Renting Beats Buying in All but Three of the Largest U.S. Metros
Buying a starter home in the top 50 metros cost $1,111 (60.3%) more than renting in August, as median U.S. rents see fourth consecutive month of year-over-year declines SANTA CLARA, Calif., Sept. 21, 2023 -- The elevated mortgage rates, steep home prices and declining rent costs familiar in today's housing market have made it less costly to rent than to buy a starter home in all but three of the largest metros in the U.S., according to the Realtor.com® Monthly Rental Report released today. In August 2023, the cost of buying a starter home in the top 50 metros was $1,111 (60.3%) higher than renting in those markets on average. "Rents have registered steady declines for the past four months and, while they remain well above pre-pandemic levels, when you factor in the impact of record-high mortgage rates and high home prices, it's understandable that many would-be homebuyers are choosing to remain on the sidelines," said Danielle Hale, Chief Economist at Realtor.com®. "The downward trend in rental prices reduces the sense of urgency, giving renters more time to save for a home. In the period ahead as rents soften, we expect more households will remain renters for longer." August 2023 Rental Metrics – National Nationally, rents drop for fourth straight month, while homebuying costs increase Median rents for 0-2 bedroom units declined consistently year-over-year for the past four months which, when combined with mortgage rates hovering above 7% and a low enough supply to drive prices up despite subdued demand, tipped the scales further in favor of renting. In August, homeownership costs exceeded renters' monthly costs by nearly $300 compared with the start of the year. August marked the fourth month of year-over-year rent declines in a row for 0-2 bedroom properties, which overall are down -0.6% year-over-year. Rents dropped -0.7% for 2-bedrooms, -0.5% for 1-bedrooms, and -0.2% for studios. Specifically, the median asking rent in the 50 largest metros dipped to $1,752, down $7 from last month and down $25 from the peak in July 2022. However, median rents remain $336 (23.7%) higher than the same time in 2019, prior to the pandemic. In the majority of the largest U.S. metros, though, renting a starter home remains more affordable than buying one. During the past 12 months, with an average 30-year fixed mortgage rate jumping from 5.22% to 7.07%, the cost to buy a starter home in markets that favor renting climbed at an average rate of 21.4%, increasing from $2,500 to $2,959. Renting beats buying in nearly all major metros, and the advantage is increasing In August, renting was more affordable than buying a starter home in 47 of the 50 largest metros, up from 45 during the same time last year. Declining rents and the increasing costs of buying a home contributed to the jump in savings from renting. While skyrocketing mortgage rates pushed up the cost of taking on a mortgage, climbing home prices expanded the base of mortgages as well, making buying even less affordable compared to renting. The advantage of renting continues to grow in all rent-favoring markets. In the top 10 metros that favor renting over buying, most of which have a higher concentration of tech workers and high earners, both the average cost to rent and to buy are higher than the national average. Austin, Texas topped the list of markets that favor renting, where the monthly cost of buying a starter home was $3,946 – 136.3% more than the monthly rent – for a monthly savings of $2,276. Meanwhile, Baltimore and St. Louis flipped from buy-favoring to rent-favoring markets during the past 12 months. In August 2023, the monthly savings in rent-favoring markets were $483 higher compared to the prior year. The median asking rent declined -0.5% year-over-year in rent-favoring markets, a trend significantly different from 12 months ago. In these markets, the monthly cost of buying a starter home in August 2023 was $2,959, which is $1,183 or an average of 64.3% higher than the cost of renting. Comparatively, in August 2022 buying a starter home in rent-favoring markets cost an additional $700 (36.2%) more than renting. San Jose saw the most substantial surge in savings when comparing renting and buying. In August 2023, renting a starter home in San Jose yielded monthly savings of $3,214, a significant increase from the $1,964 saved last year. Indianapolis, however, saw the largest percentage increase in savings from renting. In August 2023, renting a starter home in Indianapolis would save renters $431 compared to buying, ten times the savings seen 12 months ago ($43). In markets favoring buying, the advantage is shrinking In August 2023, only three of the top 50 U.S. metros favored buying starter homes rather than renting: Birmingham, Ala., Memphis, Tenn., and Pittsburgh; however, the cost-benefits of buying have decreased since the same time last year. In buy-favoring markets, the monthly cost of buying a starter home was $29 cheaper on average, or -2.1% lower than the cost of renting, a significant decrease from the savings of $192 in the same time last year. In particular, the savings from buying a starter home instead of renting dropped from $434 to $43 in Memphis, $282 to $6 in Birmingham, and $139 to $39 in Pittsburgh over the past 12 months. As the benefit of buying diminishes in these markets, prospective homebuyers will need to consider all trade offs when deciding whether to buy or continue renting. This is particularly important given that today's elevated mortgage rates and still-high home prices pose substantial challenges for would-be buyers. To help homebuyers better understand their options, as part of its RealCost set of tools, Realtor.com® offers a free rent or buy calculator, which estimates how long a new homebuyer would need to remain in their home for buying to make more financial sense than renting. "As we noted in our July Rental Trends report, seasonality and recent momentum in the rental market make it very unlikely the market will see a new peak rent in 2023," said Jiayi Xu, Economist at Realtor.com®. "Still, rents remain well above pre-pandemic levels, contributing to ongoing affordability concerns for renters, regardless of whether they plan to rent or buy in the months ahead." Top 10 Metros that Favor Renting over Buying in August 2023 Rental Data – 50 Largest Metropolitan Areas – August 2023 Methodology Rental data as of August for studio, 1-bedroom, or 2-bedroom units advertised as for-rent on Realtor.com®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within the top 50 largest metropolitan areas. Realtor.com® began publishing regular monthly rental trends reports in October 2020 with data history stretching back to March 2019. The monthly cost of buying a home was calculated by averaging the median listing prices of studio, 1-bed, and 2-bed homes, weighted by the number of listings, in each housing market. Monthly buying costs assume a 7% down payment, with a mortgage rate of 7.07%, and include taxes, insurance and HOA fees. With the release of its July rent report, Realtor.com® incorporated a new and improved methodology for capturing and reporting more comprehensive rental listing trends and metrics. The new methodology is expected to yield a cleaner, more representative and more consistent measurement of rental listings and trends at both the national and local level. The methodology has been adjusted to better represent the true cost of primary housing for renters. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the rental data released since July 2023 will not be directly comparable with previous releases and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology. 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.

Realtor.com Now Offers Airbnb Host Estimates
Learn how much you can potentially make by hosting one room or your whole house on Airbnb SANTA CLARA, Calif., Sept. 7, 2023 -- Short-term rental popularity is on the rise, in fact, 39% of homeowners have or would consider renting out part of their primary home, according to a new survey from Realtor.com® and CensusWide. To help consumers better understand their home's potential value, Realtor.com® today announced the addition of potential short-term rental income estimates from Airbnb in their My Home dashboard. This first-of-its-kind integration empowers homeowners with possible earnings estimates for hosting one room or their whole house. Among those surveyed, 23% of homeowners have rented out their home before or plan to rent part of their home out in the future, and 16% would consider it. Their reasons to rent are largely financial, with one-third (34%) of those renting or planning to rent out their home doing so to save money for a home purchase with a higher mortgage rate, to prepare for potential upswings in a variable mortgage (29%), or to help pay their current mortgage (21%). Whether looking to rent their home out and earn extra money while away on vacation, or renting out an extra room to help with mortgage payments, homeowners can now easily access information about how much they can potentially earn by hosting their space on Airbnb in the Realtor.com® My Home dashboard. Uncovering the short-term rental earning potential of a home can also help homeowners evaluate if it's a good idea to rent out their current home as an alternative to selling it. Looking to the future, 60% of surveyed homeowners would consider renting out their current home rather than selling if/when they look to buy or rent somewhere else. Most cited financial reasons as the motivator: 21% saying it'd be great to have extra income from a renter, and 19% would do so to maintain the home equity they've already built. To get started with the tool, homeowners can simply input their address in the Realtor.com® My Home dashboard to claim their home. They can then view their potential earnings from hosting on Airbnb in the Host or Rent tab of the dashboard. The interactive tool can be adjusted for renting a private room or all of the home; estimated earnings for a seven-day rental are based on Airbnb data from similar listings in the ZIP code. "Short-term rentals are a great way to help with some of the costs of homeownership – renting out their house for a couple days or weeks out of the year when it's not in use could generate extra income that can be put toward the mortgage, maintenance, or even help cover the cost of a vacation," said Mausam Bhatt, chief product officer, Realtor.com®. "By arming homeowners with information about how much they could potentially make by renting a room or their whole home on Airbnb, Realtor.com® is helping them better understand their options and in turn make more informed decisions about their home." The Airbnb integration will make the Realtor.com® My Home dashboard even more valuable for current homeowners who can also manage their home's details, track their home's value with up to three valuation estimates, explore their equity and discover how their home compares to others nearby, as well as see recently sold homes in their area and compare top local real estate agents. The ability to host and a homeowners' actual earnings will depend on local laws, availability, rental price, and demand in their area. The earnings estimates aren't a valuation or appraisal of your home. To get started exploring their home's potential rental income, homeowners visit realtor.com/myhome. 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 Airbnb Airbnb was born in 2007 when two Hosts welcomed three guests to their San Francisco home, and has since grown to over 4 million Hosts who have welcomed over 1.5 billion guest arrivals in almost every country across the globe. Every day, Hosts offer unique stays and experiences that make it possible for guests to connect with communities in a more authentic way.

Zombie Foreclosures Hold Steady During Third Quarter, Still with Minimal Impact Around Most of U.S.
Count of Vacant Homes in Foreclosure Increases for Sixth Straight Quarter; Zombie Properties Increase as Foreclosure Activity Keeps Growing; But Portion of Homes Nationwide That are Empty in Foreclosure Remains Just One in 11,600 IRVINE, CA - Aug. 24, 2023 -- ATTOM, a leading curator of land, property, and real estate data, today released its third-quarter 2023 Vacant Property and Zombie Foreclosure Report showing that 1.3 million (1,277,612) residential properties in the United States are vacant. That figure represents 1.3 percent, or one in 79 homes, across the nation – the same as in the second quarter of this year. 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 here. The report also reveals that 315,425 residential properties in the U.S. are in the process of foreclosure in the third quarter of this year, up 1.3 percent from the second quarter of 2023 and up 16.6 percent from the third quarter of 2022. 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 early 2020, was lifted in the middle of 2021. Among those pre-foreclosure properties, about 8,800 sit vacant as zombie foreclosures (pre-foreclosure properties abandoned by owners) in the third quarter of 2023. That figure is up slightly from the prior quarter, by 0.3 percent, and up 13.9 percent from a year ago. The latest increase marks the sixth straight quarterly gain. However, it was one of the smallest of the recent increases and continued to leave zombie foreclosures representing just a tiny fraction of the nation's total stock of 101.6 million residential properties. "Zombie foreclosures again are ticking up a tiny bit this quarter, tracking along with a small rise in overall foreclosure activity around the country. That's to be expected, as a handful of homeowners who can't catch up on overdue mortgage payments just walk away from their properties," said Rob Barber, CEO for ATTOM. "But the big picture remains the same. Abandoned properties pose almost none of the blight threats they brought a decade ago when far more homeowners were throwing in the towel after the Great Recession of the late 2000s.." The lack of zombie foreclosures throughout most of the country continues to stand out as one of the most significant effects of the U.S. housing market boom that has more than doubled the national median home value since 2012. The price runup resumed in the second quarter of this year after temporarily stalling in the second half of 2022, pushing the median single-family home price up another 10 percent nationwide and raising values in almost all major housing markets around the country. That resumed an upward path of home equity and home-selling profits, giving delinquent homeowners ever more incentive and options to stay out of foreclosure. "With a few exceptions – most notably New York City and Miami – lower-end markets still have the highest portions of zombie homes. That reflects larger portions of households with limited financial resources to avoid foreclosure," Barber said. "Those areas are likely at higher risk for issues related to zombie foreclosure if the overall housing market turns back downward." Zombie foreclosures tick upward again but still posing few problems A total of 8,782 residential properties facing possible foreclosure have been vacated by their owners nationwide in the third quarter of 2023, up from 8,752 in the second quarter of 2023 and from 7,707 in the third quarter of 2022. The number of zombie properties has grown quarterly in 19 states and annually in 28. While most neighborhoods around the U.S. have few or no zombie foreclosures, the biggest increases from the second quarter of 2023 to the third quarter of 2023 in states with at least 50 zombie properties are in Missouri (zombie properties up 51 percent, from 35 to 53), Maryland (up 22 percent, from 188 to 229), Oklahoma (up 15 percent, from 173 to 199), Connecticut (up 13 percent, from 77 to 87) and Pennsylvania (up 11 percent, from 401 to 446). The largest decreases among states with at least 50 zombie foreclosures are in Texas (zombie properties down 33 percent, from 168 to 112), Michigan (down 12 percent, from 59 to 52), Georgia (down 11 percent, from 95 to 85), Kentucky (down 9 percent, from 58 to 53) and Nevada (down 8 percent, from 108 to 99). Overall vacancy rates unchanged The vacancy rate for all residential properties in the U.S. has remained virtually the same for the fifth quarter in a row. It now stands at 1.26 percent (one in 79 properties), almost matching the 1.27 percent rate in the second quarter of 2023 and 1.28 percent in the third quarter of last year (one in 78). States with the largest vacancy rates for all residential properties are Oklahoma (2.26 percent, or one in 44, during the third quarter of this year), Kansas (2.13 percent, or one in 47), Alabama (2.03 percent, or one in 49), Indiana (2.02 percent, or one in 49) and West Virginia (2 percent, or one in 50). Those with the smallest overall vacancy rates are New Jersey (0.33 percent, or one in 308, in the third quarter of this year), New Hampshire (0.33 percent, or one in 301), Vermont (0.39 percent, or one in 259), Idaho (0.43 percent, or one in 230) and North Dakota (0.64 percent, or one in 155). Other high-level findings from the third quarter of 2023: Among 166 metropolitan statistical areas in the U.S. with at least 100,000 residential properties in the third quarter of 2023, those with at least 100 properties facing possible foreclosure and the highest zombie foreclosure rates are Cedar Rapids, IA (12.5 percent of properties in the foreclosure process are vacant); Peoria, IL (10.8 percent); Indianapolis IN (8.9 percent); Fort Wayne, IN (8.8 percent) and Youngstown, OH (8.3 percent). Aside from Indianapolis, 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 third quarter of 2023 are in Cleveland, OH (7 percent of homes in the foreclosure process are vacant); St. Louis, MO (6.5 percent); Baltimore, MD (5.8 percent) and Pittsburgh, PA (5.7 percent). Among the 23.4 million investor-owned homes throughout the U.S. in the third quarter of 2023, about 836,000 are vacant, or 3.6 percent. The highest levels of vacant investor-owned homes are in Indiana (6.9 percent vacant), Oklahoma (6.2 percent), Alabama (6.1 percent), Illinois (6 percent) and Ohio (5.9 percent). Among the roughly 14,800 foreclosed, bank-owned homes in the U.S. during the third quarter of 2023, 15.8 percent are vacant. In states with at least 50 bank-owned homes, the largest vacancy rates are in Kansas (30.4 percent vacant), Iowa (26.6 percent vacant), Ohio (26.1 percent), Michigan (25.9 percent) and Indiana (22.6 percent). The highest zombie-foreclosure rates in U.S. counties with at least 500 properties in the foreclosure process during the third quarter of 2023 are in Peoria County, IL (12.3 percent zombie foreclosures); Baltimore County, MD (12.2 percent); Marion County (Indianapolis), IN (12.1 percent); Broome County (Binghamton), NY (11.7 percent) and Lake County, IN (outside Chicago, IL) (9.4 percent). Among 435 counties with at least 50,000 residential properties in the third quarter of 2023, zombie foreclosures represent the highest portion of all homes in Broome County (Binghamton), NY (one of every 579 properties); Peoria County, IL (one of every 1,003); Suffolk County, NY (eastern Long Island) (one of every 1,132); Cuyahoga County (Cleveland), OH (one of every 1,144) and Tazewell County, IL (outside Peoria) (one of every 1,181). Among zip codes with enough data to analyze, 45 of the 50 with the largest portions of overall homes in zombie status are in New York, Ohio and Illinois, including seven in Cleveland, OH. The largest ratios are in zip codes 10993 in Rockland County (West Haverstraw), NY (one in 191 homes); 73554 in Greer County (Mangum), OK (one in 222); 44108 in Cleveland, OH (one in 255); 44127 in Cleveland, OH (one in 270) and 13754 in Broome County (Deposit), NY (one in 286). Report Methodology ATTOM analyzed county tax assessor data for about 101 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 Marketing Lists – Property & Homeowners Lists | ATTOM (attomdata.com). 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 navigator and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Home Prices Post Their First Annual Decline Since Before 2017
In June, median home prices slipped -0.9% year over year as new listings of homes for sale dipped 25.7% annually and fell below their previous pandemic lows SANTA CLARA, Calif., June 29, 2023 -- The U.S. median home listing price slipped -0.9% annually in June, posting the first yearly decline since 2017, the start of Realtor.com®'s trends data, according to its June Monthly Housing Trends Report released today. At the same time, while home shoppers had more homes to choose from this month, improvement stalled as the active inventory growth rate slowed for the fourth month in a row (+7.1%) and came in well below May's +21.5% rate. "While home asking prices grew seasonally, price gains have been weakening since last summer as rising mortgage rates have added to ongoing affordability challenges and further cooled buyer demand, so the first year-over-year decline in median list prices this month wasn't unexpected. While this could feel like a welcome relief for buyers, our revised 2023 outlook expects only a modest drop in home prices of 0.6% for the year. This may not be enough to noticeably bring down costs until the end of the year as inflation and rates start to fall too," said Danielle Hale, Chief Economist for Realtor.com®. "Fewer potential sellers opting to list their home because of the mortgage rate lock-in effect continues to be a drag on the market. Fortunately, for those willing to make a move, falling prices won't erase the substantial price gains seen the past few years, and most will likely have enough equity to come out ahead." What it means for homebuyers, sellers, and the housing market Affordability has evolved into an increasingly important factor in home purchase decisions, and a drop in home listing prices creates potential opportunities for buyers, especially with some creativity. "If buyers see homes sitting on the market for a while that haven't received many good offers, there may be some opportunities for further negotiations. It never hurts to ask a seller if they would be willing to reduce their price a little, contribute to closing costs, or even buy down their mortgage rate," said Realtor.com® Executive News Editor Clare Trapasso. "While this likely won't work for the well-located, move-in ready homes oozing curb appeal, buyers may want to take another look at homes that may need a little work. Sometimes a coat of paint and minor work can make a big difference." June 2023 Housing Metrics – National   Home asking prices see first annual decline as high borrowing costs create barriers Recent near-record high mortgage rates and still-high listing prices continue to create affordability challenges for homebuyers, which is putting downward pressure on home list prices, which slipped annually in June for the first time since 2017. Despite high borrowing costs and a low inventory of homes to choose from in the market, homebuying sentiment continues to improve in recent months, and a new survey from Realtor.com® and Censuswide found that the vast majority of respondents, nearly 9 in 10 of those shopping, still hope to make a home purchase happen this year. In June, the U.S. median list price grew to $445,000, up from $441,000 in May but down slightly (-0.9%) from June 2022's record high of $449,000. Northeastern metros had the highest growth rate in active listing prices, with an average increase of 11.7% over the past year. Prices in Cincinnati, Ohio (+20.0%), Rochester, N.Y. (+19.6%), and Los Angeles (+17.7%) saw the biggest increases among large metros. However, in each of these metros the mix of inventory changed and larger, more expensive homes were listed for sale in June compared to the previous year. Among the 50 largest U.S. metros, 15 out of the largest 50 markets saw their median list price decline. The greatest price declines were seen in Texas metros: Austin (-6.8% year over year), Houston (-5.1%), and Raleigh, N.C. (-4.2%). Nationally, the share of homes with price reductions was mostly flat in June, decreasing slightly from 14.7% last June to 14.1% this year. Among the largest metros, the largest increases in the percentage of homes with price reductions compared to last year were in San Antonio, Texas (+8.3 percentage points), Memphis, Tenn. (+6.3 pp) and Jacksonville, Fla. (+4.7 pp). Buyers short on options as active inventory declines in many areas There continues to be an ongoing lack of homes for sale as potential sellers with near-record equity take a wait-and-see approach and buyers compete over the remaining available homes for sale. In June, the growth in the number of active homes for sale slowed for the fourth month in a row, and growth stalled completely in the final week of June, with the number of active homes for sale slipping below (-0.3%) year ago levels for the first time in a year (59 weeks). New listings to the market have been scarce this year too – the pace of new listings year-to-date is even lower (-16.4%) than in the first half of 2020, when the real estate market was still contending with pandemic-era closures, restrictions, and uncertainties – highlighting just how short on options buyers are in today's market. Nationally, active inventory grew 7.1% year over year in June, but slowed for the fourth month in a row, registering less than half of May's 21.5% rate. On average, active inventory in June was 50.6% below pre-pandemic 2017–2019 levels. Both pending listings (-16.7%), or homes under contract, and newly listed homes (-25.7%) declined year over year. The number of homes newly-listed for sale declined at a faster rate in June than May's 22.7% decrease. Among the 50 largest metros, inventory growth is being driven almost exclusively by the South, which saw the most growth (+24.1%) in homes for sale compared to last June, led by San Antonio (+65.7%), Nashville, Tenn. (63.3%) and New Orleans (60.0%). All other regions saw declining annual growth in active inventory in June. Active inventory decreased in 28 out of 50 of the largest metros compared to last year. Western markets reported the largest yearly declines, with the top three in California metros: San Jose, (-44.1%), San Diego (-35.9%), and Sacramento (-33.4%). In June, none of the 50 largest metro areas saw new listings increase over last year. Homes continue to linger longer on the market, giving buyers more time to search Despite a significant slowing from the frenzied pace of the past couple years, in most areas of the country, the housing market continues to move quicker than it did in the pre-pandemic era, with homes today selling more than a week faster on average than in pre-pandemic June 2017-2019. The typical home spent 43 days on market in June, 14 days longer than this time last year, but 10 fewer days than they typically did in the average June 2017–2019. Across the 50 largest U.S. metros, in June the typical home spent 44 days on the market, 13 days more than the previous June. This trend was seen across all regions, with larger metros in the South seeing the greatest increase (+15 days), followed by the West (+9 days), Northeast (+7 days) and Midwest (+6 days). Homes in Western metros were also spending one more day on the market than pre-pandemic times, but in all other regions homes were still selling more quickly. All of the 50 largest metros saw an increase in time on market compared to the previous year. Time on market increased the most in Raleigh, N.C. (+26 days), Austin, Texas (+25 days), and Miami (+25 days). June 2023 Housing Overview by Top 50 Largest Metros   *Some Las Vegas listing metrics have been excluded while data is under review. Methodology Realtor.com® housing data as of June 2023. Listings include the active inventory of existing single-family homes and condos/townhomes/rowhomes/co-ops for the given level of geography on Realtor.com®; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com®. Realtor.com® data history goes back to July 2016. 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB). 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®.

