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Homebuying Costs Aren't Coming Down in 2023
Buyers will face home price increases nationally (+5.4%) and in all of the 100 largest markets in 2023, but those who can afford to persist will find more inventory than last year (+22.8%) SANTA CLARA, Calif., Nov. 30, 2022 -- Amid higher mortgage rates and budgets squeezed by inflation, homebuyers looking for affordability in 2023 will find that prices aren't coming down, according to the Realtor.com® 2023 Housing Forecast released today. Instead, with the housing market beginning a gradual adjustment that could last through 2025, what next year will offer buyers is less competition for a growing number of for-sale homes. Overall in 2023,1 Realtor.com® forecasts that buyers and sellers can expect: Average mortgage rates of 7.4%, with early 2023 hikes followed by a slight retreat to 7.1% by year-end. Home sales prices won't come down, but growth will moderate to a single-digit yearly pace (+5.4%) for the first time since 2020. Rents (+6.3% year-over-year) will outpace home prices and likely hit new highs, further adding to budget pressures – especially for first-time buyers. An increase in existing homes for sale (+22.8% year-over-year), as the inventory refresh that began last summer accelerates. Home sales will decline 14.1% year-over-year to 4.53 million, the lowest level since 2012 (see table below). "Compared to the wild ride of the past two years, 2023 will be a slower-paced housing market, which means drastic shifts like price declines may not happen as quickly as some have anticipated. It will be a challenging year for both buyers and sellers, but an important one in setting the stage for home sales to return to a sustainable pace over the next two to three years," said Danielle Hale, Chief Economist for Realtor.com®. "With mortgage rates continuing to climb as the Fed navigates the economy to a soft-ish landing, higher costs will lead to fewer closings, but that doesn't mean homebuying will stop entirely in 2023. Americans who are determined to make a move will find that staying up-to-date on the market, flexibility, creativity and a healthy dose of patience will go a long way toward success in the year ahead." Key 2023 housing trends and wildcards A second wind in the second half. Although home sales are expected to slow overall in 2023, Realtor.com®'s forecast points to the possibility of a second wind in buying activity in the second half of the year. With mortgage rate hikes projected to continue through March, the Spring season will likely be less busy than in a typical year as buyers and sellers recalibrate their expectations around smaller budgets. This break could provide space for demand to renew as mortgage rates dip later in the year, when home shoppers will also have more options and bargaining power. A trifecta of budget barriers awaits buyers. In 2023, incomes are expected to grow (+3.9%), but not enough to offset higher mortgage rates (7.4%) and home prices (+5.4%), creating a trifecta of budget barriers. The typical monthly mortgage payment will be $2,430, 28% higher than in 2022, which will likely price many home shoppers out of the market. This will especially be a concern for first-time buyers. As rents will likely reach new highs, it will leave less room for saving towards a down payment. At the same time, some home shoppers may consider exploring new financial options like adjustable rate mortgages (ARMs), a trend that has already begun to take shape in 2022. It isn't '08. During the mid-2000s housing boom, home sales were elevated for more than five years, and it took another five years for home sales to recover from the economic aftermath. Comparatively, mortgage rate hikes have brought a quicker but less dramatic end to the recent frenzy, during which buyers have been better qualified than in '08. Moving forward, home price growth will slow and may even decline periodically as prices largely stabilize over the next two-to-three years. The homeownership rate is predicted to hold in 2023. Some homeowners could still make bank. In 2023, the typical homeowner is projected to gain $25,650 in equity as prices keep rising. With real estate wealth already much higher than pre-COVID, these trends offer a positive reality check for sellers who have been increasingly pessimistic about entering the market as listing prices have pulled back from last year's peak. While bidding wars won't be the norm in 2023, sellers who have owned their home for a longer period of time are still likely to make a profit. And those living in relatively affordable areas may still command offers above asking, driven by continued home shopper interest in relocating to lower-priced markets. 2023 puts the "wild" in wildcards: Political and economic events can always shake up the housing outlook, as was the case with major financial shifts in 2022. Along with factors including supply chain disruptions and the conflict in Ukraine, markets have largely begun to adjust for these changes, such as with the Fed's efforts to combat inflation with rate hikes. As such, forecasted 2023 housing trends don't anticipate a major shakeup like a recession, but it's still a possibility. Buyers and sellers should keep an eye out for risk signs like a substantial weakening in the jobs market, beyond the mild uptick in unemployment that is projected, as businesses are potentially disrupted by shifting geopolitical, financial and economic conditions. Although a potential recession may lead to lower mortgage rates, ultimately buyers' purchasing power would suffer. And for sellers, this would likely mean less demand and potential price drops. "Of the many factors that are expected to affect the housing market in 2023, affordability tops the list of issues most likely to make or break buyers' plans. Still, our forecast does offer promise for home shoppers who are well-prepared. Tools like Realtor.com®'s Buying Power can help you understand how various rate changes and options impact your budget, and seamlessly integrate into the home search experience to help you stay on track financially," Hale added. 2023 Forecasted Housing Metrics & Historical Data – National 2023 Forecasted Housing Metrics – 100 Largest U.S. Metros (in alphabetical order) Methodology Realtor.com®'s model-based forecast uses data on the housing market and overall economy to estimate values for these variables in the year ahead. 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.
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Redfin Reports Homebuying Demand Ticks Up Slightly After Recent Rate Drop
SEATTLE -- Mortgage-purchase applications and Redfin's Homebuyer Demand Index both increased as rates stayed around 6.6%, down sharply from 7% earlier this month, saving the typical buyer over $100 in monthly mortgage payments. Still, supply is piling up--posting a record annual increase--as pending sales fell the most on record. This is according to a new report from Redfin, the technology-powered real estate brokerage. Leading indicators of homebuying activity: For the week ending November 23, 30-year mortgage rates ticked down to 6.58%. Mortgage purchase applications during the week ending November 18 increased 8.7% from a month earlier, seasonally adjusted. Purchase applications were down 41% from a year earlier. Fewer people searched for "homes for sale" on Google than this time in 2021. Searches during the week ending November 19 were down about 38% from a year earlier. The seasonally adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other homebuying services from Redfin agents— was up 1.6% from a month earlier but down 33% from a year earlier during the four weeks ending November 20. Touring activity as of November 20 was down 35% from the start of the year, compared to a 3% year-over-year decrease at the same time last year, according to home tour technology company ShowingTime. Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending November 20. Redfin's weekly housing market data goes back through 2015. The median home sale price was $356,149, up 2.1% year over year, the smallest increase since the start of the pandemic. Among the 50 most populous U.S. metros, home-sale prices fell from a year earlier in five of them. Prices declined 9.5% year over year in San Francisco, 2.1% in Sacramento, 1.7% in Detroit and less than 1% in San Jose, CA and San Diego. Among the 50 most populous U.S. metros, pending sales fell the most from a year earlier in Las Vegas (-64%), Austin (-58.2%), Phoenix (-57%), Jacksonville, FL (-57%) and Sacramento (-54%). The median asking price of newly listed homes was $363,600, up 4.6% year over year, the slowest growth rate since the beginning of the pandemic. The monthly mortgage payment on the median-asking-price home was $2,384 at the current 6.58% mortgage rate. That's down slightly from a week earlier and down 6% from two weeks earlier, when mortgage rates were at 7.08%. That's equal to $140 in monthly mortgage savings from two weeks ago for the typical buyer. Still, monthly mortgage payments are up 41% from a year ago. Pending home sales were down 35.2% year over year, the largest decline since at least January 2015, as far back as this data goes. New listings of homes for sale were down 20% from a year earlier, one of the largest declines since the beginning of the pandemic. Active listings (the number of homes listed for sale at any point during the period) were up 11.6% from a year earlier, the biggest annual increase since at least 2015. Months of supply—a measure of the balance between supply and demand, calculated by dividing the number of active listings by closed sales—was 3.5 months, the highest level since June 2020. 32% of homes that went under contract had an accepted offer within the first two weeks on the market, little changed from the prior four-week period but down from 40% a year earlier. Homes that sold were on the market for a median of 36 days, up more than a week from 28 days a year earlier and up from the record low of 17 days set in May and early June. 27% of homes sold above their final list price, down from 42% a year earlier and the lowest level since July 2020. On average, 7.3% of homes for sale each week had a price drop, up from 3.4% a year earlier but down slightly from the previous two weeks. The average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, fell to 98.5% from 100.4% a year earlier. That's the lowest level since June 2020. View the full report, including charts, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.
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MooveGuru Launches HomeKeepr to Its User Network of 370,000 Agents, Loan Officers and Title Reps
Atlanta, November 8, 2022 -- HomeKeepr's network of 370,000 agents, loan officers and title reps as well as their consumer contacts, are now using an enhanced suite of HomeKeepr's products and services. "It's actually a relaunch," says Rob Morelli, President of HomeKeepr. "After MooveGuru acquired HomeKeepr in 2020, we started a significant investment into the platform with the goal of designing the ultimate consumer destination for home management." HomeKeepr enhanced its consumer platform to manage every aspect of home ownership, while remaining branded to and delivered by their real estate agent, mortgage professional and title company. Features include storage for closing documents, photos, appliance manuals, tax information and more. Homekeepr also delivers real-time comparable market activity, home financial details, and a variety of other tools that consumers need to maintain and manage the physical and financial aspects of their home. A true differentiator for HomeKeepr is its home pro network. This network is unique compared to other sets of home pros as ALL MEMBERS of the network were referred by real estate agents and / or loan officers. MooveGuru identified this as a key component in deciding to acquire HomeKeepr in late 2020. Leveraging its unique home pro network has become a focus for MooveGuru. To ensure value for those vendors, the new HomeKeepr allows consumers to use a repair estimator tool to model accurate estimates of repair or renovation costs. The tool adjusts price locally, based on the property zip code, and directs the consumer to a reputable contractor in the HomeKeepr home pro network. MooveGuru understands the needs of real estate agents and mortgage loan officers. Each needs to know who is planning to move. The new HomeKeepr runs a complex algorithm on all consumers linked to an agent or a broker to identify life events that are likely to trigger a move. The algorithm further predicts the timeline to the home purchase or sale. This artificial intelligence feature provides continuous monitoring of over 50 datapoints including social, search, and online spending to identify contacts as likely movers and then notifies the agent and loan officer of who EXACTLY in their sphere to reach out to. "It's a roadmap for agents and loan officers to identify who in their list of contacts is highly likely to buy or sell in the next 90 days and it's incredibly accurate," says Scott Oakley, CEO of MooveGuru." After two years of investment and extensive testing, MooveGuru began rolling out the new HomeKeepr to the company's 370,000 agent clients in July. HomeKeepr and MooveGuru currently support 90% of all Keller Williams agents, 80% of ERA Real Estate and Better Homes and Gardens Real Estate agents, 8,000 eXp Realty agents, The Realty Alliance and the entire networks of Exit Realty, Vylla Real Estate and HomeScout. HomeKeepr is built on an open environment, so agents or loan officers do not have to disrupt their current systems and change transaction management systems or CRM. HomeKeepr provides a seamless experience for its clients through integrations that allow the system to pull contact data from real estate's leading platforms, such as Anywhere's Dash, Keller Williams' Command, MoxiWorks, Dotloop, DocuSign, Skyslope, Boomtown, and many more. "This revolutionary platform keeps the real estate agent and loan officer relevant to their contacts before, during, and long after the transaction. HomeKeepr creates a complete homeownership lifecycle program with the agent and loan officer at the center of the experience. "Bottom line, it gives consumers the tools they need to manage their largest investment while driving more transactions for our agents, loan officers and Title," says Kathleen Kuhn, President of MooveGuru. About MooveGuru Roswell, GA based MooveGuru. Since 2016, MooveGuru Inc. has supported its customers to keep them top of mind before, during and well after the transaction. Its technology is a customer for life solution using a combination of email marketing, utility connections and homeownership dashboards. Using Artificial intelligence to identify consumers buying and selling in the future, its algorithm can predict when a consumer is going to sell. Today, more than 2,200 brokerages, 370,000 agents and loan officers, and millions of homeowners are connected to the MooveGuru and HomeKeepr platforms.
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Steep Drop in Mortgage Lending Continues Across U.S. in Third Quarter, Hitting Three-Year Low
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NAR Launches Nationwide Motor Coach Tour to Mobilize Members, Strengthen Voice for US Consumers
CHICAGO (November 15, 2022) – The National Association of Realtors® announced today it will launch a nationwide motor coach tour with coordinated stops or affiliated events planned in every U.S. state over the next year. As its membership numbers approach 1.6 million, NAR is using the opportunity to better engage Realtors® and to emphasize their opportunities to strengthen market conditions for U.S. consumers. "NAR's membership numbers remain at an all-time high, but COVID-19 and the increase in virtual communication have diminished face-to-face interaction between NAR and Realtors® around the country," said NAR's 2023 President Kenny Parcell. "We wanted to reconnect with the members we have in every U.S. ZIP code and remind them of how important it is that we continue to engage policymakers in support of American consumers." Parcell and other members of NAR's leadership team have designed the tour to better mobilize Realtors® and to ensure they recognize their collective voice in representing the interests of U.S. consumers. "Our country is experiencing a 6-million-unit housing shortage, pushing homeownership out of reach for too many Americans," Parcell continued. "Consumers are counting on Realtors® to advocate on their behalf and to help ensure the American dream of home and property ownership remains available to as many people as possible." Riding with the Brand 2023 is a nationwide, multi-stop association member activation tour. The goal is to engage thousands of members nationwide by executing visits that can support member engagement, member recruitment and retention, and community engagement. The tour will make its first stop in Atlantic City, N.J., after launching in Philadelphia on November 29. A complete list of event dates and locations, as well as additional information about the tour's intent, can be found at nar.realtor/riding. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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New Realtor.com Data Highlights the Impact of Wildfire and Flood Risk on Consumer Behavior and Home Prices
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Homebuyers Need $107,000 Annually to Afford the Typical U.S. Home -- Up 46% From a Year Ago
Homebuyers across the country need to earn substantially more money than they did a year ago to buy a home, due to high mortgage rates and persistently high home prices SEATTLE -- A homebuyer must earn $107,281 to afford the $2,682 monthly mortgage payment on the typical U.S. home, up 45.6% from $73,668 a year ago, according to a new report from Redfin, the technology-powered real estate brokerage. That's due to mortgage rates that have more than doubled over the last 12 months, combined with persistently high home prices. From February 2020 (just before the pandemic started) to October 2022, the monthly payment for an American family buying the median-priced home increased by roughly 70%. Affordability challenges are a major reason why home sales have slowed so dramatically over the last few months. "High rates are making buyers rethink their priorities, as many of them can no longer afford the home they want in the location they want," said Washington, D.C. Redfin agent Chelsea Traylor. "If you had a $900,000 budget a few months ago, rising rates mean it's now around $700,000–and sellers aren't dropping their prices enough to make up for the change. So buyers are searching further away from the city in more affordable areas or waiting for prices and/or rates to come down before making a move." "I'm encouraging buyers to think long term," Traylor continued. "Prices are unlikely to fall drastically in the long run, so buying a home now–if you can afford the monthly payment–will still help you build wealth over time, especially if you plan to live in it for several years. Even though rates are high, another advantage of buying now is the lack of competition and opportunity to negotiate with sellers." Increases in income required to buy a home are especially eye-popping in Florida Buyers in North Port, FL need to earn $131,535 annually to afford the metro area's typical monthly mortgage payment of $3,288. That's up 73.9% from $75,659 a year earlier, the biggest percent increase of any major U.S. metro. It's followed by Miami, where homebuyers need to earn $128,892, up 63.7% year over year. El Paso, TX ($64,580, up 63.6%), Tampa ($101,682, up 62.4%) and Cape Coral, FL ($104,943, up 60.6%) round out the top five. Sixteen of the 20 metros where the income necessary to afford a home has increased most are in the Sun Belt. Sun Belt destinations have long been popular with homebuyers due to their relative affordability and warm weather, and remote work has made them even more popular, driving up prices in the process. Several Florida metros, including North Port and Cape Coral, were hit hard by Hurricane Ian in September, resulting in sharp drops in pending sales and new listings. It remains to be seen whether that will translate to outsized price declines. Chicago area, Bay Area had smallest upticks in income necessary to afford a home Buyers need to earn at least 50% more income to afford a home than they did a year ago in 39 of the 93 metros included in this analysis. They need to earn at least 30% more in all 93. Lake County, IL–near Chicago–had the smallest gain in income necessary to afford the median-priced home, though buyers still need 33.5% more than a year ago. The Bay Area also had smaller-than-average increases, but the income necessary to buy there is still enormous. Buyers need to earn $402,821 to pay San Francisco's typical $10,071 monthly mortgage payment, up 33.6% from a year ago. It's followed by San Jose ($363,265, up 36.1%) and Oakland ($247,559, up 36.2%). The increases are smaller in Lake County and the Bay Area than other places because they're among the only parts of the country where home prices are falling year over year. Homebuyers in 45 major metros need $100,000-plus income to afford the typical home The incomes buyers need to purchase a home in San Francisco and San Jose are the highest in the country, followed by Anaheim, CA, where the typical buyer must earn $254,286 to afford the typical monthly mortgage payment of $6,357 (+42.1% YoY). Oakland and Los Angeles ($221,592, up 40.7%) round out the top five. Homebuyers must earn at least $100,000 annually to buy a home in roughly half (45) of the metros in this analysis. That's up from 16 metros a year ago. Detroit requires the lowest income to afford the area's median-priced home ($48,435), but that's still up 42.3% from a year ago. It's followed by Dayton, OH ($51,126, up 46.1%), Cleveland ($53,817, up 45.7%), Rochester, NY ($56,508, up 56.2%) and Pittsburgh ($57,853, up 41.7%). View the full report, including additional metro-level data and methodology, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
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Lone Wolf introduces Leads+, a turnkey solution for real estate agents to attract seller leads
New solution combines digital marketing, lead generation and qualification, and CRM DALLAS, TX and CAMBRIDGE, ON - November 11, 2022 - Lone Wolf Technologies ("Lone Wolf"), the leader in North American residential real estate software, is excited to announce the launch of Leads+, a powerful turnkey platform designed to help real estate agents attract seller leads and close more deals, faster and at a lower cost. The new solution debuts this weekend at the first-ever NAR NXT event in Orlando, Florida. For agents today, it's more challenging than ever to find the time to make face-to-face connections with clients while facilitating the sophisticated, straightforward digital communication process that consumers expect. With social media, advertising, and digital engagement standards shifting as often as market conditions, it's a lot to keep up with. Leads+ makes it easy for agents to connect with highly qualified leads—and vice versa—through a combination of human and technology-run follow-up using proven conversion strategies and techniques. The solution brings together Lone Wolf's automated online advertising and lead qualification features to capture and deliver new sellers and listing opportunities to agents. It identifies ad copy, placement, and budget to attract attention and directs potential leads to landing pages monitored and tested for conversion. The solution then pulls the received information into Lone Wolf's CRM for easy follow-up and nurture. "We are thrilled to introduce Leads+ to the real estate industry and continue the momentum of transformative solutions for agents," said Jimmy Kelly, CEO of Lone Wolf. "It's our priority to simplify real estate for all. Leads+ ensures that agents have the time and flexibility to do what they do best—help people find home—with the support of real estate's best technology." As a done-for-you service for agents, Leads+: Launches digital ads based on previous high-performing campaigns, geo-targeting, and generic content to reach a wide audience of qualified sellers online. Creates high-converting, branded landing pages to capture consumers' attention and information. Combines personal and automated nurturing to qualify and deliver seller leads on a regular basis. Uploads all client details into CRM for easy contact management and follow-up. This means that agents can run a full lead generation and nurture program-without needing to worry about creating or editing ads, building landing pages, spending a lot of time on manual tasks for lead nurture, or staying compliant in a constantly changing digital engagement landscape. "Agents today don't want more complex technology. They want to find new opportunities and connect with more potential sellers," said Aaron Kardell, VP of Product at Lone Wolf. "We designed Leads+ to combine the most powerful features agents use to build their business, focus on their clients, and stop worrying about DIY manual tasks." Leads+ is now available to real estate agents across North America. For more information, please visit the Lone Wolf Technologies website here. About Lone Wolf Technologies  Lone Wolf Technologies is the North American leader in residential real estate software, serving over 1.5 million real estate professionals across Canada and the U.S. With cloud solutions for agents, brokers, franchises, MLSs and associations alike, the company provides the entire real estate industry with the tools they need to amaze clients, build their business, and improve profits-from transactions to back office, insights, and more, all in one place. Lone Wolf's head offices are located in Cambridge, ON, and Dallas, TX. 
