7,722 residential properties facing possible foreclosure have been vacated by their owners nationwide in the fourth quarter of 2022, up slightly from 7,707 in the third quarter of 2022 and from 7,432 in the fourth quarter of 2021. While zombie foreclosures continue to be few and far between in most neighborhoods around the U.S., the biggest increases from the third quarter of 2022 to the fourth quarter of 2022 in states with at least 50 zombie properties are in Kansas (zombie properties up 32 percent, from 44 to 58), Nevada (up 25 percent, from 81 to 101), Connecticut (up 15 percent, from 65 to 75), Georgia (up 15 percent, from 72 to 83) and Indiana (up 13 percent, from 239 to 270). The biggest quarterly decreases among states with at least 50 zombie foreclosures are in Michigan (zombie properties down 23 percent, from 99 to 76), New Jersey (down 12 percent, from 240 to 211), North Carolina (down 10 percent, from 144 to 130), Ohio (down 9 percent, from 925 to 841) and Maine (down 7 percent, from 72 to 67). New York has the highest overall number of zombie homes to all residential properties (1,995 pre-foreclosure vacant properties), followed by Florida (1,030), Ohio (841), Illinois (780) and Pennsylvania (368). "Low vacancy rates are also a major factor in there being few zombie homes," Sharga added. "And with demand from both traditional homebuyers and investors still relatively strong, and the inventory of homes for sale still very low, vacancy rates for residential homes is about as low as it's ever been," Overall vacancy rates dip for third straight quarter The vacancy rate for all residential properties in the U.S. has dropped for three quarters in a row. It now stands at 1.26 percent (one in 79 properties), down from 1.28 percent in the third quarter of 2022 (one in 78) and from 1.33 percent in the fourth quarter of last year (one in 75). States with the biggest annual drops are Tennessee (down from 2.3 percent of all homes in the fourth quarter of 2021 to 1.25 percent in the fourth quarter of this year), Minnesota (down from 1.18 percent to 0.81 percent), Wisconsin (down from 1.02 percent to 0.69 percent), Georgia (down from 1.79 percent to 1.5 percent) and Oregon (down from 1.14 percent to 0.94 percent). Other high-level findings from the fourth quarter of 2022: Among metropolitan statistical areas in the U.S. with at least 100,000 residential properties and at least 100 properties facing possible foreclosure in the fourth quarter of 2022, the highest zombie rates are in Wichita, KS (12.7 percent of properties in the foreclosure process are vacant); Peoria, IL (9.9 percent); Syracuse, NY (8.2 percent); Toledo, OH (7.8 percent) and Cleveland, OH (7.1 percent). Aside from Cleveland, the highest zombie-foreclosure rates in major metro areas with at least 500,000 residential properties and at least 100 homes facing foreclosure in the fourth quarter of 2022 are in Baltimore, MD (6.1 percent of homes in the foreclosure process are vacant); Pittsburgh, PA (5.6 percent); Portland, OR (5.5 percent) and Indianapolis, IN (5.4 percent). Among the 26.8 million investor-owned homes throughout the U.S. in the fourth quarter of 2022, about 868,000 are vacant, or 3.2 percent. The highest levels of vacant investor-owned homes are in Indiana (6.8 percent vacant), Kansas (5.8 percent), Oklahoma (5.3 percent), Alabama (5.3 percent) and Ohio (5.2 percent). Among the roughly 5,000 foreclosed, bank-owned homes in the U.S. during the fourth quarter of 2022, 9.3 percent are vacant. In states with at least 50 bank-owned homes, the largest vacancy rates are in Illinois (21.2 percent vacant), Ohio (13.3 percent), New York (12,.3 percent), Florida (11.4 percent) and Maryland (11.2 percent). The highest zombie-foreclosure rates in U.S. counties with at least 500 properties in the foreclosure process during the fourth quarter of 2022 are in Baltimore County, MD (12.4 percent zombie foreclosures); Broome County (Binghamton), NY (11.5 percent); Peoria County, IL (11.2 percent); Pinellas County (Clearwater), FL (9 percent) and Onondaga County (Syracuse), NY (8.6 percent). Among 424 counties with at least 50,000 residential properties homes facing possible foreclosure in the fourth quarter of 2022, zombie foreclosures represent the highest portion of overall residential properties in Broome County (Binghamton), NY (one of every 620 properties); Peoria County, IL (one of every 1,184); Cuyahoga County (Cleveland), OH (one of every 1,226); Suffolk County, NY (eastern Long Island) (one of every 1,259) and Bronx County, NY (one of every 1,347). Report Methodology ATTOM analyzed county tax assessor data for about 100 million residential properties for vacancy, broken down by foreclosure status and owner-occupancy status. Only metropolitan statistical areas with at least 100,000 residential properties and counties with at least 50,000 residential properties were included in the analysis. Vacancy data is available at https://www.attomdata.com/solutions/marketing-lists/. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Home values are 25% above affordability norms
A substantial home value correction is very unlikely SEATTLE, Oct. 20, 2022 -- Housing affordability is the worst it has been in several years, and many buyers are pulling back, hoping relief is around the corner. A new analysis by Zillow® shows home values are 24.7% above where they would need to be for affordability to return to recent norms.1 A shock of this size is extremely unlikely, so buyers may need to reset their expectations. Nationally, home values are about 25% above where they would need to be for affordability to return to historical norms. The monthly mortgage payment on a typical U.S. home is about $1,850 — that is 75.5%, or about $800, higher than it was a year ago.2 Home values have fallen a bit since the peak in June, but rising mortgage rates have overwhelmed those small affordability gains. Mortgage affordability — the share of income a median household would need to spend on a typical mortgage payment — has risen to 30.2% nationally, even before including the cost of taxes and insurance. That is above the 30% threshold for households to be considered cost burdened, and much higher than the 2005–2021 average of 22.8%. "The next several years appear set up for affordability to be a major challenge for home buyers," said Zillow senior economist Nicole Bachaud. "Inventory remains tight, real income growth is dismal, mortgage rates show no signs of dropping, and there is plenty of pent-up demand ready to bid prices back up if they reach a level would-be buyers can once again afford. Filling the housing deficit continues to be the key to long-term affordability, but the recent slowdown in single-family construction is not a good sign that the market is getting closer to building enough to meet demand." For mortgage affordability to return to the 22.8% norm nationally, U.S. home values would need to fall 24.7%. Some markets are much closer to their historical affordability norms — for example, Hartford home values are only 2.4% higher than where they would need to be, and in Baltimore, they are 3.7% higher — but others have seen affordability deteriorate much more. Salt Lake City, Nashville, Dallas and Las Vegas are furthest away from their historical affordability, at least 37% above where they would need to be to once again reach that level. Far from a significant drop, Zillow's home value forecast calls for home values to remain nearly flat in the 12 months ending September 2023. It would take a sharp increase in inventory for home values to fall dramatically. That is simply not the case right now. Overall inventory is ticking up, but it remains nearly 40% below pre-pandemic levels and is nowhere near a glut that would put the market in a position for significant price drops. New listings are coming onto the market at a mere trickle, down 16% in September compared to a year prior. In 2022 to date, there have been about 11% fewer homes listed than at this point in 2019. Many homeowners have mortgages with low rates from purchasing or refinancing earlier in the pandemic, and have very little financial incentive to sell while mortgage rates are this high. Most also have significant equity in their homes, which makes it unlikely that a large number of properties will be forced into distressed sales, like many were during the Great Recession. The housing market slowdown is being driven by discouraged buyers pulling back as their budgets are stretched. Some buyers simply have been priced out of today's market, but those who are waiting for affordability to improve will likely have a long wait ahead of them. If home values continue to fall, buyers will likely reenter the market and drive values back up. And while mortgage rates are nearly impossible to predict, inflation pressures remain strong, and it's perhaps a better bet that rates will rise further than come back down. Affordability is clearly a major challenge for home buyers. The silver lining is that first-time buyers who can overcome these steep obstacles have an opportunity to shop with more bargaining power, less chance of a bidding war and more time to consider their options. Zillow has gathered tools that can help shoppers make the leap to homeownership on one easy-to-navigate web page. 1 Recent norms indicate the historical average (2005–2021) share of median household income needed for a mortgage payment (principal and interest only) on the typically valued home. The home value change needed to return to affordability norms assumes incomes do not change. 2 Monthly principal and interest on a 30-year fixed-rate mortgage for the typical U.S. home as of September 2022, assuming a 20% down payment and the interpolated average 30-year interest rate reported by Freddie Mac’s Primary Mortgage Market Survey on the last day of the month. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+™, which houses ShowingTime®, Bridge Interactive®, and dotloop®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