Asian and Pacific Islander-headed households face higher housing payment burdens than any other race
SEATTLE, May 26, 2023 -- A new Zillow® study finds Asian and Pacific Islander (API) families, despite relatively high income levels, bear the highest housing payment burdens among all races, highlighting the unique financial strains many within the communities encounter. Many Asian and Pacific Islander (API) homeowners are heavily concentrated in expensive markets nationwide, so the homes they purchase are typically priced higher than homes overall. In 2022, the typical value of a home purchased by Asian mortgage buyers was $575,000, while Pacific Islander mortgage buyers purchased homes valued at a median of $465,000, surpassing the overall median of $405,000 for all U.S. mortgage buyers. Primarily for this reason, API homeowners stretch their budgets to achieve homeownership more than other races. "Many API-led households live in pricier coastal metros like New York, San Francisco, San Jose, and Los Angeles, which possibly helps drive up demand and thus the price home buyers can expect to pay," said Nicole Bachaud, senior economist at Zillow. "Residents of these communities tend to prioritize living in these areas because they offer a strong sense of community, access to cultural amenities and proximity to ethnic enclaves where they can find familiar cultural and social networks that often help facilitate area jobs." Over the past decade (from 2011 to 2021), Asian homeownership surged by 5.1 percentage points, reaching a record high of 63.1%, outpacing all other racial and ethnic groups. Pacific Islanders followed closely with a 4.6 percentage points increase. However, despite these gains, both communities allocate a substantial portion of their household income to mortgage and rent payments. Nationally, when comparing across similar income levels, Asian-headed households allocate a higher percentage of their income towards housing payments than all other races except for Pacific Islanders. Although Asian mortgage applicants have the lowest mortgage denial rate among all races, they are disproportionately burdened by a high debt-to-income (DTI) ratio. According to preliminary 2022 Home Mortgage Disclosure Act (HMDA) data, 41% of Asian applicants and 39.2% of Pacific Islander applicants who were denied a mortgage had their denial attributed to a too high DTI ratio, surpassing the 33.6% of denials for all races being based on DTI. They also face a higher proportion of denials due to insufficient funds to cover closing costs and lack of collateral compared to other racial groups. While some signs point to housing gains, it's important to note that the API community is a diverse landscape of several different nationalities. Significant disparities in homeownership, household income, and mortgage denials exist among different Asian and Pacific Islander populations, with these gaps widening over time. Each subgroup presents unique challenges that need to be addressed. "High incomes and homeownership gains may overshadow the significant housing affordability challenges still faced by many API households," said Bachaud. "Expanding housing inventory and implementing policies and solutions to enhance affordability are crucial for promoting homeownership and advancing housing equity in the United States." Share of Income Spent on Housing Payments Across the U.S. U.S. Homeownership Rates About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences. Zillow Group's affiliates, subsidiaries and brands include Zillow®; Zillow Premier Agent®; Zillow Home Loans℠; Zillow Closing Services℠; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which includes ShowingTime®, Bridge Interactive®, and dotloop®.

The Optimal Time of the Year to Sell a Home Proves to Be Spring and Summer
New study shows home sellers see 12.8 percent premium in May; Annual analysis also looks at best months and days to sell a home IRVINE, CA – May 3, 2023 — ATTOM, a leading curator of land, property, and real estate data, today released its annual analysis of the best days of the year to sell a home, which shows that based on home sales over the past 12 years, the months of May, June and April offer seller premiums of 10 percent or more above market value – with the top 16 best days to sell in the month of May alone. A recent analysis of over 51 million single-family home and condo sales from 2011 to 2022 suggests that waiting for the weather to warm up before selling a property can result in higher seller premiums. The data indicates that the spring and summer months are the most active for home buying, making it an ideal time for sellers to list their homes if they are considering selling soon. Therefore, now may be the perfect time to put your home on the market. Best Months to Sell The analysis also took a more high-level look and showcased how seller premiums faired throughout the year and broke it out by month. The months realizing the greatest seller premiums were as follows: May (12.8 percent); June (10.7 percent); April (10.3 percent); March (9.7 percent); July (9.6 percent); February (8.7 percent); August (8.2 percent); September (8.0 percent); January (7.5 percent); October (6.8 percent); December (6.8 percent), and November (6.3 percent). Methodology For this analysis ATTOM looked at any calendar days in the last 12 years (2011 to 2022) with at least 11,000 single family home and condo sales. There were 362 days that matched this 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 navigator and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Texas home builders see record sales but Days on Market jumps
HomesUSA.com reports record inventory, average prices mixed Dallas, TX – January 24, 2023 – Texas home builders saw record new home sales last month for 2022. Still, inventory continues to climb, also setting a new record, and it's taking longer to sell a home, according to a new HomesUSA.com New Home Sales Report released today by Ben Caballero, the nation's top-ranked real estate agent and HomesUSA.com CEO. The HomesUSA.com New Home Sales Report uses Multiple Listing Services data – the most complete, current, and accurate information available – from the Realtor Associations of Austin, North Texas, Houston, and San Antonio. Caballero notes that the 3-month moving average of Texas' new home sales in its four largest markets increased in December to 4,467 from 4,103 in November – a record for the year. However, the HomesUSA.com New Home Sales Index shows the pace of new home sales also slowed for the fourth straight month. The statewide 3-month moving average for Days on Market in December jumped by more than 10 days, increasing to 73.57 days versus 63 days in November. "Overall, Texas builders defied market expectations as December was the top sales month for 2022 – rarely the best month of the year for sales," said Caballero. "While builders may be struggling on several fronts as home buyers face higher interest rates, in Houston, Dallas, Austin and San Antonio, builders are showing remarkable resilience. In terms of total new home sales, Texas continues to buck the national trend," he added. According to Caballero, home prices appear to be stabilizing. The 3-month moving average of new home sales prices statewide were slightly higher last month at $463,514 from $461,511 in November. Austin and San Antonio recorded higher average new home prices last month – both experiencing increases of over $10,000 and $8,000 respectively. The 3-month moving average price for new homes dropped in the state's two biggest markets: Houston and Dallas-Ft. Worth. The 3-month moving average price for new homes in Austin, which continues to have the highest-priced new homes in the state, increased in December to $533,703 versus $523,723 in November. San Antonio's average new home price in December was $396,487 versus $388,183 in November. Houston's average new home price decreased in December to $423,512 from $427,038 in November. In Dallas-Ft. Worth, the average new home price declined in December to $501,789 from $502,466 in November. Still, builders are facing mounting pressure as building inventory also hits a record high for the year. Local MLSs show the 3-month average of active listings in Texas' four largest markets for December climbing to 28,088 from 27,146 in November. The number of active listings of new homes in Texas has nearly doubled year-over-year, registering 14,383 listings in December 2021. "Building enough homes to close the inventory gap still may be the biggest challenge for builders in 2023," Caballero said. Caballero sounded the housing inventory alarm in May 2021, in an opinion column for Inman News, noting a US shortfall of over 5.52 million homes. Finally, Caballero noted statewide pending new home sales reported to the MLSs increased last month. In December, the 3-month moving average of pending new home sales statewide was 4,605 versus 4,461 in November. Two of Texas's major new home markets – Dallas-Ft. Worth and Austin – reported an increase in pending new home sales last month, with San Antonio and Houston being exceptions. San Antonio reported flat pending new home sales in December of 596 versus 597 in November while Houston's pending new home sales decreased in December to 1,522 from 1,538 in November. HomesUSA.com is sharing its New Home Sales Report and New Home Sales Index before the Commerce Department releases its nationwide New Residential Sales Report for December, set for Thursday, January 26, 2023 at 10:00 am Eastern. The HomesUSA.com monthly report is based on closed sales recorded inside the MLSs by the 10th day of the following month. Sales reported late by agents are not included. The report features 3-month and 12-month moving averages for six essential market data, including Days on Market, sales volume, sales prices, a sales-to-list price ratio, pending sales, and active listings. Caballero explained the 3-month moving average indices track market seasonality, while the 12-month moving average removes the seasonality and tracks the longer trend. Days on Market – New Homes in Texas (Exclusive Data) The HomesUSA.com New Home Sales Index showed the 3-month moving average of Days on Market continues to increase statewide and in all four major new home markets in December. In Dallas-Ft. Worth, the DOM increased to 83.16 days from 68.59 days in November. Houston's DOM was 76.09 days versus 68.43 days in November. In San Antonio, the DOM was 68.94 days versus 65.43 days in November. In Austin, the DOM increased to 52.24 days versus 40.27 days in November. (See Chart 1: Texas New Homes Days on Market) Texas New Home Sales Data Based on all available local MLS data, total new home sales in Texas were higher statewide and in all four major new home markets last month, according to the 3-month moving average. Dallas-Ft. Worth new home sales increased to 1,458 versus 1,241 in November. In Houston, December's total sales were 1,677 versus 1,548 in November. In San Antonio, new home sales in December rose to 580 versus 575 in November. In Austin, new home sales increased in December to 752 versus 740 in November. (See Chart 2: Texas New Home Sales) Texas New Home Prices The average price of new homes in Texas shows higher prices statewide, but lower prices in two of the four major new home markets last month. In Dallas-Ft. Worth, the 3-month moving average price for new homes was lower in December at $501,789 versus $502,466 in November. In Houston, the average new home price was also lower in December at $423,512 versus $427,038 in November. Austin's 3-month moving average price increased in December to $533,703 from $523,723 in November. In San Antonio, the average new home price also increased in December at $396,487 versus $388,183 in November. (See Chart 3: Texas New Home Prices) Texas Sales-to-List Price Ratio New home sales statewide and in Dallas-Ft. Worth, Houston, Austin, and San Antonio are continuing to move away from 100 percent of the asking price. Statewide, the 3-month moving average of the sales-to-list price ratio in December was 97.59 versus 98.17 percent in November. Dallas-Ft. Worth's ratio was 98.05 versus 98.52 percent in November. In Houston, the ratio was 97.44 versus 97.80 percent in November. In Austin, the sales-to-price ratio in December was 96.79 versus 98.02 percent in November. San Antonio's ratio in December was 97.92 versus 98.48 percent in November. (See Chart 4: Texas Sales-to-List Price Ratio) Texas Pending New Homes Sales Data Based on local MLS data, pending new home sales increased statewide and in two of the four Texas major new home markets last month. Statewide MLS data shows pending sales in December were 4,605 versus 4,461 in November. Pending new home sales last month in Dallas-Ft. Worth were 1,773 versus 1,700 in November. In Austin, pending new home sales in December were 714 versus 626 in November. In Houston, pending new home sales in December decreased to 1,522 versus 1,538 in November. In San Antonio, pending sales last month were 596 versus 597 in November. (See Chart 5: Texas Pending New Home Sales) Texas Active Listings for New Homes MLS data shows the 3-month moving average for active listings statewide increased in December to 28,088 versus 27,146 in November. Last month, all four major Texas new home markets posted higher active listings. Dallas-Ft. Worth's active listings in December were 7,513 versus 7,253 in November. Last month's active listings in Houston were 11,545 versus 11,363 in November. December's active listings in Austin were higher at 4,634 versus 4,348 in November. San Antonio reported active new home listings in December were 4,395 versus 4,182 in November. (See Chart 6: Texas Active Listings and Chart A: 12-Month Moving Averages) About the HomesUSA.com New Home Sales Index The HomesUSA.com Index is reported as both a 3-month and 12-month moving average of the Days on Market (DOM) for new homes listed in the local Multiple Listing Services (MLSs) for the four largest Texas markets, including Dallas-Ft. Worth, Houston, Austin, and San Antonio. Created by Ben Caballero, founder and CEO of HomesUSA.com, it is the first Days on Market index to track Texas new home market and includes homes listed while under construction. About Ben Caballero and HomesUSA.com® Ben Caballero, founder and CEO of HomesUSA.com, is a three-time Guinness World Record title holder for ‘Most annual home sale transactions through MLS by an individual sell-side real estate agent – current.' Ranked by REAL Trends as America's top real estate agent for home sales since 2013, Ben is the most productive real estate agent in U.S. history. He is the only agent to exceed $1 billion in residential sales transactions in a single year, a feat first achieved in 2015 and repeated each year through 2018 when he achieved more than $2 billion. An award-winning innovator and technology pioneer, Ben works with more than 60 home builders in Dallas-Fort Worth, Houston, Austin, and San Antonio. His podcast series is available on iTunes and Google Podcasts. Learn more at HomesUSA.com |Twitter: @bcaballero - @HomesUSA | Facebook: /HomesUSAdotcom.

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.

Analysis from ATTOM Reveals How Grocery Store Locations Impact the U.S. Housing Market
Trader Joe's leads the pack for homeowners, while ALDI wins among investors; Average home value near Trader Joe's is $987,923, compared to $891,416 near Whole Foods and $321,116 near ALDI IRVINE, Calif. – Nov. 22, 2022 — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its 2022 Grocery Store Wars analysis, which shows how living near a Trader Joe's, a Whole Foods or an ALDI might affect a home's value – as a homebuyer based on home price appreciation and home equity, or as an investor looking for the best home flipping returns and home seller ROI. For this analysis, ATTOM looked at current average home values, 5-year home price appreciation for YTD 2022 vs. YTD 2017, current average home equity, home seller profits, and home flipping rates in U.S. zip codes with a least one Whole Foods store, one Trader Joe's store and one ALDI store. (See full methodology enclosed below.) "Smart homebuyers might want to consider where they'll do their grocery shopping when they're shopping for a new home." said Rick Sharga, executive vice president of market intelligence at ATTOM. "It turns out that being located near grocery stores isn't only a matter of convenience for homeowners but can have a significant impact on equity and home values as well. And that impact can vary pretty widely depending on which grocery store is in the neighborhood." For Homeowners While homes near a Trader Joe's realized an average 5-year home price appreciation of 49 percent, and homes near a Whole Foods saw an average appreciation of 45 percent, ALDI had a slight advantage at 58 percent. However, not only does Trader Joe's lead the pack for homeowners with an average home value at $987,923, but it also takes the lead in home equity with homeowners earning an average of 50 percent ($520,842) equity, compared to Whole Foods at 45 percent ($433,311) and ALDI at 38 percent ($132,643). The average value for homes near a Whole Foods is $891,416, and $321,116 for homes near an ALDI. For Investors Properties near an ALDI are ripe for investors, with an average gross flipping ROI of 54 percent, compared to properties near a Whole Foods which had an average gross flipping ROI of 28 percent and Trader Joe's at 25 percent. Properties near an ALDI have an average home seller ROI of 61 percent, while properties near a Trader Joe's sit at 58 percent, and 51 percent for properties near a Whole Foods. Report methodology For this analysis ATTOM looked at current average home values, 5-year home price appreciation for YTD (Q1-Q3) 2022 vs. YTD (Q1-Q3) 2017, current average home equity, home seller profits, and home flipping rates in U.S. zip codes with a least one Whole Foods store, one Trader Joe's store and one ALDI store. Grocery store locations are from the USDA. 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.

Rental Demand Soars as Mortgage Rates Continue to Rise
Rental Inquiries by Real Estate Professionals hit record highs in six out of ten major U.S. rental markets. SOMERVILLE, MA, NOVEMBER 10, 2022 — Today, Rental Beast, the rental data and software solution provider exclusively recommended by the National Association of REALTORS®, released reports indicating increased rental demand, including significant year-over-year increases in rental searches conducted by real estate sales professionals. Rental searches conducted by licensed real estate agents and REALTORS® last quarter nearly doubled in six out of ten U.S. rental markets1. Miami, Florida saw the sharpest increase (215%), followed by Denver, CO (211%), and Houston, TX (121%): A reliable and early indicator of rental demand as well as the industry's affinity for monetizing an estimated $12 billion in annual leasing commissions1, Rental Beast measures the volume of searches executed by real estate professionals within its platform ecosystem. Last quarter's increase in rental inquiries are largely driven by potential buyers sidelined by affordability. Mortgage rates remain near their highest levels since 2002, and alongside high home prices and a shortage of properties for sale, millions of would-be home buyers nationwide have been priced out of the home sales market. "Persistent inflation has proven quite harmful to the housing market," said NAR Chief Economist Lawrence Yun. "The Federal Reserve has had to drastically raise interest rates to quell inflation, which has resulted in far fewer buyers and even fewer sellers."2 Would-be buyers remaining in rentals are shifting norms within the rental market as well. Household incomes among new lease signers were up nearly 13%, year over year, through August, and rent collections improved as well, at 95.4%, up from 94.9% the year before3. "The housing market is in transition, with today's renters looking more and more like home buyers. REALTORS® across the nation are taking notice," says Ishay Grinberg, Rental Beast founder and CEO. "Now – more than ever – rentals matter to real estate sales professionals, as REALTORS® are increasingly turning to the rental market to future-proof their businesses." Over the past twelve months, Rental Beast announced partnerships with major multiple listing services throughout the United States, providing its lead-to-lease-to-buy platform and rental inventory through a secure integration designed to expand access to rentals. Rental Beast also launched the California Rental Listing Service (CARLS), the first state-wide rental listing service in the nation. Developed in partnership with the CALIFORNIA ASSOCIATION OF REALTORS®, CARLS.com has seen faster than expected adoption and utilization of the platform. While barely a month old, nearly 10,000 C.A.R. members have pre-registered or claimed accounts, with thousands of C.A.R. members adding or claiming rental units within the Service. We're thrilled—and we see C.A.R. member engagement as a validation of Rental Beast's unique position as the industry's source of truth for what REALTORS® need most: access to rental inventory." Earlier this year, Rental Beast also launched a strategic partnership with the National Association of REALTORS® (NAR), offering FCRA-compliant rental application and tenant screening services, as well as rental education to NAR's 1.8 million members. Grinberg characterizes the recent, industry-wide focus on rentals as both timely and long overdue. "Closing rental transactions has been and remains a potent source of income for newly licensed sales professionals, but it's interesting to note the bulk of our platform growth is driven by REALTORS® with more than 8 years' experience in the industry." "2023, is likely to be a transformative year for REALTORS®", says Grinberg. "And while we may be challenged by short-term volatility in the sales market, the industry will adjust and embrace a new norm; and REALTORS working with renters and investors today will have an ever-ready pipeline of future home buyers in hand." 1Source: Rental Beast database of more than 11 million owner-sourced rental listings 2Source: Copyright ©2022 "Pending Home Sales Waned 10.2% in September" National Association of REALTORS®. All rights reserved. Reprinted with permission. October 28th, 2022, https://www.nar.realtor/newsroom/pending-home-sales-waned-10-2-in-september 3Source: RealPage, October 4th, 2022 About Rental Beast Rental Beast is a leading real estate technology firm with an end-to-end SaaS platform designed to empower real estate professionals and the nation's most comprehensive database of more than ten million rental properties. Sourced directly from property owners, updated in real-time, and offering a fulfillment-grade rental dataset, the Rental Beast database provides real estate professionals with an unparalleled view of all properties and owner types. Utilizing a seamless and secure integration, participating MLSs and REALTOR® Associations can capture thousands of properties that are normally off-MLS inventory, and leverage essential search, data ingestion, and maintenance systems needed to help member agents and subscribers capture their share of $12 billion in annual leasing commissions. Rental Beast is a proud member of the NAR's REALTOR Benefits® Program, an is NAR's exclusive recommended rental software provider. Rental Beast is also recognized and supported by Second Century Ventures, NAR's capital and strategic growth arm, and is a proud member of the REACH-Canada accelerator program. Learn more at rentalbeast.com/MLS.

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.

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.

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.

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.

Homebuyers With Access to Flood-Risk Data Bid on Lower-Risk Homes
Redfin users who viewed homes with severe and/or extreme flood risk prior to a Redfin experiment proceeded to bid on homes with 54% less risk after gaining access to flood-risk data SEATTLE -- Homebuyers who have access to flood-risk information when browsing home listings online are more likely to view and make offers on homes with lower flood risk than those who don't have access, according to a new report from Redfin, the technology-powered real estate brokerage. That's according to a three-month randomized controlled trial involving 17.5 million Redfin.com users, half of which had access to property-level flood-risk scores (treatment group) and half of which did not (control group). Redfin users who viewed homes with an average flood-risk score of 8.5 (severe/extreme risk) prior to the study went on to bid on homes with an average score of 3.9 (moderate risk) after gaining access to flood-risk data—a decrease of 54%. By comparison, users who viewed homes with an average score of 8.5 before the study but did not get access to risk data went on to bid on homes with an average score of 8.5. Redfin only saw this impact on users who had been viewing homes with severe/extreme risk prior to the study, suggesting that flood danger is currently unlikely to change homebuyer decisionmaking unless it's substantial. When users who viewed homes with lower risk (minimal, minor, moderate and/or major) prior to the study gained access to flood-risk scores, there was no statistically significant change in the risk level of homes they proceeded to bid on. "We now have definitive evidence that the risks posed by climate change are affecting where Americans choose to live. Before Redfin's experiment, that was just a hypothesis," said Redfin Chief Economist Daryl Fairweather. "Equipping people with flood-risk information helps them make more informed decisions. Some will opt to move out of risky areas altogether, while others will stay put but invest in making their homes more resilient to disaster." Fairweather continued: "As more house hunters become aware of climate risk, homes in endangered areas will likely receive fewer offers, causing home values to fall. At the same time, we may see prices in lower-risk, inland areas rise as more Americans move there to avoid flooding." Flood-Risk Data Also Impacted Which Homes Buyers Viewed Online Giving house hunters access to flood-risk data also impacted their online search behavior. Redfin users who were viewing homes with an average risk score of 9.5 (extreme) prior to the study went on to view homes with an average risk score of 8.5 after gaining access to flood-risk data—a decrease of about 10%. There was no meaningful change in the average risk score of homes viewed by users in the control group who had been viewing extremely risky homes prior to the experiment. The impact increased over time for users who had access to flood-risk data. On average, users who viewed homes with extreme risk before the study were viewing homes with 25% less risk than the control group after nine or more weeks in the experiment, compared with just 7% less risk during week one. "Climate-risk data may start to have an even bigger impact on homebuyer decisions now that the housing market is slowing and tilting more in buyers' favor," said Sebastian Sandoval-Olascoaga, the MIT researcher who co-conducted the experiment. "Today's buyers have more leeway to seek out the home features they really want. For some buyers that might mean considering only turnkey homes, and for others it might mean limiting their search to homes with minimal flood risk." Redfin Users in Cape Coral, FL and Houston Were Most Likely to Click on Flood-Risk Data Redfin also measured how frequently Redfin users in the experiment took the additional step of clicking into a home listing page's "Flood Risk" section, where more information can be found on future risk, FEMA flood zones and disaster insurance. Nationwide, users in the treatment group clicked into the flood-risk section 2.8% of the time. Many users likely didn't feel the need to expand the flood-risk section because they found the preview of the flood-risk data sufficient—one reason the clickthrough rate appears low. In Cape Coral, FL, users in the treatment group clicked into the flood-risk section 8.5% of the time, the highest rate among the 100 most populous U.S. metropolitan areas. Next came Houston (8.1%), Baton Rouge, LA (7.5%), McAllen, TX (7.4%) and New Orleans (7.3%). Three other Florida metros—North Port, Tampa and Jacksonville—were also in the top 10. All of these areas face flood risk, and some have attracted an influx of homebuyers during the pandemic. Tampa, Cape Coral and North Port all consistently rank on Redfin's list of most popular migration destinations—an analysis based on net inflow, or how many more Redfin.com users are looking to move into an area than leave. Top 10 Metros Where Redfin Users Were Most Likely to Click on Flood-Risk Data Alexis Malin, a Redfin buyer's agent in the Jacksonville, FL area, recently worked with a buyer who opted out of purchasing a home due to its high flood-risk rating. "I had a buyer from the Northeast who toured a beachfront home in the Jacksonville area and was close to making an offer, but changed his mind after seeing that the flood-risk rating on Redfin was almost a 10 out of 10," Malin said. "He loved the house and the location, but decided the purchase was just too big of a financial risk. He ended up staying in the Northeast and buying a home there instead." People Have Access to Climate-Risk Data—What Now? Individuals should be aware that if they own or buy a home with high natural-disaster risk, it may require costly disaster insurance and could ultimately drop in value. It's possible this will disproportionately impact disadvantaged communities, which are often more exposed to flooding. Formerly redlined areas have a larger share of homes with high flood risk than areas that weren't redlined, a 2021 Redfin analysis found. While redlining has been outlawed for years, formerly redlined areas are still more likely to house people of color than non-redlined areas. "Home prices haven't yet started to broadly plummet due to natural-disaster risk. That means communities that face the highest risk still have time to act," Fairweather said. "If a homeowner thinks their property will lose value due to flood risk, they may want to relocate now to keep both themself and their finances safe. Unfortunately, that may mean passing on the risk to someone else. Governments can help prevent that by purchasing and demolishing at-risk homes, or subsidizing climate-resilient improvements. Upgrades like landscaping, flood walls and flood openings to direct water away from homes can help an at-risk property retain value." Fairweather continued: "Local and federal leaders should also be using climate-risk data to inform their policy decisions. Lawmakers in lower-risk cities should consider changing zoning laws to allow for denser housing, which would provide more options for people who face flood risk but don't have a place to go." Redfin conducted this experiment from Oct. 12, 2020 to Jan. 3, 2021 in partnership with researchers from University of Southern California, the National Bureau of Economic Research and Massachusetts Institute of Technology. Flood-risk scores came from First Street Foundation's Flood Factor. Redfin now publishes climate-risk data (including fire, heat, drought, storm and flood) for nearly every U.S. home, with the exception of rentals. To view the full report, including charts, graphics and methodology, please click 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.