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Rental Demand Soars as Mortgage Rates Continue to Rise
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iGUIDE and HouseLens Announce Partnership
WATERLOO, Ontario - Nov. 9, 2022 -- iGUIDE, an industry leader in 3D tours and floor plans for residential real estate, announced today a partnership with HouseLens, an on-demand real estate data capture and visual marketing company. "We've been excited to announce this partnership," said Michael Vervena, VP of Sales & Marketing at iGUIDE. "We're looking forward to collaborating with HouseLens and bringing iGUIDE to more real estate agents across all major regions in the USA." Through HouseLens, a visual capture service for commercial and residential real estate, iGUIDE will now be able to expand and offer more regional coverage for Real Estate agents to access. HouseLens is the real estate visual marketing service arm of Seek Now, Inc., the nation's leading provider of on-demand, ground truth insurance inspections and real estate data capture. "This strategic partnership is bringing our real estate agent base more options to reach more buyers and provide them with the information they need while leveraging the tools and technologies to be more successful, which is using iGUIDE's 3D virtual tours and floor plans," said David Pedersen, EVP of Enterprise Growth & Strategy at Seek Now. "We're excited to see where else we can introduce this tool to our customers in the future." iGUIDE offers a comprehensive set of features to enhance any listing including accurate floor plans, room measurements, ANSI-Z765-2021 compliant square footage, immersive 3D virtual tours, neighborhood details, and more. iGUIDE empowers homebuyers with the information they want in order to make better-qualified decisions faster. iGUIDE uniquely provides agents with the tools they need to stand out from the competition and help them get more listings and referrals. For 14 years, HouseLens has been capturing homes and businesses across the US to give real estate agents and business owners stunning professional photos and videos to help market their listings in a more visually pleasing way. The artists are highly skilled in the field of professional and HDR photography, professional videography, drone photography/videography, 3D real estate modeling, and much more. iGUIDE and HouseLens will be co-exhibiting at NAR on November 11, 2022. To learn more about the collaboration visit houselens.com/iguide. About iGUIDE Founded in 2013, in Kitchener, Ontario, Canada, Planitar Inc. is the maker of iGUIDE, a proprietary camera and software platform for capturing and delivering immersive 3D virtual tours and extensive property data. iGUIDE is the most efficient system to map interior spaces and features accurate floor plans, measurements, and reliable property square footage. By integrating floor plans and visual data, iGUIDE provides an intuitive and practical way to digitally navigate and explore built environments. To learn more about iGUIDE and its services, visit goiguide.com. About HouseLens HouseLens is the real estate visual marketing service arm of Seek Now, Inc. Introduced in 2008, HouseLens is the nation's largest provider of full-motion walk-through listing videos, professional photography, 3D models, agent video bios, broker promotional videos, and more. To learn more, visit HouseLens.com.
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The Residential Real Estate Council Hires CEO
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Second Century Ventures Selects Six Tech Companies for 2023 REACH Canada Program
VANCOUVER (November 7, 2022) – Second Century Ventures, the strategic investment arm of the National Association of Realtors®, today announced the six companies selected for its 2023 REACH Canada program. These firms operate within a diverse range of market segments and specializations, helping agents and brokers become more efficient as they serve consumers, enhancing business capabilities, and addressing some of the persistent challenges facing global housing markets. "Our REACH program aims to partner with companies that empower Realtors® to succeed," said NAR CEO and SCV President Bob Goldberg. "These innovators are developing technologies that will help our members navigate the current market and build their businesses for the years ahead. We are thrilled to collaborate with the 2023 REACH Canada cohort to ensure that Realtors® remain at the forefront of the real estate industry." Second Century Ventures is the most active global venture fund in real estate technology, with more than 200 portfolio companies worldwide. It operates the global REACH scale-up program in five major markets – U.S. Residential, U.S. Commercial, Australia, Canada and the United Kingdom – with plans to expand the program to a sixth global region in early 2023. The award-winning REACH program helps high growth-potential companies scale across the real estate, financial services, banking, home services and insurance industries. Leveraging REACH's rapidly expanding global presence, the 2023 REACH Canada cohort represents technology companies based in Canada and around the continent – each with ambitions to advance the real estate ecosystem through unique value-add solutions for homeowners, asset owners, real estate operators and Realtors® alike. The six companies selected for REACH Canada 2023 include the following: iGuard Home Solutions offers technology that protects loved ones and property from kitchen fires before they can start. FrontRunner is the intersection between real estate and new media, changing the face of the digital out of home (DOOH), commercial real estate and retail industries. RealSage builds technologies that leverage data across the rental journey to generate real-time actionable insights and standardized processes for enterprise rental managers. SingleKey helps landlords find the right tenant and manage risks through easy, fast and effective tenant screening and background checks while supporting long term landlord-tenant relationships with rent collection and rent-guarantee products. Productive.app increases Realtors®' productivity by collecting, analyzing and prioritizing tasks, sending them directly from a phone call to their chosen customer relationship management (CRM) tool. JOBI by Sustainable Projects Group is an energy efficiency software as a service solution (SaaS) that empowers property managers and asset owners in the built environment to create and execute industry-leading, actionable sustainability plans. Collectively, these companies have raised over $11 million USD in capital and represent a market capitalization of more than $75 million. "The 2023 REACH Canada cohort offers an impressive range of diverse solutions and demonstrates that technology truly has no borders," said Lynette Keyowski, Managing Partner of REACH Canada. "These six companies – led by a diverse group of founders with expertise spanning multiple industries, geographies and ideologies – are focused on addressing some of the most critical and evolving real estate challenges, including aging in place; access to housing; environmental responsibility; and space utilization. We are excited to work with companies that are helping solve industry challenges in partnership with the Realtor® community." REACH Canada will offer its 2023 program members a robust curriculum including education, mentorship, exclusive networking opportunities and significant exposure to the global real estate marketplace. Learn more about the companies selected for the REACH Canada program and how you can get involved at www.narreach.ca. About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. About REACH REACH is a unique technology scale-up program created by Second Century Ventures, the most active global fund in real estate technology. Backed by the National Association of Realtors®, Second Century Ventures leverages the association's more than 1.5 million members and an unparalleled network of executives within real estate and adjacent industries. The REACH program helps technology companies scale across the real estate vertical and its adjacent markets through education, mentorship and market exposure. For more on REACH, visit www.narreach.com.
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Home showing traffic continues to decline, still remains above pre-pandemic norms
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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.
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Pressure is back on sellers to attract buyers as demand softens
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Zombie Property Count Ticks Upward Again Across U.S. in Fourth Quarter but Remains Tiny Portion of Housing Market
Vacant Homes in Foreclosure Show Third Straight Quarterly Increase; Yet Zombie Properties Still Represent Just One of Every 13,000 Residential Properties Nationwide; Counts Continue Growing Since Lifting of Foreclosure Moratorium Last Year IRVINE, CA – Oct. 27, 2022 — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its fourth-quarter 2022 Vacant Property and Zombie Foreclosure Report showing that 1.3 million (1,264,241) residential properties in the United States sit vacant. That figure represents 1.26 percent, or one in 79 homes, across the nation. The report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure status, equity and owner-occupancy status — matched against monthly updated vacancy data. (See full methodology below). Vacancy data is available for U.S. residential properties at https://www.attomdata.com/solutions/marketing-lists/. The report also reveals that 284,423 residential properties in the U.S. are in the process of foreclosure in the fourth quarter of this year, up 5.2 percent from the third quarter of 2022 and up 27.4 percent from the fourth quarter of 2021. A growing number of homeowners have faced possible foreclosure since a nationwide moratorium on lenders pursuing delinquent homeowners, imposed after the Coronavirus pandemic hit in 2020, was lifted at the end of July 2021. Among those pre-foreclosure properties, 7,722 are zombie foreclosures (pre-foreclosure properties abandoned by owners) in the fourth quarter of 2022, up 0.2 percent from the prior quarter and 3.9 percent from a year ago. The count of zombie properties has grown in each of the last three quarters. "The government's foreclosure moratorium dramatically reduced the number of properties in foreclosure," said Rick Sharga, executive vice president of market intelligence at ATTOM. "Vacant and abandoned properties were among the few homes that could still be foreclosed on during the moratorium, so the number of zombie properties shrank as well. Now that the foreclosure ban has been lifted, we're likely to see a gradual return to pre-pandemic levels." Despite the increase, the number of zombie-foreclosures remains historically low, representing just a tiny segment of the nation's total stock of 100.1 million residential properties. Just one of every 12,963 homes in the fourth quarter of 2022 is vacant and in foreclosure, meaning that most neighborhoods still have no such properties. That ratio is almost exactly the same as in the third quarter of this year, although up 2.5 percent from one in 13,292 in the fourth quarter of 2021. The portion of pre-foreclosure properties that have been abandoned into zombie status, meanwhile, continues to decline, from 3.3 percent a year ago to 2.8 percent in the third quarter of 2022 and 2.7 percent in the fourth quarter of this year. The latest trends – zombie foreclosure numbers up slightly but remaining tiny – again reflect one of many high points from a housing market that has seen 11 years of nearly uninterrupted gains. Median home values nationwide have more than doubled since 2012, home-seller profits have shot up over 50 percent and the vast majority of homeowners have equity built up in their homes. Those forces provide enormous incentive for owners behind on their mortgages to do everything they can to avoid abandoning their properties even as foreclosure activity increases. Home values dipped over the Summer of this year amid rising interest rates, a declining stock market and soaring inflation that have cut into what buyers can afford. But that has yet to significantly boost the presence of vacant properties in foreclosure. Zombie foreclosures inch up again but remain miniscule portion of overall market A total of 7,722 residential properties facing possible foreclosure have been vacated by their owners nationwide in the fourth quarter of 2022, up slightly from 7,707 in the third quarter of 2022 and from 7,432 in the fourth quarter of 2021. While zombie foreclosures continue to be few and far between in most neighborhoods around the U.S., the biggest increases from the third quarter of 2022 to the fourth quarter of 2022 in states with at least 50 zombie properties are in Kansas (zombie properties up 32 percent, from 44 to 58), Nevada (up 25 percent, from 81 to 101), Connecticut (up 15 percent, from 65 to 75), Georgia (up 15 percent, from 72 to 83) and Indiana (up 13 percent, from 239 to 270). The biggest quarterly decreases among states with at least 50 zombie foreclosures are in Michigan (zombie properties down 23 percent, from 99 to 76), New Jersey (down 12 percent, from 240 to 211), North Carolina (down 10 percent, from 144 to 130), Ohio (down 9 percent, from 925 to 841) and Maine (down 7 percent, from 72 to 67). New York has the highest overall number of zombie homes to all residential properties (1,995 pre-foreclosure vacant properties), followed by Florida (1,030), Ohio (841), Illinois (780) and Pennsylvania (368). "Low vacancy rates are also a major factor in there being few zombie homes," Sharga added. "And with demand from both traditional homebuyers and investors still relatively strong, and the inventory of homes for sale still very low, vacancy rates for residential homes is about as low as it's ever been," Overall vacancy rates dip for third straight quarter The vacancy rate for all residential properties in the U.S. has dropped for three quarters in a row. It now stands at 1.26 percent (one in 79 properties), down from 1.28 percent in the third quarter of 2022 (one in 78) and from 1.33 percent in the fourth quarter of last year (one in 75). States with the biggest annual drops are Tennessee (down from 2.3 percent of all homes in the fourth quarter of 2021 to 1.25 percent in the fourth quarter of this year), Minnesota (down from 1.18 percent to 0.81 percent), Wisconsin (down from 1.02 percent to 0.69 percent), Georgia (down from 1.79 percent to 1.5 percent) and Oregon (down from 1.14 percent to 0.94 percent). Other high-level findings from the fourth quarter of 2022: Among metropolitan statistical areas in the U.S. with at least 100,000 residential properties and at least 100 properties facing possible foreclosure in the fourth quarter of 2022, the highest zombie rates are in Wichita, KS (12.7 percent of properties in the foreclosure process are vacant); Peoria, IL (9.9 percent); Syracuse, NY (8.2 percent); Toledo, OH (7.8 percent) and Cleveland, OH (7.1 percent). Aside from Cleveland, the highest zombie-foreclosure rates in major metro areas with at least 500,000 residential properties and at least 100 homes facing foreclosure in the fourth quarter of 2022 are in Baltimore, MD (6.1 percent of homes in the foreclosure process are vacant); Pittsburgh, PA (5.6 percent); Portland, OR (5.5 percent) and Indianapolis, IN (5.4 percent). Among the 26.8 million investor-owned homes throughout the U.S. in the fourth quarter of 2022, about 868,000 are vacant, or 3.2 percent. The highest levels of vacant investor-owned homes are in Indiana (6.8 percent vacant), Kansas (5.8 percent), Oklahoma (5.3 percent), Alabama (5.3 percent) and Ohio (5.2 percent). Among the roughly 5,000 foreclosed, bank-owned homes in the U.S. during the fourth quarter of 2022, 9.3 percent are vacant. In states with at least 50 bank-owned homes, the largest vacancy rates are in Illinois (21.2 percent vacant), Ohio (13.3 percent), New York (12,.3 percent), Florida (11.4 percent) and Maryland (11.2 percent). The highest zombie-foreclosure rates in U.S. counties with at least 500 properties in the foreclosure process during the fourth quarter of 2022 are in Baltimore County, MD (12.4 percent zombie foreclosures); Broome County (Binghamton), NY (11.5 percent); Peoria County, IL (11.2 percent); Pinellas County (Clearwater), FL (9 percent) and Onondaga County (Syracuse), NY (8.6 percent). Among 424 counties with at least 50,000 residential properties homes facing possible foreclosure in the fourth quarter of 2022, zombie foreclosures represent the highest portion of overall residential properties in Broome County (Binghamton), NY (one of every 620 properties); Peoria County, IL (one of every 1,184); Cuyahoga County (Cleveland), OH (one of every 1,226); Suffolk County, NY (eastern Long Island) (one of every 1,259) and Bronx County, NY (one of every 1,347). Report Methodology ATTOM analyzed county tax assessor data for about 100 million residential properties for vacancy, broken down by foreclosure status and owner-occupancy status. Only metropolitan statistical areas with at least 100,000 residential properties and counties with at least 50,000 residential properties were included in the analysis. Vacancy data is available at https://www.attomdata.com/solutions/marketing-lists/. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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Home-Seller Profits Drop Across U.S. in Third Quarter as Housing Market Boom Eases
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Home values are 25% above affordability norms
A substantial home value correction is very unlikely SEATTLE, Oct. 20, 2022 -- Housing affordability is the worst it has been in several years, and many buyers are pulling back, hoping relief is around the corner. A new analysis by Zillow® shows home values are 24.7% above where they would need to be for affordability to return to recent norms.1 A shock of this size is extremely unlikely, so buyers may need to reset their expectations. Nationally, home values are about 25% above where they would need to be for affordability to return to historical norms. The monthly mortgage payment on a typical U.S. home is about $1,850 — that is 75.5%, or about $800, higher than it was a year ago.2 Home values have fallen a bit since the peak in June, but rising mortgage rates have overwhelmed those small affordability gains. Mortgage affordability — the share of income a median household would need to spend on a typical mortgage payment — has risen to 30.2% nationally, even before including the cost of taxes and insurance. That is above the 30% threshold for households to be considered cost burdened, and much higher than the 2005–2021 average of 22.8%. "The next several years appear set up for affordability to be a major challenge for home buyers," said Zillow senior economist Nicole Bachaud. "Inventory remains tight, real income growth is dismal, mortgage rates show no signs of dropping, and there is plenty of pent-up demand ready to bid prices back up if they reach a level would-be buyers can once again afford. Filling the housing deficit continues to be the key to long-term affordability, but the recent slowdown in single-family construction is not a good sign that the market is getting closer to building enough to meet demand." For mortgage affordability to return to the 22.8% norm nationally, U.S. home values would need to fall 24.7%. Some markets are much closer to their historical affordability norms — for example, Hartford home values are only 2.4% higher than where they would need to be, and in Baltimore, they are 3.7% higher — but others have seen affordability deteriorate much more. Salt Lake City, Nashville, Dallas and Las Vegas are furthest away from their historical affordability, at least 37% above where they would need to be to once again reach that level. Far from a significant drop, Zillow's home value forecast calls for home values to remain nearly flat in the 12 months ending September 2023. It would take a sharp increase in inventory for home values to fall dramatically. That is simply not the case right now. Overall inventory is ticking up, but it remains nearly 40% below pre-pandemic levels and is nowhere near a glut that would put the market in a position for significant price drops. New listings are coming onto the market at a mere trickle, down 16% in September compared to a year prior. In 2022 to date, there have been about 11% fewer homes listed than at this point in 2019. Many homeowners have mortgages with low rates from purchasing or refinancing earlier in the pandemic, and have very little financial incentive to sell while mortgage rates are this high. Most also have significant equity in their homes, which makes it unlikely that a large number of properties will be forced into distressed sales, like many were during the Great Recession. The housing market slowdown is being driven by discouraged buyers pulling back as their budgets are stretched. Some buyers simply have been priced out of today's market, but those who are waiting for affordability to improve will likely have a long wait ahead of them. If home values continue to fall, buyers will likely reenter the market and drive values back up. And while mortgage rates are nearly impossible to predict, inflation pressures remain strong, and it's perhaps a better bet that rates will rise further than come back down. Affordability is clearly a major challenge for home buyers. The silver lining is that first-time buyers who can overcome these steep obstacles have an opportunity to shop with more bargaining power, less chance of a bidding war and more time to consider their options. Zillow has gathered tools that can help shoppers make the leap to homeownership on one easy-to-navigate web page. 1 Recent norms indicate the historical average (2005–2021) share of median household income needed for a mortgage payment (principal and interest only) on the typically valued home. The home value change needed to return to affordability norms assumes incomes do not change. 2 Monthly principal and interest on a 30-year fixed-rate mortgage for the typical U.S. home as of September 2022, assuming a 20% down payment and the interpolated average 30-year interest rate reported by Freddie Mac’s Primary Mortgage Market Survey on the last day of the month. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+™, which houses ShowingTime®, Bridge Interactive®, and dotloop®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
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BoomTown Announces Third Annual Give Back Awards, Now Accepting Nominations
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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.