Redfin Reports Square Footage Is Now Worth More in the Suburbs Than Cities
As remote work continues to attract Americans to the suburbs, prices in cities are falling quickly from their peak as the overall housing market cools amid rapidly rising mortgage rates SEATTLE -- As home prices fall fastest in cities and mortgage rates rise, the value of a square foot in the suburbs has caught up with that of urban centers. That's according to a new report from Redfin, the technology-powered real estate brokerage, which found that space in suburban homes was worth more than space in urban homes in September for the first time since Redfin started tracking this data in 2018. The typical home in suburban neighborhoods nationwide was worth $206 per square foot during the four weeks ending September 25, just slightly higher than $205 in urban neighborhoods. Price growth is falling much faster in urban areas than other types of neighborhoods amid the overall housing-market slowdown. In urban neighborhoods nationwide, price per square foot increased 3.5% year over year–that's still up from a year ago, but down significantly from its pandemic peak. That's much smaller than the 9.5% growth in suburban areas. It grew 8.4% to $180 in rural areas. Price per square foot is a valuable tool for comparing price growth across different neighborhood types because it's a direct comparison of how the value of space is changing in one neighborhood type versus another. Growth in overall home-sale prices is also slowing fastest in cities. The typical home in urban areas nationwide sold for $310,000, up 2.7% from a year earlier. That's compared with a 6.6% increase to $385,000 in the suburbs and 4% to $333,000 in rural neighborhoods. Homes are the least expensive in urban areas because they're typically the smallest. Although space now costs just as much in the suburbs as it does in urban neighborhoods, moving farther from city centers has historically meant that homebuyers could get more space for their money. That mindset is still common, and today's house hunters are searching for deals as high mortgage rates, inflation and high home prices cut into their budgets. Another reason why price growth is slowing particularly fast in cities is because it rose so much last year. "Urban home prices soared in 2021 as homebuyers gravitated back to city centers as the pandemic waned and affluent Americans–motivated by record-low rates–decided they wanted the best of both worlds: Homes with plenty of space for working from home, but located in walkable areas near shops and restaurants," said Redfin Senior Economist Sheharyar Bokhari. "Today's buyers can't afford everything on their wish list, so many are prioritizing space over walkability." "Urban neighborhoods will likely see prices–and price per square foot–fall on a year-over-year basis before suburbs and rural areas," Bokhari continued. "House hunters may want to shift their search to urban neighborhoods, where they may find lower prices to help counteract the costliness of today's mortgage rates. And now that space is just as valuable in the suburbs, it's less likely that they'll sacrifice space." Housing activity has slowed in all three neighborhood types since the market started cooling in the spring. Home sales are down more than 15% year over year in urban, suburban and rural areas as many prospective buyers are priced out of the market. Sellers are pulling back, too, with new listings down at least 7% in all neighborhood types. Price per square foot is down 6% in the Bay Area's urban neighborhoods Price per square foot has declined from a year ago in urban parts of nine of the 91 metros in this analysis. Urban neighborhoods in the San Francisco metro saw their median price per square foot decline 6.2% year over year in the 12 weeks ending September 25. Though that's the biggest dip of the metros in this analysis, urban San Francisco homes still cost $976 per square foot–the most expensive in the U.S. by far. "Many Bay Area residents thought buying a home would never be in the cards, but that's changing now that prices are coming down and competition is rare," said Oakland Redfin agent Ken Hogan. "Buyers are savvy now. They're often able to negotiate prices down and even get things to sweeten the deal like sellers paying for closing costs or repairs, perks we haven't seen since the 2008 recession. For the buyers who can afford high mortgage rates, it's a good time to negotiate." Next comes New Orleans, which saw a 6% drop to $187 per square foot. It's followed by Philadelphia (3.2% decline to $188), New York (2.7% decline to $557) and Oakland, CA (2.2% decline to $603). Price per square foot also dropped in urban parts of Pittsburgh, Boise, ID, Chicago and Washington, D.C. San Francisco, New Orleans and Oakland are the only metros in the U.S. that saw their overall sale prices decline in September. Price per square foot rose most in Florida city centers Price per square foot increased most from a year ago in urban parts of Florida, especially in places hit hard by Hurricane Ian in September. In urban neighborhoods in Cape Coral, price per square foot rose 31.4% to $278 in the 12 weeks ending September 25. It's followed by North Port (27.9% to $444), Lakeland (25.1% to $201), Tampa (22.4% to $272), Fort Lauderdale (22.2% to $300) and Orlando (19.3% to $219). Cape Coral, North Port and Tampa have consistently been among the places with the nation's highest price growth this year as scores of homebuyers move into coastal Florida from other parts of the U.S. The area is popular with remote workers, retirees and second-home buyers even though it faces a high risk of climate-related disasters such as hurricanes. View the full report, including charts and metro-level data, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

CALIFORNIA ASSOCIATION OF REALTORS issues formal apology for past discriminatory policies
LOS ANGELES, Oct. 14, 2022 -- The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) formally apologizes for its past discriminatory policies, including Proposition 14 — a successful 1960s ballot initiative that overturned the State of California's first fair housing law. Regrettably, the California Real Estate Association (CREA), now known as C.A.R., once played a leading role in segregation and exclusionary practices in housing. California communities still grapple with wealth and homeownership inequities. For decades, CREA promoted policies that encouraged discrimination and the idea that neighborhood integration would negatively impact property values. The Association endorsed racial zoning, "redlining" and racially restrictive covenants. "The Association was wrong. We not only apologize for those actions, we strongly condemn them, and we will continue working to address the legacy of these discriminatory policies and practices," said C.A.R. President Otto Catrina. CREA was behind Article 34, a law passed in the 1950s that remains in place that makes it very difficult to build affordable housing in California. The Association also excluded women and people of color from membership. In the 1960s, California's first fair housing law, the Rumford Fair Housing Act, was passed. CREA actively encouraged its members to support Proposition 14, a law that overturned the Rumford Act and modified California's constitution so that the state could not prohibit private property owners from engaging in discrimination. The U.S. Supreme Court overturned the proposition as unconstitutional. In the years since the passage of the federal Fair Housing Act of 1968, the California Fair Employment and Housing Act and other fair housing laws, C.A.R. has prioritized understanding and addressing the unique homeownership barriers impacting communities of color and other historically excluded communities. "We have continued to unpack our difficult and sometimes obscure history of opposing fair housing laws, promoting segregation and racial exclusion prior to the Fair Housing Act of 1968. As an organization that deeply values inclusion, we can't change the actions of the past, but we are taking bold action now to help build a more equitable and just future," said Catrina. For instance, C.A.R. recently sponsored a law requiring periodic implicit bias training for all real estate salespersons. Additionally, C.A.R. helped shape a new law that strengthens consumer protection in instances of appraisal bias. Currently, C.A.R. is working to address the legacy of discriminatory policies in a variety of ways. These include: Offering a closing cost grant for members of underserved communities. Donating to the Black Wealth Builders Fund, a down payment assistance program for Black home buyers in the Bay Area. Partnering with and sponsoring the work of nonprofit organizations that support greater homeownership for members of underserved communities. Sponsoring and supporting a variety of policies that address supply and affordability challenges for communities of color. Co-sponsoring a bill that would overturn Article 34, a law California REALTORS® helped pass in the 1950s that makes it much harder for California communities to build affordable housing. Supporting a law that provides a system for redacting restrictive covenants in property records. C.A.R. will continue to develop and strengthen programs that break down barriers to homeownership. To learn more, visit fairhousingcalifornia.org. Leading the way ...® in real estate news and information for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 217,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