Four in Five Metro Areas Notched Double-Digit Price Gains in Second Quarter of 2022
Eighty percent of metro markets, 148 of 185, saw double-digit annual price appreciation in median single-family existing-home sales prices (70% in the previous quarter). WASHINGTON (August 11, 2022) -- Despite escalating mortgage rates and slumping home sales in the second quarter of 2022, a greater number of markets experienced double-digit annual price gains compared to the prior quarter, according to the National Association of REALTORS' latest quarterly report. Eighty percent of the 185 tracked metro areas posted double-digit price gains, up from 70% in the first quarter of this year. Nationally, the median single-family existing-home price eclipsed $400,000 for the first time, rising 14.2% from one year ago to $413,500. Year-over-year price appreciation eased slightly compared to the previous quarter's 15.4%. "Home prices have increased at a pace that far exceeds wage gains, especially for low- and middle-income workers," said NAR Chief Economist Lawrence Yun. "Overall, the national price deceleration inevitably followed the softening sales, providing well-positioned prospective buyers a small measure of welcomed relief. The recent dips in mortgage rates will bring additional buyers to market, especially in those places where home prices are still relatively affordable and where jobs are being added." Regionally, the South accounted for 44% of single-family existing-home sales in the second quarter and posted the largest price appreciation of 18.2%. Prices increased 12.7% in the West, 10.1% in the Northeast, and 9.7% in the Midwest. The top 10 metro areas with the largest year-over-year price gains all recorded increases greater than 25%, with seven of those markets located in Florida. Those include Fayetteville-Springdale-Rogers, Ark.-Mo. (31.9%); Lakeland-Winter Haven, Fla. (31.4%); Naples-Immokalee-Marco Island, Fla. (28.9%); North Port-Sarasota-Bradenton, Fla. (28.8%); Myrtle Beach-Conway-North Myrtle Beach, S.C.-N.C. (28.5%); Tampa-St. Petersburg-Clearwater, Fla. (28.0%); Cape Coral-Fort Myers, Fla. (27.8%); Punta Gorda, Fla. (27.4%); Ocala, Fla. (26.7%); and Ogden-Clearfield, Utah (25.5%). The top 10 most expensive markets in the U.S., half of which were in California, included San Jose-Sunnyvale-Santa Clara, Calif. ($1,900,000; 11.8%); San Francisco-Oakland-Hayward, Calif. ($1,550,000; 11.9%); Anaheim-Santa Ana-Irvine, Calif. ($1,300,000; 17.2%); Urban Honolulu, Hawaii ($1,145,000; 17.3%); San Diego-Carlsbad, Calif. ($965,900; 13.6%); Boulder, Colo. ($933,400; 11.8%); Naples-Immokalee-Marco Island, Fla. ($850,000; 28.9%); Los Angeles-Long Beach-Glendale, Calif. ($825,700; 9.2%); Seattle-Tacoma-Bellevue, Wash. ($818,900; 14.4%); and Boston-Cambridge-Newton, Mass.-N.H. ($722,200; 8.9%). "The local job market performance and supply availability are the clear distinguishing factors driving local home price growth," Yun added. "Job growth is positive and should be applauded, but supply restraints are creating unnecessary barriers to ownership opportunities." Housing affordability dramatically tumbled in the second quarter of 2022, driven by sharply rising mortgage rates and climbing home prices. The monthly mortgage payment on a typical existing single-family home with a 20% down payment jumped to $1,841. That's an increase of $444 – or 32% – from the first quarter of this year and $612 – or 50% – from one year ago. Families typically spent 24.3% of their income on mortgage payments, up from 18.7% the prior quarter and 16.9% one year ago. Growing unaffordability impacted first-time buyers looking to purchase a typical home during the second quarter of 2022. For a typical starter home valued at $351,500 with a 10% down payment loan, the mortgage payment rose to $1,810 – a bounce of $433 (or 31%) from the prior quarter and $597 (or 49%) from one year ago. First-time buyers typically spent 36.8% of their family income on mortgage payments, up from 28.7% in the previous quarter. A mortgage is considered unaffordable if the monthly payment (principal and interest) amounts to over 25% of the family's income. A family needed at least $100,000 to afford a 10% down payment mortgage in 53 markets, nearly double the 27 markets from the prior quarter. Yet, a family needed less than $50,000 to afford a home in 23 markets, down significantly from 63 markets in the previous quarter. 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.

National Home Price Gains Continue to Exceed 20% in May
IRVINE, Calif., July 5, 2022 -- CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for May 2022. Though U.S. home price growth relaxed slightly in May from April, it remained in double digits year over year for the 16th consecutive month. As in past months, all states and Washington, D.C. posted annual appreciation, with 13 states posting gains of more than 20%. While rising interest rates cooled overheated demand this spring and are expected to contribute to slowing price growth over the next year, motivated buyers may have less competition and more opportunities moving forward. "Slowing home price growth reflects the dampening consequence of higher mortgage rates on housing demand, which was the intention," said Selma Hepp, deputy chief economist at CoreLogic. "With monthly mortgage expenses up about 50% from only a few months ago, fewer buyers are now competing for continually limited inventory. And while annual home price growth still exceeds 20%, we expect to see a rapid deceleration in the rate of growth over the coming year. Nevertheless, the normalization of overheated buying conditions should bring about more of a balance between buyers and sellers and a healthier overall housing market." Top Takeaways: U.S. home prices (including distressed sales) increased 20.2% in May 2022, compared to May 2021. On a month-over-month basis, home prices increased by 1.8% compared to April 2022. In May, annual appreciation of detached properties (20.9%) was 2.9 percentage points higher than that of attached properties (18%). Annual U.S. home price gains are forecast to slow to 5% by May 2023 as rising mortgage rates and affordability challenges are expected to cool buyer demand. Tampa, Florida logged the highest year-over-year home price increase of the country's 20 largest metro areas in May, at 33.4%, while Phoenix posted the second-largest hike, at 28.7%. These two metros also registered the largest gains in March and April. Florida and Tennessee posted the highest home price gains, a respective 33.2% and 27.4%. Arizona ranked third with a 27.3% year-over-year increase. Washington, D.C. ranked last for appreciation at 4.3%, but CoreLogic forecasts that the rate of price growth there will rise slightly by May 2023. Methodology The CoreLogic HPI™ is built on industry-leading public record, servicing and securities real-estate databases and incorporates more than 45 years of repeat-sales transactions for analyzing home price trends. Generally released on the first Tuesday of each month with an average five-week lag, the CoreLogic HPI is designed to provide an early indication of home price trends by market segment and for the "Single-Family Combined" tier, representing the most comprehensive set of properties, including all sales for single-family attached and single-family detached properties. The indices are fully revised with each release and employ techniques to signal turning points sooner. The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states. CoreLogic HPI Forecasts™ are based on a two-stage, error-correction econometric model that combines the equilibrium home price—as a function of real disposable income per capita—with short-run fluctuations caused by market momentum, mean-reversion, and exogenous economic shocks like changes in the unemployment rate. With a 30-year forecast horizon, CoreLogic HPI Forecasts project CoreLogic HPI levels for two tiers — "Single-Family Combined" (both attached and detached) and "Single-Family Combined Excluding Distressed Sales." As a companion to the CoreLogic HPI Forecasts, Stress-Testing Scenarios align with Comprehensive Capital Analysis and Review (CCAR) national scenarios to project five years of home prices under baseline, adverse and severely adverse scenarios at state, metropolitan areas and ZIP Code levels. The forecast accuracy represents a 95% statistical confidence interval with a +/- 2% margin of error for the index. About Market Risk Indicator Market Risk Indicators are a subscription-based analytics solution that provide monthly updates on the overall "health" of housing markets across the country. CoreLogic data scientists combine world-class analytics with detailed economic and housing data to help determine the likelihood of a housing bubble burst in 392 major metros and all 50 states. Market Risk Indicators is a multi-phase regression model that provides a probability score (from 1 to 100) on the likelihood of two scenarios per metro: a >10% price reduction and a ≤ 10% price reduction. The higher the score, the higher the risk of a price reduction. About the Market Condition Indicators As part of the CoreLogic HPI and HPI Forecasts offerings, Market Condition Indicators are available for all metropolitan areas and identify individual markets as "overvalued", "at value", or "undervalued." These indicators are derived from the long-term fundamental values, which are a function of real disposable income per capita. Markets are labeled as overvalued if the current home price indexes exceed their long-term values by greater than 10%, and undervalued where the long-term values exceed the index levels by greater than 10%. Source: CoreLogic The data provided are for use only by the primary recipient or the primary recipient's publication or broadcast. This data may not be resold, republished or licensed to any other source, including publications and sources owned by the primary recipient's parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Robin Wachner at [email protected]. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. The data are compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources. About CoreLogic CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

New Jersey, Illinois and California Have Highest Concentration of Vulnerable Housing Markets
Chicago and New York City Areas Most Exposed to Downturns in First Quarter of 2022; East Coast, Midwest and Inland California Have Other At-Risk Markets; South Region Less Vulnerable IRVINE, Calif. - June 22, 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 first quarter of 2022. The report shows that New Jersey, Illinois, and inland California had the highest concentrations of the most at-risk markets in the first quarter of 2022 – with the biggest clusters in the New York City and Chicago areas. Most southern states were less exposed. The first-quarter 2022 patterns – based on home affordability, underwater mortgages, foreclosures and unemployment – revealed that New Jersey, Illinois and California had 34 of the 50 counties most vulnerable to the potential declines. The 50 most at-risk included eight counties in the Chicago metropolitan area, six near New York City and 10 sprinkled throughout northern, central and southern California. Elsewhere, the rest of the top 50 counties were scattered mainly along the East Coast and in the Midwest. They included three each in the Cleveland, OH, and Philadelphia, PA, metropolitan areas, plus two of Delaware's three counties. At the other end of the risk spectrum, the South had the highest concentration of markets considered least vulnerable to falling housing markets. "While the housing market has been exceptionally strong over the past few years, that doesn't mean there aren't areas of potential vulnerability if economic conditions continue to weaken," said Rick Sharga, executive vice president of market intelligence at ATTOM. "Housing markets with poor affordability and relatively high rates of unemployment, underwater loans, and foreclosure activity could be at risk if we enter a recession or even face a more modest downturn." 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 586 counties around the United States with sufficient data to analyze in the first 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 wide disparities in risks come at a time when the U.S. housing market remains relatively strong but shows signs that a decade-long boom may be easing. Home prices have climbed more than 15 percent in most of the country over the past year, with new highs hit in about half the nation, boosting homeowner equity to record levels. But as interest rates on 30-year mortgages rates have climbed to 6 percent, worsening affordability for prospective homebuyers, home sales have declined every month in 2022, and home price appreciation is showing signs of retreating rapidly. "The housing market has been one of the strongest components of the U.S. economy since the onset of the COVID-19 pandemic," Sharga noted. "But Federal Reserve actions aimed at bringing inflation down from its 41-year high are having an immediate impact on home affordability, sales, and pricing. Whether the Fed can execute a relatively soft landing, or inadvertently steers the economy into a recession will determine the fate of the housing market over the next 12-18 months." Amid that backdrop, the national median home value rose up just 3 percent from late-2021 through early-2022, seller profits are starting to dip and home affordability is inching downward. Lender foreclosures against delinquent mortgages also are up. Most-vulnerable counties clustered in the Chicago, New York City, Cleveland and Philadelphia areas, along with Delaware and sections of California Thirty-two of the 50 U.S. counties most vulnerable in the first quarter of 2022 to housing market troubles (from among 586 counties with enough data to be included in the report) were in the metropolitan areas around Chicago, IL; New York, NY; Cleveland, OH, and Philadelphia, PA, and as well as in Delaware and interior California. They included eight in Chicago and its suburbs (Cook, De Kalb, Kane, Kendall, Lake, McHenry and Will counties in Illinois and Lake County, IN) and six in the New York City metropolitan area (Bergen, Essex, Ocean, Passaic, Sussex and Union counties in New Jersey). The three in the Philadelphia, PA, area were Philadelphia County, plus Camden and Gloucester counties in New Jersey, while the three in the Cleveland area were Cuyahoga, Lake and Lorain counties in Ohio. Kent County (Dover), DE, and Sussex County (Georgetown), DE, also were among the top 50 most at-risk in the first quarter. In other states, California had 10 counties in the top 50 list: Butte County (Chico), San Joaquin County (Stockton), 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) and Stanislaus County (Modesto) in central California, and Kern County (Bakersfield) in the southern part of the state. Maryland had also three among the top 50. They were Baltimore County, Charles County (outside Washington, DC) and Prince George's County (outside Washington, DC). Counties most at-risk 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 30 percent of average local wages in 25 of the 50 counties that were most vulnerable to market problems in the first quarter of 2022. The highest percentages in those markets were in San Joaquin County, (Stockton), CA (48.9 percent of average local wages needed for major ownership costs); Bergen County, NJ (outside New York City) (48.3 percent); Solano County, CA (outside Sacramento) (46.6 percent); Passaic County, NJ (outside New York City) (46.5 percent) and Ocean County (Toms River), NJ (42.5 percent). Nationwide, major expenses on typical homes sold in the first quarter required 26.3 percent of average local wages. At least 10 percent of residential mortgages were underwater in the first quarter of 2022 in 22 of the 50 most at-risk counties. Nationwide, 6.5 percent of mortgages fell into that category. Those with the highest underwater rates among the 50 most at-risk counties were Peoria County, IL (20.6 percent of mortgages underwater); Kings County, CA (outside Fresno) (19.9 percent); Lake County, IN (outside Chicago) (18.3 percent); Rock Island County (Moline) IL (18.1 percent) and La Salle County, IL (outside Peoria) (17.8 percent). More than one in 1,000 residential properties faced a foreclosure action in the first quarter of 2022 in 29 of the 50 most at-risk counties. Nationwide, one in 1,795 homes were in that position. Foreclosure actions have risen since the end of a federal moratorium on lenders taking back properties from homeowners who fell behind on their mortgages during the early part of the virus pandemic. The moratorium ended July 31 of last year and foreclosures are expected to continue increasing over the coming year. The highest rates in the top 50 counties were in Cumberland County, NJ (outside Philadelphia, PA) (one in 402 residential properties facing possible foreclosure); Cuyahoga County (Cleveland), OH (one in 426); Gloucester County, NJ (outside Philadelphia, PA) (one in 484); Ocean County (Toms River), NJ (one in 496) and De Kalb County, IL (outside Chicago) (one in 510). The March 2022 unemployment rate was at least 5 percent in 29 of the 50 most at-risk counties, while the nationwide figure stood at 3.6 percent. The highest levels among the top 50 counties were in Merced County, CA (outside Modesto) (8.4 percent); Winnebago County (Rockford), IL (8.3 percent); Lorain County, OH (outside Cleveland) (7.9 percent); Kern County (Bakersfield), CA (7.8 percent) and Kings County, CA (outside Fresno) (7.6 percent). Counties least at-risk concentrated in South Twenty-six of the 50 counties least vulnerable to housing-market problems from among the 586 included in the first-quarter report were in the South. Just five were in the Northeast. Tennessee had eight of the 50 least at-risk counties, including five in the Nashville metropolitan area (Davidson, Rutherford, Sumner, Williamson and Wilson counties), while Virginia also had five, including three in the Washington, DC area (Arlington, Fairfax and Loudoun counties), and Wisconsin also had four – Brown County (Green Bay), Dane County (Madison), Eau Claire County and Winnebago County. Counties with a population of at least 500,000 that were among the 50 least at-risk included King County (Seattle), WA; Santa Clara County (San Jose), CA; Middlesex County, MA (outside Boston); Travis County (Austin), TX, and Hennepin County (Minneapolis), MN. Lower levels of underwater mortgages, foreclosure activity and unemployment in least-vulnerable counties Less than 5 percent of residential mortgages were underwater in the first quarter of 2022 (with owners owing more than their properties are worth) in 31 of the 50 least at-risk counties. Among those counties, those with the lowest rates among those counties were Williamson County, TN (outside Nashville) (1.5 percent of mortgages underwater); San Mateo County, CA (outside San Francisco) (1.6 percent); Chittenden County (Burlington), VT (1.7 percent); Santa Clara County (San Jose), CA (1.9 percent) and Travis County (Austin), TX (1.9 percent). Less than one in 5,000 residential properties faced a foreclosure action during the first quarter of 2022 in 27 of the 50 least at-risk counties. Those with the lowest rates in those counties were Chittenden County (Burlington), VT (no residential properties facing possible foreclosure); Washington County, RI (outside Providence) (one in 32,847); Johnson County (Overland Park), KS (one in 22,880); Boone County, KY (outside Cincinnati, OH) (one in 17,156) and Arlington County, VA (outside Washington, DC) (one in 17,012). The March 2022 unemployment rate was more than 5 percent in none of the 50 most at-risk counties. The lowest levels among the top 50 counties were in Shelby County, AL (outside Birmingham) (1.6 percent); Chittenden County (Burlington), VT (1.6 percent); Davis County, UT (outside Salt Lake City) (1.9 percent); Limestone County, AL (outside Huntsville) (1.9 percent) and Williamson County, TN (outside Nashville) (1.9 percent). 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 20TB 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.

U.S. Foreclosure Activity Increases Slightly in May 2022
Foreclosure Starts Decrease 1 Percent from Last Month, While Completed Foreclosures Increase 1 Percent IRVINE, Calif. - June 14, 2022 -- ATTOM, a leading curator of real estate data nationwide for land and property data, today released its May 2022 U.S. Foreclosure Market Report, which shows there were a total of 30,881 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 1 percent from a month ago but up 185 percent from a year ago. Illinois, New Jersey and Delaware had the highest foreclosure rates Nationwide one in every 4,549 housing units had a foreclosure filing in May 2022. States with the highest foreclosure rates were Illinois (one in every 2,000 housing units with a foreclosure filing); New Jersey (one in every 2,346 housing units); Delaware (one in every 2,426 housing units); Ohio (one in every 2,667 housing units); and Florida (one in every 2,788 housing units). "While there's some volatility in the monthly numbers, foreclosure activity overall is continuing its slow, steady climb back to normal after two years of government intervention led to historically low levels of defaults," said Rick Sharga, executive vice president of market intelligence at ATTOM. "But with inflation now at a 41-year high, and runaway prices on necessities like food and gasoline, we may see foreclosure activity ramp up a little faster than most forecasts suggest." Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in May 2022 were Jacksonville, NC (one in every 1,052 housing units with a foreclosure filing); Cleveland, OH (one in every 1,389 housing units); Chicago, IL (one in every 1,777 housing units); Fayetteville, NC (one in every 1,823 housing units); and Rockford, IL (one in every 1,861 housing units). Those metropolitan areas with a population greater than 1 million, with the worst foreclosure rates in May 2022 including Cleveland, OH and Chicago, IL were: Jacksonville, FL (one in every 1,985 housing units); Orlando, FL (one in every 2,295 housing units); and Miami, FL (one in every 2,432 housing units). Florida, California and Texas had the greatest number of foreclosure starts Lenders started the foreclosure process on 22,099 U.S. properties in May 2022, down 1 percent from last month but up 274 percent from a year ago. States that had the greatest number of foreclosure starts in May 2022 included: Florida (2,483 foreclosure starts); California (2,238 foreclosure starts); Texas (2,019 foreclosure starts); Illinois (1,757 foreclosure starts); and Ohio (1,285 foreclosure starts). Those major metropolitan areas with a population greater than 1 million and that had at least 100 foreclosure starts in May 2022 and saw increases from last month included: Miami, FL (up 81 percent); Washington, DC (up 60 percent); Birmingham, AL (up 56 percent); Cincinnati, OH (up 54 percent); and Jacksonville, FL (up 54 percent). "It's interesting that there were almost ten times more foreclosure starts than foreclosure completions," Sharga added. "This suggests that financially-distressed borrowers may be finding ways to avoid losing their home to a foreclosure sale." Foreclosure completion numbers increase 1 percent from last month Lenders repossessed 2,857 U.S. properties through completed foreclosures (REOs) in May 2022, up 1 percent from last month and up 117 percent from last year. States that had the greatest number of REOs in May 2022, included: Illinois (350 REOs); Michigan (249 REOs); Pennsylvania (226 REOs); New Jersey (175 REOs); and Ohio (146 REOs). Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in May 2022 included: Chicago, IL (289 REOs); New York, NY (133 REOs); Detroit, MI (124 REOs); Philadelphia, PA (98 REOs); and Pittsburgh, PA (79 REOs). Report methodology The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM's report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month. 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 20TB 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.

April Slowdown in Showing Activity 'Unusual,' Reflecting a Slight Softening of Competition Among Buyers According to ShowingTime Data
Overall, the U.S. experienced a 10.7% year-over-year decline in buyer demand in April, though 103 markets still recorded double-digit showings per listing, led by Burlington, Vt., and Bloomington-Normal, Ill., for the second month in a row. CHICAGO, May 31, 2022 -- Buyer competition for listings was slightly subdued in April as 103 markets across the country recorded double-digit showings per listing, compared to 146 in April 2021 and 121 in March of 2022, according to the latest data from ShowingTime, one of the residential real estate industry’s leading technology providers of showing management and market stats. Year-over-year declines occurred throughout most of the country, according to ShowingTime’s Showing Index®. A combination of tapering demand and comparisons to the hectic pace set last year partly explain April’s decrease, though the numbers still indicate robust buyer activity. The top 25 markets averaged more than 14 showings per listing, with Burlington, Vt., and Bloomington-Normal, Ill., leading all markets with 20.30 and 16.42 showings per listing, respectively. Other busy markets included Richmond, Va.; Denver; Akron, Ohio; Rochester, N.Y.; and Bridgeport, Conn. "April buyer activity was rather unusual, since it typically matches March levels," said ShowingTime Vice President and General Manager Michael Lane. "But this year, April traffic was slower across all markets, pointing to competition softening. It contrasts with last year's dynamic, when demand reached a feverish peak in April." Regionally, the Midwest’s 7.3% year-over-year decline in buyer demand was the lowest, followed closely by the Northeast’s drop of 8.6%. The South saw an 11.6% decline in showing activity year-over-year, with the West’s 35.3% decline rounding out the regions. The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. It tracks the average number of appointments received on active listings during the month. About ShowingTime ShowingTime is an industry leader in home touring technology and a proud affiliate of Zillow Group, Inc. ShowingTime’s technology and services simplify the tour scheduling process for buyers, sellers and agents across the industry. ShowingTime products are used in hundreds of MLSs representing more than one million real estate professionals across the U.S. and Canada.