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Meet a Real Life House Whisperer: Here to Help Struggling Homebuyers in Realtor.com's New Creative Campaign
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CALIFORNIA ASSOCIATION OF REALTORS issues formal apology for past discriminatory policies
LOS ANGELES, Oct. 14, 2022 -- The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) formally apologizes for its past discriminatory policies, including Proposition 14 — a successful 1960s ballot initiative that overturned the State of California's first fair housing law. Regrettably, the California Real Estate Association (CREA), now known as C.A.R., once played a leading role in segregation and exclusionary practices in housing. California communities still grapple with wealth and homeownership inequities. For decades, CREA promoted policies that encouraged discrimination and the idea that neighborhood integration would negatively impact property values. The Association endorsed racial zoning, "redlining" and racially restrictive covenants. "The Association was wrong. We not only apologize for those actions, we strongly condemn them, and we will continue working to address the legacy of these discriminatory policies and practices," said C.A.R. President Otto Catrina. CREA was behind Article 34, a law passed in the 1950s that remains in place that makes it very difficult to build affordable housing in California. The Association also excluded women and people of color from membership. In the 1960s, California's first fair housing law, the Rumford Fair Housing Act, was passed. CREA actively encouraged its members to support Proposition 14, a law that overturned the Rumford Act and modified California's constitution so that the state could not prohibit private property owners from engaging in discrimination. The U.S. Supreme Court overturned the proposition as unconstitutional. In the years since the passage of the federal Fair Housing Act of 1968, the California Fair Employment and Housing Act and other fair housing laws, C.A.R. has prioritized understanding and addressing the unique homeownership barriers impacting communities of color and other historically excluded communities. "We have continued to unpack our difficult and sometimes obscure history of opposing fair housing laws, promoting segregation and racial exclusion prior to the Fair Housing Act of 1968. As an organization that deeply values inclusion, we can't change the actions of the past, but we are taking bold action now to help build a more equitable and just future," said Catrina. For instance, C.A.R. recently sponsored a law requiring periodic implicit bias training for all real estate salespersons. Additionally, C.A.R. helped shape a new law that strengthens consumer protection in instances of appraisal bias. Currently, C.A.R. is working to address the legacy of discriminatory policies in a variety of ways. These include: Offering a closing cost grant for members of underserved communities. Donating to the Black Wealth Builders Fund, a down payment assistance program for Black home buyers in the Bay Area. Partnering with and sponsoring the work of nonprofit organizations that support greater homeownership for members of underserved communities. Sponsoring and supporting a variety of policies that address supply and affordability challenges for communities of color. Co-sponsoring a bill that would overturn Article 34, a law California REALTORS® helped pass in the 1950s that makes it much harder for California communities to build affordable housing. Supporting a law that provides a system for redacting restrictive covenants in property records. C.A.R. will continue to develop and strengthen programs that break down barriers to homeownership. To learn more, visit fairhousingcalifornia.org. Leading the way ...® in real estate news and information for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 217,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
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NAR Integrates CompStak into RPR Platform as Benefit for Commercial Members
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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.
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RICOH360 Tours Accelerates Photographers Virtual Tour Service for Real Estate and Marketing Companies
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RentSpree Partners with Industry Leader SentriLock to Add Tech Capabilities for Rental Agents
LOS ANGELES, Oct. 4, 2022 -- RentSpree, the industry's premier end-to-end rental management software provider, announced its latest partnership with SentriLock, the official electronic lockbox provider of the National Association of REALTORS®. Integrating RentSpree's online standard rental application and screening platform with SentriLock's property access management functionality enables both companies to marry important elements in the often fragmented leasing process and helps to empower and support agents as a result. "We are very deliberate in the partnerships we form, aligning ourselves with best-in-class organizations that can truly help add value to the services we provide to our rental customers," said Lauren Martin, RentSpree Sales Director. "SentriLock is the top player in the space they serve, and our partnership will deliver to anyone in the rental process a much more seamless experience. We are truly excited about this collaboration." With a 20-year track record, SentriLock offers high-strength, corrosion-resistant steel locks with the highest security rating in the industry. Together with its SentriKey Showing Service®, the company is able to provide a complete showing management solution. "We are always looking to find meaningful partnerships with other proptech vendors that can positively impact the critical role that our almost half a million REALTOR® customers play in the home search process," said SentriLock CEO and Founder Scott Fisher. "There is a nice alignment between us and RentSpree from both a culture of innovation and superior product standpoint." RentSpree offers an all-in-one suite of tools, including background and credit checks, rent estimates, renters' insurance and rent payments. Its Agent Tools feature supports holistic rental management for agents, from advertising and nurturing leads to seamlessly diversifying their client portfolio, as well as supporting their rental clients' transition to homeownership in due time. "We continuously strive to provide agents and brokers with the best technology solutions in the industry," said Michael Lucarelli, CEO and Co-Founder of RentSpree. "By combining our company's superior suite of tools with those of other industry leaders such as SentriLock is only logical. In this way, we can cater to and empower smart rental agents with just a few clicks in the most effective way possible." About SentriLock SentriLock, LLC, founded in 2002, is one of the most trusted lockbox and showing service solution providers in the real estate industry, and is the Official Lockbox Solution of the National Association of REALTORS®. The company's products serve more than 400,000 REALTORS®, and have powered more than 10 million home sales. SentriLock's primary mission is to provide its members with amazing customer experiences, reliable member-focused technology solutions, and superior service and support. For more information visit www.sentrilock.com. About RentSpree Los Angeles-based RentSpree is a provider of award-winning rental software that helps seamlessly connect real estate agents, owners, and renters to simplify and automate the entire rental process, from listing to lease. The all-in-one platform is known across all 50 states for its easy and secure interface and suite of rental tools, including tenant screening, rent payments, marketing and renter management. To date, RentSpree has partnered with more than 250 of the most influential MLSs, real estate associations and brokerages to serve over one million users in the U.S. RentSpree is ranked 625th on Inc. 5000's fastest-growing private companies in 2022. Visit http://www.rentspree.com for more information.
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Collabra Technology Introduces First Social Listing Videos with Real-Time, Hyper-Local Housing Market Analytics
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Homeownership Still Unaffordable Across Most of U.S. But Declining Home Prices May Provide Relief for Homebuyers
Major Home-Ownership Costs Require 30 Percent of Average National Wage in Third Quarter of 2022; But Portion of Wages Needed for Home Ownership Dips as Home Prices Decrease Quarterly, to $340,000; Historic Affordability Remains Worse Than Average Almost Everywhere Across Nation IRVINE, Calif. - Sept. 29, 2022 -- ATTOM, a leading curator of real estate data nationwide for land and property data, today released its third-quarter 2022 U.S. Home Affordability Report showing that median-priced single-family homes and condos remain less affordable in the third quarter of 2022 compared to historical averages in 99 percent of counties across the nation with enough data to analyze. That continues to be far above the 69 percent of counties that were historically less affordable in the third quarter of 2021 and marked yet another high point reached during the country's 11-year housing market boom. However, the report also shows some potential relief for homebuyers as the portion of average wages nationwide required for median major home-ownership expenses has dipped slightly from 30.9 percent in the second quarter of the year to 30 percent in the third quarter. "Homeownership remains largely unaffordable for the majority of homebuyers in the majority of markets across the country," said Rick Sharga, executive vice president of market intelligence at ATTOM. "While home prices have declined a bit quarter-over-quarter, they're still higher than they were a year ago, and interest rates have essentially doubled. Many prospective homebuyers simply can't afford the home they hoped to buy, and in many cases no longer qualify for the mortgage they'd need." The third-quarter figure does remain above the 28 percent ceiling lenders generally like to see when issuing a mortgage. It also is well above the 23.4 percent level from a year ago. But the current decline in the portion of wages needed to afford the typical home nationwide marks the first quarterly improvement in almost two years and comes as the median national single-family home price has taken a rare third-quarter fall. The latest median value of $340,000 is down 3 percent from the second quarter of 2022 – the first Spring-to-Summer decline since 2008. The report determined affordability for average wage earners by calculating the amount of income needed to meet major monthly home ownership expenses — including mortgage, property taxes and insurance — on a median-priced single-family home, assuming a 20 percent down payment and a 28 percent maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics (see full methodology below). Compared to historical levels, median home prices in 574 of the 581 counties analyzed in the third quarter of 2022 are less affordable than in the past. The latest number is up from 568 of the same group of counties in the second quarter of 2022, 398 in the third quarter of 2021 and just 284, or less than half, two years ago. The increase has continued as the median national home price – despite dipping quarterly – is still up 10 percent over the past year, while average annual wages across the country have grown just 6 percent. Affording a home remains slightly out of reach but may begin to get easier for average workers amid a time if significant headwinds stall or even reverse a boom in prices that dates back to 2012. Some recent measures point to the market's ongoing strength: prices are still historically high, home-seller profits have surpassed 50 percent and homeowner equity keeps rising across the country. That has happened as homebuyers continue chasing an extremely small supply of properties for sale. Elevated demand has helped push the national median home price up over the past year faster than the pace of wage growth. But home sales are down as mortgage rates have steadily climbed this year from just above 3 percent to near 6 percent for a 30-year loan, driving up expenses for buyers. Higher interest rates, growing inflation, elevated fuel costs and a declining stock market all strain the finances of prospective homebuyers, and threaten to stall or reverse a nearly unrelenting rise in home values that began when the market started recovering in 2012 from Great Recession of the late 2000s. Amid those mixed trends, major home-ownership expenses on typical homes are still unaffordable to average local wage earners during the third quarter of 2022 in 400, or 69 percent, of the 581 counties in the report, based on the 28-percent guideline. Counties with the largest populations that are unaffordable in the third quarter are Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, CA (outside Los Angeles) and Kings County (Brooklyn), NY. Home prices still up at least 10 percent annually in slight majority of country but dip quarterly in close to half Median single-family home and condo prices in the third quarter of 2022 are up by at least 10 percent over the third quarter of 2021 in 302, or 52 percent, of the 581 counties included in the report. However, typical values have dropped from the second to the third quarter in 230, or 40 percent, of those counties, which has contributed to the nationwide decrease. Data was analyzed for counties with a population of at least 100,000 and at least 50 single-family home and condo sales in the third quarter of 2022. "Home price appreciation has slowed dramatically in most markets – and there are even price corrections in some areas – as home sales have declined significantly over the past few months," Sharga added. "But mortgage rates have risen more rapidly and dramatically than they have in several decades, and as a result a monthly mortgage payment today is 35-45 percent higher than a year ago, making affordability too much of a challenge for many would-be buyers." Among the 48 counties in the report with a population of at least 1 million, the biggest year-over-year gains in median sales prices during the third quarter of 2022 are in St. Louis County, MO (up 37 percent); Collin County (Plano), TX (up 25 percent); Hillsborough County (Tampa), FL (up 24 percent); Palm Beach County (West Palm Beach), FL (up 21 percent) and Tarrant County (Fort Worth), TX (up 19 percent). Counties with a population of at least 1 million where median prices have stayed the same or gone up the least, year-over-year, during the third quarter of 2022 are Philadelphia County, PA (no change); Honolulu County, HI (up 1 percent); Alameda County (Oakland), CA (up 1 percent); Contra Costa County, CA (outside Oakland) (up 2 percent) and Cook County (Chicago), IL (up 2 percent). Counties with a population of at least 1 million where median prices have dropped most from the second quarter of 2022 to the third quarter of 2022 are Alameda County (Oakland), CA (down 11 percent); Travis County (Austin), TX (down 9 percent); Santa Clara County (San Jose), CA (down 8 percent); Contra Costa County, CA (outside Oakland) (down 7 percent) and Fairfax County, VA (outside Washington, DC) (down 7 percent). Annual price gains still outpacing wage growth in more than 80 percent of markets Annual home-price appreciation has been greater than weekly annualized wage growth in the third quarter of 2022 in 488 of the 581 counties analyzed in the report (84 percent), with the largest including Los Angeles County, CA; Harris County (Houston), TX; Maricopa County (Phoenix), AZ; San Diego County, CA, and Orange County, CA (outside Los Angeles). Average annualized wage growth has surpassed home-price appreciation in the third quarter of 2022 in only 93 of the counties in the report (17 percent). The largest of those counties include Cook County, (Chicago), IL; King County (Seattle), WA; Santa Clara County (San Jose), CA; Alameda County (Oakland), CA, and Philadelphia County, PA. Share of wages needed for home ownership declining, but still exceeds 28 percent in two-thirds of the nation The portion of average local wages consumed by major ownership costs on median-priced, single-family homes has decreased from the second to the third quarter of 2022 in 45 percent of the 581 counties analyzed, helping to drop the level nationwide. But the amount needed remains more than 28 percent of average local wages in 400 of those (69 percent), assuming a 20 percent down payment. That is up from the 66 percent figure in the second quarter of 2022 for the same group of counties and from 43 percent in the third quarter of last year. Counties that require the largest percentage of wages are Kings County (Brooklyn), NY (106.1 percent of annualized weekly wages needed to buy a single-family home); Santa Cruz County, CA (98.9 percent); Marin County, CA (outside San Francisco) (96.1 percent); Napa County, CA (86.4 percent) and Monterey County, CA (84.5 percent). Aside from Kings County, NY, counties with a population of at least 1 million where major ownership expenses typically consume more than 28 percent of average local wages in the third quarter of 2022 include Orange County, CA (outside Los Angeles) (76 percent); Queens County, NY (73.8 percent); Nassau County, NY (outside New York City) (67.2 percent) and Alameda County (Oakland), CA (67.2 percent). Counties where the smallest portion of average local wages are required to afford the median-priced home during the third quarter of this year are Schuylkill County, PA (outside Allentown) (10.5 percent of annualized weekly wages needed to buy a home); Peoria County, IL (13.4 percent); Bibb County (Macon), GA (14 percent); Macon County (Decatur), IL (14.1 percent) and Rock Island County (Moline), IL (14.1 percent). Counties with a population of at least 1 million where major ownership expenses typically consume less than 28 percent of average local wages in the third quarter of 2022 include Wayne County, (Detroit), MI (15.4 percent); Philadelphia County, PA (18.3 percent); Cuyahoga County (Cleveland), OH (18.4 percent); Allegheny County (Pittsburgh), PA (21 percent) and Cook County (Chicago), IL (24.4 percent). Historic affordability inching upward but remains worse than historic averages in nearly all counties Among the 581 counties analyzed in the report, 574 (99 percent) are less affordable in the third quarter of 2022 than their historic affordability averages. That is virtually the same as the 98 percent level in the second quarter of 2022, but up from 69 percent a year ago. Despite that, historic indexes have improved quarterly in 45 percent of those counties, helping to boost the nationwide index for the first time since late 2020. Counties with a population of at least 1 million that are less affordable than their historic averages (indexes of less than 100 are considered less affordable compared to historic averages) include Wayne County (Detroit), MI (index of 60); Hillsborough County (Tampa), FL (60); Tarrant County (Fort Worth), TX (61); Maricopa County (Phoenix), AZ (61) and Collin County (Plano), TX (61). Counties with the worst affordability indexes in the third quarter of 2022 are Clayton County, GA (outside Atlanta) (index of 47); Newton County, GA (outside Atlanta) (49); Rutherford County, TN (outside Nashville) (49); Canyon County, ID (outside Boise) (51) and Muskegon County, MI (outside Grand Rapids) (52). Among counties with a population of at least 1 million, those where the affordability indexes have improved most from the second quarter of 2022 to the third quarter of 2022 are Alameda County (Oakland), CA (index up 12 percent); Travis County (Austin), TX (up 11 percent); Santa Clara County (San Jose), CA (up 8 percent); Contra Costa County, CA (outside Oakland) (up 8 percent) and Fairfax County, VA (outside Washington, DC) (up 8 percent). Only 1 percent of markets are more affordable than historic averages Among the 581 counties in the report, only seven (1 percent) are more affordable than their historic averages in the third quarter of 2022. That is down from 31 percent a year ago and 51 percent in the third quarter of 2020. The only county with a population of at least 1 million that is more affordable than historic averages (indexes of more than 100 are considered more affordable compared to historic averages) is New York County (Manhattan), NY (index of 105). Counties with the best affordability indexes in the third quarter of 2022 include San Francisco County, CA (index of 125); Macon County (Decatur), IL (122); Peoria County, IL (111); Schuylkill County, PA (outside Allentown) (108) and San Mateo County, CA (outside San Francisco) (106). Report Methodology The ATTOM U.S. Home Affordability Index analyzed median home prices derived from publicly recorded sales deed data collected by ATTOM and average wage data from the U.S. Bureau of Labor Statistics in 581 U.S. counties with a combined population of 257.8 million during the third quarter of 2022. The affordability index is based on the percentage of average wages needed to pay for major expenses on a median-priced home with a 30-year fixed-rate mortgage and a 20 percent down payment. Those expenses include property taxes, home insurance, mortgage payments and mortgage insurance. Average 30-year fixed interest rates from the Freddie Mac Primary Mortgage Market Survey were used to calculate monthly house payments. The report determined affordability for average wage earners by calculating the amount of income needed for major home ownership expenses on a median-priced home, assuming a loan of 80 percent of the purchase price and a 28 percent maximum "front-end" debt-to-income ratio. For example, the nationwide median home price of $340,000 in the third quarter of 2022 requires an annual wage of $73,716. That is based on a $68,000 down payment, a $272,000 loan and monthly expenses not exceeding the 28 percent barrier — meaning households would not be spending more than 28 percent of their wages on mortgage payments, property taxes and insurance. That required income is more than the $68,692 average wage nationwide based on the most recent average weekly wage data available from the Bureau of Labor Statistics, making a median-priced home nationwide unaffordable for average workers. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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MoveEasy Launches Nation's First Fully Integrated Home Platform, Empowering Real Estate Partners to Deliver Even More Value to Clients
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ShowingTime+ brings together leading industry software tools in a single, streamlined brand
The ShowingTime+ suite of services -- which includes ShowingTime, dotloop, Bridge Interactive, and 3D Home tours and interactive floor plans -- is available to all agents, brokers and MLSs SEATTLE, Sept. 26, 2022 -- Zillow Group presents ShowingTime+, a new, unified brand to integrate and simplify the company's best-in-class technology offerings for agents, brokers and multiple listing services (MLSs). The expanded software suite includes all existing products and services from ShowingTime, dotloop, Bridge Interactive, and 3D Home tours and interactive floor plans. The ShowingTime+ suite of services — which includes ShowingTime, dotloop, Bridge Interactive, and 3D Home tours and interactive floor plans — is available to all agents, brokers and MLSs. "'Plus,' very simply, means 'more'," said Jun Choo, senior vice president of ShowingTime+. "The extended ShowingTime+ brand reflects the breadth of our offerings and the opportunity we have to continue building tools that help agents succeed." Today, the average agent uses more than 12 unique software products1 to shepherd clients from home shopping and listing to closing. This creates duplicative work and fractured systems, preventing agents from dedicating more time to their clients. "Ultimately, our goal is to reduce transaction friction for everyone by offering an integrated, open platform for real estate professionals to run their business. Nearly 90% of home shoppers and sellers work with an agent, and at ShowingTime+, we want to help agents bring them home," said Choo. ShowingTime, dotloop and Bridge Interactive will continue to offer the same high level of support and service they have provided independently for decades. ShowingTime+ will keep innovating and building solutions that help agents and brokers deliver top-notch client experiences and grow their brands and businesses. In offering tools to the entire industry, ShowingTime+ aims to build a new software ecosystem in which agents and their clients can thrive together. About ShowingTime+ ShowingTime+ is modernizing real estate for the benefit of all agents, brokers and multiple listing services (MLSs). A brand of Zillow Group, Inc., ShowingTime+ provides products and services to help real estate professionals streamline their businesses and deliver elevated experiences to their customers. The ShowingTime+ technology suite includes ShowingTime, dotloop, Bridge Interactive, and 3D Home tours and interactive floor plans. ShowingTime+ products are used by hundreds of MLSs representing more than 1 million real estate professionals across the U.S. and Canada. About Zillow Group Zillow Group, Inc. (NASDAQ: Z) and (NASDAQ: ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Zillow Homes, Inc., Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
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HomeJab real estate photographer survey shares 'Rants and Raves'
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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.