October Is the Time to Buy for Homebuyers According to Analysis from ATTOM on Historical Home Sales
Buyers willing to close in October avoid prices well above market value; Analysis narrows in on best days to buy nationwide and best months to buy at the state level IRVINE, Calif. — Oct. 6, 2022 — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its annual analysis of the best time of the year to buy a home, which shows that the month of October, as well as the winter months, offer homebuyers the best deals – fetching lower premiums than other months of the year. According to the analysis, buyers who close in October will get the best deal compared to the spring buying season. While the premium is still above market value, homebuyers are only dealing with a 3.3% premium, as opposed to the month of May, when homebuyers are experiencing an 10.5% premium. This analysis of more than 39 million single family home and condo sales over the past nine years is evidence of the continuation of a hot sellers' market (see full methodology below). The analysis also looked at the best days to buy at the national level and best months to buy at the state level. "Apparently the old adage 'Spring forward and Fall back' applies not only to setting your clocks, but to home prices as well," said Rick Sharga, executive vice president of market intelligence at ATTOM. "Seasonality has always had an impact on home prices, which tend to weaken in the Fall and Winter months when there's less buying activity. Savvy homebuyers can take advantage of those lower prices and less competition from other buyers once the leaves start to turn." Best Days to Buy Nationally, the best day to buy fall on November 28th with the lowest premium of 1.1% for homebuyers, followed by January 9th seeing a 1.3% premium. Then December days take the lead with December 5th a 1.5% premium, December 26th a 1.5% premium, December 19th a 1.9% premium, December 12th a 2.0% premium, and December 24th a 2.0% premium. A far cry from the month of May, where May 23rd, 20th and 27th offer over a 15% premium. Best Months to Buy by State According to the study, the states realizing the biggest discounts below full market value were New Jersey (-3.9% in February); Maryland (-3.5% in January); Michigan (-3.3% in October); Illinois (-2.7% in October); and Connecticut (-2.4% in December). Methodology For this analysis ATTOM looked at any calendar day in the last nine years (2013 to 2021) with at least 10,000 single family home and condo sales. There were 362 days (including leap year data) that matched these criteria, with the four exceptions being Jan. 1, July 4, Nov. 11, and Dec. 25. To calculate the premium or discount paid on a given day, ATTOM compared the median sales price for homes with a purchase closing on that day with the median automated valuation model (AVM) for those same homes at the time of sale. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

RentSpree Partners with Industry Leader SentriLock to Add Tech Capabilities for Rental Agents
LOS ANGELES, Oct. 4, 2022 -- RentSpree, the industry's premier end-to-end rental management software provider, announced its latest partnership with SentriLock, the official electronic lockbox provider of the National Association of REALTORS®. Integrating RentSpree's online standard rental application and screening platform with SentriLock's property access management functionality enables both companies to marry important elements in the often fragmented leasing process and helps to empower and support agents as a result. "We are very deliberate in the partnerships we form, aligning ourselves with best-in-class organizations that can truly help add value to the services we provide to our rental customers," said Lauren Martin, RentSpree Sales Director. "SentriLock is the top player in the space they serve, and our partnership will deliver to anyone in the rental process a much more seamless experience. We are truly excited about this collaboration." With a 20-year track record, SentriLock offers high-strength, corrosion-resistant steel locks with the highest security rating in the industry. Together with its SentriKey Showing Service®, the company is able to provide a complete showing management solution. "We are always looking to find meaningful partnerships with other proptech vendors that can positively impact the critical role that our almost half a million REALTOR® customers play in the home search process," said SentriLock CEO and Founder Scott Fisher. "There is a nice alignment between us and RentSpree from both a culture of innovation and superior product standpoint." RentSpree offers an all-in-one suite of tools, including background and credit checks, rent estimates, renters' insurance and rent payments. Its Agent Tools feature supports holistic rental management for agents, from advertising and nurturing leads to seamlessly diversifying their client portfolio, as well as supporting their rental clients' transition to homeownership in due time. "We continuously strive to provide agents and brokers with the best technology solutions in the industry," said Michael Lucarelli, CEO and Co-Founder of RentSpree. "By combining our company's superior suite of tools with those of other industry leaders such as SentriLock is only logical. In this way, we can cater to and empower smart rental agents with just a few clicks in the most effective way possible." About SentriLock SentriLock, LLC, founded in 2002, is one of the most trusted lockbox and showing service solution providers in the real estate industry, and is the Official Lockbox Solution of the National Association of REALTORS®. The company's products serve more than 400,000 REALTORS®, and have powered more than 10 million home sales. SentriLock's primary mission is to provide its members with amazing customer experiences, reliable member-focused technology solutions, and superior service and support. For more information visit www.sentrilock.com. About RentSpree Los Angeles-based RentSpree is a provider of award-winning rental software that helps seamlessly connect real estate agents, owners, and renters to simplify and automate the entire rental process, from listing to lease. The all-in-one platform is known across all 50 states for its easy and secure interface and suite of rental tools, including tenant screening, rent payments, marketing and renter management. To date, RentSpree has partnered with more than 250 of the most influential MLSs, real estate associations and brokerages to serve over one million users in the U.S. RentSpree is ranked 625th on Inc. 5000's fastest-growing private companies in 2022. Visit http://www.rentspree.com for more information.

Homeownership Still Unaffordable Across Most of U.S. But Declining Home Prices May Provide Relief for Homebuyers
Major Home-Ownership Costs Require 30 Percent of Average National Wage in Third Quarter of 2022; But Portion of Wages Needed for Home Ownership Dips as Home Prices Decrease Quarterly, to $340,000; Historic Affordability Remains Worse Than Average Almost Everywhere Across Nation IRVINE, Calif. - Sept. 29, 2022 -- ATTOM, a leading curator of real estate data nationwide for land and property data, today released its third-quarter 2022 U.S. Home Affordability Report showing that median-priced single-family homes and condos remain less affordable in the third quarter of 2022 compared to historical averages in 99 percent of counties across the nation with enough data to analyze. That continues to be far above the 69 percent of counties that were historically less affordable in the third quarter of 2021 and marked yet another high point reached during the country's 11-year housing market boom. However, the report also shows some potential relief for homebuyers as the portion of average wages nationwide required for median major home-ownership expenses has dipped slightly from 30.9 percent in the second quarter of the year to 30 percent in the third quarter. "Homeownership remains largely unaffordable for the majority of homebuyers in the majority of markets across the country," said Rick Sharga, executive vice president of market intelligence at ATTOM. "While home prices have declined a bit quarter-over-quarter, they're still higher than they were a year ago, and interest rates have essentially doubled. Many prospective homebuyers simply can't afford the home they hoped to buy, and in many cases no longer qualify for the mortgage they'd need." The third-quarter figure does remain above the 28 percent ceiling lenders generally like to see when issuing a mortgage. It also is well above the 23.4 percent level from a year ago. But the current decline in the portion of wages needed to afford the typical home nationwide marks the first quarterly improvement in almost two years and comes as the median national single-family home price has taken a rare third-quarter fall. The latest median value of $340,000 is down 3 percent from the second quarter of 2022 – the first Spring-to-Summer decline since 2008. The report determined affordability for average wage earners by calculating the amount of income needed to meet major monthly home ownership expenses — including mortgage, property taxes and insurance — on a median-priced single-family home, assuming a 20 percent down payment and a 28 percent maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics (see full methodology below). Compared to historical levels, median home prices in 574 of the 581 counties analyzed in the third quarter of 2022 are less affordable than in the past. The latest number is up from 568 of the same group of counties in the