National Rents Hit their 14th Straight Month of Record-Highs
The majority of renters report that rental costs are their biggest financial strain and barrier to putting aside savings, according to Realtor.com's Avail Quarterly Landlord and Renter Survey SANTA CLARA, Calif., May 19, 2022 -- New data indicates that rental competition remained relentless in April, as the U.S. median rental price hit a new high ($1,827) for the 14th month in a row, according to the Realtor.com Monthly Rental Report released today. These trends spotlight the affordability struggles reported by renters in Realtor.com®'s Avail Quarterly Landlord and Renter Survey also published today, which found higher rents are increasingly cutting into households' budgets for regular expenses and savings. "April data illustrates the perfect storm of supply and demand dynamics behind the continued rent surge, from a low number of available rentals to higher for-sale housing costs forcing many would-be buyers to rent for longer than planned," said Realtor.com® Chief Economist Danielle Hale. "Renters are being left with few options but to meet higher rents and, in some cases, even offer above asking – whether they can afford to or not. Avail's new survey shows rents are not only maxing out renters' housing budgets but are the biggest strain on their overall finances, even as inflation drives up expenses across the board. For renters trying to stay on budget, making a list of must-have features is key and using a tool like the Realtor.com® Rentals app can help you find (and stick to) your parameters. This will be especially important as, if recent trends continue, we expect the typical U.S. asking rent to eclipse $2,000 by August." April 2022 Rental Metrics – National April rents maintain record-breaking run, despite annual growth cooling slightly Realtor.com®'s April data showed national rents maintained their record-breaking run that began in January 2021, despite posting a slightly smaller year-over-year gain than in March. The continued rent surge is attributed to the mismatch between rental supply and rising demand, largely from would-be homebuyers. Some of these aspiring homeowners are staying in the rental market for longer than they may have intended, due to intensifying cost pressures driven by both the longstanding housing supply shortage and more recent inflationary economy. If these trends continue, national asking rents will likely surpass 2022's forecasted year-over-year growth projections (+7.1%) by end of year. The U.S. median rental price hit a new high of $1,827 in April, while the annual growth rate (+16.7%) moderated slightly from the March pace (+17.0%). Still, rents continued to rise at a double-digit annual pace, reaching 21.0% higher than in April 2020 right after the onset of COVID. Studio rents grew at a faster year-over-year pace (+17.2%) than one-bedrooms (+15.6%) and two-bedrooms (+15.9%). This is largely due to the ongoing rental market comeback in major downtowns where smaller living spaces are common, with studio rents up double-digits over April 2021 in all 10 of the biggest tech hubs, led by: New York City (29.1%), Boston (+27.4%) and Austin, Texas (+25.0%). In a potential reflection of shifting migration patterns during the pandemic, the five large markets that posted April's biggest overall rental price gains year-over-year were in the Sun Belt: Miami (+51.6%), Orlando, Fla. (32.9%), Tampa, Fla. (27.8%), San Diego (25.6%) and Las Vegas (24.8%). Avail survey finds renters are struggling to keep up with rising costs With rental demand on the rise, landlords with limited available units are able to adjust asking rents on both new and renewing leases to reflect the increasingly competitive market. In fact, the majority of landlords surveyed by Realtor.com®'s Avail reported plans to increase rental prices within the next 12 months. This could mean further rental affordability challenges, with many surveyed renters already feeling the squeeze on their finances and savings, as inflation drives up the cost of everything from rent to regular household expenses. Among renters surveyed in April, 66.1% said higher rents and related household costs are their top cause of financial strain – ahead of other expenses like food and groceries (57.3%) and auto and transportation (50.8%). Higher rents are also limiting renters' ability to save, with more than three-quarters of renters (76.1%) saving less each month than at the same time last year. The typical household surveyed reported being able to save just $50 each month. Of respondents whose rents have gone up on their current unit, 72.9% are considering a move to a more affordable rental. However, lower-cost options are dwindling, with renters who moved in the past year typically paying higher rents ($350) than they did previously. Those who are staying put are trying to cut costs, most commonly on entertainment (67.1%) and food and groceries (62.3%). Additionally, trends among surveyed landlords indicate that renters aren't likely to see relief any time soon. Nearly three-quarters of landlords (72.1%) plan to raise the rent of at least one property this year, up from 65.1% in the January survey. "Our survey data underscores how renters and landlords alike are feeling the squeeze of inflation and higher costs. For renters in particular, many may understandably feel caught between a rock and a hard place, but remember that there are resources that can help. Doing your research can go a long way in helping you prepare to navigate rent increases and their impact on your family's finances," said Ryan Coon, Avail co-founder and VP of Rentals at Realtor.com®. Renters grappling with higher costs can access free financial counseling through the Renter Advantage program, a collaboration between Realtor.com®'s Avail, the National Foundation for Credit Counseling, the Housing Partnership Network, and Wells Fargo. Learn more here. April 2022 Rental Metrics – 50 Largest U.S. Metro Areas Methodology Realtor.com® Monthly Rental Trends: Data as of April 2022 for studio, 1-bedroom, or 2-bedroom units advertised as for-rent on Realtor.com®. Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). National rents were calculated by averaging the medians of the 50 largest U.S. metropolitan areas, defined by the Core-Based Statistical Area (CBSA). Realtor.com® began publishing regular monthly rental trends reports in October 2020 with data history going back to March 2019. Note: With the release of its February 2022 Rental Report, Realtor.com® incorporated a new and improved methodology (see details here). As a result of these changes, the rental data released since March 2022 will not be directly comparable with prior publications. However, future releases, including historical data, will consistently apply the new methodology. Realtor.com®'s Avail Quarterly Landlord and Renter Survey: Survey responses collected from a nationally representative sample of more than 2,400 independent landlords and their renters. The survey was conducted between April 21st, 2022 and May 2nd, 2022. The margin of error for landlords is ± 2.9%, and ± 2.7% for renters. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of 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 More Sellers Dropping Their Prices, But Buyers Find Little Relief
Homebuying is as competitive and costly as ever as soaring mortgage rates make the market less inviting for many would-be sellers SEATTLE -- The share of home sellers who dropped their asking price shot up to a six-month-high of 15% for the four weeks ending May 1, according to a new report from Redfin, the technology-powered real estate brokerage. That's up from 9% a year earlier, and represents the largest annual gain on record in Redfin's weekly housing data back through 2015 For homebuyers, the typical monthly mortgage payment skyrocketed a record 42% to a new high during the same period. Although a growing share of sellers are responding to the palpable drop in homebuyer demand by lowering their prices, sellers remain far outnumbered by buyers, so the typical home flies off the market at the fastest pace on record and for more than its asking price. "Homebuyers continue to be squeezed in nearly every way possible, which is causing some to take a step back from the market," said Redfin Chief Economist Daryl Fairweather. "Unfortunately for buyers hoping to find a deal as competition cools, sellers are pulling back even faster, which is keeping the market deep in seller's territory. So even though price drops are becoming more common, most homes are still selling above asking price and in record time." Leading indicators of homebuying activity: Fewer people searched for "homes for sale" on Google—searches during the week ending April 30 were down 7% from a year earlier. The seasonally-adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other home-buying services from Redfin agents—was down 1% year over year during the week ending May 1. It dropped 10% in the past four weeks, compared with a 1% decrease during the same period a year earlier. Touring activity from the first week of January through May 1 was 24 percentage points behind the same period in 2021, according to home tour technology company ShowingTime. Mortgage purchase applications were down 11% from a year earlier, while the seasonally-adjusted index increased 4% week over week during the week ending April 29. For the week ending May 5, 30-year mortgage rates increased to 5.27%—the highest level since August 2009. Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending May 1. Redfin's weekly housing market data goes back through 2015. The median home sale price was up 17% year over year—the biggest increase since August—to a record $396,125. The median asking price of newly listed homes increased 16% year over year to $408,458, a new all-time high. The monthly mortgage payment on the median asking price home rose to a record high of $2,404 at the current 5.27% mortgage rate. This was up 42%—an all-time high—from $1,688 a year earlier, when mortgage rates were 2.96%. Pending home sales were down 4% year over year, the largest decrease since mid-February. New listings of homes for sale were down 6% from a year earlier, and have been down from 2021 since mid-March. Active listings (the number of homes listed for sale at any point during the period) fell 18% year over year. 56% of homes that went under contract had an accepted offer within the first two weeks on the market, up from 54% a year earlier, down less than a percentage point from the record high during the four-week period ending March 27. 42% of homes that went under contract had an accepted offer within one week of hitting the market, up from 41% a year earlier, down less than a percentage point from the record high during the four-week period ending March 27. Homes that sold were on the market for a record-low median of 15.5 days, down from 21.2 days a year earlier. A record 56% of homes sold above list price, up from 47% a year earlier. On average, 3.7% of homes for sale each week had a price drop. Overall, 14.9% dropped their price in the past four weeks, up from 11.2% a month earlier and 9.1% a year ago. This was the highest share since mid-November. The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, rose to an all-time high of 102.8%. In other words, the average home sold for 2.8% above its asking price. This was up from 101% a year earlier. To view the full report, including charts and methodology, please click 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.

121 Markets Nationwide See Double-Digit Home Showings Per Listing in March
Among the 25 busiest markets, Bloomington-Normal, Ill., at 63% and Burlington, Vt., at 41% recorded the largest year-over-year increases in showing activity, joining perennial leaders Denver and Seattle as the nation’s three busiest markets for showings CHICAGO, Apr. 28, 2022 -- The number of markets seeing double-digit showings per listing jumped 46% in the past two months as buyer demand continues to outpace slightly rising inventory, according to the latest data from ShowingTime, one of the residential real estate industry’s leading technology providers of showing management and market stats. That's despite March seeing a slight slowdown in showing traffic nationwide compared to last year’s unprecedented numbers. March’s showing activity stands in contrast to March 2021’s torrid pace, in which each of the four regions in the U.S. saw year-over-year growth in foot traffic of at least 40%. The 25 busiest individual markets averaged more than 16 showings per listing, including Burlington, Vt.; Bridgeport, Conn.; Fort Collins, Colo.; and Bloomington-Normal, Ill. The growth in the number of markets with double-digit showings jumped from 83 in January to 109 in February and 121 markets in March of this year. "We are sensing a slight slowdown in the Western region of the U.S. in year-over-year Showing Index values, although there is still very strong activity," said ShowingTime Vice President and General Manager Michael Lane. "The demand per listing is still at historically unprecedented levels, but for the first time in the last 12 months it is neutral." The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. It tracks the average number of appointments received on active listings during the month. By region, the Midwest’s 5.9% year-over-year increase in showings per listing led the country, while demand in the South was flat compared to March 2021. The Northeast dropped slightly by 0.9%, with the West’s 18.5% year-over-year dip in traffic marking the third consecutive month the region has recorded a decline, attributable in large part to its heavy activity in March 2021. About ShowingTime ShowingTime is an industry leader in home touring technology and a proud affiliate of Zillow Group, Inc. ShowingTime’s technology and services simplify the tour scheduling process for buyers, sellers and agents across the industry. ShowingTime products are used in hundreds of MLSs representing more than one million real estate professionals across the U.S. and Canada.

Average Closing Costs for Purchase Mortgages Increased 13.4% in 2021, CoreLogic's ClosingCorp Reports
The Eastern region of the U.S. had the highest average closing costs in 2021, with Washington, D.C. topping the list at $29,888 Irvine, Calif., April 21, 2022 -- CoreLogic's ClosingCorp, a leading provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, today released its most recent Purchase Mortgage Closing Cost Report which showed that in 2021, the national average for mortgage closing costs for a single-family property were $6,905 including transfer taxes and $3,860 excluding transfer taxes. These amounts represent a 13.4% and 11.2% year-over-year increase, respectively. Key Takeaways: The average U.S. home price increased by more than $50,000 last year, while the average purchase closing costs increased by $818 including taxes and $390 excluding taxes. Despite an increase in the absolute dollar amounts of closing fees, closing costs as a percentage of home sales prices were down slightly from 2020. Average purchase fees as a percentage of the average sales price in 2021 were 1.81% compared to 1.85% in 2020 and when taxes are excluded, were 1.01%, down from 1.06% in 2020. "As the mortgage industry comes off two years of record-low interest rates and red-hot consumer demand, lenders are now pivoting to address increasing headwinds from higher loan origination costs and lower origination volumes," said Bob Jennings, executive, CoreLogic Underwriting Solutions. "The Mortgage Bankers Association recently reported lender origination costs show a 13.2% year-over-year increase, which corresponds closely to the 13.4% increase we are seeing on purchase mortgage closing costs. As the market tightens in 2022, it will be interesting to see how lenders and borrowers respond and how these key metrics move." State and Metro Takeaways: The 2021 report shows the states with the highest average closing costs, including transfer taxes, were Washington, D.C. ($29,888), Delaware ($17,859), New York ($16,849), Maryland ($14,721) and Washington ($13,927). The states with the lowest closing costs, including taxes, were Missouri ($2,061), Indiana ($2,200), North Dakota ($2,501), Wyoming ($2,589) and Mississippi ($2,756). The most significant drivers to differences in closing costs were the types and percentages of imposed specialty and transfer taxes. The states with the highest average closing costs, excluding taxes, were Washington, D.C. ($6,502), New York ($6,168), Hawaii ($5,879), California ($5,665) and Massachusetts ($4,904). The states with the lowest closing costs, excluding taxes, were Missouri ($2,061), Indiana ($2,200), Nebraska ($2,210), Arkansas ($2,281) and West Virginia ($2,465). At the metro level, those with the highest average fees with taxes were primarily in the Eastern region of the United States including Vineyard Haven, Massachusetts ($28,724); Bremerton-Silverdale-Port Orchard, Washington ($16,003) and Salisbury, Maryland ($15,723). Comparatively, metros with highest average fees without taxes were in Santa Maria-Santa Barbara, California ($7,063); Kahului-Wailuku-Lahaina, Hawaii ($7,016) and San Jose-Sunnyvale-Santa Clara, California ($6,412). Cost calculations include the lender's title policy, owner's title policy, appraisal, settlement, recording fees, land surveys and transfer tax. The calculations use home price data from CoreLogic to estimate closing costs for an average home at the state, core-based statistical area (CBSA) and county levels. Ranges, rather than single values, are used to more accurately capture fees associated with the real transactions. On May 5, 2022, CoreLogic's ClosingCorp will be releasing the annual 2021 Refinance Mortgage Closing Cost Report. Source: CoreLogic, Inc. © 2022 CoreLogic,Inc., All rights reserved. Source: CoreLogic, Inc. © 2022 CoreLogic,Inc., All rights reserved. Source: CoreLogic, Inc. © 2022 CoreLogic,Inc., All rights reserved. Source: CoreLogic, Inc. © 2022 CoreLogic,Inc., All rights reserved. Source: CoreLogic, Inc. © 2022 CoreLogic, Inc., All rights reserved. Methodology CoreLogic's ClosingCorp average closing costs are defined as the average fees and transfer taxes required to close a conventional purchase transaction in a geographical area. These costs consist of fees from the following service types: title policies (both owners and lenders), appraisals, settlement fees, recording fees, land surveys and transfer tax. Actual closing fees for 4.4 million single-family home purchases from January 1 through December 31, 2021 were analyzed. Homes within a $100,000 range of the average home price (source CoreLogic) were used to estimate closing costs for an average single family residential home at the state, core-based statistical area (CBSA) and county levels. The average service type component fee was computed for every geographical area where at least 10 transactions occurred in the specified range during the period under review. Total cost to close was then computed as the sum of the service type averages. Land survey fees only were included for Florida and Texas single-family homes where land surveys are required. Cost to close was computed with and without transfer taxes. About CoreLogic CoreLogic, a leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy and protect their homes. For more information, please visit www.corelogic.com.

Affordability Issues Rise as National Rents Reach 30% of Americans' Incomes
In February, national rents grew 17.1% year-over-year to a new high of $1,792 per month, representing a higher share of household incomes (29.7%) than in 2021 (24.8%) SANTA CLARA, Calif., March 23, 2022 -- New rental data shows affordability issues are on the rise, as Americans spent 30% of their monthly budgets on rents in February on average, according to the Realtor.com Monthly Rental Report released today. February rents accounted for an even higher portion of household incomes in 14 of the 50 largest U.S. markets, with the list of least affordable areas dominated by Sun Belt metros like Miami, Tampa, Fla. and San Diego, Calif. In February, the U.S. median rental price hit a new high of $1,792 and soared by double-digit percentages (+17.1% year-over-year) for the seventh month in a row. Among unit sizes, studio rents increased at the fastest annual pace, up 17.1% (+$215) to a median of $1,474. Larger unit rents also posted double-digit gains over February 2021: 1-bedrooms, up 16.4% (+$232) to $1,648; and 2-bedrooms, up 16.2% ($278) to $2,002. "Whether it's rent or mortgage payments, the general rule of thumb is to keep monthly housing costs to less than 30% of your income. And with rents surging nationwide, February data indicates that many renters' budgets may be stretched beyond the affordability limit," said Realtor.com® Chief Economist Danielle Hale. "With rents up by nearly 20% over the past two years, rental prices are likely to remain high, but we do expect some cooling from the recent accelerated pace. In light of mounting economic uncertainties and the conflict in Ukraine, some households will prefer to buy, in an effort to lock-in a largely fixed monthly payment as a hedge against further inflation. But fast-rising mortgage rates and still-limited numbers of homes for sale could mean some would-be buyers may stick with the flexibility of renting. With rental demand already outmatching supply, rental affordability will remain a challenge. For renters eager to make the transition to first-time buying, finding a relatively affordable rental is key to saving for a downpayment. Tools like the Realtor.com® Rent vs. Buy Calculator can help you frame the numbers in a meaningful way and make the choice that is right for you." February 2022 Rental Metrics – National Affordability issues soar nationwide, led by Sun Belt metros February data indicates that rents are increasingly straining Americans' budgets, representing roughly 30% of typical household incomes. Year-over-year rent growth in February 2022 was four-times higher when compared to March 2020, before the onset of COVID, highlighting limited supply relative to demand. The acceleration in rents is largely driven by a growing segment of young households, many of whom are turning to renting in the face of the for-sale inventory crunch, record-high listing prices and climbing mortgage rates. In turn, many of the least affordable rental markets are also some of the most competitive areas for buying. These trends are illustrated in Sun Belt metros like Miami, Tampa and San Diego, which topped February's lists of fastest-growing and least affordable rental markets, as well as the hottest homebuying destinations. February rents made up 29.7% of the typical household income in the 50 largest U.S. metros, a higher share than during the same month in 2021 (25.3%). The rental share of income was even greater in 14 of these markets, led by Miami, at 59.5%; Los Angeles, at 46.0%; and Riverside, Calif., at 45.9% (see table below). Representing nearly half of the country's largest markets, the Sun Belt claimed half of February's least affordable areas and all 10 of the fastest-growing rental markets, including four in Florida. The state's low vacancy rates highlight rising rental affordability, with the Florida supply of vacant rental units (6.6%) declining drastically since 2009 (17.9%). In Miami, the median rental price spiked 55.3% year-over-year in February, bringing it to the top of February's least affordable markets. Although buying a starter home is more affordable than renting one in Miami, the local for-sale home market is also exploding. Compared to February 2021, listing prices were up 31.6% in Miami, which jumped 25 spots on the latest Realtor.com® Hottest Markets Ranking. Least Affordable Rental Markets (Feb. 2022) Middle America rental markets offer relative affordability Although rental affordability is dwindling at the national level, February data offers some good news for some renters, depending on where they live. In many large markets in Middle America, for instance, February rents came in below the recommended max share of monthly paychecks. Additionally, the area accounted for more than half of February's most affordable rental markets, including Kansas City, Oklahoma City and St. Louis. Still, with February rent growth outpacing incomes even in these relatively affordable areas, renters devoted more of their monthly paychecks towards housing costs than in 2021. After making a swift recovery from earlier COVID setbacks, rents grew over 2021 in each of the 50 largest U.S. metros in February, up by double-digits in 39 markets. February rent growth was in single-digit territory in the remaining 11 metros, keeping rental costs to a lower share of incomes in many of these areas. At No. 8 on the February list of most affordable rental markets, Minneapolis posted the country's second lowest annual rental price gains, up just 4.5% year-over-year. Compared to a metro like Miami, where rental affordability has dropped dramatically, Minneapolis rents were significantly lower in February ($1,558 vs. $2,929). In February, Middle America dominated the top 10 list of most affordable rental markets, with rents taking up less than 30% of typical household incomes in metros like Kansas City, at 19.9%; Oklahoma City, at 21.1%; and St. Louis, at 22.3%. At the same time, with housing affordability declining and mortgage rates climbing nationwide, Middle America renters might consider putting their monthly savings on rent towards buying a first home. In the No. 1 most affordable rental market of Kansas City, monthly starter home costs were 21.7% lower than rents in January, but also grew double-digits over 2021. Most Affordable Rental Markets (Feb. 2022) January 2022 Rental Metrics – 50 Largest U.S. Metros About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of 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®.

U.S. Home Buyer Activity Leaps in January as 83 Markets Hit Double-Digit Showings Per Listing
Top 25 markets were up an average of 14% year over year, with Seattle and Denver leading in showings per listing, followed by Salt Lake City; Boulder, Colo.; Manchester, N.H.; Dallas; and Orlando, according to ShowingTime data CHICAGO, Feb. 24, 2022 -- The latest data from ShowingTime, a residential real estate industry leading technology provider of showing management and market stats, shows a surge in home buyer demand in January, with the average number of showings per listing at double digits in 83 markets nationwide. This enormous activity occurred in a month when buyer activity typically slows and followed a historic 2021, where buyer demand across the country was extraordinarily strong. In January, the entire country experienced a 7.7% year-over-year uptick nationally in home tours, according to the latest data from the ShowingTime Showing Index®. The top 25 markets were up an average of 14% compared with the heavy traffic numbers recorded last January. As was the case in much of last year, Seattle*and Denver recorded the highest claimed the first and second spots for showings per listing in January, with 26 and 25, respectively. Of note, Seattle showed a 2 percent drop in showing year-over-year, due to phenomenal activity in January 2021. Numbers of showings outperformed all other markets nationwide, regardless. Next, Salt Lake City; Boulder, Colo.; and Manchester, N.H. trailed Seattle and Denver, all averaged 17 showings per listing, while Orlando, Fla. and Dallas each had 16 showings per listing to begin the year. "Given last year's historic flurry of activity, it's not surprising that buyers were motivated to meet their home ownership goals so shortly after the holidays," said ShowingTime Vice President and General Manager Michael Lane. "With buyer demand showing no sign of letting up, we remain committed to helping busy real estate professionals handle the ensuing surge in business, just as we did throughout last year." Regionally, the South led the country with a 12.3% year-over-year jump in showing traffic in January, with Dallas and the Florida cities of Orlando, Sarasota and Miami having enormous home touring action. The Midwest's 8.2% climb and Northeast's 7% bump in activity closely followed, while the West - despite very active traffic in Seattle and Denver - saw a 4.5% dip in showings compared to its historic January 2021 numbers. The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. It tracks the average number of appointments received on active listings during the month. *Note: Seattle shows a -2% in the Y-O-Y chart below, due to a phenomenal January 2021. Numbers of showings outperformed all other markets nationwide, regardless. About ShowingTime ShowingTime is the industry leader in home touring technology and a proud affiliate of Zillow Group, Inc. ShowingTime's technology and services simplify the tour scheduling process for buyers, sellers and agents across the industry. ShowingTime products are used in hundreds of MLSs representing more than one million real estate professionals across the U.S. and Canada.