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Home values decline for second month as competition eases
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California, New Jersey and Illinois Again Dominate List of Vulnerable Housing Markets
Chicago and New York City Areas Remain Most Exposed to Potential Downturns in Second Quarter of 2022; Other More-At-Risk Markets Scattered Around Nation; South Region Continues to be Less Vulnerable IRVINE, Calif. - Sept. 15, 2022 -- ATTOM, a leading curator of real estate data nationwide for land and property data, today released a Special Housing Risk Report spotlighting county-level housing markets around the United States that are more or less vulnerable to declines, based on home affordability, unemployment and other measures in the second quarter of 2022. The report shows that New Jersey, Illinois and inland California continued to have the highest concentrations of the most-at-risk markets in the second quarter – with the biggest clusters in the New York City and Chicago areas. Southern and midwestern states remained less exposed. The second-quarter patterns – based on gaps in home affordability, underwater mortgages, foreclosures and unemployment – revealed that New Jersey, Illinois and California had 33 of the 50 counties most vulnerable to potential declines. The 50 most at-risk included nine in and around New York City, six in the Chicago metropolitan area, and 13 spread through northern, central and southern California. The rest of the top 50 counties were scattered across the U.S., including three in the Philadelphia, PA, metro area. At the other end of the risk spectrum, the South and Midwest had the highest concentration of markets considered least vulnerable to falling housing markets. "The Federal Reserve has promised to be as aggressive as it needs to be in order to get inflation under control, even if its actions lead to a recession," said Rick Sharga, executive vice president of market intelligence at ATTOM. "Given how little progress has been made reducing inflation so far, the Fed's actions seem more and more likely to drive the economy into a recession, and some housing markets are going to be more vulnerable than others if that happens." Counties were considered more or less at risk based on the percentage of homes facing possible foreclosure, the portion with mortgage balances that exceeded estimated property values, the percentage of average local wages required to pay for major home ownership expenses on median-priced single-family homes, and local unemployment rates. The conclusions were drawn from an analysis of the most recent home affordability, equity and foreclosure reports prepared by ATTOM. Unemployment rates came from federal government data. Rankings were based on a combination of those four categories in 575 counties around the United States with sufficient data to analyze in the second quarter of 2022. Counties were ranked in each category, from lowest to highest, with the overall conclusion based on a combination of the four ranks. See below for the full methodology. The ongoing wide disparities in risks throughout the country comes during a time when the U.S. housing market faces headwinds that threaten to slow down or end an 11-year surge in home prices. Sales of both existing and new homes have declined as mortgage rates have almost doubled to 6 percent over the past year, and inflation remains near a 40-year high. However the most recent risk gaps do not suggest an imminent fall in housing markets anywhere in the nation. Home prices have risen more than 10 percent in most of the country over the past year, with new highs hit in the vast majority of metropolitan-area markets. That has kept homeowner equity and home-seller profits rising. Those numbers have continued to improve as demand, buoyed by increasing household formation by young adults and rising wages has continued to outpace an historically tight supply of properties for sale. Amid that mixed scenario, home affordability is worsening, lender foreclosures on delinquent mortgages are up and the number of home sales is slowing, with local housing markets heading into that uncertain future facing significant differences in risk measures. Most-vulnerable counties clustered in the Chicago, New York City and Philadelphia areas, along with sections of California Thirty-one of the 50 U.S. counties considered most vulnerable in the second quarter of 2022 to housing market troubles (from among 575 counties with enough data to be included in the report) were in the metropolitan areas around Chicago, IL; New York, NY; and Philadelphia, PA, as well as in California. California markets on the list were mostly inland, away from the coast. The top 50 counties included two in New York City (Kings and Richmond counties, which cover Brooklyn and Staten Island), seven in the New York City suburbs (Bergen, Essex, Ocean, Passaic, Sussex and Union counties in New Jersey and Rockland County in New York) and six in the Chicago metropolitan area (Cook, Kane, Kendall, McHenry and Will counties in Illinois and Lake County, IN). The three in the Philadelphia, PA, metro area that were among the top 50 most at-risk in the second quarter were Philadelphia County, along with Camden and Gloucester counties in New Jersey. Elsewhere, California had 13 counties in the top 50 list: Butte County (Chico), Humboldt County (Eureka), Shasta County (Redding) and Solano County (outside Sacramento) in the northern part of the state; Fresno County, Kings County (outside Fresno), Madera County (outside Fresno), Merced County (outside Modesto), San Joaquin County (Stockton) and Tulare County (outside Fresno) in central California, and Kern County (Bakersfield), Riverside County and San Bernardino County in the southern part of the state. Counties most at-risk continue to have higher levels of unaffordable housing, underwater mortgages, foreclosures and unemployment Major home ownership costs (mortgage payments, property taxes and insurance) on median-priced single-family homes consumed more than one-third of average local wages in 35 of the 50 counties that were most vulnerable to market problems in the second quarter of 2022. The highest percentages in those markets were in Kings County (Brooklyn), NY (102.9 percent of average local wages needed for major ownership costs); Riverside County, CA (67.6 percent); Rockland County, NY (outside New York City) (66.2 percent); Richmond County (Staten Island), NY (61.8 percent) and San Joaquin County (Stockton), CA (58.7 percent). Nationwide, major expenses on typical homes sold in the second quarter required 31.5 percent of average local wages. At least 7 percent of residential mortgages were underwater in the second quarter of 2022 in 23 of the 50 most at-risk counties. Nationwide, 5.9 percent of mortgages fell into that category. Those with the highest underwater rates among the 50 most at-risk counties were Rockland County, NY (outside New York City) (19.2 percent of mortgages were underwater); Lake County, IN (outside Chicago, IL) (18.9 percent); Peoria County, IL (17.6 percent); Philadelphia County, PA (16.1 percent) and Saint Clair County, IL (outside St. Louis, MO) (16.1 percent). More than one in 1,000 residential properties faced a foreclosure action in the second quarter of 2022 in 40 of the 50 most at-risk counties. Nationwide, one in 1,559 homes were in that position. Foreclosure actions have risen since the expiration last July of a federal moratorium on lenders taking back properties from homeowners who fell behind on their mortgages during the early part of the Coronavirus pandemic that hit in 2020. They are expected to continue increasing over the coming year. The highest rates in the top 50 counties were in Cuyahoga County (Cleveland), OH (one in 365 residential properties facing possible foreclosure; Cumberland County, NJ (outside Philadelphia, PA) (one in 373); Warren County, NJ (outside Allentown, PA) (one in 455); Camden County, NJ (outside Philadelphia, PA) (one in 462) and Saint Clair County, IL (outside St. Louis, MO) (one in 470). The June 2022 unemployment rate was at least 7 percent in 35 of the 50 most at-risk counties, while the nationwide figure stood at 3.5 percent. The highest levels among the top 50 counties were in Tulare County, CA (outside Fresno) (11.7 percent); Merced County, CA (outside Modesto) (11.5 percent); Kern County (Bakersfield), CA (11.3 percent); Kings County, CA (outside Fresno) (10.9 percent) and Kings County (Brooklyn), NY (10.8 percent). Counties less at-risk concentrated in South and Midwest Twenty-five of the 50 counties least vulnerable to housing-market problems from among the 575 included in the second-quarter report were in the South, while another 14 were in the Midwest. Just five were in the West and six in the Northeast. Tennessee had six of the 50 least at-risk counties, including three in the Nashville metropolitan area (Davidson, Rutherford and Williamson counties), while Wisconsin had five – Brown County (Green Bay), Dane County (Madison), Eau Claire County, La Crosse County and Winnebago County (Oshkosh). Another four were in Arkansas: Benton County (Rogers), Craighead County (Jonesboro), Sebastian County (Fort Smith) and Washington County (Fayetteville). Counties with a population of at least 500,000 that were among the 50 least at-risk included King County (Seattle), WA; Travis County (Austin), TX; Salt Lake County (Salt Lake City), UT; Wake County (Raleigh), NC, and Cobb County (Marietta), GA. Least-vulnerable counties have more-affordable homes along with lower levels of underwater mortgages, foreclosure activity and unemployment Major home ownership costs (mortgage payments, property taxes and insurance) on median-priced single-family homes consumed more than one-third of average local wages in just 24 of the 50 counties that were least vulnerable to market problems in the second quarter of 2022. The lowest percentages in those markets were in Sebastian County (Fort Smith), AR (16.5 percent of average local wages needed for major ownership costs); Potter County (Amarillo), TX (16.5 percent); Sullivan County (Kingsport), TN (21.5 percent); Winnebago County (Oshkosh), WI (22.8 percent) and Craighead County (Jonesboro), AR (23.3 percent). Less than 5 percent of residential mortgages were underwater in the second quarter of 2022 (with owners owing more than their properties are worth) in 30 of the 50 least-at-risk counties. Those with the lowest rates among those counties were Chittenden County (Burlington), VT (1.3 percent of mortgages were underwater); Williamson County, TX (outside Austin) (1.4 percent); Williamson County, TN (outside Nashville) (1.5 percent); Travis County (Austin), TX (1.8 percent) and Wake County (Raleigh), NC (1.9 percent). More than one in 1,000 residential properties faced a foreclosure action during the second quarter of 2022 in none of the 50 least at-risk counties. Those with the lowest rates in those counties were Fayette County (Lexington), KY (one in 48,714 residential properties facing possible foreclosure); Chittenden County (Burlington), VT (one in 36,543); Missoula County, MT (one in 27,271); Johnson County (Overland Park), KS (one in 20,973) and Williamson County, TN (outside Nashville) (one in 15,189). The June 2022 unemployment rate was more than 5 percent in just two of the 50 least-at-risk counties. The lowest rates among the top 50 counties were in Cache County (Logan), UT (2.4 percent); Sarpy County, NE (outside Omaha) (2.8 percent); Hamilton County, IN (outside Indianapolis) (2.8 percent); Shelby County, AL (outside Birmingham) (2.8 percent) and Forsyth County, GA (outside Atlanta) (2.9 percent). Report methodology The ATTOM Special Coronavirus Market Impact Report is based on ATTOM's second-quarter 2022 residential foreclosure, home affordability and underwater property reports, plus June 2022 unemployment figures from the U.S. Bureau of Labor Statistics. (Press releases for affordability, foreclosure and underwater-property reports show the methodology for each.) Counties with sufficient data to analyze were ranked based on the second-quarter percentage of residential properties with a foreclosure filing, the percentage of average local wages needed to afford the major expenses of owning a median-priced home and the percentage of properties with outstanding mortgage balances that exceeded their estimated market values, along with June 2022 county unemployment rates. Ranks then were added up to develop a composite ranking across all three categories. Equal weight was given to each category. Counties with the lowest composite rank were considered most vulnerable to housing market problems. Those with the highest composite rank were considered least vulnerable. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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Redfin Reports Nearly One-Third of U.S. Homes Are Bought With Cash, Well Above Pre-Pandemic Levels
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The Best Time to Buy a Home is the Week of Sept. 25, According to Realtor.com
Despite rising interest rates, fall is the best season to buy for hopeful homebuyers when it comes to home prices, competition and inventory. SANTA CLARA, Calif., Sept. 14, 2022 -- As children return to school and the weather begins to cool, the off-season is offering up opportunities for hopeful homebuyers. Realtor.com analyzed the numbers in its fourth annual Best Time to Buy Report and found the best time to buy a home across the nation is the week of Sept. 25 to Oct. 1. This early-fall period will offer buyers a host of favorable factors, including more housing listings, less competition, and lower prices. Those who buy during this week can expect: More than 6% of homes with reduced prices Savings of more than $20,000, on average, relative to the summer's peak price of $450,000 Approximately 46% more homes to choose from vs. the average week to date Extra time to make buying decisions, with homes expected to stay on the market 15 days longer than during the summer's peak Less competition, as demand during the best week to buy is historically 26.9% lower than the yearly peak week and 8.5% lower than the average week "After several years of an overheated housing market, higher mortgage rates are helping usher in more regular seasonal trends, which have pros and cons for home shoppers," said Danielle Hale, chief economist, Realtor.com®. "If you're flexible on your timing and can budget for higher rates, early fall can be a great time to secure a home, with a number of factors aligning to make it the best time of the year both in terms of price and competition. This is especially true for first-time buyers and others who are not trying to sell a home at the same time as their purchase." Since 2018, Realtor.com® has analyzed home prices, inventory, listing views, and time on market, indicators that tend to follow regular seasonal patterns, to determine the best time to buy. Historically, the early fall has provided an ideal mix of market conditions, including substantial inventory, waning competition, below-peak prices, and a slowing purchase pace. The benefits of buying during the "best week" include: Reduced prices: Historically, an average of 5.2% of homes have price reductions during this period. As the market begins to stabilize after a frenzied couple of years, more than 6% of homes may have reduced prices during the best week in 2022. Nationally, this could translate into roughly 48,000 homes available at a decreased cost. More listings: Although active listing inventory isn't back to pre-pandemic levels, it has increased year over year and year to date. There could be 780,000 listings during the best week, 46% more than this year's average to date. Less competition: Fierce home buying competition has softened as mortgage rates rise. Historically, demand (as measured by views per property on Realtor.com®) during the best week to buy has been 26.9% lower than its July peak and 8.5% lower than the average week of the year. More time to decide: Homes will stay on the market longer, giving buyers some breathing room to make purchase decisions. During the best time to buy, a typical home is expected to remain on the market for two weeks more than during peak market pace in May and one week more than the average time spent on the market to date. Methodology: Realtor.com analyzed six supply and demand metrics at a national and metropolitan level that follow seasonal patterns, using data for 2018-2021 period (2020 data was omitted due to anomalies caused by the pandemic). The metrics analyzed include: 1) listing prices, 2) inventory levels, 3) new "fresh" listings, 4) time on market, 5) homebuyer demand (realtor.com views per property) and 6) price reductions. Interest rates, which do not follow seasonal patterns, were not included. To account for 2022 market conditions, estimates reflect typical seasonal patterns layered on top of the most recent 2022 weekly data. Each week of the year was scored from 0 to 100 based on the number of active listings. A given week scored highly if it had more listings compared to other weeks of the year. The other metrics were scored in the same way, such that each week had six different scores for active listings, new listings, listing prices, days on market, price reductions and views per property. (In the case of prices, lower prices score higher. Same with views per property). Each week was then ranked by the average of those scores. The week with the highest composite score was considered the best time to buy. This week represents a balanced view of market conditions favorable for buyers. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
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Homebuyers With Access to Flood-Risk Data Bid on Lower-Risk Homes
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National Association of Realtors Announces Partnership With PunchListUSA
CHICAGO (September 8, 2022) -- The National Association of Realtors today announced PunchListUSA as its preferred home repair estimates and services partner. Under this agreement, NAR members will gain free access to PunchListUSA's online repair estimates, which can be obtained simply by uploading a home inspection PDF through the NAR REALTOR Benefits® website. Realtors® in PunchListUSA's service areas can also receive 5% off the company's turnkey repair and renovation services. "Our members rely on us to provide streamlined solutions that enable buyers and sellers to easily meet their real estate goals," said Rhonny Barragan, NAR vice president of strategic alliances. "PunchListUSA's tech-powered repair pricing and service solution is uniquely equipped to solve the challenges facing today's homeowners and Realtors®. We are proud to partner with them to bring these groundbreaking solutions to our members." PunchListUSA will provide NAR members with free, next-day online repair estimates to help their clients clearly understand and budget for repair needs diagnosed during home inspections. For members in the firm's 14 service areas, PunchListUSA will provide a 5% discount on repair and renovation services any time before, during or after the home sale. PunchListUSA achieved notable success as a member of the 2020 REACH cohort, a unique technology scale-up program managed by Second Century Ventures, NAR's strategic investment arm. "Realtors® are vital to homeowner success," said Min Alexander, PunchListUSA co-founder and chief executive officer. "Now, through this strategic partnership, 1.5 million Realtors® nationwide will be able to provide their clients with time-saving, accurate repair cost estimates and, in the markets we serve, turnkey repair and renovation services to maximize their home's value – a giant step toward making homeownership more accessible for all." To get a free estimate, members can visit punchlistusa.com/NAR, create a profile and upload the home inspection report PDF. If located in a PunchListUSA service area, members can easily book repair and renovation projects right from their estimate. All repairs and renovations services are backed by PunchListUSA's one-year warranty. About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. About PunchListUSA PunchListUSA is the first online real estate platform digitizing national home inspection data to create instant repair estimates and online service orders for homeowners, brokers, and institutional investors. The platform is powered by proprietary technology and property data to deliver home repair, renovation and lifecycle services at scale through innovative products, process automation and direct integration with industry partners. Exclusive inspection data access will power end-to-end home lifecycle services and product offerings to homeowners through the PunchListUSA marketplace in its next phase of growth. PunchListUSA is based in Charleston, South Carolina with operations in 14 major U.S. cities. Investors include Sweetwater Private Equity, Morpheus Ventures, Home Depot Ventures, Second Century Ventures, Palm Drive Capital, the Bielsky Family Office, IDEA Fund Partners, Meeting Street Capital, Solo Capital Management, VentureSouth, and a significant real estate operator and investor. For further information, please visit www.punchlistusa.com and PunchListUSA on LinkedIn. About NAR REALTOR Benefits® NAR REALTOR Benefits® is the association's official member benefits program, connecting members with savings and unique offers on products and services just for Realtors® from more than 30 companies recognized as leaders in their respective industries.