second quarter of 2022, 398 in the third quarter of 2021 and just 284, or less than half, two years ago. The increase has continued as the median national home price – despite dipping quarterly – is still up 10 percent over the past year, while average annual wages across the country have grown just 6 percent. Affording a home remains slightly out of reach but may begin to get easier for average workers amid a time if significant headwinds stall or even reverse a boom in prices that dates back to 2012. Some recent measures point to the market's ongoing strength: prices are still historically high, home-seller profits have surpassed 50 percent and homeowner equity keeps rising across the country. That has happened as homebuyers continue chasing an extremely small supply of properties for sale. Elevated demand has helped push the national median home price up over the past year faster than the pace of wage growth. But home sales are down as mortgage rates have steadily climbed this year from just above 3 percent to near 6 percent for a 30-year loan, driving up expenses for buyers. Higher interest rates, growing inflation, elevated fuel costs and a declining stock market all strain the finances of prospective homebuyers, and threaten to stall or reverse a nearly unrelenting rise in home values that began when the market started recovering in 2012 from Great Recession of the late 2000s. Amid those mixed trends, major home-ownership expenses on typical homes are still unaffordable to average local wage earners during the third quarter of 2022 in 400, or 69 percent, of the 581 counties in the report, based on the 28-percent guideline. Counties with the largest populations that are unaffordable in the third quarter are Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, CA (outside Los Angeles) and Kings County (Brooklyn), NY. Home prices still up at least 10 percent annually in slight majority of country but dip quarterly in close to half Median single-family home and condo prices in the third quarter of 2022 are up by at least 10 percent over the third quarter of 2021 in 302, or 52 percent, of the 581 counties included in the report. However, typical values have dropped from the second to the third quarter in 230, or 40 percent, of those counties, which has contributed to the nationwide decrease. Data was analyzed for counties with a population of at least 100,000 and at least 50 single-family home and condo sales in the third quarter of 2022. "Home price appreciation has slowed dramatically in most markets – and there are even price corrections in some areas – as home sales have declined significantly over the past few months," Sharga added. "But mortgage rates have risen more rapidly and dramatically than they have in several decades, and as a result a monthly mortgage payment today is 35-45 percent higher than a year ago, making affordability too much of a challenge for many would-be buyers." Among the 48 counties in the report with a population of at least 1 million, the biggest year-over-year gains in median sales prices during the third quarter of 2022 are in St. Louis County, MO (up 37 percent); Collin County (Plano), TX (up 25 percent); Hillsborough County (Tampa), FL (up 24 percent); Palm Beach County (West Palm Beach), FL (up 21 percent) and Tarrant County (Fort Worth), TX (up 19 percent). Counties with a population of at least 1 million where median prices have stayed the same or gone up the least, year-over-year, during the third quarter of 2022 are Philadelphia County, PA (no change); Honolulu County, HI (up 1 percent); Alameda County (Oakland), CA (up 1 percent); Contra Costa County, CA (outside Oakland) (up 2 percent) and Cook County (Chicago), IL (up 2 percent). Counties with a population of at least 1 million where median prices have dropped most from the second quarter of 2022 to the third quarter of 2022 are Alameda County (Oakland), CA (down 11 percent); Travis County (Austin), TX (down 9 percent); Santa Clara County (San Jose), CA (down 8 percent); Contra Costa County, CA (outside Oakland) (down 7 percent) and Fairfax County, VA (outside Washington, DC) (down 7 percent). Annual price gains still outpacing wage growth in more than 80 percent of markets Annual home-price appreciation has been greater than weekly annualized wage growth in the third quarter of 2022 in 488 of the 581 counties analyzed in the report (84 percent), with the largest including Los Angeles County, CA; Harris County (Houston), TX; Maricopa County (Phoenix), AZ; San Diego County, CA, and Orange County, CA (outside Los Angeles). Average annualized wage growth has surpassed home-price appreciation in the third quarter of 2022 in only 93 of the counties in the report (17 percent). The largest of those counties include Cook County, (Chicago), IL; King County (Seattle), WA; Santa Clara County (San Jose), CA; Alameda County (Oakland), CA, and Philadelphia County, PA. Share of wages needed for home ownership declining, but still exceeds 28 percent in two-thirds of the nation The portion of average local wages consumed by major ownership costs on median-priced, single-family homes has decreased from the second to the third quarter of 2022 in 45 percent of the 581 counties analyzed, helping to drop the level nationwide. But the amount needed remains more than 28 percent of average local wages in 400 of those (69 percent), assuming a 20 percent down payment. That is up from the 66 percent figure in the second quarter of 2022 for the same group of counties and from 43 percent in the third quarter of last year. Counties that require the largest percentage of wages are Kings County (Brooklyn), NY (106.1 percent of annualized weekly wages needed to buy a single-family home); Santa Cruz County, CA (98.9 percent); Marin County, CA (outside San Francisco) (96.1 percent); Napa County, CA (86.4 percent) and Monterey County, CA (84.5 percent). Aside from Kings County, NY, counties with a population of at least 1 million where major ownership expenses typically consume more than 28 percent of average local wages in the third quarter of 2022 include Orange County, CA (outside Los Angeles) (76 percent); Queens County, NY (73.8 percent); Nassau County, NY (outside New York City) (67.2 percent) and Alameda County (Oakland), CA (67.2 percent). Counties where the smallest portion of average local wages are required to afford the median-priced home during the third quarter of this year are Schuylkill County, PA (outside Allentown) (10.5 percent of annualized weekly wages needed to buy a home); Peoria County, IL (13.4 percent); Bibb County (Macon), GA (14 percent); Macon County (Decatur), IL (14.1 percent) and Rock Island County (Moline), IL (14.1 percent). Counties with a population of at least 1 million where major ownership expenses typically consume less than 28 percent of average local wages in the third quarter of 2022 include Wayne County, (Detroit), MI (15.4 percent); Philadelphia County, PA (18.3 percent); Cuyahoga County (Cleveland), OH (18.4 percent); Allegheny County (Pittsburgh), PA (21 percent) and Cook County (Chicago), IL (24.4 percent). Historic affordability inching upward but remains worse than historic averages in nearly all counties Among the 581 counties analyzed in the report, 574 (99 percent) are less affordable in the third quarter of 2022 than their historic affordability averages. That is virtually the same as the 98 percent level in the second quarter of 2022, but up from 69 percent a year ago. Despite that, historic indexes have improved quarterly in 45 percent of those counties, helping to boost the nationwide index for the first time since late 2020. Counties with a population of at least 1 million that are less affordable than their historic averages (indexes of less than 100 are considered less affordable compared to historic averages) include Wayne County (Detroit), MI (index of 60); Hillsborough County (Tampa), FL (60); Tarrant County (Fort Worth), TX (61); Maricopa County (Phoenix), AZ (61) and Collin County (Plano), TX (61). Counties with the worst affordability indexes in the third quarter of 2022 are Clayton County, GA (outside Atlanta) (index of 47); Newton County, GA (outside Atlanta) (49); Rutherford County, TN (outside Nashville) (49); Canyon County, ID (outside Boise) (51) and Muskegon County, MI (outside Grand Rapids) (52). Among counties with a population of at least 1 million, those where the affordability indexes have improved most from the second quarter of 2022 to the third quarter of 2022 are Alameda County (Oakland), CA (index up 12 percent); Travis County (Austin), TX (up 11 percent); Santa Clara County (San Jose), CA (up 8 percent); Contra Costa County, CA (outside Oakland) (up 8 percent) and Fairfax County, VA (outside Washington, DC) (up 8 percent). Only 1 percent of markets are more affordable than historic averages Among the 581 counties in the report, only seven (1 percent) are more affordable than their historic averages in the third quarter of 2022. That is down from 31 percent a year ago and 51 percent in the third quarter of 2020. The only county with a population of at least 1 million that is more affordable than historic averages (indexes of more than 100 are considered more affordable compared to historic averages) is New York County (Manhattan), NY (index of 105). Counties with the best affordability indexes in the third quarter of 2022 include San Francisco County, CA (index of 125); Macon County (Decatur), IL (122); Peoria County, IL (111); Schuylkill County, PA (outside Allentown) (108) and San Mateo County, CA (outside San Francisco) (106). Report Methodology The ATTOM U.S. Home Affordability Index analyzed median home prices derived from publicly recorded sales deed data collected by