Existing-Home Sales Surge 6.7% in January
WASHINGTON (February 18, 2022) -- Existing-home sales rose in January, making a notable move upward following a previous month where sales declined, according to the National Association of Realtors. On a month-over-month basis, each of the four major U.S. regions experienced an increase in sales in January. However, year-over-year, activity was mixed as two regions reported sagging sales, another watched sales increase and a fourth region remained flat. Total existing-home sales — completed transactions that include single-family homes, townhomes, condominiums and co-ops — climbed 6.7% from December to a seasonally adjusted annual rate of 6.50 million in January. Year-over-year, sales fell 2.3% (6.65 million in January 2021). "Buyers were likely anticipating further rate increases and locking-in at the low rates, and investors added to overall demand with all-cash offers," said Lawrence Yun, NAR's chief economist. "Consequently, housing prices continue to move solidly higher." Total housing inventory at the end of January amounted to 860,000 units, down 2.3% from December and down 16.5% from one year ago (1.03 million). Unsold inventory sits at a 1.6-month supply at the current sales pace, down from 1.7 months in December and from 1.9 months in January 2021. "The inventory of homes on the market remains woefully depleted, and in fact is currently at an all-time low," Yun said. According to Yun, homes priced at $500,000 and below are disappearing, while supply has risen at the higher price range. He noted that such increases will continue to shift the mix of buyers toward high-income consumers. "There are more listings at the upper end – homes priced above $500,000 – compared to a year ago, which should lead to less hurried decisions by some buyers," Yun added. "Clearly, more supply is needed at the lower-end of the market in order to achieve more equitable distribution of housing wealth." The median existing-home price for all housing types in January was $350,300, up 15.4% from January 2021 ($303,600), as prices rose in each region. This marks 119 consecutive months of year-over-year increases, the longest-running streak on record. Properties typically remained on the market for 19 days in January, equal to days on market for December, and down from 21 days in January 2021. Seventy-nine percent of homes sold in January 2022 were on the market for less than a month. First-time buyers were responsible for 27% of sales in January, down from 30% in December and down from 33% in January 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%. Yun explained that the forthcoming increase in mortgage rates will be problematic for at least two market segments. "First, some moderate-income buyers who barely qualified for a mortgage when interest rates were lower will now be unable to afford a mortgage," he said. "Second, consumers in expensive markets, such as California and the New York City metro area, will feel the sting of nearly an additional $500 to $1000 in monthly payments due to rising rates." Individual investors or second-home buyers, who make up many cash sales, purchased 22% of homes in January, up from 17% in December and from 15% in January 2021. All-cash sales accounted for 27% of transactions in January, up from 23% in December and from 19% in January 2021. Distressed sales – foreclosures and short sales – represented less than 1% of sales in January, equal to the percentage seen in both December and January 2021. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.45% in January, up from 3.10% in December. The average commitment rate across all of 2021 was 2.96%. Single-family and Condo/Co-op Sales Single-family home sales jumped to a seasonally adjusted annual rate of 5.76 million in January, up 6.5% from 5.41 million in December and down 2.4% from one year ago. The median existing single-family home price was $357,100 in January, up 15.9% from January 2021. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 740,000 units in January, up 8.8% from 680,000 in December and down 1.3% from one year ago. The median existing condo price was $297,800 in January, an annual increase of 10.8%. "The market is still thriving as an abundance of home sales took place in January," said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "We will continue to beat the drum for more inventory, which will give buyers additional options and will also help alleviate increasing costs." Regional Breakdown Existing-home sales in the Northeast grew 6.8% in January, posting an annual rate of 780,000, an 8.2% decline from January 2021. The median price in the Northeast was $382,800, up 6.0% from one year ago. Existing-home sales in the Midwest rose 4.1% from the prior month to an annual rate of 1,510,000 in January, equal to the level seen from a year ago. The median price in the Midwest was $245,900, a 7.8% rise from January 2021. Existing-home sales in the South jumped 9.3% in January from the prior month, reporting an annual rate of 2,940,000, a gain of 0.3% from one year ago. The median price in the South was $312,400, an 18.7% surge from one year prior. For the fifth straight month, the South witnessed the highest pace of appreciation. "The migration to the Southern states is clearly getting reflected in higher home sales and fast rising home prices compared to other regions," Yun said. Existing-home sales in the West increased 4.1% from the previous month, registering an annual rate of 1,270,000 in January, down 6.6% from one year ago. The median price in the West was $505,800, up 8.8% from January 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.

CoreLogic Reports Upward Trend in Annual Home Price Appreciation Continues; Up 18.5% in December
Home price gains averaged 15% in 2021, up from 6% in 2020 IRVINE, Calif., February 1, 2022 -- CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for December 2021. Consumer desire for homeownership against persistently low supply of for-sale homes created one of the hottest housing markets in decades in 2021 — and spurred record-breaking home price growth. Price appreciation averaged 15% for the full year of 2021, up from the 2020 full year average of 6%. Home price growth in 2021 started off at 10% in the first quarter, steadily increasing and ending the year with an increase of 18% for the fourth quarter. While there have been questions surrounding whether we are currently in a housing bubble, the CoreLogic Market Risk Indicators suggest a small probability of a nationwide price decline, and points to the larger likelihood that a fall in price will be limited to specific, at-risk markets (Table 2). Still, the CoreLogic HPI Forecast shows the national 12-month growth steadily slowing over 2022. During the early months of the year, it's projected to remain above 10% while decelerating each month to a 12-month rise of 3.5% by December 2022. Comparing the average projected National HPI for 2022 with the previous year, the CoreLogic HPI Forecast shows the annual average up 9.6% in 2022. "Much of what we've seen in the run-up of home prices over the last year has been the result of a perfect storm of supply and demand pressures," said Dr. Frank Nothaft, chief economist at CoreLogic. "As we move further into 2022, economic factors – such as new home building and a rise in mortgage rates – are in motion to help relieve some of this pressure and steadily temper the rapid home price acceleration seen in 2021." Top Takeaways: Nationally, home prices increased 18.5% in December 2021, compared to December 2020. On a month-over-month basis, home prices increased by 1.3% compared to November 2021. In December, annual appreciation of detached properties (19.7%) was 5.5 percentage points higher than that of attached properties (14.2%). Home price gains are projected to slow to a 3.5% annual increase by December 2022. In December, Naples, Florida, logged the highest year-over-year home price increase at 37.6%. Punta Gorda, Florida, had the second-highest ranking at 35.7%. At the state level, the Southern, Southwest and Mountain West regions continued to dominate the top three spots for national home price growth, with Arizona leading the way at 28.4%. Florida ranked second with a 27.1% growth and Utah followed in third place at 25.2%. Methodology The CoreLogic HPI™ is built on industry-leading public record, servicing and securities real-estate databases and incorporates more than 45 years of repeat-sales transactions for analyzing home price trends. Generally released on the first Tuesday of each month with an average five-week lag, the CoreLogic HPI is designed to provide an early indication of home price trends by market segment and for the "Single-Family Combined" tier, representing the most comprehensive set of properties, including all sales for single-family attached and single-family detached properties. The indices are fully revised with each release and employ techniques to signal turning points sooner. The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states. CoreLogic HPI Forecasts™ are based on a two-stage, error-correction econometric model that combines the equilibrium home price—as a function of real disposable income per capita—with short-run fluctuations caused by market momentum, mean-reversion, and exogenous economic shocks like changes in the unemployment rate. With a 30-year forecast horizon, CoreLogic HPI Forecasts project CoreLogic HPI levels for two tiers — "Single-Family Combined" (both attached and detached) and "Single-Family Combined Excluding Distressed Sales." As a companion to the CoreLogic HPI Forecasts, Stress-Testing Scenarios align with Comprehensive Capital Analysis and Review (CCAR) national scenarios to project five years of home prices under baseline, adverse and severely adverse scenarios at state, metropolitan areas and ZIP Code levels. The forecast accuracy represents a 95% statistical confidence interval with a +/- 2% margin of error for the index. About Market Risk Indicator Market Risk Indicators are a subscription-based analytics solution that provide monthly updates on the overall "health" of housing markets across the country. CoreLogic data scientists combine world-class analytics with detailed economic and housing data to help determine the likelihood of a housing bubble burst in 392 major metros and all 50 states. Market Risk Indicators is a multi-phase regression model that provides a probability score (from 1 to 100) on the likelihood of two scenarios per metro: a >10% price reduction and a ≤ 10% price reduction. The higher the score, the higher the risk of a price reduction. About the Market Condition Indicators As part of the CoreLogic HPI and HPI Forecasts offerings, Market Condition Indicators are available for all metropolitan areas and identify individual markets as "overvalued", "at value", or "undervalued." These indicators are derived from the long-term fundamental values, which are a function of real disposable income per capita. Markets are labeled as overvalued if the current home price indexes exceed their long-term values by greater than 10%, and undervalued where the long-term values exceed the index levels by greater than 10%. About CoreLogic CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

Pending Home Sales Subside 2.2% in November
WASHINGTON (December 29, 2021) - Pending home sales slipped in November, receding slightly after a previous month of gains, according to the National Association of Realtors. Each of the four major U.S. regions witnessed contract transactions decline month-over-month. Year-over-year activity mostly retreated too, as three regions reported drops and only the Midwest saw an increase. The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, fell 2.2.% to 122.4 in November. Year-over-year, signings slid 2.7%. An index of 100 is equal to the level of contract activity in 2001. "There was less pending home sales action this time around, which I would ascribe to low housing supply, but also to buyers being hesitant about home prices," said Lawrence Yun, NAR's chief economist. "While I expect neither a price reduction, nor another year of record-pace price gains, the market will see more inventory in 2022 and that will help some consumers with affordability." Yun notes that housing demand continues to be high, explaining that homes placed on the market for sale go from "listed status" to "under contract" in approximately 18 days. "Buyer competition alone is unrelenting, but home seekers have also had to contend with the negative impacts of supply chain disruptions and labor shortages this year," he said. "These aspects, along with the exorbitant prices and a lack of available homes, have created a much tougher buying season." Yun adds that a countrywide surge of the omicron variant poses a risk to the housing market's performance, as buyers and sellers are sidelined, and home construction is delayed. Realtor.com®'s Hottest Housing Markets most recent data showed that out of the largest 40 metros, the most improved markets over the past year were Orlando-Kissimmee-Sanford, Fla.; Tampa-St. Petersburg, Fla.; Dallas-Fort Worth-Arlington, Texas; Jacksonville, Fla.; and Denver-Aurora-Lakewood, Colo. November Pending Home Sales Regional Breakdown Month-over-month, the Northeast PHSI declined 0.1% to 99.4 in November, an 8.5% drop from a year ago. In the Midwest, the index fell 6.3% to 116.8 last month, up 0.2% from November 2020. Pending home sales transactions in the South ticked down 0.7% to an index of 148.2 in November, down 1.3% from November 2020. The index in the West slipped 2.2% in November to 105.5, down 4.6% from a year prior. 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.

ShowingTime Data Reveals Impressive Year-Over-Year Demand Across the U.S. as Holiday Home Showing Traffic Heats Up
Led again by Seattle, listings in 13 markets across the country averaged double-digit showings CHICAGO, Dec. 21, 2021 -- The latest data from ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, shows that home buyers continued aggressively shopping for homes throughout most of the U.S. in November, driving year-over-year gains in home showings in all regions according to the latest data from the ShowingTime Showing Index®. Seattle once again led all markets, averaging nearly 15 showings per listing, and was closely followed by Denver, which averaged 13 showings per listing. Orlando, Fla. was next with 12 showings per listing, and four more Florida cities – Miami, Port St. Lucie, Tampa and Sarasota – all averaged double-digit showings per listing. Burlington, Vt., Salt Lake City, Dallas, Manchester, N.H., Boulder, Colo. and Bridgeport, Conn. rounded out the list of top markets. "Showings traditionally lag during the holiday season, but the data we're seeing tells us that buyer demand remains strong," said ShowingTime Vice President & General Manager Michael Lane. "The fact that every region showed a year-over-year increase indicates that buyers are undeterred by the approaching holidays. It speaks to their desire to keep searching for their next home." Both the Midwest and Northeast regions saw 14 percent increases in year-over-year showing activity, with the South's 13.6 percent growth close behind. The West saw a more modest 3 percent boost in activity, with the U.S. overall seeing an increase of 12.5 percent in November. Of the cities on the list with double-digit showings, only Manchester, N.H. recorded a year-over-year decline in buyer activity. The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. It tracks the average number of appointments received on active listings during the month. About ShowingTime ShowingTime is the industry leader in home touring technology and a proud affiliate of Zillow Group, Inc. ShowingTime's technology and services simplify the tour scheduling process for buyers, sellers and agents across the industry. ShowingTime products are used in hundreds of MLSs representing more than one million real estate professionals across the U.S. and Canada.

Mortgage Delinquency Continues to Sink as Pandemic Recedes, CoreLogic Reports
Homeowners look to income growth and home equity wealth to manage their mortgage debt IRVINE, Calif., November 9, 2021 -- CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for August 2021. For the month of August, 4% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 2.6-percentage point decrease in delinquency compared to August 2020, when it was 6.6%. To gain a complete view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency. In August 2021, the U.S. delinquency and transition rates, and their year-over-year changes, were as follows: Early-Stage Delinquencies (30 to 59 days past due): 1.1%, down from 1.5% in August 2020. Adverse Delinquency (60 to 89 days past due): 0.3%, down from 0.8% in August 2020. Serious Delinquency (90 days or more past due, including loans in foreclosure): 2.6%, down from 4.3% in August 2020. Foreclosure Inventory Rate (the share of mortgages in some stage of the foreclosure process): 0.2%, down from 0.3% in August 2020. This remains the lowest foreclosure rate recorded since CoreLogic began recording data (1999). Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.6%, down from 0.9% in August 2020. Facing slower than anticipated employment growth — August saw an increase of only 235,000 new jobs compared to the expected 720,000 — households have found creative ways to cut back on spending to prioritize mortgage payments. In a recent CoreLogic survey, over 30% of respondents said they would cut back on both entertainment and travel to focus on repaying outstanding debt. Income growth and a continued buildup in home-equity wealth will be important parts of financial recovery for borrowers hit hardest by the pandemic. "The unprecedented fiscal and monetary stimuli that have been implemented to combat the pandemic are pushing housing prices and home equity to record levels," said Frank Martell, president and CEO of CoreLogic. "This phenomenon is driving down delinquencies and fueling a boom in cash-out refinancing transactions." "The decline in the overall delinquency rate to its lowest since the onset of the pandemic is good news, but it masks the serious financial challenges that some of the borrower population has experienced," said Dr. Frank Nothaft, chief economist at CoreLogic. "In the months prior to the pandemic, only one-in-five delinquent loans had missed six or more payments. This August, one-in-two borrowers with missed payments were behind six-or-more monthly installments, even though the overall delinquency rate had declined to the lowest level since March 2020." State and Metro Takeaways: The next CoreLogic Loan Performance Insights Report will be released on December 14, 2021, featuring data for September 2021. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog: www.corelogic.com/intelligence. Methodology The data in The CoreLogic LPI report represents foreclosure and delinquency activity reported through August 2021. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. CoreLogic has approximately 75% coverage of U.S. foreclosure data. About the CoreLogic Consumer Housing Sentiment Study 3,000+ consumers were surveyed by CoreLogic via Qualtrics. The study is an annual pulse of U.S. housing market dynamics concentrated on consumers looking to purchase a home, consumers not looking to purchase a home, and current mortgage holder. The survey was conducted in April 2021 and hosted on Qualtrics. The survey has a sampling error of~3% at the total respondent level with a 95% confidence level. About CoreLogic CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

Q3 2021 U.S. Foreclosure Activity Begins to See Significant Increases as Foreclosure Moratorium Is Lifted
Average Time to Foreclose Nationwide Increases 11 Percent From a Year Ago; U.S. Foreclosure Starts Increase 67 Percent From a Year Ago IRVINE, Calif. - Oct. 14, 2021 -- ATTOM, licensor of the nation's most comprehensive foreclosure data and parent company to RealtyTrac, the largest online marketplace for foreclosure and distressed properties, released its Q3 2021 U.S. Foreclosure Market Report, which shows there were a total of 45,517 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 34 percent from the previous quarter and 68 percent from a year ago. The report also shows there were a total of 19,609 U.S. properties with foreclosure filings in September 2021, up 24 percent from the previous month and up 102 percent from September 2020. "Despite the increased level of foreclosure activity in September, we're still far below historically normal numbers," said Rick Sharga, executive vice president at RealtyTrac, an ATTOM company. "September foreclosure actions were almost 70 percent lower than they were prior to the COVID-19 pandemic in September of 2019, and Q3 foreclosure activity was 60 percent lower than the same quarter that year. Even with similar increases in foreclosures over the next few months, we'll end the year significantly below what we'd see in a normal housing market." Foreclosure starts jump up nationwide Lenders started the foreclosure process on 25,209 U.S. properties in Q3 2021, up 32 percent from the previous quarter and up 67 percent from a year ago — the first double digit quarterly percent increase since 2014. States that posted the greatest number of foreclosure starts in Q3 2021, included California (3,434 foreclosure starts); Texas (2,827 foreclosure starts); Florida (2,546 foreclosure starts); New York (1,363 foreclosure starts); and Illinois (1,362 foreclosure starts). Among the 220 metropolitan statistical areas analyzed in the report those that posted the greatest number of foreclosure starts in Q3 2021, included New York, New York (1,456 foreclosure starts); Chicago, Illinois (1,122 foreclosure starts); Los Angeles, California (1,102 foreclosure starts); Miami, Florida (992 foreclosure starts); and Houston, Texas (866 foreclosure starts). Counter to the national trend of quarterly increases, among those metropolitan areas with a population greater than one million that saw a decline in foreclosure starts in Q3 2021 were Charlotte, North Carolina (down 32 percent); Portland, Oregon (down 26 percent); Rochester, New York (down 17 percent); San Jose, California (down 13 percent); and Hartford, Connecticut (down 6 percent). "So far the government and the mortgage industry have worked together to do an extraordinary job of preventing millions of unnecessary foreclosures using the foreclosure moratorium and mortgage forbearance program," Sharga added. "But there are hundreds of thousands of borrowers scheduled to exit forbearance in the next two months, and it's possible that we might see a higher percentage of those borrowers default on their loans." Highest foreclosure rates in Nevada, Illinois and Delaware Nationwide one in every 3,019 properties had a foreclosure filing in Q3 2021. States with the highest foreclosure rates in Q3 2021 were Nevada (one in every 1,463 housing units with a foreclosure filing); Illinois (one in every 1,465); Delaware (one in every 1,515); New Jersey (one in every 1,667); and Florida (one in every 1,743). Among 220 metropolitan statistical areas analyzed in the report, those with the highest foreclosure rates in Q3 2021 were Atlantic City, New Jersey (one in every 709 housing units with a foreclosure filing); Peoria, Illinois (one in every 754); Bakersfield, CA (one in every 923); Cleveland, Ohio (one in every 936); and Las Vegas, Nevada (one in every 1,167). Bank repossessions increase nationwide Lenders repossessed 7,574 U.S. properties through foreclosure (REO) in Q3 2021, up 22 percent from the previous quarter and up 46 percent from a year ago the first quarterly increase since Q1 2016. States that posted the largest number of completed foreclosures in Q3 2021, included Illinois (965 REOs); Florida (564 REOs); Pennsylvania (480 REOs); Michigan (401 REOs); and New York (370 REOs). Average time to foreclose increases 11 percent from last year Properties foreclosed in Q3 2021 had been in the foreclosure process an average of 924 days, up slightly from 922 days in the previous quarter but up 11 percent from 830 days in Q3 2020. States with the longest average foreclosure timelines for homes foreclosed in Q3 2021 were Hawaii (2,070 days); Nevada (1,989 days); Kansas (1,901 days); New York (1,659 days); and Washington (1,611 days). States with the shortest average foreclosure timelines for homes foreclosed in Q3 2021 were Montana (94 days); Wyoming (102 days); Mississippi (133 days); Missouri (213 days); and Virginia (272 days). September 2021 Foreclosure Activity High-Level Takeaways Nationwide in September 2021 one in every 7,008 properties had a foreclosure filing. States with the highest foreclosure rates in September 2021 were Florida (one in every 3,276 housing units with a foreclosure filing); Illinois (one in every 3,508 housing units); Delaware (one in every 3,834 housing units); Nevada (one in every 4,009 housing units); and New Jersey (one in every 4,487 housing units). 10,289 U.S. properties started the foreclosure process in September 2021, up 23 percent from the previous month and up 106 percent from a year ago. Lenders completed the foreclosure process on 2,682 U.S. properties in September 2021, up 8 percent from the previous month and up 33 percent from a year ago. U.S. Foreclosure Market Data by State – Q3 2021 Report Methodology The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM's report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month. About ATTOM ATTOM provides foreclosure data licenses that can power various enterprise industries including real estate, insurance, marketing, government, mortgage and more. ATTOM multi-sources from 3,000 counties property tax, deed, mortgage, 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. About RealtyTrac (Powered by ATTOM's Property Data) RealtyTrac.com is the largest online marketplace for foreclosure and distressed properties, helping individual investors and real estate agents looking to gain a competitive edge in the distressed market. Realtytrac.com enables real estate professionals the ability to find, analyze and invest in residential properties.

Redfin Reports Asking Prices Up 12% to All-Time High
Despite optimism from people listing their homes for sale, pending sales and new listings followed expected seasonal slowdowns SEATTLE, Sept. 29, 2021 -- Asking prices of homes listed for sale increased to an all-time high of 12%, according to a new report from Redfin, the technology-powered real estate brokerage. Pending sales were up just 4%, the smallest year-over-year increase since June 2020. Other housing market measures continued to show a typical seasonal cooling, with fewer than half of homes selling above list price and new listings of homes for sale down 20% from their 2021 peak. "Home sellers continue to show their optimism with increasing asking prices," said Redfin Chief Economist Daryl Fairweather. "However, there are already signals from the Fed and markets that mortgage rates are starting to creep up. The hit to affordability that comes with higher rates and higher home prices could let some steam out of the market It's never a good idea to overprice your home, but I would be especially wary of overpricing as seasonal cooling trends persist and rising rates take some affordability out of the homebuying equation." Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending September 26. Redfin's housing market data goes back through 2012. The median home-sale price increased 13% year over year to $356,358. This was up 0.2% from the four-week period ending September 19. Asking prices of newly listed homes were up 12% from the same time a year ago to a median of $361,250, an all-time high. Asking prices have been on the rise throughout the month of September, in a typical late-summer seasonal uptick. New listings of homes for sale were down 8% from a year earlier. New listings have been below 2020 levels since the four-week period ending August 22. Active listings (the number of homes listed for sale at any point during the period) fell 22% from 2020. 46% of homes that went under contract had an accepted offer within the first two weeks on the market, above the 43% rate of a year earlier. 33% of homes that went under contract had an accepted offer within one week of hitting the market, up from 31% during the same period a year earlier. Homes that sold were on the market for a median of 20 days, nearly a week longer than the all-time low of 15 days seen in late June and July, and down from 32 days a year earlier. 48% of homes sold above list price, up from 34% a year earlier. On average, 5% of homes for sale each week had a price drop, up 1.4 percentage points from the same time in 2020, and the highest level since the four-week period ending October 13, 2019. The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, decreased to 101%. In other words, the average home sold for 1% above its asking price. Other leading indicators of homebuying activity: Mortgage purchase applications decreased 1% week over week (seasonally adjusted) during the week ending September 24. For the week ending September 23, 30-year mortgage rates were up slightly at 2.88%. From January 1 to September 26, home tours were up 7%, compared to a 29% increase over the same period last year, according to home tour technology company ShowingTime. The Redfin Homebuyer Demand Index fell during the week ending September 26, but was up 8% from a year earlier. The seasonally adjusted Redfin Homebuyer Demand Index is a measure of requests for home tours and other home-buying services from Redfin agents. View the full report, including charts 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.