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Millennial and Gen Z Renters Have Inflation Rates Above 11%, Compared with 8.5% For the Typical American
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Own Up and Realtor.com Join Forces to Streamline the Home Buying Process
Relationship designed to increase consumer confidence throughout the homebuying journey BOSTON, Aug. 31, 2022 -- Own Up, a digital mortgage shopping service, today announced a commercial relationship with Realtor.com, a real estate marketplace operated by News Corp's subsidiary, Move, Inc. Own Up and Realtor.com are mission-aligned companies, both aiming to improve the home buying process for Americans looking to close on their dream homes. Alongside this new collaboration, Own Up closed a $25M round of funding, led by Brand Foundry Ventures. Realtor.com is among the investors participating in the funding round, which also saw return participation from past investors, Link Ventures and Listen Ventures. The injection of capital will allow Own Up to continue to build out its innovative technology platform, expand its novel shopping experience and product offerings, and invest in the Company's people and culture. Own Up and Realtor.com's relationship will give users direct access to Own Up's mortgage shopping service, including personalized loan offers from its exclusive lender marketplace and real-time advice from the industry's only mortgage shopping concierge. The integration with Realtor.com will allow homebuyers to gather detailed information about their home financing options as they search listings and find real estate agents. The housing market has been increasingly challenging for buyers over the past 12 months, with low inventory, rising prices, higher mortgage interest rates, and high-stakes bidding wars. That has caused heightened stress and anxiety for hopeful buyers, an issue Own Up and Realtor.com hope to work together to address. "From day one, our singular goal was to be a champion for the consumer and bring greater transparency to the home buying process. As the mortgage industry continues to see changes at a rapid clip, it's crucial that consumers are armed with the right information to make the best financial decisions," said Patrick Boyaggi, CEO and co-founder of Own Up. "Realtor.com plays an essential role in the home search process for so many Americans and now we'll be able to provide mortgage education and tools to comparison shop, boosting buyer confidence as they move through the process." "Own Up's team brings deep mortgage expertise to the Realtor.com online experience," said Realtor.com CFO Bryan Charap. "This relationship is a natural fit; together we're able to expand upon our shared goal of helping Americans find and close on their dream homes." "The housing market is at an inflection point, marked by a lack of inventory and a historic rise in interest rates, and Own Up is uniquely positioned to help consumers navigate one of the most tumultuous components," said Brian Spaly, General Partner at Brand Foundry Ventures. "This next phase of growth will further cement Own Up's position as the mortgage shopping experts, ensuring no borrower overpays on their mortgage. At this time of inflation and a pending recession, cost-savings has never been more important." For more information on Own Up's mortgage marketplace, visit www.ownup.com. About Own Up Founded in 2016, Own Up is changing the way Americans shop for and secure mortgages, injecting transparency into an opaque process and empowering consumers to make smart financial decisions with the help of intelligent technology and real human advisors. NMLS #: 1450805. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp subsidiary Move, Inc. For more information, visit Realtor.com. About Brand Foundry Ventures Brand Foundry Ventures (BFV) is an early-stage venture capital firm investing in the next generation of companies that are essential to today's consumer.
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National Association of Realtors Honors 2022 Good Neighbor Awards Finalists
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'Shrinkflation' hits $1 million homes, down 397 square feet since 2020
Market share of $1 million-plus homes more than doubled during the pandemic SEATTLE, Aug. 30, 2022 -- Sales of homes costing $1 million more than doubled over the past three years, but as with many products in the grocery store, buyers are getting less than they used to, according to a new analysis by Zillow. Million-dollar homes are getting smaller. Homes that sold at or near $1 million contracted nearly 500 square feet, from a peak of 3,021 in the middle of 2020 to a valley of 2,530 in early 2022, according to floor plan data for Zillow listings. Home size bounced back before July and is now 2,624 square feet, down 397 square feet from the 2020 peak. "Buyers with seven-figure budgets shopping for homes during the pandemic were doing so coming off the longest period of economic growth in U.S. history and with the help of historically low interest rates," said Anushna Prakash, economic data analyst at Zillow. "Sales for expensive homes soared while buyers in the heat of competition accepted smaller layouts." The typical home in the $1 million range shrank in nearly every major metropolitan area. The largest declines are found in Phoenix — down 1,116 square feet from 2019 to 2022 — and Nashville, where these homes lost 1,019 square feet. Floor plans grew in just two major metros: by a closet in Minneapolis (36 square feet), and by at least a room and a half in St. Louis (406). The size of a $1 million home dropped in nearly every major metropolitan area Overall home sales were elevated during the pandemic, but have slowed in recent months as affordability challenges have pushed many buyers to the sidelines. The recent move of the market toward rebalancing has shifted competition away from mid- and high-tier properties, and back to the most affordable homes. Sales for homes priced at $1 million or more rose from 43,421 in the second quarter of 2019 to 90,110 in 2022, a new record volume. These once-rare digs also constitute a much greater portion of the total market. As home values skyrocketed across the country, the share of single-family homes that sold for $1 million or more has more than doubled, moving from 2.7% in 2019 to 2.5% in 2020 to 6.4% now. Portland led major metros in sales volume increase: The number of $1 million-plus sales soared by 253% since mid-2019. Austin, where home values are up 71% since mid-2019, saw sales jump by 220%. The only metro that witnessed a decline in the volume of transactions with a $1 million-plus price tag was Boston, where the share fell by 32%. Boston and other major East Coast metros had relatively low appreciation over the past three years compared to other regions. Portland, Austin and Riverside are where sales of $1 million-plus homes have risen the most since 2019. Sales rose the least in San Jose and San Francisco, and fell in Boston. One million dollars in San Jose will buy just three bedrooms, two bathrooms and just shy of 1,400 square feet of living space — about $715 per square foot, the highest amount among major metros. For context, a typical single-family home in San Jose was valued at over $1.5 million in July. Far from an exclusive membership, homes costing $1 million or more are the norm in the San Jose area, comprising 72% of the country's most expensive market. Those looking for the most bang for their million bucks should head to Hartford, Connecticut, then to the Midwest. Among the 50 major metros included in the study, Hartford has the lowest price per square foot at $205, followed closely by Indianapolis, Oklahoma City, Kansas City and Cincinnati. Though options in that range are limited in these areas, it's hard to deny the opulence afforded by the expense, with square footage upward of 4,500. *Table ordered by market size Methodology One million-dollar homes are defined as single-family homes that sold for between $950,000 and $1,050,000. Condominiums are excluded to better control for composition of homes across markets. One million-dollar-plus homes are defined as single-family homes that sold for $1,000,000 or more. Additionally, metropolitan areas that had fewer than 30 sales of $1 million homes in a quarter are excluded from the analysis, due to limited observations from which to draw trends. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
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Bargaining Power is Back; 92% of Recent Sellers Accepted Buyer-Friendly Terms
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Ten-X Announces Million-Dollar 'Battle of the Bids' Winner in First-Ever Gamified Real Estate Competition
WASHINGTON -- Ten-X, the world's largest online commercial real estate exchange and a CoStar Group brand, today announced the top winner of its first "Battle of the Bids" competition. The grand prize winner, Mike King, a real estate broker at Seattle's Kidder Mathews, received the $1,000,000 grand prize as well as a donation of $100,000 to a charity of his choice. The "Battle of the Bids" competition is the first gamification of commercial real estate, bringing together approximately 15,000 commercial real estate owners, buyers and brokers to compete for a total of over $3,000,000 in prizes to most accurately bet the final trade price of real properties on the Ten-X platform. Throughout a total of eight rounds, which began in April, players of the competition gained first-hand experience with the platform by selecting up to ten properties per round to bet on how much the properties would trade for when auctioned. Points were awarded for properties that sold on the Ten-X platform. More points were awarded based on how precise the bet was to the final trade price. The winner was determined by the highest score, indicating the most accurate predictions across all eight rounds. King, the winner, selected the youth-focused Big Brothers Big Sisters of America, a nonprofit organization committed to helping children reach their potential through professionally supported, one-to-one relationships with mentors to receive the $100,000 donation. Alongside the grand prize and charity donation, Ten-X awarded $100,000 for the competitor with the highest score each round, alongside a number of smaller prizes, for a combined $3,100,000 in donation and prize money. King's betting was so precise that in addition to the grand prize, he also won the eighth and final round of the competition for a combined $1.3 million in total winnings. The competition — which saw a total of more than $1.5 billion of properties on the CRE platform during the duration of the competition — required in-depth knowledge of commercial real estate investments, valuations and sales, and winners devoted considerable time and energy into researching historical sales data, monitoring the live online auction of the properties and placing their bets. "We were thrilled to see such incredible engagement with the 'Battle of the Bids,'" said Ten-X President Steven Jacobs. "A competition of this scope and nature is only possible because of the robust data and volume of sales on our platform, and we're excited to see such skillful gameplay throughout the eight rounds. 'Battle of the Bids' succeeded in its mission to drive new customers to Ten-X, to put our technology directly in the hands of more real estate professionals and show the industry how much fun trading real estate on the Ten-X platform is." For more information about the competition, including a full list of winners, visit BattleoftheBids.com. About Ten-X Ten-X is the world's largest, online commercial real estate exchange. For over twelve years, the Ten-X platform has empowered brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. With Ten-X, brokers and sellers tap into a digital platform that makes it easy to onboard assets, evaluate the success of complimentary marketing campaigns in real-time and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence. About CoStar Group, Inc. CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information and analytics. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK's most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group's websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada and Asia. From time to time, we plan to utilize our corporate website, www.costargroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.
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Former NAR REACH Executive Director Kia Nejatian Joins Revive Real Estate
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Realtor.com's 2022 Hottest ZIP Codes in America: Historic New England is the Newest Homebuying Hotspot
Realtor.com® now provides "Hot Market Insights" on listings in areas with fast-selling homes and high buyer demand SANTA CLARA, Calif., Aug. 16, 2022 -- One of America's most historic regions is its newest homebuying hotspot, with New England ZIPs representing over half of 2022's top 10 list in the eighth annual Realtor.com® Hottest ZIP Codes Report released today. In these ZIPs, homes sold in just over a week (8 days) and received nearly four times (3.7) more buyer views than a typical U.S. listing1. To help buyers better understand if they're shopping in a hot market, Realtor.com® now provides "Hot Market Insights" on listings that show how fast homes in that neighborhood are selling and how popular they are compared to other properties in the area and across the country. A key theme of this year's wicked-hot ranking is demand from out-of-ZIP home shoppers, driven by factors including relative affordability and convenient travel to big East Coast cities. The 2022 Hottest ZIP Codes in America, in rank order, are: 14618 Brighton, N.Y. 03062 Nashua, N.H. 43085 Worthington, Ohio 03038 Derry, N.H. 04062 Windham, Maine 18017 Bethlehem, Penn. 37604 Johnson City, Tenn. 03106 Hooksett, N.H. 02760 North Attleboro, Mass. 04210 Auburn, Maine "With rising inflation and mortgage rates squeezing monthly housing budgets, this year's determined buyers are breathing new life into competition for homes in historic areas like New England. Our 2022 Hottest ZIPs ranking illustrates how many Americans are redefining their priorities to achieve homeownership while building their careers, by trading downtown life for relatively affordable areas with reasonable part-time commutes to big cities," said Danielle Hale, Chief Economist for Realtor.com®. "Even as the housing market resets, home shoppers in the competitive Hottest ZIPs may need to take extra measures to win. It all starts with understanding the local market, and buyers can use Realtor.com®'s Hot Market Insights to arm themselves with knowledge that will be key to success when deciding where, when and how to make an offer." With the launch of Realtor.com®'s "Hot Market Insights" announced today, the "neighborhood" section of property listings on Realtor.com® will now show homebuyers if they are shopping in a hot market. Home shoppers can click the button to learn more about the local housing market, including how fast homes are selling and how many more views they get compared to others in the area and in the U.S. These insights are updated each month, to provide buyers with a timely view of the competition they're likely to face. Key trends driving homebuying demand in the 2022 Hottest ZIPs Many Americans are feeling the strain on their finances due to the whirlwind of economic shifts that have occurred so far in 2022, including mortgage rate hikes. Combined with record-high home prices, rising affordability challenges are forcing many buyers to get creative if they want to beat the competition without breaking their budgets. Home shoppers are doing just that in the 2022 Hottest ZIP Codes, with nine of the top 10 making the list for the first time in the ranking's eight-year history, including eight northeastern ZIPs making their debut. Six of these newcomers are located in New England, offering buyers a balance of new opportunities with historic charm. On average across the top 10, 13.4% of homes were built before 1939, compared to just 11.6% nationwide. New England is a hot new homebuying destination for big city transplants Many of the top 10's new entries are attracting home shoppers looking to relocate from high-priced big cities on the East Coast, based on migration patterns among prospective buyers viewing Realtor.com® listings. In the first half of the year, at least one big East Coast city – Boston, New York and D.C. – was among the top five sources of buyers viewing listings in all 10 of the hottest ZIPs. Buyers in these major metros are exploring ZIPs further away than in prior years, enabled by more widespread adoption of remote work. Even for those with hybrid schedules, many of this year's hottest ZIPs provide the perfect combination of relative housing affordability and a reasonable part-time commute to big city business hubs. From all six New England ZIPs on the list, Boston can be reached in 2.5 hours or less. ZIP Spotlight – No. 2 03681 Nashua, N.H.: At No. 2 on the 2022 list, Nashua is located just 42 miles from Boston, or within a 1.5 hour commute. In the first six months of 2022, listings in the ZIP attracted more viewers from Boston (38%) than from local buyers (32%). The influx of demand is fueling competition for homes in Nashua, where listings received 4.6 times more views and sold 23 days faster than the typical U.S. home (7 vs. 40 days) in the first half of this year. As a result, the ZIP's supply of active listings was down 26.9% year-over-year by June. Affordability challenges drive demand in relatively small ZIPs offering high-value homes As a result of rising inflation and higher costs for housing and everyday expenses, homebuyers have set their sights on areas that offer good bang for their buck, making value a key theme among this year's hottest ZIPs. Controlling for home size, the average price per square foot in the top 10 was 8.7% lower than in their surrounding metro areas in June. Among the ZIPs on this year's list, the average asking price ($432,000) was 4.0% lower than the U.S. median listing price in June ($450,000). At the same time, driven by the rise in demand, home prices across the hottest ZIPs grew at a faster year-over-year pace (+18.6%) than listing prices nationwide (16.9%). ZIP Spotlight – No. 8 03106 Hooksett, N.H.: Coming in at No. 8 on this year's list is Hooksett, N.H., located just 59 miles away from Boston. While Hooksett's median listing price ($482,000) was higher than the U.S. median as of June, it is considerably more affordable than in the Boston metro area ($759,000). Additionally, Hooksett homes tend to have more square footage (2,008, on average) than the typical U.S. listing (1,887). These price trends are likely attracting East Coast urbanites looking for value, with 26.5% of Hooksett's listings viewers coming from Boston in the first half of 2022. Aspiring millennial homeowners are financially prepared for success in the hottest ZIPs Now aged between 25 and 44 years-old, millennials are a key cohort of aspiring homeowners, whether first-time or repeat buyers. This generation is ready and willing to pursue homebuying opportunities in the hottest ZIPs, where they have the advantage of strong financial qualifications. Millennials are entering the top 10 with incomes that are higher than the national averages among those aged 25-34 ($83,782 vs. $70,510) and aged 34-45 ($100,966 vs. $89,365). On average, buyers in the hottest ZIPs are well-qualified with higher credit scores (742 vs. 728) and larger down payments (15.0% vs. 14.2%) compared to the typical U.S. home shopper. Millennials' strong financial footing is paying off when it comes to achieving homeownership in the top 10. In fact, a higher share of millennials have successfully become homeowners in these ZIPs (57.1%), on average, than in the U.S. overall (51.3%). ZIP Spotlight – No. 1 14618 Brighton, N.Y.: Topping this year's ranking with its debut is ZIP 14618 located in the Rochester metro area., which has now been represented on the list by other ZIPs for three years in a row. The rising popularity of Rochester ZIPs like 14618 may be partly due to buyers' success in the area. Compared to the U.S. averages, ZIP 14618's homeownership rates are higher among millennials (56.9% vs. 51.3%) and overall (70.8% vs. 65.2%). Local buyers also have strong qualifications, with a typical down payment of 15.7% and credit score of 745, as well as a higher median income than the U.S. average ($106,150 vs. $72,465). 2022 Hottest ZIP Codes in America – Top 50 Housing Metrics   Methodology Realtor.com® analyzed listings data on over 29,000 ZIP codes to determine its Hottest ZIP Code rankings, which are based on January-June 2022 averages of: 1) demand, as measured by unique viewers per property on Realtor.com®; 2) the pace of the market as measured by the number of days a listing remains active on Realtor.com®; limited to one ZIP Code per metropolitan area and ZIP Codes with at least 15 active listings each month. Time frames for metrics not factored into the ranking as noted, e.g. listing price trends based on June 2022 data. Note: The markets where Realtor.com®'s "Hot Market Insights" are featured on listings and neighborhoods on its website may vary from the 2022 Hottest ZIP Codes, due to methodology differences such as time frames (monthly data updated each month vs. Jan.-June 2022 data). 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) (Nasdaq: NWSA) (ASX: NWS) (ASX: NWSLV) subsidiary Move, Inc. For more information, visit Realtor.com.