ATTOM and average wage data from the U.S. Bureau of Labor Statistics in 581 U.S. counties with a combined population of 257.8 million during the third quarter of 2022. The affordability index is based on the percentage of average wages needed to pay for major expenses on a median-priced home with a 30-year fixed-rate mortgage and a 20 percent down payment. Those expenses include property taxes, home insurance, mortgage payments and mortgage insurance. Average 30-year fixed interest rates from the Freddie Mac Primary Mortgage Market Survey were used to calculate monthly house payments. The report determined affordability for average wage earners by calculating the amount of income needed for major home ownership expenses on a median-priced home, assuming a loan of 80 percent of the purchase price and a 28 percent maximum "front-end" debt-to-income ratio. For example, the nationwide median home price of $340,000 in the third quarter of 2022 requires an annual wage of $73,716. That is based on a $68,000 down payment, a $272,000 loan and monthly expenses not exceeding the 28 percent barrier — meaning households would not be spending more than 28 percent of their wages on mortgage payments, property taxes and insurance. That required income is more than the $68,692 average wage nationwide based on the most recent average weekly wage data available from the Bureau of Labor Statistics, making a median-priced home nationwide unaffordable for average workers. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

ShowingTime+ brings together leading industry software tools in a single, streamlined brand
The ShowingTime+ suite of services -- which includes ShowingTime, dotloop, Bridge Interactive, and 3D Home tours and interactive floor plans -- is available to all agents, brokers and MLSs SEATTLE, Sept. 26, 2022 -- Zillow Group presents ShowingTime+, a new, unified brand to integrate and simplify the company's best-in-class technology offerings for agents, brokers and multiple listing services (MLSs). The expanded software suite includes all existing products and services from ShowingTime, dotloop, Bridge Interactive, and 3D Home tours and interactive floor plans. The ShowingTime+ suite of services — which includes ShowingTime, dotloop, Bridge Interactive, and 3D Home tours and interactive floor plans — is available to all agents, brokers and MLSs. "'Plus,' very simply, means 'more'," said Jun Choo, senior vice president of ShowingTime+. "The extended ShowingTime+ brand reflects the breadth of our offerings and the opportunity we have to continue building tools that help agents succeed." Today, the average agent uses more than 12 unique software products1 to shepherd clients from home shopping and listing to closing. This creates duplicative work and fractured systems, preventing agents from dedicating more time to their clients. "Ultimately, our goal is to reduce transaction friction for everyone by offering an integrated, open platform for real estate professionals to run their business. Nearly 90% of home shoppers and sellers work with an agent, and at ShowingTime+, we want to help agents bring them home," said Choo. ShowingTime, dotloop and Bridge Interactive will continue to offer the same high level of support and service they have provided independently for decades. ShowingTime+ will keep innovating and building solutions that help agents and brokers deliver top-notch client experiences and grow their brands and businesses. In offering tools to the entire industry, ShowingTime+ aims to build a new software ecosystem in which agents and their clients can thrive together. About ShowingTime+ ShowingTime+ is modernizing real estate for the benefit of all agents, brokers and multiple listing services (MLSs). A brand of Zillow Group, Inc., ShowingTime+ provides products and services to help real estate professionals streamline their businesses and deliver elevated experiences to their customers. The ShowingTime+ technology suite includes ShowingTime, dotloop, Bridge Interactive, and 3D Home tours and interactive floor plans. ShowingTime+ products are used by hundreds of MLSs representing more than 1 million real estate professionals across the U.S. and Canada. About Zillow Group Zillow Group, Inc. (NASDAQ: Z) and (NASDAQ: ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Zillow Homes, Inc., Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

Existing-Home Sales Slipped 0.4% in August
WASHINGTON (September 21, 2022) -- Existing-home sales experienced a slight dip in August, marking the seventh consecutive month of declines, according to the National Association of REALTORS®. Month-over-month sales varied across the four major U.S. regions as two regions recorded increases, one was unchanged and the other posted a drop. On a year-over-year basis, however, sales fell in all regions. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, notched a minor contraction of 0.4% from July to a seasonally adjusted annual rate of 4.80 million in August. Year-over-year, sales faded by 19.9% (5.99 million in August 2021). "The housing sector is the most sensitive to and experiences the most immediate impacts from the Federal Reserve's interest rate policy changes," said NAR Chief Economist Lawrence Yun. "The softness in home sales reflects this year's escalating mortgage rates. Nonetheless, homeowners are doing well with near nonexistent distressed property sales and home prices still higher than a year ago." Total housing inventory registered at the end of August was 1,280,000 units, a decrease of 1.5% from July and unchanged from the previous year. Unsold inventory sits at a 3.2-month supply at the current sales pace – identical to July and up from 2.6 months in August 2021. "Inventory will remain tight in the coming months and even for the next couple of years," Yun added. "Some homeowners are unwilling to trade up or trade down after locking in historically-low mortgage rates in recent years, increasing the need for more new-home construction to boost supply." The median existing-home price for all housing types in August was $389,500, a 7.7% jump from August 2021 ($361,500), as prices ascended in all regions. This marks 126 consecutive months of year-over-year increases, the longest-running streak on record. However, it was the second month in a row that the median sales price retracted after reaching a record high of $413,800 in June, the usual seasonal trend of prices declining after peaking in the early summer. Properties typically remained on the market for 16 days in August, up from 14 days in July and down from 17 days in August 2021. Eighty-one percent of homes sold in August 2022 were on the market for less than a month. First-time buyers were responsible for 29% of sales in August, consistent with July 2022 and August 2021. NAR's 2021 Profile of Home Buyers and Sellers – released in late 2021 – reported that the annual share of first-time buyers was 34%. All-cash sales accounted for 24% of transactions in August, the same share as in July, but up from 22% in August 2021. Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in August, up from 14% in July and 15% in August 2021. Distressed sales – foreclosures and short sales – represented approximately 1% of sales in August, essentially unchanged from July 2022 and August 2021. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 5.22% in August, down from 5.41% in July. The average commitment rate across all of 2021 was 2.96%. Realtor.com®'s Market Trends Report in August shows that the largest year-over-year median list price growth occurred in Miami (+33.4%), Memphis (+25.8%) and Milwaukee (+25.0%). Phoenix reported the highest increase in the share of homes that had their prices reduced compared to last year (+30.9 percentage points), followed by Austin (+24.8 percentage points) and Las Vegas (+24.4 percentage points). Single-family and Condo/Co-op Sales Single-family home sales decreased to a seasonally adjusted annual rate of 4.28 million in August, down 0.9% from 4.32 million in July and down 19.2% from the previous year. The median existing single-family home price was $396,300 in August, up 7.6% from August 2021. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 520,000 units in August, up 4.0% from July and down 24.6% from one year ago. The median existing condo price was $333,700 in August, an annual increase of 7.8%. "In a sense, we're seeing a return to normalcy with the homebuying process as it relates to home inspections and appraisal contingencies, as those crazy bidding wars have essentially stopped," said NAR President Leslie Rouda Smith, a REALTOR® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "In an ever-changing market, REALTORS® help consumers successfully manage the complexities of buying or selling homes." Regional Breakdown Existing-home sales in the Northeast grew 1.6% from July to an annual rate of 630,000 in August, down 13.7% from August 2021. The median price in the Northeast was $413,200, an increase of 1.5% from the previous year. Existing-home sales in the Midwest fell 3.3% from the prior month to an annual rate of 1,160,000 in August, retreating 15.9% from August 2021. The median price in the Midwest was $287,900, up 6.6% from the previous year. At an annual rate of 2,130,000 in August, existing-home sales in the South were identical to July but down 19.3% from one year ago. The median price in the South was $356,000, an increase of 12.4% from August 2021. Existing-home sales in the West expanded 1.1% compared to last month to an annual rate of 880,000 in August, down 29.0% from this time last year. The median price in the West was $602,900, a 7.1% increase from August 2021. The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.