During a Frenzied 2021 Market, Busy Real Estate Agents Processed More than 120,000 Offers Using ShowingTime's Offer Management Platform
ShowingTime also announced igloohome joined its Premier Lock Vendor program, a program that provides additional integration features for lockbox vendors with Bluetooth capabilities CHICAGO -- ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, reported that its Offer Manager platform, used by listing agents and buyer's agents across North America, helped them manage more than 120,000 offers during the real estate industry's multiple-offer frenzy of the past year. Offer Manager provides agents with an experience that is intuitive, presenting a ‘submit an offer' button that can be used from any device. It reduces the number of panic-laden "Did you get my offer?" calls, emails and text messages between agents, and instead infuses clarity into one of the many challenging tasks real estate agents face: communicating clearly with each other about offers. "Before Offer Manager, it was the 'Wild West' – agents were inundated with multiple modes of offers, including faxes, emails and even text messages with pictures of offers," said Michael Barbaro, broker/owner at Huntsman, Meade & Partners Comp in New Haven, Conn. "Some people didn't even follow up, so if you weren't expecting their offer and you didn't know to look for it, and you're fielding another 15+ other offers, it could just be overlooked. The lack of a system was the worst possible scenario for the industry." "Delays often result from communication barriers between agents, leading to confusion on the status of offers while essential documentation can easily be misplaced," said ShowingTime President Michael Lane. "With Offer Manager, listing agents and buyer's agents have a full view of the status of an offer from start to finish, all from within the interface of their existing ShowingTime showing management service. The same philosophy that has guided the development of our showing management products was in place here: provide agents with a streamlined process that will pay dividends in efficiency and productivity to fuel their growth." Offer Manager works in parallel with ShowingTime's 'schedule a showing' process and is deployed MLS-wide in many U.S. and Canadian markets. A version for brokers, teams and individual agents, Offer Manager Premium, is also available. "We received so many offers at the end of 2020 and the beginning of 2021 that it was beginning to put a strain on our admin staff and we clearly needed a solution," said Joe Kipping of Keller Williams Tampa Bay Home Team. "Before Offer Manager, all offer management would be done with an email inbox, a spreadsheet and Google Drive. Now, I can view the offer quickly and I know the buyer's agent will be sent a notification letting them know the offer was received, saving me a lot of time." MLSs in Mississippi, Nevada and North Carolina are rolling out the product for members, while multiple offices, teams and agents have signed up for Offer Manager Premium. In addition, the company announced that igloohome, the consumer brand under igloocompany, joined its Premier Lock Vendor program. They provide agents with smart lockboxes for hassle-free home access and Bluetooth® technology to provide one-tap access. "We're pleased to be a ShowingTime Premier Lock vendor," said igloocompany CEO and Founder Anthony Chow. "We share a common desire to facilitate easier, safer access to homes." About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.5 million active listings subscribed to its services. Its products are used in more than 370 Multiple Listing Services representing 1.4 million real estate professionals across Canada and the U.S. For more information, visit www.showingtime.com. About igloocompany igloocompany is the market leading smart access solution provider. The company operates a consumer line of business branded igloohome and an enterprise-focused line under iglooworks. With igloohome smart locks, consumers can grant time-sensitive access to their properties remotely leveraging on their unique technology - algoPIN™. iglooworks offers businesses a suite of solutions for remote monitoring and management of access for property and infrastructure management. Currently headquartered in Singapore, it has 13 regional offices including a U.S. presence in Texas. For more information, visit www.igloocompany.co.

Realtor.com August Housing Report: Seller Activity Warms Up as 432,000 Newly-Listed Homes Hit the Market
U.S. housing inventory declines (-25.8%) and new listings growth (+4.3%) continued to improve over last year; August listing price adjustments approach typical 2016-2019 levels SANTA CLARA, Calif., Sept. 2, 2021 -- August housing data shows early signs of sellers beginning to compete for buyers, according to the Realtor.com Monthly Housing Report released today. As inventory and new listings continued to improve in August, the rate of sellers making price adjustments1 has begun to approach more normal levels. U.S. housing inventory declined 25.8% year-over-year in August, an improvement over last month (-33.5%). New listings were up 4.3% from last year as new sellers continued to list entry-level homes in more affordable price ranges. Additionally, the share of sellers who made listing price adjustments grew 0.7% year-over-year to 17.3% of active inventory – the highest share in 21 months and closer to typical 2016-2019 levels. "Low mortgage rates have motivated homebuyers to endure this year's challenging market and now some buyers are starting to see their persistence pay off. This month, new sellers added more affordable entry-level homes to the market compared to last year, while others began adjusting listing prices to better compete with an uptick in inventory," said Realtor.com® Chief Economist Danielle Hale. "It's still a strong seller's market, with homes selling quickly at record-high prices. But now a home priced well and in good condition may see two or three bids compared to 10 last year. For sellers not seeing as many offers, it may be worth revisiting pricing strategies as buyers continue searching for homes that fit their budgets." Inventory continues to improve as new sellers list more entry-level homes While August marked the fourth consecutive month of national inventory improvements from the steepest 2021 declines seen in April (-53.0%), the U.S. housing supply is still short 223,000 active listings compared with last year. Inventory was improving at a faster pace across the 50 largest U.S. markets in August, down an average 20.7% year-over-year, and six metros like Washington, D.C. (+17.1%) saw inventory surpass 2020 levels. Additionally, 432,000 new listings hit the national housing market in August, an increase of 18,000 over last year. Continuing last month's trend, more new sellers added to the share of entry-level homes (+6.4%), defined as single-family homes in the 750-1,750 square foot range, whereas listings with 3,000-6,000 square feet declined 4.6% in August. Virginia Beach (+17.0%), Milwaukee (+16.7%) and Tampa (+13.7%) posted the highest yearly gains in the share of entry-level homes. Across the 50 largest markets, new listings increased an average of 5.1% year-over-year in August. Regionally, the Midwest saw the biggest increase in newly-listed homes over last year (+12.5%), with Columbus, Ohio (+25.6%) and Cleveland, Ohio (+21.6%) taking two of the top five spots by highest new listings growth over last year. The South also saw a sizable yearly increase in new sellers in August (+6.1%), with Louisville, Ky. (+22.8%), Baltimore (+20.2%) and New Orleans (+19.9%) rounding out the top five metros with the biggest new listings gains. Listing price growth remains high as price adjustments approach more typical levels The U.S. median listing price increased 8.6% year-over-year to $380,000 in August, just 1.3% below last month's record price ($385,000). Yearly price growth continued moderating month-to-month in August, down from July (+10.3%), driven in part by the inventory mix shifting to include a higher share of smaller homes at lower price points. With first-time homebuyer demand still high in August, the entry-level home price ($235,000) grew 17.6% year-over-year, faster than the 15.3% increase in 3,000-6,000 single-family home prices ($749,000). However, overall yearly price growth remained historically-high in August, with only two months during the 2017-2019 period meeting or exceeding the month's growth rate over last year. Over one-third (18) of the 50 largest metros posted double-digit price gains over last year in August. Among the four primary U.S. regions, the highest yearly price increases were in the West (+9.3%) and South (+7.4%). Markets in these regions also dominated the top 10 list of metros with the biggest year-over-year price growth, at five each, including: Austin (+36.0%), Las Vegas (+22.9%), Tampa (+20.0%), Riverside, Calif. (+17.6%) and Orlando (+15.4%). Many of the metros where price growth was highest in August also saw a rise in listing price adjustments, including Austin, at a 4.1% increase in the share of price drops over last year. With Austin median home price ($544,000) up by over one-third of last year's levels in August, 23.8% of sellers in the metro made a price reduction, potentially to help compete with higher numbers of new sellers than last year (+19.6%). Additionally, as Austin first-time buyers pursued new inventory of relatively affordable entry-level homes, entry-level home prices ($404,000) posted a significant gain of 47.9% year-over-year in August. "With big city employers increasingly meeting talent in more affordable secondary metros in recent years, Austin has become one of the nation's most popular next gen tech hubs and hottest housing markets. However, data shows that even as some sellers are starting to compete for home shoppers in Austin, buyers still face fierce competition for a limited number of homes. Homebuyers looking for their next home in a tight market can use features like those on Realtor.com® to set up price alerts for new listings that match their criteria, or finetune price adjustments to surface homes closer to their budgets," said George Ratiu, Realtor.com® Manager of Economic Research. Homes continue flying off the market; seasonal norms slowly take hold The typical U.S. home spent 39 days on the market in August, 17 days faster than last year and 24 days faster than in the same month during a more typical year from 2017-2019, on average. However, time on market continues to moderate from the record-fast pace seen earlier in the pandemic, at two days slower in August than in June (37 days). Nashville had the fastest time on market, at a median of 18 days. The pace of home sales was even faster across the 50 largest U.S. metros, averaging just over a month at 33 days in August, but the yearly gap is shrinking more quickly (-12 days). Although the South saw the steepest decline in time on market (-17 days), the pace of home sales moderated from July (-22 days) across the region and in many of the fastest-selling metros. In August, Miami (-34 days), Jacksonville (-26 days) and Raleigh (-24 days) saw the biggest drops in time on market compared to last year. Methodology Housing data as of August 2021. Listings include active inventory of existing single-family homes and condos/townhomes for the given level of geography; new construction is excluded unless listed via the MLS. In this analysis, entry-level homes are defined as 750-1,750 square-foot single family homes. In this release, price adjustments are defined as home listings that had their price reduced in August 2021. Listings that had their prices increased during the month are excluded. In August, the count of listing price reductions was nearly eight times higher than the count of listing price increases. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of 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. under a perpetual license from the National Association of REALTORS®. For more information, visit www.Realtor.com.

94% of Metro Areas Saw Double-Digit Price Growth in Second Quarter of 2021
The median sales price of single-family existing homes rose 22.9% to $357,900, an increase of $66,800 from one year ago. Over a 3-year period, 46 markets had price gains of over $100,000. WASHINGTON (August 12, 2021) -- Continued low levels of housing inventory, combined with record-low mortgage rates spurring housing demand, have caused an increase in median sales prices for existing single-family homes in all but one of 183 measured markets during the second quarter of 2021. That is according to the National Association of Realtors®' latest quarterly report, which reveals that 94% of 183 metro areas also experienced double-digit price increases (89% in the first quarter of 2021). The median sales price of single-family existing homes rose 22.9% to $357,900, an increase of $66,800 from one year ago. All regions saw double-digit year-over-year price growth, which was led by the Northeast (21.8%), followed by the South (21.0%), West (20.9%), and Midwest (17.1%). "Home price gains and the accompanying housing wealth accumulation have been spectacular over the past year, but are unlikely to be repeated in 2022," said Lawrence Yun, NAR chief economist. "There are signs of more supply reaching the market and some tapering of demand," he continued. "The housing market looks to move from 'super-hot' to 'warm' with markedly slower price gains." That said, 12 metro areas did report price gains of over 30% from one year ago, eight of which are in the South and West regions, including Pittsfield, Mass. (46.5%); Austin-Round Rock, Texas (45.1%); Naples-Immokalee-Marco Island, Fla. (41.9%); Boise City-Nampa, Idaho (41%); Barnstable, Mass. (37.8%); Boulder, Colo. (37.7%); Bridgeport-Stamford-Norwalk, Conn. (37.1%); Cape Coral-Fort Myers, Fla. (35.6%); Tucson, Ariz. (32.6%); New York-Jersey City-White Plains, N.Y.-N.J. (32.5%); San Francisco-Oakland-Hayward, Calif. (31.9%); and Punta Gorda, Fla. (30.8%). Yun notes that home prices are increasing sharply in the San Francisco and New York metro areas. Over the past three years, the typical price gain on an existing single-family home totaled $89,900, with price gains in all 182 markets. In 46 out of 182 markets, homeowners typically experienced price gains of over $100,000. The largest price gains were in San Francisco-Oakland-Hayward, Calif. ($315,000); San Jose-Sunnyvale-Sta. Clara, Calif. ($294,000); Anaheim-Sta. Ana Irvine, Calif. ($279,500); Barnstable, Mass. ($220,600); and Boise-City-Nampa, Idaho ($206,300). With home prices rising, the monthly mortgage payment on an existing single-family home financed with a 30-year fixed-rate loan and 20% down payment rose to $1,215. This is an increase of $196 from one year ago. The monthly mortgage payment grew even as the effective 30-year fixed mortgage rate decreased to 3.05% (3.29% one year ago). Among all homebuyers, the monthly mortgage payment as a share of the median family income rose to 16.5% in the second quarter of 2021 (14.0% one year ago). "Housing affordability for first-time buyers is weakening," Yun explained. "Unfortunately, the benefits of historically-low interest rates are overwhelmed by home prices rising too fast, thereby requiring a higher income in order to become a homeowner." Among first-time buyers, the mortgage payment on a 10% down payment loan jumped to 25% of income (21.2% one year ago). A mortgage is affordable if the payment amounts to no more than 25% of the family's income. In 17 metro areas, a family needed more than $100,000 to affordably pay a 10% down payment mortgage (14 metro areas in 2021 Q1. These metro areas are in California (San Jose-Sunnyvale-Sta. Clara, San Francisco-Oakland-Hayward, Anaheim-Sta. Ana-Irvine, San Diego-Carlsbad, Los Angeles-Long Beach-Glendale), Hawaii (Urban Honolulu), Colorado (Boulder, Denver-Aurora), Washington (Seattle-Tacoma-Bellevue), Florida (Naples-Immokalee-Marco Island), Connecticut (Bridgeport-Stamford-Norwalk), New York (Nassau, New York-Newark-Jersey City), Massachusetts (Boston, Barnstable), District of Columbia-Virginia-Maryland-West Virginia (Washington-Arlington-Alexandria), and Oregon-Washington (Portland-Vancouver-Hillsboro). There were only 84 metro area markets in which a family needed less than $50,000 to afford a home, down from 104 markets in 2021 Q1. The most affordable markets – where a family can typically afford to buy a home financed with a 10% down payment with an income of $25,000 or less – are in the Rust Belt areas of Youngstown-Warren Boardman, Ohio ($24,401); Peoria, Illinois ($24,013); Cumberland, Maryland ($23,773); and Decatur, Illinois ($21,481). "Housing supply will be critical in moderating the growing housing costs and rising rents," Yun said. "Any disincentive to produce more housing inventory, such as extending the eviction moratorium, will only worsen the current shortage," Yun said. Yun noted that NAR has requested "expeditious release" of rental subsidy funds in order to assist those who may be facing eviction. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

Pending Home Sales Fall 1.9% in June
Compared to the month before, contract signings rose in the Northeast and Midwest but fell in the South and West. WASHINGTON (July 29, 2021) -- Pending home sales declined marginally in June after recording a notable gain in May, the National Association of Realtors reported. Contract activity was split in the four major U.S. regions from both a year-over-year and month-over-month perspective. The Northeast recorded the only yearly gains in June. The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, fell 1.9% to 112.8 in June. Year-over-year, signings also slipped 1.9%. An index of 100 is equal to the level of contract activity in 2001. "Pending sales have seesawed since January, indicating a turning point for the market," said Lawrence Yun, NAR's chief economist. "Buyers are still interested and want to own a home, but record-high home prices are causing some to retreat. "The moderate slowdown in sales is largely due to the huge spike in home prices," Yun continued. "The Midwest region offers the most affordable costs for a home and hence that region has seen better sales activity compared to other areas in recent months." June Pending Home Sales Regional Breakdown The Northeast PHSI increased 0.5% to 98.5 in June, an 8.7% rise from a year ago. In the Midwest, the index grew 0.6% to 108.3 last month, down 2.4% from June 2020. Pending home sales transactions in the South fell 3.0% to an index of 132.4 in June, down 4.7% from June 2020. The index in the West decreased 3.8% in June to 98.1, down 2.6% from a year prior. Yun forecasts that mortgage rates will start to inch up toward the end of the year. "This rise will soften demand and cool price appreciation." "In just the last year, increasing home prices have translated into a substantial wealth gain of $45,000 for a typical homeowner," he said. "These gains are expected to moderate to around $10,000 to $20,000 over the next year." According to Yun, the 30-year fixed mortgage rate is likely to increase to 3.3% by the end of the year, and will average 3.6% in 2022. With the slight uptick in mortgage rates, he expects existing-home sales to marginally decline to 5.99 million (6 million in 2021). Yun added that, with demand easing and housing starts improving to 1.65 million (1.565 in 2021), existing-home sales prices are expected to increase at a slower pace of 4.4% in 2022 (14.1% in 2021) to a median of $353,500. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

June's Rapid Slowdown in Demand Brings Home Showing Traffic to More Normal Levels per Data from ShowingTime
Uptick in inventory expected, along with ease of pressure on prices, yet first five days of listings still hyperactive with double digit showings, offers submitted quickly CHICAGO - (July 20, 2021) -- ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, found that showing activity slowed during June compared to prior months, but remained hyperactive during the first few days listings go on the market in cities across the country. According to the ShowingTime Showing Index®, 64 markets still averaged double-digit showings per listing during the month, led again by Seattle and Denver. That was down almost half from May, when 113 markets averaged double-digit showings per listing, and down from a very busy April when 146 markets were in double digits. "Buyer demand remains healthy," said ShowingTime President Michael Lane. "Showing traffic is still above last year's levels – other than in the Northeast, where it is down 3 percent from last year – though we saw a quick month-to-month drop in the number of showings per listing in June, showing an uncharacteristically rapid slowdown in real estate demand coming into the summer. This is likely to cause an increase in inventory levels in the coming months and ease the upward pressure on real estate prices that has pushed them to historic highs over the last 12 months." Though the volume of showings declined from prior months, the first five days listings are active remain critical for buyers, when showing calendars tend to fill up quickly. Listings in Riverside and Bakersfield, Calif., Buffalo and Rochester, N.Y., Los Angeles, Raleigh, N.C., and Grand Rapids, Mich., each averaged more than 30 showings just in the first five days. Buyer demand remained strong enough in June to drive year-over-year jumps in showing traffic in the South (20.5 percent), the West (14.4 percent) and the Midwest (14.1 percent), leading to a 7.8 percent jump year over year in activity throughout the U.S. overall. The Northeast Region, however, saw a drop of 3.2 percent, the first drop in showing activity in any region since April 2020 when real estate continued to grapple with the effects of the pandemic. The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. The Showing Index tracks the average number of appointments received on active listings during the month. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.5 million active listings subscribed to its services. Its products are used in 370 MLSs representing 1.4 million real estate professionals across the U.S. and Canada. Contact us at [email protected].

Realtor.com Housing Report: New Listings Stage a Comeback in June as Home Prices Hit a New High
Top markets for new listings growth include: Milwaukee (+44.7%), San Jose (+40.7%), and Cleveland (37.9%) SANTA CLARA, Calif., July 1, 2021 -- New listings showed signs of a comeback in June as home prices broke a new record for the fifth month in a row at $385,000, according to the Realtor.com® Monthly Housing Report released today. While the number of homes for sale remained drastically lower than normal with a 43.1% decline over last year, June marks a significant improvement over last month's 50.9% decline. "Although there's still a significant shortage of homes for sale and home prices just hit a new high, our June data report shows good news on the horizon for buyers," said Realtor.com® Senior Economist George Ratiu. "Inventory declines improved over the steep drops seen earlier in the pandemic as sellers stepped back into the market in a variety of price ranges across the country. The improvement we saw in new listings growth from May to June shows sellers are entering the market historically later in the season, which could mean we'll see home buying continue into the fall as buyers jump at new opportunities." According to the Realtor.com® data, June new listings increased 5.5% year-over-year and 10.9% over last month. Among the largest U.S. metros, the 10 markets with the highest new listings increases posted gains of 20% or more year-over-year. Although there were fewer homes actively for sale on a typical day in June compared to last year and to the average June from 2017-2019, the uptick in newly-listed homes may be giving buyers more homes to choose from and potentially more time to make decisions. If these trends persist, inventory declines and price growth may continue to moderate as the housing market returns to a more normal pace of activity heading into the second half of 2021, Ratiu said. Inventory declines continue to slow as new listings diverge from typical summer trend U.S. inventory was down 43.1% year-over-year last month, representing 415,000 fewer homes for sale on a typical day in June compared to the same time last year, but an improvement over the more than 50% year-over-year declines seen in March, April and May. While more sellers entered the market in June compared to last year, new listings growth was still 14.4% below the average of the June levels seen from 2017 to 2019. Compared to the national rate in June, inventory took bigger steps towards recovery in the 50 largest metros, declining 40.5% year-over-year as big city sellers added 11.7% more listings to the market. New listings were up over 20% year-over-year in the 10 metros that saw the biggest gains, including Milwaukee (+44.7%), San Jose (+40.7%), and Cleveland (37.9%). Listing prices reach latest new high as growth moderates In June, the median U.S. listing price grew 12.7% over last year to $385,000, marking the fifth straight month of record-high prices seen according to Realtor.com® data, which dates back to 2012. However, the year-over-year pace of price growth moderated for the second consecutive month in June, down from 15.2% in May. Listing price growth in the biggest U.S. metros is moderating more quickly than the national pace, increasing 5.3% year-over-year in June, below the growth levels seen in May (+7.4%) and April (+11.6%). Among the nation's 50 largest markets, Austin, Texas continued its 2021 streak of taking the top spot by price growth, up 34.3% year-over-year. Riverside, Calif., and Tampa also saw some of the biggest price gains over last year, with each rising by 19.6%. Homes continue to fly off the market as buyers compete for inventory The typical home spent 37 days on the market in June, 35 days faster than last year and 21 days faster than the average time on market from 2017, 2018 and 2019, a more normal market. Denver and Rochester tied for the fastest time on market in June at a median 12 days, followed by Nashville (15 days). Homes sold even faster in the 50 largest U.S. metros, spending an average of 31 days on market and down 23 days year-over-year. Big cities that saw the biggest declines in days on market were Miami (-52 days), Raleigh (-48 days), and Pittsburgh (-48 days). June 2021 Housing Overview by Top 50 Largest Metros *Median listing price declines in these markets are largely reflective of a change in the mix of inventory due to more newly listed homes being in lower price tiers. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of 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. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com®.