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Four in Five Metro Areas Notched Double-Digit Price Gains in Second Quarter of 2022
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CubiCasa Announces New, Free Product Designed to Make Floor Plans Standard in U.S.
Revolutionary smartphone home scanning app offers first-of-its kind pricing model to deliver a better experience for real estate professionals and homebuyers nationwide SAN JOSE, CA - August 4, 2022 -- CubiCasa, a global-reaching real estate software company headquartered in Oulu, Finland, will now be providing a free floor plan option for its mobile floor plan scanning technology in the United States, available on the App Store and Google Play Store. Thanks to recent advances in its cutting-edge computer vision technology, CubiCasa now offers a free version in the U.S., with lower pricing for all products, globally. This move is designed to make floor plans ubiquitous in the U.S., something that the market has needed for some time but has never had a clear path to reach. According to a report from the National Association of REALTORS®, homebuyers consider floor plans the top most desired feature on a home listing, after standard listing photos and property data. However, only a small share of home listings in the U.S. have floor plans today, whereas in many other countries around the world, they are standard because of the massive benefits they create for a better functioning real estate market. The inclusion of a floor plan can make a property listing more attractive, contributing to a higher sales price and faster closing time, and provide real estate agents, real estate photographers, appraisers, mortgage lenders, home insurance carriers, homeowners and homebuyers with a better experience throughout the homebuying process. "Despite significant consumer demand for floor plans, they're still a niche product in our country," said Jeff Allen, President of CubiCasa. "In other real estate markets around the world, floor plans are quite common, and we think it's time the U.S. caught up. With our recent technology advancements, we're now in a position to make our product more accessible than it's ever been. By offering a free version of our mobile scanning technology in the U.S., we're helping potential buyers make more informed decisions, while empowering agents and sellers to market their properties more effectively, and supporting a modern valuation process for both appraisers and lenders. We envision a future where every property in America has a floor plan." By making it easier than ever to produce a floor plan -- and now at no cost in the U.S. - agents are using CubiCasa's technology to make their listings more attractive and competitive to potential buyers, despite the changing market conditions. The app has been adopted by the MLS community, major real estate brokerages and individual agents alike. "We love how easy-to-use CubiCasa's product is," said Annie Ives, CEO of TheMLS.com, one of the nation's larger Multiple Listing Services. "CubiCasa's new free floor plan option and lower pricing makes it even easier to be adopted by our agents, and to forge a partnership between the MLS community and CubiCasa." "We're very happy that we found CubiCasa," said Trey Miley, a broker and owner of 1 Percent Lists Legacy. "The app is simple to use, accurate, and really takes the guesswork out of collecting property measurements. Within a few minutes we can complete a scan and move on to our next appointment, saving valuable time. CubiCasa's state of the art technology has allowed us to spend more time on what we do best, and helps show clients that we use the best tools out there to get their home sold." As the GSEs continue to roll out new programs to drive appraisal modernization in the industry, quality Gross Living Area (GLA), floor plans and property data are essential to powering that transformation. CubiCasa will be offering upgrades to each free floor plan, available on every scan. These add-ons include adding fixed furniture and feature details to the floor plan, American National Standards Institute (ANSI)-aligned GLA outputs for the appraisal process, and an expedited six-hour delivery window. Users can produce a floor plan using CubiCasa's technology on their own, or can access the Company's deep network of more than 2,000 certified photographers across all 50 states, who are available to help add value to a listing. CubiCasa's mobile capture technology, which has produced more than 1 million floor plans to date, can be used without prior training by anyone with a smartphone. From a simple walk-through of a home, the technology produces a highly-precise floor plan sketch with the option to calculate GLA aligned with ANSI standards. Square footage is the second-highest driver of a home's value (the first being location), and CubiCasa's technology helps minimize inconsistencies and variations in the property data collection and inspection process. About CubiCasa Headquartered in Oulu, Finland, CubiCasa is the global market leader in mobile indoor scanning and is known for its fast and easy-to-use floor plan app on the App Store and Google Play Store. CubiCasa's technology is used in 172 different countries and has helped create over 1 million floor plans to date. CubiCasa provides technology for the real estate, appraisal, and mortgage industries and is on a mission to digitize real estate. Learn more at www.cubi.casa.
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Chime Introduces Social Studio to Automate and Streamline Social Media Marketing
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Homesnap Recognizes Top Pro+ Agents With Excellence in Client Service Awards
Homesnap Pro+ was built so that real estate agents could increase productivity, dominate Google search results, and grow their business. Pro+ agents' results were so strong in 2021 that we wanted to recognize it publicly. Enter the Homesnap Excellence in Client Service Awards. Homesnap's Excellence in Client Service Awards are physical trophies awarded to Homesnap Pro+ agents who exhibited superb service to their customers, as demonstrated by the quantity and quality of the reviews featured on an agent's Google Business Profile. Excellence in Client Service Award recipients receive a physical trophy, mailed to their office address. Agents are notified via email about the award once their trophy has been shipped. Agents who receive a Excellence in Client Service Award also have their Homesnap agent profile enhanced with a gold check-mark. To qualify for a Homesnap Excellence in Client Service Award, you must be a Homesnap Pro+ member. We use a combination of factors to determine outstanding client service, including: Total number of Google reviews Average review rating Strength of online presence Want to qualify for next year's Excellence in Client Service Award? First, make sure you're a Homesnap Pro+ member. Then, use the One-Click Review Tool to make sure you have positive, plentiful reviews on your verified Google Business Profile. For reference, in 2021, Excellence in Client Service Award winners averaged more than 16 Google reviews and had an average rating of 4.9 stars out of 5. Already received an Excellence in Client Services Award? Congratulations! Remember to share a photo of your award on social media, and consider upgrading to a fully-managed digital advertising solution with Homesnap Concierge. To view the original post, visit the Homesnap blog.
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Redfin Reports an Uptick in Searches and Tours Highlight Buyers' Mortgage-Rate Sensitivity
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FTC Takes Action to Stop Online Home Buying Firm Opendoor Labs, Inc. from Cheating Potential Sellers with Misleading Claims about its Home-Buying Service
Company Will Have to Pay $62 Million and Stop Deceiving Consumers about the Supposed Benefits of its Service August 1, 2022 -- The Federal Trade Commission today took action against online home buying firm Opendoor Labs Inc., for cheating potential home sellers by tricking them into thinking that they could make more money selling their home to Opendoor than on the open market using the traditional sales process. The FTC alleged that Opendoor pitched potential sellers using misleading and deceptive information, and in reality, most people who sold to Opendoor made thousands of dollars less than they would have made selling their homes using the traditional process. Under a proposed administrative order, Opendoor will have to pay $62 million and stop its deceptive tactics. "Opendoor promised to revolutionize the real estate market but built its business using old-fashioned deception about how much consumers could earn from selling their homes on the platform," said Samuel Levine, Director of the FTC's Bureau of Consumer Protection. "There is nothing innovative about cheating consumers." Opendoor, headquartered in Tempe, Arizona, operates an online real estate business that, among other things, buys homes directly from consumers as an alternative to consumers selling their homes on the open market. Advertised as an "iBuyer," Opendoor claimed to use cutting-edge technology to save consumers money by providing "market-value" offers and reducing transaction costs compared with the traditional home sales process. Opendoor's marketing materials included charts comparing their consumers' net proceeds from selling to Opendoor versus on the market. Those charts almost always showed that consumers would make thousands of dollars more by selling to Opendoor. In fact, the complaint states, the vast majority of consumers who sold to Opendoor actually lost thousands of dollars compared with selling on the traditional market, because the company's offers have been below market value on average and its costs have been higher than what consumers typically pay when using a traditional realtor. The agency's investigation found that Opendoor also violated the law by misrepresenting that: Opendoor used projected market value prices when making offers to buy homes, when in fact those prices included downward adjustments to the market values; Opendoor made money from disclosed fees, when in reality it made money by buying low and selling high; consumers likely would have paid the same amount in repair costs whether they sold their home through Opendoor or in traditional sales; and consumers likely would have paid less in costs by selling to Opendoor than they would pay in traditional sales. Enforcement Action Opendoor has agreed to a proposed order that requires the company to: Pay $62 million: The order requires Opendoor to pay the Commission $62 million, which is expected to be used for consumer redress. Stop deceiving potential home sellers: The order prohibits Opendoor from making the deceptive, false, and unsubstantiated claims it made to consumers about how much money they will receive or the costs they will have to pay to use its service. Stop making baseless claims: The order requires Opendoor to have competent and reliable evidence to support any representations made about the costs, savings, or financial benefits associated with using its service, and any claims about the costs associated with traditional home sales. The Commission vote to accept the consent agreement was 5-0. The FTC will publish a description of the consent agreement package in the Federal Register soon. The agreement will be subject to public comment for 30 days, after which the Commission will decide whether to make the proposed consent order final. Instructions for filing comments appear in the published notice. Once processed, comments will be posted on Regulations.gov. NOTE: When the Commission issues a consent order on a final basis, it carries the force of law with respect to future actions. Each violation of such an order may result in a civil penalty of up to $46,517. The Federal Trade Commission works to promote competition and protect and educate consumers. Learn more about consumer topics at consumer.ftc.gov, or report fraud, scams, and bad business practices at ReportFraud.ftc.gov.
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Home buyers with lower credit scores pay an extra $104,000 in mortgage costs
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The Wall Street Journal and Realtor.com Release Summer 2022 Emerging Housing Markets Index Report
Elkhart-Goshen, Ind., rises to No. 1 amid local economic recovery, declining unemployment and a highly competitive market with homebuyers seeking affordability and quality of life NEW YORK and SANTA CLARA, Calif., July 26, 2022 -- The Wall Street Journal and Realtor.com today released the WSJ/Realtor.com Summer 2022 Emerging Housing Markets Index, which revealed Elkhart-Goshen, Ind., is now the No. 1 emerging market in America. The index analyzes key housing market data, as well as economic vitality and lifestyle metrics, to surface emerging housing markets that offer a high quality of life and are expected to see future home price appreciation. The 2021 inaugural spring, summer, fall and 2022 winter and spring reports captured sweeping real estate market trends amid an uneasy economy, decreasing unemployment numbers and return-to-office efforts, more Americans traveling and a highly competitive market with homebuyers returning to larger cities. Within a dynamically changing landscape, the summer 2022 index shines a light on a noticeable flight to affordability and higher quality of life. The top of the list is populated with housing markets displaying solid economic fundamentals, in-demand amenities and lifestyle options, along with a critical dose of affordable homes. The index also identifies markets that we believe are good areas in which to purchase a home for homeowners and investors alike, with expectations of price appreciation complementing vibrant and diverse communities. The Top 20 Emerging Housing Markets for Summer 2022 are: Elkhart-Goshen, Ind. Burlington, N.C. Johnson City, Tenn. Fort Wayne, Ind. Billings, Mont. Raleigh, N.C. Rapid City, S.D. North Port-Sarasota-Bradenton, Fla. Topeka, Kan. Visalia-Porterville, Calif. Fort Collins, Colo. Durham-Chapel Hill, N.C. Santa Cruz-Watsonville, Calif. Boulder, Colo. Huntsville, Ala. Vallejo-Fairfield, Calif. Eureka-Arcata-Fortuna, Calif. Jefferson City, Mo. Elizabethtown-Fort Knox, Ky. Colorado Springs, Colo. Key Trends Among the Spring 2022 Top 20 Emerging Housing Markets Affordability, Availability and Quality of Life Lead Summer Housing Despite high market demand, the latest index reveals prospective homebuyers are either pursuing affordable housing or high quality of life in areas where options are more abundant. Twelve of the markets had a median home listing price near or below the national median during the second quarter of 2022, led by Topeka, Kan. and Jefferson City, Mo., with median listing prices just over $200,000. The summer 2022 index shows young professionals and growing families are looking for better work-life balance, along with a lower cost of living. To find that, they are looking in areas with more homes for sale. On average, across the top 20 markets in our index, active listing counts were up by 33.2% year-over-year and the number of newly-listed homes was up by 11.1%, compared to the national active listing growth rate of 4.9% and new listing growth rate of 4.0%. Growing Local Economies Boost Buying Power As we saw in the spring 2022 report, the summer index’s top-ranked housing markets have diversified economies and low unemployment, a prerequisite for a healthy housing market—16 out of the top 20 metros boast unemployment rates at or below the national 3.6% average. The top metros offer a wide range of job opportunities, higher wages and shorter work commutes at a time when the cost of gasoline reached new highs. Despite surging inflation, consumers also maintained an active pace of retail and travel spending, thanks to slightly higher than average wages. Active and Outdoor Lifestyles are the New Benefit Metros like Durham-Chapel Hill, N.C., Fort Collins, Colo. and Elizabethtown-Fort Knox, Ky., offer access to outdoors amenities but are still within driving distance from larger cities. Despite a slightly lower vacation profile than the spring index, the summer index’s top 20 markets offer an active outdoor lifestyle. Whether it’s access to mountains in North Carolina, Tennessee, Colorado or Montana, or beach destinations like California or Florida, top emerging markets provide residents with easy access to the outdoors. Mid-sized Cities Lead the Emerging Pack The summer index continues to highlight mid-sized cities. Amid rising costs of living and relatively stagnant wages across industries, the index indicates a move toward middle-class jobs in mid-size Midwestern markets. The top 20 metros averaged a population of 402,000 people. Nine out of the top 20 cities have populations below the 250,000 threshold, including this quarter’s leading metro, Elkhart-Goshen, Ind. City Spotlight: Elkhart-Goshen, Ind. The index’s top emerging housing market is Elkhart-Goshen, Ind. Industry manufacturers including Jayco, Keystone and Conn-Selmer—in addition to regional healthcare and local service providers—are based in Elkhart-Goshen, contributing to one of the lowest unemployment rates among index metros (1.6%). Who’s In and Who’s Out Twelve of the summer 2022 index top markets have appeared in previous index rankings, most notably Elkhart-Goshen, Ind., and all of the top nine were ranked in the spring 2022 index. Among the repeat markets are coastal vacation destinations like North Port-Sarasota-Bradenton, Fla. and Santa Cruz-Watsonville, Calif. Eight markets fell off the spring 2022 list but remained in the top 50 metros. Spring 2022’s top-ranked Santa Rosa, Calif. and Cape Coral-Fort Myers, Fla. dropped out of the top 20, falling to spots 105 and 69 respectively. With the exception of Columbia, Mo. and Yuma, Ariz., the markets that fell off the top 20 tend to be more expensive vacation destinations. Methodology The ranking evaluates the 300 most populous core-based statistical areas, as measured by the U.S. Census Bureau, and defined by March 2020 delineation standards for eight indicators across two broad categories: real estate market (50%) and economic health and quality of life (50%). Each market is ranked on a scale of 0 to 100 according to the category indicators, and the overall index is based on the weighted sum of these rankings. The real estate market category indicators are: real estate demand (16.6%), based on average unique viewers per property; real estate supply (16.6%), based on median days on market for real estate listings, median listing price trend (16.6%). The economic and quality of life category indicators are: unemployment (6.25%); wages (6.251%); regional price parities (6.25%); the share of foreign born (6.25%); small businesses (6.25%); amenities (6.25%), measured as per capita "everyday splurge" stores in an area; commute (6.25%); and estimated effective real estate taxes (6.25%). Note: The Summer 2022 index is using a 12-month average for the real estate market indicators. About The Wall Street Journal The Wall Street Journal is a global news organization that provides leading news, information, commentary and analysis. The Wall Street Journal engages readers across print, digital, mobile, social, podcast and video. Building on its heritage as the preeminent source of global business and financial news, the Journal includes coverage of U.S. & world news, politics, arts, culture, lifestyle, sports, and health. It holds 38 Pulitzer Prizes for outstanding journalism. The Wall Street Journal is published by Dow Jones, a division of News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV). 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.