California, New Jersey and Illinois Again Dominate List of Vulnerable Housing Markets
Chicago and New York City Areas Remain Most Exposed to Potential Downturns in Second Quarter of 2022; Other More-At-Risk Markets Scattered Around Nation; South Region Continues to be Less Vulnerable IRVINE, Calif. - Sept. 15, 2022 -- ATTOM, a leading curator of real estate data nationwide for land and property data, today released a Special Housing Risk Report spotlighting county-level housing markets around the United States that are more or less vulnerable to declines, based on home affordability, unemployment and other measures in the second quarter of 2022. The report shows that New Jersey, Illinois and inland California continued to have the highest concentrations of the most-at-risk markets in the second quarter – with the biggest clusters in the New York City and Chicago areas. Southern and midwestern states remained less exposed. The second-quarter patterns – based on gaps in home affordability, underwater mortgages, foreclosures and unemployment – revealed that New Jersey, Illinois and California had 33 of the 50 counties most vulnerable to potential declines. The 50 most at-risk included nine in and around New York City, six in the Chicago metropolitan area, and 13 spread through northern, central and southern California. The rest of the top 50 counties were scattered across the U.S., including three in the Philadelphia, PA, metro area. At the other end of the risk spectrum, the South and Midwest had the highest concentration of markets considered least vulnerable to falling housing markets. "The Federal Reserve has promised to be as aggressive as it needs to be in order to get inflation under control, even if its actions lead to a recession," said Rick Sharga, executive vice president of market intelligence at ATTOM. "Given how little progress has been made reducing inflation so far, the Fed's actions seem more and more likely to drive the economy into a recession, and some housing markets are going to be more vulnerable than others if that happens." Counties were considered more or less at risk based on the percentage of homes facing possible foreclosure, the portion with mortgage balances that exceeded estimated property values, the percentage of average local wages required to pay for major home ownership expenses on median-priced single-family homes, and local unemployment rates. The conclusions were drawn from an analysis of the most recent home affordability, equity and foreclosure reports prepared by ATTOM. Unemployment rates came from federal government data. Rankings were based on a combination of those four categories in 575 counties around the United States with sufficient data to analyze in the second quarter of 2022. Counties were ranked in each category, from lowest to highest, with the overall conclusion based on a combination of the four ranks. See below for the full methodology. The ongoing wide disparities in risks throughout the country comes during a time when the U.S. housing market faces headwinds that threaten to slow down or end an 11-year surge in home prices. Sales of both existing and new homes have declined as mortgage rates have almost doubled to 6 percent over the past year, and inflation remains near a 40-year high. However the most recent risk gaps do not suggest an imminent fall in housing markets anywhere in the nation. Home prices have risen more than 10 percent in most of the country over the past year, with new highs hit in the vast majority of metropolitan-area markets. That has kept homeowner equity and home-seller profits rising. Those numbers have continued to improve as demand, buoyed by increasing household formation by young adults and rising wages has continued to outpace an historically tight supply of properties for sale. Amid that mixed scenario, home affordability is worsening, lender foreclosures on delinquent mortgages are up and the number of home sales is slowing, with local housing markets heading into that uncertain future facing significant differences in risk measures. Most-vulnerable counties clustered in the Chicago, New York City and Philadelphia areas, along with sections of California Thirty-one of the 50 U.S. counties considered most vulnerable in the second quarter of 2022 to housing market troubles (from among 575 counties with enough data to be included in the report) were in the metropolitan areas around Chicago, IL; New York, NY; and Philadelphia, PA, as well as in California. California markets on the list were mostly inland, away from the coast. The top 50 counties included two in New York City (Kings and Richmond counties, which cover Brooklyn and Staten Island), seven in the New York City suburbs (Bergen, Essex, Ocean, Passaic, Sussex and Union counties in New Jersey and Rockland County in New York) and six in the Chicago metropolitan area (Cook, Kane, Kendall, McHenry and Will counties in Illinois and Lake County, IN). The three in the Philadelphia, PA, metro area that were among the top 50 most at-risk in the second quarter were Philadelphia County, along with Camden and Gloucester counties in New Jersey. Elsewhere, California had 13 counties in the top 50 list: Butte County (Chico), Humboldt County (Eureka), Shasta County (Redding) and Solano County (outside Sacramento) in the northern part of the state; Fresno County, Kings County (outside Fresno), Madera County (outside Fresno), Merced County (outside Modesto), San Joaquin County (Stockton) and Tulare County (outside Fresno) in central California, and Kern County (Bakersfield), Riverside County and San Bernardino County in the southern part of the state. Counties most at-risk continue to have higher levels of unaffordable housing, underwater mortgages, foreclosures and unemployment Major home ownership costs (mortgage payments, property taxes and insurance) on median-priced single-family homes consumed more than one-third of average local wages in 35 of the 50 counties that were most vulnerable to market problems in the second quarter of 2022. The highest percentages in those markets were in Kings County (Brooklyn), NY (102.9 percent of average local wages needed for major ownership costs); Riverside County, CA (67.6 percent); Rockland County, NY (outside New York City) (66.2 percent); Richmond County (Staten Island), NY (61.8 percent) and San Joaquin County (Stockton), CA (58.7 percent). Nationwide, major expenses on typical homes sold in the second quarter required 31.5 percent of average local wages. At least 7 percent of residential mortgages were underwater in the second quarter of 2022 in 23 of the 50 most at-risk counties. Nationwide, 5.9 percent of mortgages fell into that category. Those with the highest underwater rates among the 50 most at-risk counties were Rockland County, NY (outside New York City) (19.2 percent of mortgages were underwater); Lake County, IN (outside Chicago, IL) (18.9 percent); Peoria County, IL (17.6 percent); Philadelphia County, PA (16.1 percent) and Saint Clair County, IL (outside St. Louis, MO) (16.1 percent). More than one in 1,000 residential properties faced a foreclosure action in the second quarter of 2022 in 40 of the 50 most at-risk counties. Nationwide, one in 1,559 homes were in that position. Foreclosure actions have risen since the expiration last July of a federal moratorium on lenders taking back properties from homeowners who fell behind on their mortgages during the early part of the Coronavirus pandemic that hit in 2020. They are expected to continue increasing over the coming year. The highest rates in the top 50 counties were in Cuyahoga County (Cleveland), OH (one in 365 residential properties facing possible foreclosure; Cumberland County, NJ (outside Philadelphia, PA) (one in 373); Warren County, NJ (outside Allentown, PA) (one in 455); Camden County, NJ (outside Philadelphia, PA) (one in 462) and Saint Clair County, IL (outside St. Louis, MO) (one in 470). The June 2022 unemployment rate was at least 7 percent in 35 of the 50 most at-risk counties, while the nationwide figure stood at 3.5 percent. The highest levels among the top 50 counties were in Tulare County, CA (outside Fresno) (11.7 percent); Merced County, CA (outside Modesto) (11.5 percent); Kern County (Bakersfield), CA (11.3 percent); Kings County, CA (outside Fresno) (10.9 percent) and Kings County (Brooklyn), NY (10.8 percent). Counties less at-risk concentrated in South and Midwest Twenty-five of the 50 counties least vulnerable to housing-market problems from among the 575 included in the second-quarter report were in the South, while another 14 were in the Midwest. Just five were in the West and six in the Northeast. Tennessee had six of the 50 least at-risk counties, including three in the Nashville metropolitan area (Davidson, Rutherford and Williamson counties), while Wisconsin had five – Brown County (Green Bay), Dane County (Madison), Eau Claire County, La Crosse County and Winnebago County (Oshkosh). Another four were in Arkansas: Benton County (Rogers), Craighead County (Jonesboro), Sebastian County (Fort Smith) and Washington County (Fayetteville). Counties with a population of at least 500,000 that were among the 50 least at-risk included King County (Seattle), WA; Travis County (Austin), TX; Salt Lake County (Salt Lake City), UT; Wake County (Raleigh), NC, and Cobb County (Marietta), GA. Least-vulnerable counties have more-affordable homes along with lower levels of underwater mortgages, foreclosure activity and unemployment Major home ownership costs (mortgage payments, property taxes and insurance) on median-priced single-family homes consumed more than one-third of average local wages in just 24 of the 50 counties that were least vulnerable to market problems in the second quarter of 2022. The lowest percentages in those markets were in Sebastian County (Fort Smith), AR (16.5 percent of average local wages needed for major ownership costs); Potter County (Amarillo), TX (16.5 percent); Sullivan County (Kingsport), TN (21.5 percent); Winnebago County (Oshkosh), WI (22.8 percent) and Craighead County (Jonesboro), AR (23.3 percent). Less than 5 percent of residential mortgages were underwater in the second quarter of 2022 (with owners owing more than their properties are worth) in 30 of the 50 least-at-risk counties. Those with the lowest rates among those counties were Chittenden County (Burlington), VT (1.3 percent of mortgages were underwater); Williamson County, TX (outside Austin) (1.4 percent); Williamson County, TN (outside Nashville) (1.5 percent); Travis County (Austin), TX (1.8 percent) and Wake County (Raleigh), NC (1.9 percent). More than one in 1,000 residential properties faced a foreclosure action during the second quarter of 2022 in none of the 50 least at-risk counties. Those with the lowest rates in those counties were Fayette County (Lexington), KY (one in 48,714 residential properties facing possible foreclosure); Chittenden County (Burlington), VT (one in 36,543); Missoula County, MT (one in 27,271); Johnson County (Overland Park), KS (one in 20,973) and Williamson County, TN (outside Nashville) (one in 15,189). The June 2022 unemployment rate was more than 5 percent in just two of the 50 least-at-risk counties. The lowest rates among the top 50 counties were in Cache County (Logan), UT (2.4 percent); Sarpy County, NE (outside Omaha) (2.8 percent); Hamilton County, IN (outside Indianapolis) (2.8 percent); Shelby County, AL (outside Birmingham) (2.8 percent) and Forsyth County, GA (outside Atlanta) (2.9 percent). Report methodology The ATTOM Special Coronavirus Market Impact Report is based on ATTOM's second-quarter 2022 residential foreclosure, home affordability and underwater property reports, plus June 2022 unemployment figures from the U.S. Bureau of Labor Statistics. (Press releases for affordability, foreclosure and underwater-property reports show the methodology for each.) Counties with sufficient data to analyze were ranked based on the second-quarter percentage of residential properties with a foreclosure filing, the percentage of average local wages needed to afford the major expenses of owning a median-priced home and the percentage of properties with outstanding mortgage balances that exceeded their estimated market values, along with June 2022 county unemployment rates. Ranks then were added up to develop a composite ranking across all three categories. Equal weight was given to each category. Counties with the lowest composite rank were considered most vulnerable to housing market problems. Those with the highest composite rank were considered least vulnerable. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

The Best Time to Buy a Home is the Week of Sept. 25, According to Realtor.com
Despite rising interest rates, fall is the best season to buy for hopeful homebuyers when it comes to home prices, competition and inventory. SANTA CLARA, Calif., Sept. 14, 2022 -- As children return to school and the weather begins to cool, the off-season is offering up opportunities for hopeful homebuyers. Realtor.com analyzed the numbers in its fourth annual Best Time to Buy Report and found the best time to buy a home across the nation is the week of Sept. 25 to Oct. 1. This early-fall period will offer buyers a host of favorable factors, including more housing listings, less competition, and lower prices. Those who buy during this week can expect: More than 6% of homes with reduced prices Savings of more than $20,000, on average, relative to the summer's peak price of $450,000 Approximately 46% more homes to choose from vs. the average week to date Extra time to make buying decisions, with homes expected to stay on the market 15 days longer than during the summer's peak Less competition, as demand during the best week to buy is historically 26.9% lower than the yearly peak week and 8.5% lower than the average week "After several years of an overheated housing market, higher mortgage rates are helping usher in more regular seasonal trends, which have pros and cons for home shoppers," said Danielle Hale, chief economist, Realtor.com®. "If you're flexible on your timing and can budget for higher rates, early fall can be a great time to secure a home, with a number of factors aligning to make it the best time of the year both in terms of price and competition. This is especially true for first-time buyers and others who are not trying to sell a home at the same time as their purchase." Since 2018, Realtor.com® has analyzed home prices, inventory, listing views, and time on market, indicators that tend to follow regular seasonal patterns, to determine the best time to buy. Historically, the early fall has provided an ideal mix of market conditions, including substantial inventory, waning competition, below-peak prices, and a slowing purchase pace. The benefits of buying during the "best week" include: Reduced prices: Historically, an average of 5.2% of homes have price reductions during this period. As the market begins to stabilize after a frenzied couple of years, more than 6% of homes may have reduced prices during the best week in 2022. Nationally, this could translate into roughly 48,000 homes available at a decreased cost. More listings: Although active listing inventory isn't back to pre-pandemic levels, it has increased year over year and year to date. There could be 780,000 listings during the best week, 46% more than this year's average to date. Less competition: Fierce home buying competition has softened as mortgage rates rise. Historically, demand (as measured by views per property on Realtor.com®) during the best week to buy has been 26.9% lower than its July peak and 8.5% lower than the average week of the year. More time to decide: Homes will stay on the market longer, giving buyers some breathing room to make purchase decisions. During the best time to buy, a typical home is expected to remain on the market for two weeks more than during peak market pace in May and one week more than the average time spent on the market to date. Methodology: Realtor.com analyzed six supply and demand metrics at a national and metropolitan level that follow seasonal patterns, using data for 2018-2021 period (2020 data was omitted due to anomalies caused by the pandemic). The metrics analyzed include: 1) listing prices, 2) inventory levels, 3) new "fresh" listings, 4) time on market, 5) homebuyer demand (realtor.com views per property) and 6) price reductions. Interest rates, which do not follow seasonal patterns, were not included. To account for 2022 market conditions, estimates reflect typical seasonal patterns layered on top of the most recent 2022 weekly data. Each week of the year was scored from 0 to 100 based on the number of active listings. A given week scored highly if it had more listings compared to other weeks of the year. The other metrics were scored in the same way, such that each week had six different scores for active listings, new listings, listing prices, days on market, price reductions and views per property. (In the case of prices, lower prices score higher. Same with views per property). Each week was then ranked by the average of those scores. The week with the highest composite score was considered the best time to buy. This week represents a balanced view of market conditions favorable for buyers. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.

National Association of Realtors Announces Partnership With PunchListUSA
CHICAGO (September 8, 2022) -- The National Association of Realtors today announced PunchListUSA as its preferred home repair estimates and services partner. Under this agreement, NAR members will gain free access to PunchListUSA's online repair estimates, which can be obtained simply by uploading a home inspection PDF through the NAR REALTOR Benefits® website. Realtors® in PunchListUSA's service areas can also receive 5% off the company's turnkey repair and renovation services. "Our members rely on us to provide streamlined solutions that enable buyers and sellers to easily meet their real estate goals," said Rhonny Barragan, NAR vice president of strategic alliances. "PunchListUSA's tech-powered repair pricing and service solution is uniquely equipped to solve the challenges facing today's homeowners and Realtors®. We are proud to partner with them to bring these groundbreaking solutions to our members." PunchListUSA will provide NAR members with free, next-day online repair estimates to help their clients clearly understand and budget for repair needs diagnosed during home inspections. For members in the firm's 14 service areas, PunchListUSA will provide a 5% discount on repair and renovation services any time before, during or after the home sale. PunchListUSA achieved notable success as a member of the 2020 REACH cohort, a unique technology scale-up program managed by Second Century Ventures, NAR's strategic investment arm. "Realtors® are vital to homeowner success," said Min Alexander, PunchListUSA co-founder and chief executive officer. "Now, through this strategic partnership, 1.5 million Realtors® nationwide will be able to provide their clients with time-saving, accurate repair cost estimates and, in the markets we serve, turnkey repair and renovation services to maximize their home's value – a giant step toward making homeownership more accessible for all." To get a free estimate, members can visit punchlistusa.com/NAR, create a profile and upload the home inspection report PDF. If located in a PunchListUSA service area, members can easily book repair and renovation projects right from their estimate. All repairs and renovations services are backed by PunchListUSA's one-year warranty. About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. About PunchListUSA PunchListUSA is the first online real estate platform digitizing national home inspection data to create instant repair estimates and online service orders for homeowners, brokers, and institutional investors. The platform is powered by proprietary technology and property data to deliver home repair, renovation and lifecycle services at scale through innovative products, process automation and direct integration with industry partners. Exclusive inspection data access will power end-to-end home lifecycle services and product offerings to homeowners through the PunchListUSA marketplace in its next phase of growth. PunchListUSA is based in Charleston, South Carolina with operations in 14 major U.S. cities. Investors include Sweetwater Private Equity, Morpheus Ventures, Home Depot Ventures, Second Century Ventures, Palm Drive Capital, the Bielsky Family Office, IDEA Fund Partners, Meeting Street Capital, Solo Capital Management, VentureSouth, and a significant real estate operator and investor. For further information, please visit www.punchlistusa.com and PunchListUSA on LinkedIn. About NAR REALTOR Benefits® NAR REALTOR Benefits® is the association's official member benefits program, connecting members with savings and unique offers on products and services just for Realtors® from more than 30 companies recognized as leaders in their respective industries.