Unusual Decline in Showings Reported for May Compared to April, Although Buyer Activity Remains at an All-time High Per Data from ShowingTime
113 markets – led again by Denver and Seattle – recorded double-digit showings per listing in May, down from 146 markets in April but still well ahead of last year's pace CHICAGO - (June 22, 2021) -- ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, found that although May buyer traffic declined compared to April, it remains elevated from the same time last year, according to the ShowingTime Showing Index®. Of the 30 busiest markets for showings across the U.S., 28 recorded month-over-month declines from April. The exceptions were Orlando, Fla., and Raleigh, N.C., which were unchanged. Jackson, Tenn., bucked the trend, recording an 11 percent increase in the average number of showings per listing. May's ebb in traffic suggests the U.S. residential real estate market is adjusting and stabilizing, as inventory levels begin to rise again. "It's common for showing traffic to reach a high point in April and remain there for a couple of months," said ShowingTime President Michael Lane. "The unusual May decline doesn't take away from the fact that showings continue to be at an all-time high, with year-over-year traffic up nearly 65 percent in some regions of the country." Showings increased 49.6 percent year-over-year in the U.S., with the Northeast region leading the way with a 63.5 percent increase compared to last May. It was followed closely by the West's increase of 60.5 percent, while the South increased 43.7 percent and the Midwest was up 40.7 percent year over year. "Although showing traffic continues at a historic pace, we saw a substantial month-to-month decrease from April's levels," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "As we stated last month, even if demand begins to weaken, we'll still be far from a buyer's market since the demand for real estate remains at an unprecedented level." May marks the one-year point in which showing activity resumed in earnest after pandemic-induced drops. The infusion of additional inventory should come as a relief to buyers. The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. The Showing Index tracks the average number of appointments received on active listings during the month. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.5 million active listings subscribed to its services. Its products are used in 370 MLSs representing 1.4 million real estate professionals across the U.S. and Canada. Contact us at [email protected].

Realtor.com Housing Report: Home Prices Reach New High at $380,000 in May
Price Growth Remained in Double Digits for 10th Straight Month in May; Price Growth Moderation Expected Later in 2021 SANTA CLARA, Calif., June 3, 2021 -- The U.S. median home price continued its double-digit appreciation in May reaching a new an all-time high of $380,000, but in a good sign for home shoppers contending with a competitive housing market, the rate of price growth moderated for the second time in 13 months, according to the Realtor.com® Monthly Housing Trends Report released today. In what is looking more like a typical home-buying season, sellers continued to come to the market in May with new listings up 5.4% year-over-year. However, with less than half the total number of homes for sale compared to last year, homes are selling 32 days faster than a year ago and 18 days faster than 2017-2019. It is important to note that the housing market stalled during the early days of the pandemic last April and May, exaggerating many of the year-over-year comparisons. To provide perspective, 2017-2019 comparisons are provided when appropriate. "Home buyers looking to lock in still low mortgage rates face fierce competition for fewer homes for sale than last year's historic pandemic lows, pushing up the typical asking price in May to an all-time high for the fourth consecutive month," said Realtor.com® Chief Economist Danielle Hale. "The good news is that price momentum may be beginning to cool off. While still in the double-digits, May was the first non-weather related slowing in price appreciation since April 2020. And with a normal, summer seasonal peak in home prices expected this year, we could see growth fall back to a more normal single-digit pace in the fall." Hale said Realtor.com®'s May data indicates that large metros may be leading the national cooldown in price growth thanks to more new sellers. In May, the largest metros saw lower annual price gains than the national rate and some of the largest number of new homes added to the market. Prices hit all-time high as growth pace slows Nationally, the median list price grew to $380,000 in April, the latest all-time high seen according to Realtor.com® data, which dates back to 2012. Although the tenth consecutive month of double-digit price increases, the pace of growth slowed to 15.2% year-over-year in May, lower than the 17.2% year-over-year increase reported in April. Active listing prices in the nation's largest metros grew by an average of 7.4% in May compared to last year. Among the 50 largest U.S. metros, Austin, Texas (+32.2%), Riverside, Calif. (+21.5%), and Las Vegas (+18.5%) saw the largest increases. Tight inventory even as sellers add new listings Nationally, the total inventory of unsold homes (including pending listings) declined 20.8% from May 2020, while active listings were more than half of (-50.9%) last year's levels. New listings grew 5.4% compared to last year. Although more sellers are entering the market, there were 522,000 fewer homes actively for sale in May compared to a year ago, when the market had stalled due to the pandemic. Compared to the typical rate seen in May from 2017 to 2019, sellers added 23.3% fewer newly listed homes last month. The nation's 50 largest metros gained 12.4% new listings compared to last year in May, over twice the average national rate. Many of the metros that saw the largest gains were cities that were impacted by the pandemic first such as Buffalo, N.Y., up 64.3%, Philadelphia (+52.5%) and Washington, D.C.(+48.9%). Homes sold more than a month faster than last year With less than half the amount of homes for sale than this time last year, prospective homeowners are feeling the pressure to move quickly with average time on market reaching a new low in May at 39 days. This is 32 days faster than last year. Homes sold 19 days faster on average in May, compared to 2017 to 2019. May home sales were fastest in Rochester, N.Y., which saw a median 11 days on market, and Columbus, Ohio (13 days) and Denver (14 days). May 2021 Housing Overview by Top 50 Largest Metros *Some data for Pittsburgh has been excluded due to data quality. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of 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. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com.

Buyers Carry Momentum Into 2021, Led By a Record Number of Home Tours In Austin, Boulder, Denver and Seattle Per Data from ShowingTime
Double-digit showings per listing in 16 of the top 20 cities tracked, including Columbus and Akron, Ohio, Portland, Ore., Omaha, Neb., and Springfield, Mass. CHICAGO - (February 23, 2021) -- ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, reported that home shoppers carried their end-of-year showing activity momentum into January, with home tours across the country up 55.1 percent year-over-year as more listings came on the market in some metro areas. "Austin, Boulder, Denver and Seattle all logged substantial month-over-month increases in showings," said ShowingTime President Michael Lane. "With a limited number of homes to see, showings per listing jumped to levels we’ve never seen before. Seattle recorded more than 26 showings per listing in January, Denver had 23 and Austin recorded 18 showings per listing. The nationwide average in the markets we track is eight showings per listing." Other cities – including Ocean City, N.J., Madison, Wis., Salt Lake City, Utah and Columbus, Ohio – all recorded at least 70 percent increases in showings versus December. "It's clear that buyers decided to come out in January instead of waiting until spring to shop for homes," Lane said. "While the winter storms that affected most of the country in February will have a downward impact and will be reflected in our next report, we expect to continue seeing big jumps in buyer activity once cities thaw out and more listings come on the market." For the third consecutive month, the West Region experienced the most significant year-over-year increase in showing activity, with a jump of 90 percent. The other regions also recorded year-over-year increases, though at a slower pace than in December. The Midwest was up 57.3 percent, the Northeast 52.2 percent, and the South increased 51 percent. "As anticipated, demand for real estate remains elevated and continues to be affected by low levels of inventory," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "On average, each home is getting 50 percent or more requests this year compared to January of last year. As we head into the busy season, it’s likely we’ll push into even more extreme territory until the supply starts catching up with demand." The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. The Showing Index tracks the average number of appointments received on active listings during the month. About ShowingTime ShowingTime is the residential real estate industry’s leading showing management and market stats technology provider, with more than 1.5 million active listings subscribed to its services. Its products are used in 370 MLSs representing 1.4 million real estate professionals across the U.S. and Canada. Contact us at [email protected].

U.S. Home Seller Profits Soar in 2020 as Prices Set New Records in Spite of Coronavirus Pandemic
Profits on Home Sales Increase in Nine of Every 10 Housing Markets in 2020; National Median Home Price Up 13 Percent From Last Year to $266,250; Homeowners Now Staying In Their Homes More Than Eight Years Before Selling IRVINE, Calif. -- Jan. 28, 2021 -- ATTOM Data Solutions, curator of the nation's premier property database, today released its Year-End 2020 U.S. Home Sales Report, which shows that home sellers nationwide in 2020 realized a home-price gain of $68,843 on the typical sale, up from $53,700 in 2019 and $48,500 two years ago. Profits rose in more than 90 percent of housing markets with enough data to analyze and the latest figure, based on median purchase and resale prices, marked the highest level in the United States since at least 2005. The $68,843 profit on median priced single-family homes and condos represented a 34.7 percent return on investment compared to the original purchase price, up from 29.4 percent last year and 27.2 percent in 2018, to the highest average home-seller return on investment since 2006. Both raw profits and ROI have improved nationwide for nine straight years. And last year's gain in ROI – up more than five percentage points – marked the largest annual increase since 2017. Profits shot up as the national median home price rose 12.8 percent in 2020 to $266,250 – a record high. The combination of rising profits and record prices came during a year when the national housing market fended off damage that afflicted wide swaths of the U.S. economy after the Coronavirus pandemic of 2020 began spreading across the country in February. Unemployment rose to levels not seen since the Great Depression as millions of businesses temporarily or permanently closed or cut back. But a housing market boom that began in 2012 continued into its ninth year as a spate of buyers relatively unaffected financially by the pandemic – including a cluster looking to escape virus-prone urban areas – chased a declining supply of houses and pushed prices ever higher. "Last year marked a unique year in the history of home prices and profits in the United States. A once-in-a-century health crisis tore through much of the nation's economy but seemed to have the opposite effect on the housing market," said Todd Teta, chief product officer at ATTOM Data Solutions. "Demand remained strong as people who could afford the space and relative safety of single-family homes did just that, aided by super-low mortgage rates and a strong stock market. But they went after a narrowing supply of housing stock, so prices soared and so did seller profits. While it's unclear how long that will last, in the annals of history, there will be few years recorded as better for sellers and more challenging for buyers." Among 132 metropolitan statistical areas with a population greater than 200,000 and sufficient sales data, those in western states continued to reap the highest returns on investment, with concentrations on or near the West Coast. The top 10 metro areas with the highest ROIs on typical home sales were all in the West, led by in San Jose, CA (87.3 percent return on investments); Seattle, WA (72.1 percent); Salem, OR (69.6 percent); Spokane, WA (69.2 percent) and San Francisco, CA (68.2 percent). Prices rise at least 10 percent in more than half the country as most markets hit new highs The U.S. median home price increased 12.8 percent in 2020, hitting an all-time annual high of $266,250. The annual home-price appreciation in 2020 outpaced the combined increases of 4.4 percent in 2019 and the 4.8 percent increase in 2018. The increase in 2020 topped all annual gains since at least 2006 in the United States. Since the U.S. housing market began recovering in 2012 from the Great Recession of the late 2000s, the national median home price has risen 72.3 percent. All 132 metropolitan statistical areas with a population of 200,000 or more and sufficient home price data saw median prices increase in 2020, while 69 saw prices spike at least 10 percent. Those with the biggest year-over-year increases in median home prices were Bridgeport, CT (up 21.4 percent); Myrtle Beach, SC (up 20.5 percent); Crestview-Fort Walton Beach, FL (up 19.6 percent); Boise, ID (up 18.7 percent) and Hilton Head, SC (up 18.3 percent). The largest median-price increases in metro areas with a population of at least 1 million in 2020 came in Milwaukee, WI (up 15.3 percent); Memphis, TN (up 15.1 percent); Phoenix, AZ (up 14.9 percent); Birmingham, AL (up 13.7 percent) and Seattle, WA (up 12.9 percent). Home prices in 2020 reached new peaks in 129 of the 132 metros (97 percent) analyzed, including New York, NY; Los Angeles, CA; Chicago, IL; Dallas, TX and Houston, TX. The smallest gains among the 132 metro areas were in Worcester, MA (up 1.9 percent); Harrisburg, PA (up 2 percent); Pittsburgh, PA (up 3.3 percent); Boston, MA (up 3.5 percent) and Daphne-Fairhope, AL (up 4.1 percent). Profit margins increase in more than 90 percent of nation Profit margins on typical home sales rose in 121 of the 132 metro areas with sufficient data to analyze in 2020 (92 percent). The largest annual increases in investment returns came in Mobile, AL (margin up 181.1 percent); Augusta, GA (up 112.8 percent); Huntsville, AL (up 84.4 percent); Davenport, IA (up 75.6 percent) and New Haven, CT (up 73.4 percent). Among metro areas with a population of at least 1 million in 2020, the largest annual ROI increases were in Birmingham, AL (up 71.5 percent); Hartford, CT (up 56.9 percent); Cleveland, OH (up 52.2 percent); Rochester, NY (up 49.9 percent) and St. Louis, MO (up 45.7 percent). The biggest annual decreases in investment returns in 2020 came in Honolulu, HI (down 11.8 percent); Greeley, CO (down 8.9 percent); Miami, FL (down 7.7 percent); Cape Coral, FL (down 7.4 percent) and San Francisco, CA (down 5.7 percent). Aside from Miami and San Francisco, the only metro areas with a population of at least 1 million and declining profit margins in 2020 were Pittsburgh, PA (down 4.1 percent); Denver, CO (down 3.3 percent) and Dallas, TX (down 0.9 percent). Homeownership tenure hits another record nationwide Homeowners who sold in the fourth quarter of 2020 had owned their homes an average of 8.33 years, up from 7.98 years in the previous quarter and 7.96 years in the fourth quarter of 2019. The latest figure represented the longest average home-seller tenure since at least the first quarter of 2000, the earliest period of available data. Tenures were up, year over year, in 73, or 68 percent, of the 107 metro areas with a population of at least 200,000 and sufficient historical data. As in the third quarter of 2020, the top tenures for home sellers in the fourth quarter of 2020 were all in Connecticut: Bridgeport, CT (13.15 years); Norwich, CT (12.98 years); Torrington, CT (12.83 years); New Haven, CT (12.47 years) and Hartford, CT (12.23 years). Counter to the national trend, 34 of the 107 metro areas (32 percent) posted a year-over-year decrease in average home-seller tenure, led by Madera, CA (down 10 percent); Champaign, IL (down 9 percent); Salem, OR (down 9 percent); Boston, MA (down 8 percent) and Cincinnati, OH (down 8 percent. Cash sales at 13-year low in 2020 Nationwide, all-cash purchases accounted for 23.5 percent of single-family home and condo sales in 2020, the lowest level since 2007. The latest figure was down from 25.2 percent in 2019 and 27 percent in 2018, and was well off the 38.4 percent peaks in 2011 and 2012. Among 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 2020 were the same as in 2019: Macon, GA (48.7 percent of sales); Naples, FL (47.2 percent); Chico, CA (46 percent); Fort Smith, AR (43 percent) and Montgomery, AL (41.8 percent). U.S. distressed sales share at 15-year low Distressed home sales — including bank-owned (REO) sales, third-party foreclosure auction sales and short sales — accounted for 7.8 percent of all U.S. single-family home and condo sales in 2020, down from 11.1 percent in 2019 and 12.4 percent in 2018. The latest figure was less than one-quarter of the peak of 38.6 percent in 2011 and marked the lowest point since 2005. States where distressed sales comprised the largest portion of total sales in 2020 were Connecticut (15.3 percent of sales), Rhode Island (14.7 percent), Delaware (13.8 percent), Illinois (12.6 percent) and Maryland (12.6 percent). Those with the lowest were Utah (2.1 percent), Maine (2.2 percent), Idaho (2.6 percent), Montana (3.2 percent) and Mississippi (3.5 percent). Among 196 metropolitan statistical areas with a population of at least 200,000 and with sufficient data, those where distressed sales represented the largest portion of all sales in 2020 were Chico, CA (18 percent of sales); Atlantic City, NJ (17.6 percent); Peoria, IL (16.8 percent); New Haven, CT (16.2 percent) and Norwich, CT (16.2 percent). Those with the smallest shares were Provo, UT (1.8 percent of sales); Salt Lake City, UT (1.9 percent); Ogden, UT (2.1 percent); Savannah, GA (2.3 percent) and San Jose, CA (2.9 percent). Among 53 metropolitan statistical areas with a population of at least 1 million, those with the highest levels of distressed sales in 2020 were Hartford, CT (15.5 percent of sales); Providence, RI (14.9 percent); Baltimore, MD (13.9 percent); Cleveland, OH (13.5 percent) and Chicago, IL (12.2 percent). Aside from San Jose and Salt Lake City, metro areas with at least 1 million people that had the lowest shares were Austin, TX (3.1 percent of sales); San Francisco, CA (3.6 percent) and Seattle, WA (3.8 percent). Institutional investing at lowest level this century Institutional investors nationwide accounted for 2.2 percent of all single-family home and condo sales in 2020 – the lowest level since at least 2000. The latest figure was down from 3.2 percent in 2019 and 3 percent in 2018. Among metropolitan statistical areas with a population of at least 200,000 and sufficient institutional-investor sales data, those with the highest levels of institutional-investor transactions in 2020 were Memphis, TN (7 percent of sales); Atlanta, GA (6.8 percent); Laredo, TX (6.2 percent); Fort Wayne, IN (6.2 percent) and Montgomery, AL (6.1 percent). FHA sales remain low as portion of all transactions Nationwide, buyers using Federal Housing Administration (FHA) loans accounted for 11.9 percent of all single-family home and condo purchases in 2020, down from 12 percent in 2019 but up from 10.6 percent in 2018. Still, the 2020 percentage marked the second-lowest annual level since 2008. Among metropolitan statistical areas with a population of at least 200,000 and sufficient FHA-buyer data in 2020, those with the highest share of purchases made with FHA loans again were in Texas. They were led by McAllen, TX (31.5 percent of sales); El Paso, TX (26.6 percent); Beaumont, TX (26.6 percent); Amarillo, TX (24.9 percent); and Visalia, CA (24.7 percent). Report methodology The ATTOM Data Solutions U.S. Home Sales Report provides percentages of distressed sales and all sales that are sold to investors, institutional investors and cash buyers, a 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 Data Solutions ATTOM Data Solutions 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 data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB 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, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).

Realtor.com December Rental Report: Rents in Major Cities Continue to Decline Double Digits
Rent prices for one- and two-bedroom apartments were up compared to this time last year SANTA CLARA, Calif., Jan. 21, 2021 -- Major urban markets, such as San Francisco and Manhattan, continue to see double-digit declines compared to last year, but rent increases in less dense areas have kept nationwide rents growing for one- and two-bedroom units, according to the realtor.com December rental report released today. Nationally, the median rent for studio apartments was down 0.7% year-over-year, rent for one-bedrooms was up 0.8%, and rent for two-bedrooms was up 2.6% year-over-year. "Right now is a great time for renters in major cities to lock in a low price for 2021," said realtor.com® Chief Economist, Danielle Hale. "But renters in some other areas are seeing a very different trend. With more flexibility and more time at home, renters have sought out extra space, driving up rents in the suburbs and less dense markets. As vaccines are being rolled out nationwide, the question is, how much longer will these trends continue? What's clear, is that the mantra of real estate being local very much applies to rents, not just home prices." San Francisco led the nation in declines with average monthly rents falling 33.8%, 25.5% and 22.8% for studio, one-bedroom and two-bedrooms units year-over-year, respectively. Rents for studios and one-bedrooms in nearby Santa Clara, Calif. and San Mateo, Calif. counties also saw double-digit decreases in December. Outside of the Bay Area, Manhattan, Boston, Seattle, and Washington, D.C. were among the metros seeing the largest year-over-year declines. These markets also represent some of the most expensive cities in the country, giving rents the most room to fall. In December, the median studio rent in Manhattan was $2,288, down 21.0% year-over-year. Median one-bedroom rent in Manhattan was $3,100, down 18.4% compared to last year. Median two-bedroom rent in Manhattan was $5,200 in December, down 16.1% compared to last year. When it comes to rent increases, Sacramento, Calif. is leading the nation with average monthly rent increasing 20.3%, 12.4%, and 9.1% for studio, one-bedroom and two-bedrooms year-over-year, respectively. It was followed by New Haven County, Conn.; Essex County, N.J.; and Monroe County, N.Y., which saw average gains of 13.3%, 11.9%, and 11.9%, respectively. To see the full report, including which metros had the greatest increase in rent prices, see here. Top 10 Markets for Studio Rent Decreases - December 2020 Top 10 Markets for 1-Bed Rent Decreases - December 2020 Top 10 Markets for 2-Bed Rent Decreases - December 2020 About realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of 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. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.