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Texas home builders are being 'whiplashed,' says US No. 1 agent
HomesUSA.com reports "unprecedented" rate of increase in new home listings in MLSs Dallas, TX - July 20, 2022 -- Texas homes builders are being "whiplashed" again as a new homes inventory surge caused a record rate of increase in new home listings in local MLSs, according to Ben Caballero, the nation's top-ranked real estate agent and CEO of HomesUSA.com. According to the HomesUSA.com June 2022 Texas new homes report, the 3-month moving average of active listings in the local MLSs in Dallas-Ft. Worth, Houston, Austin, and San Antonio jumped from 11,224 in April to 15,131 in June – an increase of 35% in 90 days. "The whiplash began in March of last year when Texas builders were caught flat-footed by the sudden and astonishing demand for new homes," said Caballero. "Then while struggling with shortages and supply chain issues, builders pulled out all the stops to increase production, only to be whiplashed again by the sudden reduction in demand caused by cancellations due to rising mortgage rates," he added. "The result is an unprecedented and massive spike in active listings in the MLS over the last 90 days," Caballero noted, adding, "Home building is a tough business." Caballero noted that according to Freddie Mac's weekly mortgage market survey, rates went from 3.76% in the first week of March to 5.81% by late June. According to the National Association of Realtors, mortgage costs are now 30% higher than a year ago for home buyers able to buy a median priced home. Caballero also explained, "Due to its business-friendly environment, no personal income tax, and geographic location, I expect Texas to continue leading the nation in home starts. The continuing migration from large population centers in the north, northeast and west coast markets will cause those areas to experience a disproportionate share of the coming housing slowdown." The HomesUSA.com June 2022 Texas new homes report includes Dallas-Ft. Worth, Houston, Austin, and San Antonio, featuring data from the North Texas Real Estate Information Systems, Houston Association of REALTORS, Austin Board of REALTORS, and San Antonio Board of REALTORS. The report shows an overall decline in new home sales statewide for the first time this year. The 3-month moving average of Texas new home sales shows last month's sales reported to Multiple Listing Services dropped to 4,098 from 4,300 in May. Home sales were down month-over-month in Dallas-Ft. Worth, Houston, and San Antonio. Austin was the only major market to report a very small increase in new home sales last month with 584 versus 581 in May. The HomesUSA.com New Home Sales Index reports new home sales pace quickened last month as the 3-month moving average for Days on Market was 54.07 days, down from 55.38 days in May. New home prices statewide increased last month – a continuing trend. The 3-month moving average of new home sale prices in June was a record $458,448 versus $451,098 in May. The average new home price is up over $71,000 since June 2021, an increase of more than 18 percent, year-over-year. The average new home price set a record high in Dallas-Ft. Worth, breaking the half million-dollar mark at $501,327 in June versus $486,172 in May. Houston ($419,573 versus $416,787) and San Antonio ($391,577 versus $381,444) also posted record prices. However, the average new home price was slightly lower for the fourth straight month in Austin ($541,079 versus $541,842). "Despite all of the market challenges – from labor shortages to supply chain and delivery issues – Texas builders continue to show steadfastness and resilience in markets that still remain persistently strong," said Caballero, a three-time world record holder for most home sales and the No. 1 ranked real estate agent in the US since 2013 by Real Trends. Statewide pending sales also plummeted, another indication of the impact of buyer cancellations. In June, statewide pending sales were 4,379 versus 5,010. All four major new home markets in Texas – Dallas-Ft. Worth, Houston, Austin, and San Antonio – reported a drop in pending sales in June. Caballero is sharing the HomesUSA.com New Homes Report in advance of the release by the Commerce Department of its nationwide New Residential Sales Report for June, set for Tuesday, July 26 at 10:00 am Eastern. Caballero noted this monthly HomesUSA.com report includes both 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. 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 declined statewide in June. Houston's DOM was 64.75 days versus 68.14 days in May. In Austin, the DOM decreased to 26.72 days versus 27.60 days in May. In Dallas-Ft. Worth, the DOM increased to 51.42 days from 50.60 days in May. In San Antonio, the DOM was 57.03 days versus 55.01 days in May. (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 lower statewide and in three of the four major new home markets last month, according to the 3-month moving average. In Houston, June's total sales were 1,691 versus 1,797 in May. Dallas-Ft. Worth new home sales also decreased to 1,285 versus 1,374 in May. In San Antonio, new home sales decreased to 538 from 548 in May. Austin was the exception, as June sales totaled 584 versus 581 in May. (See Chart 2: Texas New Home Sales) Texas New Home Prices The average price of new homes in Texas shows higher prices statewide and in three of the four major new home markets last month. Dallas-Ft. Worth reported its 3-month moving average price for new homes was higher in June at $501,327 versus $486,172 in May. Houston's average new home price was also higher in June at $419,573 versus $416,787 in May. In San Antonio, the average new home price was higher in June at $391,577 versus $381,444 in May. Austin's 3-month moving average price was the exception, as it decreased in June to $541,079 from $541,842 in May. (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 still hover near 100 percent of the asking price and in two markets, exceeded it. Statewide, the 3-month moving average of the sales-to-list price ratio in June was 99.954 versus 99.915 percent in May. Dallas-Ft. Worth's ratio was 100.688 versus 100.561 percent in May. In Houston, the ratio was 99.097 versus 99.147 in May. In Austin, the sales-to-price ratio in June was 100.939 versus 100.922 percent in May. San Antonio's ratio in June was 99.853 versus 99.733 in May. (See Chart 4: Texas Sales-to-List Price Ratio) Texas Pending New Homes Sales Data Based on local MLS data, pending new home sales dropped statewide and in all four Texas major new home markets last month. Statewide MLS data shows pending sales in June were 4,379 versus 5,010 in May. Houston's pending sales in June were 1,725 versus 2,083 in May. In San Antonio, pending sales last month were 467 versus 605 in May. Pending new home sales last month in Dallas-Ft. Worth were 1,593 versus 1,663 in May. Austin's pending sales in June were 594 versus 659 in May. (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 June to 15,131 versus 12,432 in May. Last month, all four major Texas new home markets posted higher active listings. Dallas-Ft. Worth's active listings in June were 2,915 versus 1,613 in May. Last month's active listings in Houston were 7,900 versus 7,373 in May. June's active listings in Austin were higher at 2,129 versus 1,567 in May. San Antonio reported active new home listings in June were 2,186 versus 1,879 in May. (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's 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. An infographic illustrating Ben's sales production is here. Learn more at HomesUSA.com |Twitter: @bcaballero - @HomesUSA | Facebook: /HomesUSAdotcom.
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Revive enhances its brand, becomes Revive Real Estate, changing its top-level domain destination to revive.realestate
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Down Payment Resource releases Q2 2022 Homeownership Program Index
More U.S. homebuyer assistance programs are introduced during a quarter of difficult homebuying conditions ATLANTA, Ga., July 19, 2022 -- Down Payment Resource (DPR), the nationwide database for U.S. homebuyer assistance programs, today announced findings from its latest Homeownership Program Index (HPI). The firm's analysis of 2,273 homebuyer assistance programs in its DOWN PAYMENT RESOURCE® database revealed that the net number of homebuyer assistance programs increased by 1.6% from Q1 to Q2 2022. This marks the third consecutive quarter the number of homebuyer assistance programs has grown. Down Payment Resource Q2 2022 Homeownership Program Index Key Findings The Q2 2022 HPI examined a total of 2,273 homebuyer assistance programs that were active as of July 5, 2022. Key findings are as follows: The net number of homebuyer assistance programs increased. The number of programs increased by 35 Q2 2022. Among them were five nationwide or multi-state programs and 12 statewide programs. Assistance for first mortgages, combined down payment and closing cost support, community second mortgages and deed restriction programs were also added. Support for manufactured homes increased again. For the third consecutive quarter the number of programs that support manufactured home purchases have increased. 625 programs now support manufactured home loans, up from 594 in Q1 2022. Programs offering veteran exemptions grew. The number of programs that waive first-time homebuyer requirements for veterans increased from 176 to 184 (4.5%) this quarter. "Despite a slight increase in the number of inactive and suspended programs, our analysis indicates that opportunities for homebuyer assistance are continuing to grow," said DPR CEO Rob Chrane. "With inflation reaching 40-year highs, aggressive interest rate hikes and limited housing inventory, connecting consumers with financial support for down payment and closing costs is more important than ever. In this especially challenging housing market, program providers are finding creative ways to help qualified homebuyers overcome economic obstacles and achieve the long-term financial benefits of homeownership." Further analysis of the Q2 2022 HPI findings, including infographics and examples of many of the programs described in this release, can be found on DPR's website here. View a complete, state-by-state list of homebuyer assistance programs here. Methodology Published quarterly, DPR's HPI surveys the funding status, eligibility rules and benefits of U.S. homebuyer assistance programs administered by state and local housing finance agencies, municipalities, nonprofits and other housing organizations. DPR communicates with over 1,200 program providers throughout the year to track and update the country's wide range of homeownership programs, including down payment and closing cost programs, Mortgage Credit Certificates and affordable first mortgages, in the DOWN PAYMENT RESOURCE® database. About Down Payment Resource Down Payment Resource (DPR) is a nationwide database of down payment assistance and affordable lending programs. The company tracks funding status, eligibility rules, benefits and more for approximately 2,200 programs in 11 categories. Its award winning technology helps the housing industry connect more homebuyers to the down payment help they need. DPR has been recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. DPR's subscription based service, Down Payment Connect, helps agents and loan officers match buyers to available programs. For more information, please visit DownPaymentResource.com.
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National Association of Realtors Announces Partnership with Rental Beast
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HomeJab Debuts Novel Real Estate Agent Marketing Method that Creates Real-Estate-Backed-NFTs to Promote Home Sales
Cherry Hill, NJ - July 12, 2022 -- HomeJab, which provides real estate agents on-demand professional real estate photography services nationwide, is debuting a new and novel marketing method that gives real estate agents a new avenue to promote homes for sale -- using an NFT, or non-fungible token. Real estate agents who use HomeJab for professional real estate photography for their listing can now receive a free real-estate-backed-NFT of the home as part of their order. This new service from HomeJab includes promoting these NFT-backed homes for sale and listing them on the new HomeJab NFT site at nft.homejab.com. HomeJab founder and CEO Joe Jesuele emphasized that this new service for real estate agents supplements their traditional marketing efforts by exposing them to an NFT-interested audience. "For real estate agents, we provide an easy way to promote their listings to a new market of potential buyers and it doesn't cost them anything," explained Jesuele. "For crypto enthusiasts, we offer a way to purchase real world assets legally using blockchain," he added. The first NFT-backed home currently being marketed for sale on the HomeJab NFT site is in Detroit, at 20060 Canterbury Road owned by Daniel McDonald and listed for $415,000 by Lisa Virkus, a real estate agent and founder of Realty in the D. Team Title Services, owned by Web Raulston and based in Chattanooga, Tennessee, handles the title and settlement services. McDonald is a Key Advisor at Mortgage Token, which aims to be the first company that allows clients to leverage their home equity to invest in cryptocurrency. "I'm a firm believer that with digital assets such as NFTs, entire industries will benefit from being built on the Ethereum blockchain by increasing consumer transparency and transaction cost-effectiveness," home seller McDonald said. McDonald explained that blockchain, like the internet, is the new "great equalizer" and that "Web3 will level the playing field, making information and pricing inequalities a thing of the past." Jason Yourofsky, Mortgage Token founder said, "Mortgage Token is an autonomous modernized lending platform bridging the gap between real estate and crypto lending. We look forward to launching before the fourth quarter of 2022 as the first lender specifically investing in cryptocurrency." Jesuele noted, "Our customers will get an NFT listing for free with every photo shoot, and direct exposure to a more tech-savvy group of buyers." With the new service, an agent can bring their buyer, and the buyer would purchase the NFT, which provides them with an option to purchase the property. Buyers purchase NFTs with USD Coin (USDC), a digital currency fully backed by US dollar assets, on the Ethereum blockchain. HomeJab receives 1% on the NFT sale, with the proceeds distributed to the title company who then facilitates the closing and recording of deed. The seller and buyer agent commissions would be part of the settlement statement, like any other traditional transaction. A sample of an NFT-backed home listing on HomeJab is here. To learn more about the new real NFT marketplace, go to nft.homejab.com. About HomeJab HomeJab is America's leading on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, turnkey aerial services, and the creation of real-estate-backed NFTs. Its efficient one-stop-shop for real estate listings promotions at HomeJab.com features affordable and customizable shoots to create the most engaging visual content for faster home sales and enrich the listing agent's personal brand. HomeJab is available nationwide and in the U.S. and Canada. Learn more at HomeJab.com.
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Matterport Acquires VHT Studios to Accelerate Adoption of Digital Twins for Real Estate
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Showing Activity Continues to Slow Nationwide in May as Fewer Buyers Compete for Listings
The U.S. saw an average drop in buyer traffic of 18.2% year over year in May according to data from ShowingTime, with 35 markets recording double-digit showings per listing compared to 104 last May. For the third consecutive month, traffic was busiest in Burlington, Vt., and Bloomington-Normal, Ill. CHICAGO, June 30, 2022 -- May home showing traffic slowed again year-over-year throughout the U.S., with just 35 markets recording double-digit showings per listing, and the latest data shows a sea change in which markets are the most popular. That's according to ShowingTime, one of the residential real estate industry's leading technology providers of showing management and market statistics. The smallest drop was in the Northeast, according to the ShowingTime Showing Index®, where its 13.3% decline was relatively modest compared to the other regions: the Midwest was down 15.1% year over year, the South was off 22.2% while the West's 45.3% decline in buyer activity was the most significant. Overall, the U.S. recorded an 18.2% downturn in activity in May. Notably, the perennial leaders in buyer activity over most of the past year – Denver and Seattle – both fell out of the top 25 busiest markets, with each averaging around 10 showings per listing, breaking a streak that began in early 2021. The slowdown continued a trend that began this spring, ending what had been a months-long streak of year-over-year growth in buyer activity across the U.S. During that earlier stretch, the number of markets recording double-digit showings per listing regularly reached triple digits. Though activity has slowed, Burlington, Vt., with 15.80 showings per listing and Bloomington-Normal, Ill., with 12.39 remained at the top of the list, with both also recording year-over-year increases in buyer traffic. Bridgeport, Conn. and Cleveland, Ohio were close behind, with Richmond, Va.; Akron, Ohio; Rochester, N.Y.; and Hartford, Conn. also recording double-digit showings per listing. "Showing activity continues to be at levels lower than we're used to seeing at this time of year, pointing to a market in transition," said ShowingTime Vice President and General Manager Michael Lane. "Following the surge in mortgage rates, it's reasonable to expect that showing activity will continue to ease, especially when compared to last year's historic 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. 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.
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National Home Price Gains Continue to Exceed 20% in May
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Realtor.com June Housing Report: For-Sale Home Supply Grows Faster than Ever as New Seller Activity Rebounds
In June, active inventory jumped 18.7% year-over-year as new listings surpassed typical pre-COVID levels, while the national median listing price hit a new high of $450,000 SANTA CLARA, Calif., June 30, 2022 -- The inventory recovery made major strides in June, with the number of homes available to buyers climbing at its fastest yearly pace of all time (+18.7%), according to the Realtor.com Monthly Housing Trends Report released today. Among key factors driving June's jump in active listings were new sellers, who entered the market at a higher rate than in 2017-2019 prior to the pandemic. "Our June data shows the inventory recovery accelerated, posting the second straight month of active listings growth in nearly three years. We expect these improvements to continue, as predicted in our newly-updated 2022 forecast," said Danielle Hale, Chief Economist for Realtor.com. "While we anticipate that more inventory will eventually cool the feverish pace of competition, the typical buyer has yet to see meaningful relief from quickly selling homes and record-high asking prices. However, a deeper dive into June's inventory gains by square footage reveals potential opportunities for move-up buyers, as newly-listed homes skewed larger. In other words, this first wave of supply improvements may be particularly opportune for summer sellers looking to upgrade from their starter homes, which could mean more equity to put towards purchasing a bigger property." Hale added, the increase in larger, more expensive homes as a share of new listings is one reason that overall asking prices continue to soar despite moderating demand. In June, homes with at least 1,750 square feet accounted for more new listings (54.3%, up from 52.7% in 2021) than relatively smaller homes (45.7%, down from 47.3% in 2021). June 2022 Housing Metrics – National Inventory climbs as buyer demand cools and seller activity rebounds The inventory recovery from 2021 declines continued to accelerate in June, due to the combination of rebounding new listings growth and moderating demand, reflected in recent home sales trends. While still-hot housing competition is motivating more new sellers to list, some buyers are being priced out of the market by rising mortgage rates and record-high asking prices that have driven up typical mortgage payments by 58% from a year ago. In June, the U.S. inventory of active listings grew 18.7% year-over-year, a faster pace than last month (+8.0%). However, there are still fewer than half (-53.2%) as many for-sale homes compared to June 2019. One factor behind June's accelerated inventory improvement was pending listings declines (-16.3% year-over-year), which means fewer for-sale homes under contract with a buyer. Additionally, new seller activity rebounded to 1.0% greater than its 2017-2019 pace, with new listings up 4.5% year-over-year. Compared to June 2021, active inventory increased in 40 of the 50 largest U.S. metros, led by Austin, Texas (+144.5%), Phoenix (+113.2%), and Raleigh, N.C. (+111.7%). June's biggest new listings gains were posted in southern markets (+11.0%): Raleigh (+37.6%), Nashville, Tenn. (+37.2%) and Charlotte, N.C. (+30.1%), as well as Las Vegas, Nevada (+34.8%). Home shoppers are still snatching up homes quickly, but there are early signs of relief Despite cooling demand, June time on market trends relative to last year show that buyers continued to snatch up homes at a near-record-fast pace. However, month-to-month data tells the beginnings of a different story, with overall time on market growing from May to June for the first time since 2019. Additionally, while homes moved more quickly than in June 2021 across all size tiers, declines were greater among larger for-sale homes. These trends suggest that one potential reason why the overall pace of time on market remains competitive, despite softening demand, could be a shift in the mix of home shoppers, such as an increase in move-up buyers. The typical U.S. home spent 32 days on market in June, nearly a full month (-27 days) faster than usual June 2017-2019 timing. Time on market held close to May's record-low, but posted a slightly smaller yearly decline month-to-month (-4 days vs. -6 days). Among June's active inventory, some listings with more square footage, such as those with 3,000-6,000 square feet sold faster year-over-year (-8.5 days) than relatively smaller homes like those with 750-1,750 square feet (-5 days). In June, 34 of the 50 largest markets posted annual declines in time on market, led by southern (-4 days) and northeastern (-2 days) metros: Miami (-22 days), Hartford, Conn. (-8 days) and Jacksonville, Fla., Orlando, Fla. and Atlanta, Georgia (-7 days). Meanwhile, time on market was flat year-over-year in six markets and grew in ten metros, led by Austin (+6 days), Denver and Detroit (+4 days each). Typical asking prices soar to latest record, reflecting still high seller expectations Nationally, typical asking prices again soared double-digits over 2021 levels in June, reaching their latest new high, suggesting that many sellers still have great expectations of the market. At the same time, a number of June trends indicate that sellers are beginning to compete for fewer buyers who have more options. Both active and pending listing prices posted smaller yearly gains than last month, while the share of total inventory with price reductions increased. In June, the U.S. median listing price hit its latest record-high of $450,000, up 16.9% year-over-year. However, active listing prices posted a slightly smaller gain than last month (+17.6%), as did pending listing prices (to 13.9% from 16.2%). Relative to June's national rate, listing prices grew at a faster annual pace in 15 large markets, led by: Miami (+40.1%), Orlando, Fla. (+30.6%) and Nashville (+30.6%). Four markets posted year-over-year declines: Pittsburgh (-8.6%), Rochester, N.Y. (-5.9%), Cincinnati (-5.7%) and Buffalo, N.Y. (-2.0%). However, in all of these metros aside from Pittsburgh, the price per square foot grew on an annual basis, indicating that a change in the mix of homes has pushed the median listing price lower. The share of total homes with a price reduction grew year-over-year nationwide (+7.6 percentage points) in June, as well as in all 50 but one of the largest metros, most significantly in: Austin (+24.7), Phoenix (+22.2) and Las Vegas (+20.1). Roughly one-in-seven homes in June had a price reduction, up from roughly one-in-13 in June 2021, but still below the one out of every four-to-five that was typical in 2017-2019. Spotlight On: Condos offer relative affordability in most U.S. counties Despite recent supply improvements, affordability remains a significant obstacle to homeownership for many Americans. Home shoppers are feeling the strain on their budgets due to higher-than-anticipated inflation, mortgage rates, home and rental prices, down payments and more. In this context, Realtor.com® recently compared 2021 home sales trends among single-family homes versus condos2 to identify potential opportunities for buyers to find relatively affordable housing, with key findings including: Nationwide, the typical condo sold for an average of 6.7% less than the typical single-family home in 2021. Location explains this understated trend. Common to crowded big cities where real estate typically comes at a premium, the vast majority (84.1%) of condos were sold in just 6% of counties. Drilling down to the county-level in New York, Massachusetts, Illinois and Washington, states with high levels of 2021 condo sales, reveals that condo prices were an average 13.5% lower than single-family homes. In the cities of New York, Boston, Chicago and Seattle, condo buyers paid an average of 33.2% less. While these opportunities are driving demand for condos, recent data shows home shoppers may still find relatively affordable condo listings. In June, condos made up 20.2% of active inventory and were listed at 17.5% lower prices (on average across the 50 largest metros) than single-family homes. "As big city buyers looked for ways to stay on budget in 2021, our analysis shows opting for a condo offered a solution in some counties. And there may still be opportunities going forward, even as condos' relatively lower price point is driving up their popularity and prices. If demand leads builders to ramp up condo construction, and the resulting increase in supply may help keep condo prices more manageable than those of single-family homes," said Hannah Jones, Economic Research Analyst for Realtor.com®. May 2022 Housing Metrics – 50 Largest U.S. Metro Areas *Note: Hartford active listing count growth is not available while data is under review. Methodology Realtor.com® housing data as of June 2022. Listings include 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. Condo analysis: Based on full-year 2021 home sales data on condos/townhomes, referred to as condos in this release, for counties in the New York City, Boston, Chicago and Seattle areas, and the states of N.Y., Mass., Ill. and Wash. County-level analysis focuses on areas with at least 15 condo sales to ensure data quality. See more details here. 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®.