Own Up and Realtor.com Join Forces to Streamline the Home Buying Process
Relationship designed to increase consumer confidence throughout the homebuying journey BOSTON, Aug. 31, 2022 -- Own Up, a digital mortgage shopping service, today announced a commercial relationship with Realtor.com, a real estate marketplace operated by News Corp's subsidiary, Move, Inc. Own Up and Realtor.com are mission-aligned companies, both aiming to improve the home buying process for Americans looking to close on their dream homes. Alongside this new collaboration, Own Up closed a $25M round of funding, led by Brand Foundry Ventures. Realtor.com is among the investors participating in the funding round, which also saw return participation from past investors, Link Ventures and Listen Ventures. The injection of capital will allow Own Up to continue to build out its innovative technology platform, expand its novel shopping experience and product offerings, and invest in the Company's people and culture. Own Up and Realtor.com's relationship will give users direct access to Own Up's mortgage shopping service, including personalized loan offers from its exclusive lender marketplace and real-time advice from the industry's only mortgage shopping concierge. The integration with Realtor.com will allow homebuyers to gather detailed information about their home financing options as they search listings and find real estate agents. The housing market has been increasingly challenging for buyers over the past 12 months, with low inventory, rising prices, higher mortgage interest rates, and high-stakes bidding wars. That has caused heightened stress and anxiety for hopeful buyers, an issue Own Up and Realtor.com hope to work together to address. "From day one, our singular goal was to be a champion for the consumer and bring greater transparency to the home buying process. As the mortgage industry continues to see changes at a rapid clip, it's crucial that consumers are armed with the right information to make the best financial decisions," said Patrick Boyaggi, CEO and co-founder of Own Up. "Realtor.com plays an essential role in the home search process for so many Americans and now we'll be able to provide mortgage education and tools to comparison shop, boosting buyer confidence as they move through the process." "Own Up's team brings deep mortgage expertise to the Realtor.com online experience," said Realtor.com CFO Bryan Charap. "This relationship is a natural fit; together we're able to expand upon our shared goal of helping Americans find and close on their dream homes." "The housing market is at an inflection point, marked by a lack of inventory and a historic rise in interest rates, and Own Up is uniquely positioned to help consumers navigate one of the most tumultuous components," said Brian Spaly, General Partner at Brand Foundry Ventures. "This next phase of growth will further cement Own Up's position as the mortgage shopping experts, ensuring no borrower overpays on their mortgage. At this time of inflation and a pending recession, cost-savings has never been more important." For more information on Own Up's mortgage marketplace, visit www.ownup.com. About Own Up Founded in 2016, Own Up is changing the way Americans shop for and secure mortgages, injecting transparency into an opaque process and empowering consumers to make smart financial decisions with the help of intelligent technology and real human advisors. NMLS #: 1450805. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp subsidiary Move, Inc. For more information, visit Realtor.com. About Brand Foundry Ventures Brand Foundry Ventures (BFV) is an early-stage venture capital firm investing in the next generation of companies that are essential to today's consumer.

'Shrinkflation' hits $1 million homes, down 397 square feet since 2020
Market share of $1 million-plus homes more than doubled during the pandemic SEATTLE, Aug. 30, 2022 -- Sales of homes costing $1 million more than doubled over the past three years, but as with many products in the grocery store, buyers are getting less than they used to, according to a new analysis by Zillow. Million-dollar homes are getting smaller. Homes that sold at or near $1 million contracted nearly 500 square feet, from a peak of 3,021 in the middle of 2020 to a valley of 2,530 in early 2022, according to floor plan data for Zillow listings. Home size bounced back before July and is now 2,624 square feet, down 397 square feet from the 2020 peak. "Buyers with seven-figure budgets shopping for homes during the pandemic were doing so coming off the longest period of economic growth in U.S. history and with the help of historically low interest rates," said Anushna Prakash, economic data analyst at Zillow. "Sales for expensive homes soared while buyers in the heat of competition accepted smaller layouts." The typical home in the $1 million range shrank in nearly every major metropolitan area. The largest declines are found in Phoenix — down 1,116 square feet from 2019 to 2022 — and Nashville, where these homes lost 1,019 square feet. Floor plans grew in just two major metros: by a closet in Minneapolis (36 square feet), and by at least a room and a half in St. Louis (406). The size of a $1 million home dropped in nearly every major metropolitan area Overall home sales were elevated during the pandemic, but have slowed in recent months as affordability challenges have pushed many buyers to the sidelines. The recent move of the market toward rebalancing has shifted competition away from mid- and high-tier properties, and back to the most affordable homes. Sales for homes priced at $1 million or more rose from 43,421 in the second quarter of 2019 to 90,110 in 2022, a new record volume. These once-rare digs also constitute a much greater portion of the total market. As home values skyrocketed across the country, the share of single-family homes that sold for $1 million or more has more than doubled, moving from 2.7% in 2019 to 2.5% in 2020 to 6.4% now. Portland led major metros in sales volume increase: The number of $1 million-plus sales soared by 253% since mid-2019. Austin, where home values are up 71% since mid-2019, saw sales jump by 220%. The only metro that witnessed a decline in the volume of transactions with a $1 million-plus price tag was Boston, where the share fell by 32%. Boston and other major East Coast metros had relatively low appreciation over the past three years compared to other regions. Portland, Austin and Riverside are where sales of $1 million-plus homes have risen the most since 2019. Sales rose the least in San Jose and San Francisco, and fell in Boston. One million dollars in San Jose will buy just three bedrooms, two bathrooms and just shy of 1,400 square feet of living space — about $715 per square foot, the highest amount among major metros. For context, a typical single-family home in San Jose was valued at over $1.5 million in July. Far from an exclusive membership, homes costing $1 million or more are the norm in the San Jose area, comprising 72% of the country's most expensive market. Those looking for the most bang for their million bucks should head to Hartford, Connecticut, then to the Midwest. Among the 50 major metros included in the study, Hartford has the lowest price per square foot at $205, followed closely by Indianapolis, Oklahoma City, Kansas City and Cincinnati. Though options in that range are limited in these areas, it's hard to deny the opulence afforded by the expense, with square footage upward of 4,500. *Table ordered by market size Methodology One million-dollar homes are defined as single-family homes that sold for between $950,000 and $1,050,000. Condominiums are excluded to better control for composition of homes across markets. One million-dollar-plus homes are defined as single-family homes that sold for $1,000,000 or more. Additionally, metropolitan areas that had fewer than 30 sales of $1 million homes in a quarter are excluded from the analysis, due to limited observations from which to draw trends. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).