Homeownership Slips Into Unaffordable Territory Across Majority of U.S. in Fourth Quarter of 2020
Average Wage Below Level Needed To Afford Typical Home in the U.S.; Affordability Worsened in Fourth Quarter in 55 Percent of Housing Markets; Median Home Prices Up At Least 10 Percent in Most of Nation IRVINE, Calif. - Dec. 31, 2020 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its fourth-quarter 2020 U.S. Home Affordability Report, showing that median home prices of single-family homes and condos in the fourth quarter of 2020 were less affordable than historical averages in 55 percent of counties with enough data to analyze, up from 43 percent a year ago and 33 percent three years ago. Yet rising wages and falling mortgage rates still helped keep median home prices close to affordable for average wage earners across the country. The report determined affordability for average wage earners by calculating the amount of income needed to make monthly house payments — including mortgage, property taxes and insurance — on a median-priced home, assuming a $100,000 loan 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, which has changed from earlier reports to account for higher down payments and two-worker households). Compared to historical levels, 275 of the 499 counties analyzed in the fourth quarter of 2020, or 55 percent, were less affordable than past averages, up from 217 of the same group of counties in the fourth quarter of 2019 and 164 in the fourth quarter of 2017. The fallback came as continued spikes in median home prices of at least 10 percent over the past year in most of the country outpaced the impact of increasing wages and declining mortgage rates to historic lows. Those price increases occurred as the U.S. housing market kept booming despite economic troubles related to the ongoing Coronavirus pandemic. With prices rising faster than earnings, major home-ownership expenses consumed 29.6 percent of the average wage across the nation during the fourth quarter of 2020. That figure was up from 26.4 percent in the fourth quarter of 2019 and was above the 28 percent benchmark lenders prefer for how much homeowners should spend on those major expenses – mortgage payments, insurance and property taxes. Those costs exceeded the benchmark in 59 percent of the counties included in the fourth-quarter 2020 report. "Owning a home in the United States slipped into the unaffordable zone for average workers across the nation in the fourth quarter as the numbers continued a year-long slide in the wrong direction. The latest housing market data shows the average worker unable to meet the 28 percent affordability guideline used by lenders," said Todd Teta, chief product officer with ATTOM Data Solutions. "That's happened as home prices have continued rising throughout 2020 and the housing market has remained remarkably resilient in the face of the brutal economic fallout from the Coronavirus pandemic. The future remains wholly uncertain and affordability could swing back into positive territory. But for now, things are going in the wrong direction for buyers." Among the 499 counties in the report, 203 (41 percent) had major home-ownership expenses on typical homes in the fourth quarter that were affordable for average local wage earners. The largest of those counties, based on the 28-percent guideline, were Cook County (Chicago), IL; Harris County (Houston), TX; Philadelphia County, PA; Hillsborough County (Tampa), FL and Cuyahoga County (Cleveland), OH. The most populous of the 296 counties with unaffordable major expenses on median-priced homes for average earners in the fourth quarter of 2020 (53 percent of the counties analyzed) were Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, (outside Los Angeles), CA, and Miami-Dade County, FL. Home prices up at least 10 percent in more than three quarters of country Median home prices in the fourth quarter of 2020 were up by at least 10 percent from the fourth quarter of 2019 in 395, or 79 percent, of the 499 counties included in the report. Counties were included if they had a population of at least 100,000 and at least 50 single-family home and condo sales in the fourth quarter of 2020. Among the 41 counties with a population of at least 1 million, the biggest year-over-year gains in median prices during the fourth quarter of 2020 were in Cook County (Chicago), IL (up 32 percent); Philadelphia County, PA (up 22 percent); Fulton County (Atlanta), GA (up 22 percent); Travis County (Austin), TX (up 20 percent) and Contra Costa County, CA (outside San Francisco) (up 19 percent). Counties with a population of at least 1 million that had the smallest increases (or price declines) in the fourth quarter were Middlesex County, MA (outside Boston) (down 9 percent); New York County (Manhattan), NY (down 3 percent); Fairfax County, VA (outside Washington, DC) (up 3 percent); Queens County, NY (up 8 percent) and Montgomery County, MD (outside Washington, DC) (up 8 percent). Price appreciation up more than wage growth in over 90 percent of markets Home price appreciation outpaced average weekly wage growth in the fourth quarter of 2020 in 460 of the 499 counties analyzed in the report (92 percent), with the largest counties including Los Angeles County, CA; Cook County (Chicago), IL; Harris County (Houston), TX; Maricopa County (Phoenix), AZ, and San Diego County, CA. Average annualized wage growth outpaced home price appreciation in the fourth quarter of 2020 in only 39 of the 499 counties in the report (8 percent), including New York County (Manhattan), NY; Middlesex County, MA (outside Boston); Fairfax County, VA (outside Washington, DC); Honolulu County, HI, and Hidalgo County (McAllen), TX. Average wages needed to afford median-priced home exceed $75,000 in a quarter of markets Annual wages of more than $75,000 were needed in the fourth quarter of 2020 to afford the typical home in 124, or 25 percent, of the 499 markets in the report. The highest annual wages required to afford the typical home were in San Mateo County (outside San Francisco), CA ($282,117); New York County (Manhattan), NY ($297,010); San Francisco County, CA ($277,757); Marin County (outside San Francisco), CA ($270,893) and Santa Clara County (San Jose), CA ($250,700). The lowest annual wages required to afford a median-priced home in the fourth quarter of 2020 were in Bibb County (Macon), GA ($19,188); St. Lawrence County, NY (north of Syracuse) ($23,742); Trumbull County, OH (outside Youngstown) ($24,023); Calhoun County, AL (east of Birmingham) ($24,151) and Allen County (Lima), OH ($24,285). Majority of housing markets less affordable than historic averages Among the 499 counties analyzed in the report, 275 (55 percent) were less affordable in the fourth quarter of 2020 than their historic affordability averages, up from 43 percent of the same group of counties in the fourth quarter of 2019. Counties with at least 1 million people that were less affordable than their historic averages (indexes below 100 are considered less affordable compared to their historic averages) included Dallas County, TX (index of 83); Travis County (Austin), TX (84); Tarrant County (Fort Worth), TX (85); Oakland County, MI (outside Detroit) (85) and Philadelphia County, PA (86). Among counties with at least 1 million people, those where the affordability indexes declined the most from the fourth quarter of 2019 to the fourth quarter of 2020 were Cook County (Chicago), IL (index down 16 percent); Philadelphia County, PA (down 9 percent); Fulton County (Atlanta), GA (down 8 percent); Travis County (Austin), TX (down 7 percent) and Cuyahoga County (Cleveland), OH (down 7 percent). Number of markets more affordable than historic averages declines Among the 499 counties in the report, 224 (45 percent) were more affordable than their historic affordability averages in the fourth quarter of 2020, down from 57 percent in the fourth quarter of last year. Counties with a population greater than 1 million that were more affordable than their historic averages (indexes of more than 100 are considered more affordable compared to their historic averages) include Middlesex County, MA (outside Boston) (index of 138); New York County (Manhattan), NY (130); Montgomery County, MD (outside Washington, D.C.) (121); Fairfax County, VA (outside Washington, D.C.) (117) and King County (Seattle), WA (107). Counties with the best affordability indexes in the fourth quarter of 2020 were Richmond County (Staten Island), NY (index of 143); Bristol County, MA (outside Providence, RI) (142); Onslow County (Jacksonville), NC (141) and Middlesex County, MA (outside Boston) (138). The largest improvements in affordability indexes from the fourth quarter of 2019 to the fourth quarter of 2020 were in Richmond County (Staten Island), NY (up 35 percent); Terrebonne Parish (Houma), LA (up 29 percent); Middlesex County, MA (outside Boston) (up 23 percent); Essex County, MA (outside Boston) (up 18 percent) and New York County (Manhattan), NY (up 17 percent). Report Methodology The ATTOM Data Solutions U.S. Home Affordability Index analyzes median home prices derived from publicly recorded sales deed data collected by ATTOM Data Solutions and average wage data from the U.S. Bureau of Labor Statistics in 499 U.S. counties with a combined population of 232.4 million. 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 $100,000 loan. 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 the 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 $100,000 loan and a 28 percent maximum "front-end" debt-to-income ratio. For instance, the nationwide median home price of $297,200 in the fourth quarter of 2020 required an annual gross income of $64,447, based on a $100,000 loan and monthly expenses not exceeding the 28 percent barrier — meaning households would not be spending more than 28 percent of their income on mortgage payments, property taxes and insurance. That required income is more than the $64,447 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 an average household with two wage earners. About ATTOM Data Solutions ATTOM Data Solutions 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 data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB 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, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).

Pending Sales Return to Typical Seasonal Trend, Still Up 28% From 2019
Home prices rose 16% from a year earlier, and new listings were up 9% SEATTLE, Dec. 4, 2020 -- The median home sale price increased 16% year over year to $322,828, the highest on record, according to a new report from Redfin, the technology-powered real estate brokerage. Below are other key housing market takeaways for 400+ U.S. metro areas during the 4-week period ending November 29. Pending home sales were up 28% year over year even as the number of pending sales steeply declined during the week of Thanksgiving, following the typical seasonal trend. In the single week ending November 15, pending sales were up 25% from the same week a year earlier. New listings of homes for sale were up 9% from a year earlier. The number of new listings was the lowest it has been since the first week of May. Active listings (the number of homes listed for sale at any point during the period) fell 29% from 2019 to a new all-time low. 42% of homes that went under contract had an accepted offer within the first two weeks on the market. The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, rose to 99.5%—an all-time high and 1.5 percentage points higher than a year earlier. For the week ending November 29, the seasonally adjusted Redfin Homebuyer Demand Index was up 28% from pre-pandemic levels in January and February. Mortgage purchase applications increased 9% week over week (seasonally-adjusted) and were up 28% from a year earlier (unadjusted) during the week ending November 27. For the week ending December 3, 30-year mortgage rates dropped to 2.71%, another new all-time low. Rates have been below 3% since late July. "Sellers took the week off for Thanksgiving, but buyers were still out there searching for homes despite the lack of new listings," said Redfin chief economist Daryl Fairweather. "Sellers continue to be in the driver's seat when it comes to pricing. And with mortgage rates hitting new record lows nearly every week recently, buyers are tolerant of higher prices. The lack of new listings will put a lid on home sales through the end of year. The few desirable homes put on the market will receive competitive bids, while sellers who don't get any bites from buyers will give up and take their homes off the market." To view the full report, including charts and methodology, please click here. About Redfin Redfin is a technology-powered residential real estate company, redefining real estate in the consumer's favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country's #1 real estate brokerage search site, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 90 markets in the United States and Canada. Since our launch in 2006, we have saved our customers over $800 million and we've helped them buy or sell more than 235,000 homes worth more than $115 billion.

Rental Beast November 2020 Market Report: Rental Concessions Gone Wild!
Data Indicates City Living Loses Some Appeal November 24, 2020 -- A combination of surging Coronavirus cases, new lockdowns, expiring government stimulus, and colder weather has set off a Rental Concessions bonanza in U.S. markets, as property managers, owners, agents, and tenants struggle to navigate continued volatility when securing housing plans before year's end. While we have seen Rental Concessions gain momentum as the pandemic continues, the velocity, size, and scope of some of Rental Concessions being offered in some markets have set off desperation alarm bells. Additionally, Rental Inquiries in most cities featured in this report show continued year-over-year (YOY) declines, as renters seek out alternatives away from urban centers, including rentals with more space, to combat the prolonged impact of the pandemic. Atlanta, Boston, Dallas, and Miami continued their months' long trend of lower YOY Rental Inquiry rates, while Chicago and Philadelphia remain volatile but managed to report higher numbers. In our seventh edition of the Rental Beast Market Report, we are pleased to include data and insights on the Dallas/Fort Worth metropolitan area, the fourth-largest urban center in the United States. Rental Concessions Rental Concessions are compromises landlords make to original rent terms in the hope of filling a vacancy more quickly. Rental Concessions can include monetary compensation, a discount, or various goods and services. Rental Beast aggregates single family and multifamily Rental Concessions information from our 22 active markets. Our findings are summarized below. Atlanta For the majority of 2020, Rental Concessions in Atlanta have been significantly higher than last year, and October was no exception, with the city registering a 50% YOY increase. We spoke with a local rental marketing specialist who described Atlanta's Rental Concession environment as "desperate." Having a hard time filling units, her firm is trying anything and everything as the pandemic and its impact on peoples' health and jobs drive both higher vacancy rates and depreciated demand. Rental Concessions from large, multifamily operators like hers have become more aggressive, including bundling multiple concession offers to attract tenants. In many cases tenants claim as many as three concessions packaged into a single, special offer. These 3-for-1 specials can include one month's worth of free rent, a $500 gift card, and a 50% reduction in pet deposits and fees. In November, the same company offered a Veteran's Day special, waiving all application and rental fees, or charging a flat $11 administrative fee for servicemembers. Need an air fryer? The same company is giving them away to tenants signing a lease within 48 hours of viewing a property, along with a month's worth of free rent. Given these observations and the increase in concessions seen in the greater market, the Atlanta market has clearly taken a negative turn over the past 60 days. Our marketing executive interviewee expects heavy concessions to continue for at least the next six months. Boston October represented the 10th consecutive month Boston logged negative Rental Inquiry rates and higher YOY Rental Concession numbers. In October, Boston's Rental Inquiry levels dropped 44% YOY, while Rental Concessions increased by 95%. Savanna Rivas from Princeton Properties describes the Boston rental market as "desperate." "With so many Bostonians working from home, why would anyone pay a premium to live in the city, especially if you can't take advantage of all that a Boston has to offer?" says Rivas. Prior to the pandemic's onset, Princeton Properties did not offer short-term leases. Continued market volatility and decreased demand has forced the firm to reevaluate business practices and become more flexible. They now entertain five-month leases, rather than a typical, minimum twelve-month term. Additionally, Savanna indicated that while it has become common to offer one-two months' worth of free rent, the firm is wary of creating difficult situations where aggressive concessions at the start of a lease lead to challenges for tenants when rates are normalized upon renewal when tenants are forced to move because they can no longer afford their unit. In addition to offering a free month's worth of rent, some tenants are securing a full year of free internet access. Savanna describes this as unprecedented. "I've fielded many calls from current residents who are looking to re-negotiate their leases, hoping to get in on the discount frenzy—but a lease is a lease and terms must be honored." Chicago Like so many U.S. cities, COVID-19 has wreaked havoc on the Windy City. Racial protests, political unrest, and the end of the rental season brought on by cooler weather has created an environment ripe for peak Rental Concessions. For October, Rental Concessions were up 98% YOY, as landlords and property managers work to secure tenant leases before the holidays and start of winter. In October, Chicagoans remained concerned about their long-term living options while struggling to maintain employment. Rental Inquiries for Chicago were up a whopping 214% YOY in the month. We spoke with Alex Fenton, Property Administrator at Tandem, who describes the Rental Concessions environment in Chicago as being "huge". "People are aggressively shopping for concessions, which typically include two or even three months' worth of free rent, and waived administrative fees." Fenton indicated that in exchange for aggressive concessions his firm is pushing for 18-24 month leases, in hopes of securing longer-term occupancy rates. Even current tenants are looking to get in on the concession rage. "Under certain circumstances we'll re-negotiate leases and offer specials to current tenants, but again try for longer lease terms, as well as try to have the leases end during the summer months, when it is usually easier to rent." For those signing two-year leases on penthouse units, Tandem will provide creative "move-in gifts," such as furniture items, including trendy standing desks. Alex indicated they've also introduced an incentive that includes a $750 rent credit for referrals who ultimately sign leases. Dallas/Fort Worth We are thrilled to include the Dallas/Fort Worth market in this edition of the Rental Beast Market Report. Similar to the trends seen in other urban centers, Rental Inquiries for Dallas declined 40% YOY, while Rental Concessions jumped 128%. Brandi Sakayam, District Manager at BH Management in Dallas, oversees a portfolio of primarily Class A properties; and she tells us Rental Concessions are on the rise across the entire Dallas Fort-Worth area. She indicated that one month's worth of free rent is standard for Dallas, but in some cases, landlords are waiving some or all application and administrative fees. With continued new construction in the DFW area, lease-ups will often offer four to eight weeks' worth of free rent. Sakayam said she sees a continuation of new tenants relocating from other parts of Texas, but is also seeing an increased number of families moving from California and the Northeast. While her firm is hopeful that they can pull back on Rental Concessions in 2021, they don't expect to return to anything close to normal until the second or third quarter of next year, as their occupancy rates have dipped from 95% to 93%. Olivia Taylor, General Manager of The National Residences, described Dallas as a "concessions driven market." While it's typical for properties to offer one month's worth of free rent, she's observed movement to six-eight weeks' free rent. "There is so much new construction in Dallas you can see construction cranes everywhere. Buildings are competing for tenants. I'm aware of look-and-lease deals where tenants can secure a $1,000 Visa gift card for committing to a one-year lease within 48 hours of viewing a unit." Like Brandi, Olivia is also seeing families moving to Dallas from California and Chicago, as companies like Uber, McKesson Corp., and Charles Schwab open large local offices. While Olivia is currently seeing slower traffic at her properties, she attributes that both to increasing Coronavirus cases and the onset of typical holiday-related seasonality. Los Angeles Rental Beast recently entered the Los Angeles market, and, as part of the ramping up process, we spoke with Danny Levin, Co-Founder of TDI Properties. While many urban rental markets across the country are struggling to find qualified renters, Danny said that L.A. has long suffered from a significant residential rental supply shortage. "If you have a unit that is clean and well-priced it will get rented," said Levin. While the Los Angeles rental market typically slows in November and December, Levin indicates that seasonality isn't impacting the market, and he's not seeing a barrage of Rental Concessions observed in other cities. Instead, he said that class A & B properties continue to offer one month's worth of free rent to entice tenants. Says Levin, "The pandemic has slowed the pace in which Class A & B properties in LA are rented, but they are getting rented." Miami Like Boston, Miami registered ten consecutive months of lower YOY Rental Inquiries, and during the same time period Rental Concessions have consistently overpowered 2019 rates. For October, Rental Inquiries in Miami were down 30% YOY, while Rental Concessions jumped 115%. According to the Federal Reserve Bank of St. Louis, Miami started the fourth quarter of 2020 with a 13% unemployment rate, with COVID-19 continuing to impact the service, travel, hotel and tourism industries. While many people in Miami are experiencing Covid-19 fatigue, the dramatic increase in the number of Coronavirus infections and deaths has driven South Floridians to continue to explore living options outside of Miami, as they yearn for more space to accommodate work from home situations and remote school learning. Philadelphia As we have seen for most of the year, Rental Inquiries for Philadelphia remain strong. The city logged a 86% YOY increase, while Rental Concessions declined 71%. New York City has more than 16,000 vacant apartments, and many New Yorkers leaving the Big Apple are contemplating calling Philadelphia home. While anecdotal indications paint Philly's Rental Concessions environment similarly to Atlanta and Boston, our rental data indicates a 71% YOY decline. We will continue to monitor this change to determine if this is a temporary movement or a prolonged trend. Rental Beast recently spoke with a Marketing Manager from a prominent, Philadelphia-based property management firm. This Manager described the current Rental Concessions environment as "vicious," as she believes Philadelphia has hit a peak in Rental Concession issuance. She notes two to three months' worth of free rent being consistently offered, as landlords continue to cope with the fallout from the pandemic. The same contact indicates that in a normal year "meds and eds" (medical and undergraduate and graduate students) drive high occupancy rates in Philadelphia, but this year is far from normal. She explains, "Students are studying virtually at home, and many international students are not allowed to travel and therefore do not require rental housing. While most buildings would be well leased up at this point in the year, property managers and owners are starting to panic as we head into the 'dead season' a.k.a winter months." In addition to offering two to three months' worth of free rent, our contact indicates that her firm is also offering waived amenity fees, application fees, and are offering gift card incentives to potential tenants. Waived or reduced security deposits are also available in some cases. Rental Inquiries Rental Inquiries are prospective tenants actively seeking to rent an available property in our database. Rental Inquiry volume typically follows a predictable seasonal pattern—Rental Beast data from previous years show a high volume of Rental Inquiries during the summer months, as renters hoping to move in the fall begin their apartment search. Departures from such patterns serve as powerful, quantifiable early indicators of a shift in the rental marketplace, and are more powerful predictors of future transactional activity than traditional rental information, such as average rent. Rental Beast monitors all inquiries to available listings on the Rental Beast website and listings syndicated to our partner sites including Facebook Marketplace and Realtor.com. About Rental Beast Rental Beast is a SaaS platform that simplifies the leasing process with an end-to-end platform and maintains a highly accurate database of nearly nine million off-MLS rental properties. With active listings in 22 markets across the United States, Rental Beast's Data Services Group tracks various rental trends in its markets across the nation.

High Demand and Low Inventory Continue Streak of High Residential Showing Traffic in Cities and Metropolitan Areas of U.S.
Data from ShowingTime lists Seattle, Denver, Washington, D.C., Salt Lake City, Cleveland, Boston and Baltimore among the areas recording a high number of home showings in September CHICAGO - October 30, 2020 - ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, found that showing traffic remained strong in large metropolitan areas, with Seattle, Denver, Washington, D.C., Salt Lake City, Boston and Baltimore recording high numbers of home showings during the month of September according to the company's Showing Index®. With low inventory and sustained buyer demand, traffic jumped 64.1 percent year-over-year nationwide. "All but one of the top 20 markets with the heaviest buyer traffic recorded double-digit showings per listing in September, well above the current U.S. average of six showings per listing," said Michael Lane, President of ShowingTime. "That number more than doubled in several markets from the same time last year, despite the pandemic." Meanwhile, some communities along the beleaguered Gulf Coast – hit hard by Hurricane Laura at the end of August and Hurricane Delta in early October – experienced year-over-year declines in showings. Nevertheless, Louisiana is tracking ahead of 2019 figures for showing activity in what has proven to be a resilient real estate market. "In September, we saw a normal seasonal slowdown of about 8 percent from August," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "Due to much lower levels of available inventory, however, showing activity is still significantly above last year's values, a situation that is likely to persist through next May." The Northeast Region saw a year-over-year increase in buyer traffic of 68.4 percent in September, marking the fourth consecutive month the region recorded the largest jump in showing activity. The West's 65.3 percent uptick followed, with the Midwest's 61.6 percent rise and the South's climb of 60.8 percent both close behind. "The showing traffic data suggests that buyers and sellers alike are undeterred from completing their real estate transactions," added Lane. "It's clear that real estate professionals have made adjustments and increased their efforts to make the most of this market." The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. The Showing Index tracks the average number of appointments received on active listings during the month. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.7 million active listings subscribed to its services. Its products are used in 370 MLSs representing one million real estate professionals across the U.S. and Canada. Contact us at [email protected]

Realtor.com Weekly Housing Report: Nearly 400,000 Fewer Homes Have Been Listed Since the Start of the Pandemic
Overall market strength shows slight improvement over last week due to the containment of natural disasters SANTA CLARA, Calif., Sept. 24, 2020 -- Since the beginning of the COVID pandemic in March, nearly 400,000 fewer homes have been listed compared to last year, leaving a gaping hole in the U.S. housing inventory, according to realtor.com's Weekly Housing Report for the week ending Sept. 19. As a result, home prices are accelerating at double last year's pace while homes sell 12 days faster than last year, on average. "Sellers are more reluctant to list their home given the uncertainty over the economy and the pandemic environment. Buyers on the other hand, especially hungry first timers, remain largely unfazed by the challenges, and are motivated by low mortgage rates and the fear of missing out on the right home," said Javier Vivas, director of economic research for realtor.com®. "The majority of sellers are also buyers, so even as new listings hit the market, another buyer is also added. Adding to the inventory issues, thousands of previously vacant homes, such as second homes and rentals, have been reoccupied by their owners during the pandemic, effectively taking them off the market." Number of homes on the market remains woefully behind last year Since mid-March (the beginning of the COVID pandemic), a total of 2.91 million unique properties have been put on the market for sale. This is approximately 390,000 fewer homes than the 3.30 million listed during the same period last year. As of this week, the number of homes on the market is down 39% compared to last year. With the typical seasonal slowdown approaching, relief in terms of more available homes for sale is unlikely. The number of new listings hitting the market this week was down 15% compared to last year, a slight improvement over last week's decline of 17%. The slight uptick was likely a result of having a full work week compared to the short holiday week (Labor Day), as well as better containment of wildfires on the West Coast. Home prices continued to see record breaking growth Median listing prices continued to grow at last week's record breaking pace of 11.1% year-over-year. This is more than double January 2020's price acceleration and the 19th week in a row of price acceleration. Homes are selling even faster than last week Homes are selling in 53 days, which is 12 days faster on average than this time last year, and one day faster than last week. The rapid turnover is fueling home sales, and keeping the market from stalling. With buyer demand showing no signs of cooling, homes are expected to continue flying off the market, despite a depleted supply. Housing market strengthens after last week's disasters Realtor.com® tracks the overall strength of the housing market through its proprietary Housing Market Recovery Index, which compares real-time key indicators including trends in number of searches on realtor.com®, median listing prices, the number of newly listed homes, and the time it takes to sell to January 2020, prior to the pandemic. This week, the index was 107.2 points, 1.0 point stronger than last week and 7.2 points stronger than it was pre-COVID. The slight improvement over last week can be attributed to the containment of fire and hurricane damage, which had weakened levels of supply.   About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of 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. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.

Historic Jump in Showing Activity Seen Nationwide as July Home Buyer Traffic Surges 60.7 Percent
Buyer Demand Continues to Outstrip Supply Following Third Consecutive Month of Increasing Showing Traffic August 26, 2020 - Home buyer traffic jumped again in July, recording a 60.7 percent year-over-year increase in nationwide showing activity according to data from the ShowingTime Showing Index®. It marked the third consecutive month of growing foot traffic in all four U.S. regions, a sign of the continued resilience of the U.S. residential real estate market and sustained buyer demand. The latest data from ShowingTime also reveal continued adoption of virtual showings, as the number of listings set up to allow both in-person and virtual appointments increased 28 percent in July. "Multiple existing trends continued and were amplified in July as buyers competed for a dwindling supply of homes, pushing the level of competition and prices higher across all major regions of the U.S.," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "Part of the imbalance can be attributed to the fact that potential sellers are not yet seeing the latest negotiated selling prices, which usually come out with a one-to-two-month delay. "In previous years, July would be the month when real estate activity begins to slow down," Cherkasskiy said. "In 2020, July became the peak month of the delayed busy season. A glimpse at August trends also suggests that demand is staying at this high level and may continue to do so through at least September." For the second consecutive month, the Northeast saw the most significant boost in year over year activity, with a 76.6 percent increase. The West followed, with a 56.7 percent jump, while the Midwest recorded a 52.1 percent increase and the South saw a 46.7 percent uptick. "All indications point to sustained growth in buyer demand, and we're committed to helping agents meet it," said ShowingTime President Michael Lane. "The rate of agent adoption of ShowingTime LIVE Video continues to increase, which demonstrates its utility as a valuable tool to keep showings going when in-person showings aren't possible." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services, providing a benchmark to track buyer demand. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Localized MLS indices are also generated for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.7 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers, agents and other real estate companies, as well as a recruiting tool for brokers. ShowingTime products are used in 370 MLSs representing one million real estate professionals across the U.S. and Canada. For more information, contact us at [email protected].