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New Jersey, Illinois and California Have Highest Concentration of Vulnerable Housing Markets
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Existing-Home Sales Fell 3.4% in May; Median Sales Price Surpasses $400,000 for the First Time
WASHINGTON (June 21, 2022) -- Existing-home sales retreated for the fourth consecutive month in May, according to the National Association of Realtors. Month-over-month sales declined in three out of four major U.S. regions, while year-over-year sales slipped in all four regions. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 3.4% from April to a seasonally adjusted annual rate of 5.41 million in May. Year-over-year, sales receded 8.6% (5.92 million in May 2021). "Home sales have essentially returned to the levels seen in 2019 – prior to the pandemic – after two years of gangbuster performance," said NAR Chief Economist Lawrence Yun. "Also, the market movements of single-family and condominium sales are nearly equal, possibly implying that the preference towards suburban living over city life that had been present over the past two years is fading with a return to pre-pandemic conditions." Total housing inventory registered at the end of May was 1,160,000 units, an increase of 12.6% from April and a 4.1% decline from the previous year (1.21 million). Unsold inventory sits at a 2.6-month supply at the current sales pace, up from 2.2 months in April and 2.5 months in May 2021. "Further sales declines should be expected in the upcoming months given housing affordability challenges from the sharp rise in mortgage rates this year," Yun added. "Nonetheless, homes priced appropriately are selling quickly and inventory levels still need to rise substantially – almost doubling – to cool home price appreciation and provide more options for home buyers." The median existing-home price for all housing types in May was $407,600, up 14.8% from May 2021 ($355,000), as prices increased in all regions. This marks 123 consecutive months of year-over-year increases, the longest-running streak on record. Properties typically remained on the market for 16 days in May, down from 17 days in April and 17 days in May 2021. Eighty-eight percent of homes sold in May 2022 were on the market for less than a month. First-time buyers were responsible for 27% of sales in May, down from 28% in April and down from 31% in May 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 25% of transactions in May, down from 26% in April and up from 23% recorded in May 2021. Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in May, down from 17% in April and 17% in May 2021. Distressed sales – foreclosures and short sales – represented less than 1% of sales in May, essentially unchanged from April 2022 and May 2021. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 5.23% in May, up from 4.98% in April. The average commitment rate across all of 2021 was 2.96%. Realtor.com®'s Market Trends Report in May shows that the largest year-over-year median list price growth occurred in Miami (+45.9%), Nashville (+32.5%), and Orlando (+32.4%). Austin reported the highest growth in the share of homes that had their prices reduced compared to last year (+14.7 percentage points), followed by Las Vegas (+12.3 percentage points) and Phoenix (+11.6 percentage points). Single-family and Condo/Co-op Sales Single-family home sales declined to a seasonally adjusted annual rate of 4.80 million in May, down 3.6% from 4.98 million in April and down 7.7% from one year ago. The median existing single-family home price was $414,200 in May, up 14.6% from May 2021. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 610,000 units in May, down 1.6% from April and down 15.3% from one year ago. The median existing condo price was $355,700 in May, an annual increase of 14.8%. "Declining home purchases means more people are renting, and the resulting rent price escalation may spur more institutional investors to buy single-family homes and turn them into rental properties – placing additional financial strain on prospective first-time homebuyers," said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "To counter this trend, policymakers should consider incentivizing an inventory release to the market by temporarily lowering capital gains taxes for mom-and-pop investors to sell to first-time buyers." Regional Breakdown Existing-home sales in the Northeast climbed 1.5% in May to an annual rate of 680,000, falling 9.3% from May 2021. The median price in the Northeast was $409,700, a 6.7% rise from one year ago. Existing-home sales in the Midwest dropped 5.3% from the previous month to an annual rate of 1,240,000 in May, slumping 7.5% from May 2021. The median price in the Midwest was $294,500, up 9.5% from one year before. Existing-home sales in the South declined 2.8% in May to an annual rate of 2,410,000, down 8.4% from the previous year. The median price in the South was $375,000, a 20.6% jump from one year ago. For the ninth consecutive month, the South recorded the highest pace of price appreciation in comparison to the other three regions. Existing-home sales in the West slid 5.3% compared to the month before to an annual rate of 1,080,000 in May, down 10.0% from this time last year. The median price in the West was $633,800, an increase of 13.3% from May 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.
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What are the most popular real estate listing photos? New HomeJab study reveals the answers
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Apartments.com Announces New 'Listing of the Future'
Reimagined listings featured on America's #1 online rental network will empower renters with detailed, unit-by-unit listing information SAN DIEGO -- Today Apartments.com, the leading online rental network in the United States, announced the launch of its Listing of the Future, an innovative new approach to listing apartments. The Listing of the Future will debut at Apartmentalize 2022 in San Diego. Since the debut of online apartment listings, renters searching for apartments in large (200 unit+) buildings have had access only to building-wide information and photos, with the majority of listings showing photos and floorplans for sample units–not the exact unit a renter is considering. With the Listing of the Future, Apartments.com will become the first online rental network to offer customers the option of presenting detailed, unit-specific information for every single unit in the community, including photos, floorplans, walkthrough videos, 3D tours, the view from the unit, and more. The Listing of the Future was developed in direct response to consumer demand. In a recent survey of 45,000 renters, Apartments.com found that 94% of renters want unit-specific floorplans and availability, while 82% say the location of a unit within a building or community matters and 63% are interested in the unit's view. The Listing of the Future provides all of this information, eliminating time consuming back and forth between prospective renters and property managers and generating higher quality leads for each listing. "Since 2014, Apartments.com has been committed to providing renters with the highest-quality listing data and the best search experience," said Stuart Richens, Vice President, Product & Operations, Apartments.com. "The Listing of the Future is the most significant innovation in online apartment search since we launched the new Apartments.com 8 years ago, and we're thrilled to announce its launch and celebrate with the multifamily industry at Apartmentalize. We're confident that our new, detailed listings will help consumers make better leasing choices while providing property managers with higher-quality leads." Apartments.com piloted the Listing of the Future with several leading property management companies, and the new unit-level listings are live for a number of large properties in Minneapolis, Boston, and San Francisco. The Listing of the Future is now available for all Apartments.com clients. Visit ListingoftheFuture.com to view these listings and learn more. About CoStar Group, Inc. CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information and analytics. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK's most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group's websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada and Asia. From time to time, we plan to utilize our corporate website, www.costargroup.com, as a channel of distribution for material company information. For more information, visit www.costargroup.com. About Apartments.com Apartments.com is the leading online apartment listing website, offering renters access to information on more than 1,000,000 available units for rent. Powered by CoStar, the Apartments.com network of sites includes Apartments.com, ApartmentFinder.com, ApartmentHomeLiving.com, Apartamentos.com, WestsideRentals.com, ForRent.com, ForRentUniversity.com, After55.com and CorporateHousing.com. Apartments.com is supported by the industry's largest professional research team, which has visited and photographed over 500,000 properties nationwide. The team makes over one million calls each month to apartment owners and property managers, collecting and verifying current availabilities, rental rates, pet policies, fees, leasing incentives, concessions, and more. Apartments.com offers more rental listings than any other apartments website, and innovative features including a drawing tool that allows users to define their own search areas on a map, and a "Travel Time" feature that lets users search for rentals in proximity to a specific address. Apartments.com creates easy access to its listings through a responsive website and iOS and Android apps, and provides unmatched exposure for its advertisers through an intuitive name, strategic search engine placements and innovative emerging media. The Apartments.com network reaches millions of renters nationwide, driving both qualified traffic and highly engaged renters to leasing offices.
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U.S. Foreclosure Activity Increases Slightly in May 2022
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Zillow expands and improves AI-powered interactive tours, helping home shoppers move with speed and confidence
The next generation of Zillow surfing uses an AI-generated floor plan to bring together listing photos and 3D tours for a more authentic and seamless virtual home-shopping experience SEATTLE, June 15, 2022 -- Zillow surfing 2.0 is here. At a time when so many people are rethinking where and how they want to live, home shoppers in major markets across the country can get a deeper sense of a home than ever before without stepping foot inside. Zillow's AI-generated floor plan — powered by Zillow tech but available to use for free on listings anywhere — serves as a dynamic guide to give shoppers digital insight and detail so they can more quickly and easily narrow their search to only the homes they love and want to see in person. Now, Zillow uses machine learning to not only generate floor plans, but also imports each listing photo and places it on the floor plan, giving shoppers an in-person perspective of a home's shape and flow that simply scrolling through can never do. "Zillow surfing has always been about imagining all the possibilities a move could bring, and Zillow surfing 2.0 is bringing those possibilities to life in a much more interactive, realistic way," said Josh Weisberg, vice president of Zillow's Rich Media Experience team. "Now shoppers can act more quickly and confidently, whether they're searching in their own neighborhood or hundreds or thousands of miles away. We're pushing the boundaries of what home buyers and renters can expect when shopping for a home online." For buyers and renters, Zillow's AI-generated floor plan means navigating more seamlessly and naturally through photos, a 3D Home tour and other listing information, getting a remarkably accurate sense of a home's flow and space. An hour of teleporting through interactive floor plans on Zillow can replace an afternoon, or longer, of scheduling tours and driving around town to see homes in person. More than half (56%) of buyers agree they wasted time on their home search by viewing properties that they would have skipped if they had understood the floor plan before their visit. Almost three-quarters (74%) agree that a dynamic floor plan helps them determine if a home is right for them.1 The pandemic and the supercharged housing market that followed drove rapid adoption of tech tools that have fundamentally changed the way people buy and sell. With more virtual tours on Zillow listings than ever before, it's easier to explore and picture life in a home. Shoppers can evaluate homes from the comfort of their couch — assessing condition, validating details, layout, size and orientation — to make the most of their time. Or they can relive an in-person tour without traveling for a second visit. That speed is critical in today's ultracompetitive market, when homes are selling in just a week nationwide, and as quickly as four days in some areas. For agents and landlords, this new and expanded technology means bringing a listing to life and showing homes to more serious and interested shoppers. Eighty-one percent of buyers and 71% of renters said they were more likely to visit a home if the listing included a floor plan they liked. Zillow uses panoramic photos captured by an agent or photographer with the free 3D Home app and a 360-degree camera, and then applies the company's computer vision and machine-learning models to generate a 3D Home tour and interactive floor plan. This includes AI-predicted room dimensions, square footage and the location of the listing photos relative to the other media. And now, it also imports every listing photo and places them on the floor plan to more easily navigate and get a feel for the home. The floor plan, 3D tour and photos are automatically uploaded to the listing on Zillow and Redfin, and can also be added to the MLS, embedded in a website, or shared via email or social media. That's especially important for agents using Zillow's immersive virtual tours as a cost-effective way to showcase and share listings and generate more leads. In a survey this spring, 71% of sellers said they are more likely to hire an agent who includes virtual tours and/or interactive floor plans in their services. And three-quarters of sellers said including a floor plan was a highly important characteristic for their listing. "Immersive floor plans give agents the ability to build a connection between potential buyers and listings prior to any showings," said George Laughton, founder of the Laughton Team in the Phoenix area. "They give buyers a sense of familiarity and make them feel as though they've been in the home before, helping them establish a stronger emotional connection with the home." 1 According to data from the Zillow Consumer Housing Trends Report. The survey was fielded between March and August 2021. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
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Realtor.com 2022 Forecast Update: Real Estate Gets a Refresh from the Frenzy
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Properties Online Adds New Real Estate Trends Feature to Its Award-Winning Real Estate Website Builder
Properties Online, Inc. has launched a new module for their website builder, RealEstateSites.com, that will enable agents to build market trend reports for their local area. Santa Rosa, CA, June 07, 2022 -- Knowing what is happening in today's real estate market is critical to both home buyers and sellers. Market trends can let homeowners know if they are headed into a slowdown, and help an agent set reasonable expectations. To that end, Properties Online, Inc. has launched a new module for their website builder, RealEstateSites.com, that will enable agents to build market trend reports for their local area. Real estate professionals can create a trend report based off a zip code, a metro area, a county, a state or you can create a national trend report. Additionally, the agent can compare their primary market with other markets. For example, an a­gent can build a market trend for Sonoma, CA, and compare it to the County of Sonoma, as well as the State of California. What's great is the information will automatically update each month and show statistics from the previous month so the trend report is always current. "We are thrilled to be able to add this feature to our current list of added value items at no additional cost to our clients," says Amanda Cornelius, founder and CEO of Properties Online, Inc. "We have a several new features we hope to launch later this year to help agents capture more leads while serving their clients using our products and services." Market data is pulled from Realtor.com real estate data library and is based on the most comprehensive and accurate database of MLS-listed for-sale homes in the industry. We aggregate and analyze data from hundreds of sources and produce hundreds of metrics for multiple markets, and curate figures and trends where possible for reliability and comparability. Additional tools included with the website solution from RealEstateSites.com include: Single Property Websites Listing Videos Lead Capture Landing Pages Social Sharing Tools Video Content Buyers and Sellers Reports Unlimited Pages Optional UserWay's Accessibility Widget View the new market trends report pages here. About Properties Online, Inc. Founded in 2001, Properties Online is dedicated to helping real estate professionals grow their businesses by offering innovative and invaluable technology tools. The company's web-based software products include, ListingDomains.com, ListingsUnlimited.com, RealEstateSites.com, PropertiesOnline.com, and TextAnnounce.com. Their products are used by more than 100,000 real estate professionals nationwide.
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Realtor.com Acquires UpNest
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Down Payment Resource analysis finds that 33% of declined mortgage applications are declined for reasons addressable with homebuyer assistance
Analysis highlights profound opportunity to improve homeownership accessibility with homebuyer assistance programs ATLANTA, Ga., June 7, 2022 -- Down Payment Resource (DPR), the nationwide database for U.S. homebuyer assistance programs, today announced findings from an analysis showing that a substantial share of mortgage loan applications are both declined for reasons that can be addressed with homebuyer assistance and eligible for homebuyer assistance programs. Methodology Findings were derived by analyzing HMDA data for tens of thousands of declined purchase mortgage loan applications representing $3.7 billion in volume furnished by mortgage lenders. Loan applications declined for either insufficient cash-to-close or disqualifying debt-to-income (DTI) ratios were categorized as potentially recoverable with homebuyer assistance. Homebuyer assistance eligibility for this group of applications was determined by running loan application data — including location, home price, loan amount, income and homeownership history — through the DOWN PAYMENT RESOURCE® database. Matching assistance programs were then applied to each loan to determine how applying homebuyer assistance to eligible declined loan files would have impacted loan-to-value (LTV) ratios. Key Findings Key findings are as follows: A large share of declined loan files were eligible for homebuyer assistance. 33% of all declined purchase mortgage loan applications were declined for either insufficient cash-to-close or disqualifying DTI ratios and also eligible for homebuyer assistance at the time of declination. The large share of loans potentially recoverable with homebuyer assistance highlights a significant, low-cost opportunity for lenders to increase purchase volume. Declined loan applications were typically eligible for multiple programs. On average, declined loan applications were eligible for 10 homebuyer assistance programs, indicating there are often multiple options available to homebuyers financing with homebuyer assistance. Many declined loans could have been recovered with homebuyer assistance. Applying homebuyer assistance to eligible declined loan applications would have reduced LTV by an average of 5.85%, making many of the loan applications recoverable. Lowering LTV can open the door to better and more affordable first mortgage scenarios, including conventional (rather than FHA) financing, reduced mortgage insurance costs and better interest rates. "In light of National Homeownership Month and the state of the housing market, it is important for the mortgage industry to reflect on ways it can improve financing outcomes for homebuyers," said DPR CEO Rob Chrane. "Our analysis definitively shows that homebuyer assistance programs are the most promising pathway to homeownership for a sizable share of the homebuyer population. Yet, homebuyer assistance programs are seldom offered as an option. It is my hope that this information will help lenders better serve their communities by showing that qualified homebuyers who need down payment assistance are not a niche market, but a major market that continues to grow." About Down Payment Resource Down Payment Resource (DPR) is a nationwide database of down payment assistance and affordable lending programs. The company tracks funding status, eligibility rules, benefits and more for approximately 2,200 programs in 11 categories. Its award-winning technology helps the housing industry connect more homebuyers to the down payment help they need. DPR has been recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. DPR's subscription-based service, Down Payment Connect, helps agents and loan officers match buyers to available programs. For more information, please visit downpaymentresource.com.
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Realtor.com May Housing Report: Inventory Stages a Comeback While Home Prices Soar to All-Time High
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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.
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Pending Home Sales Descend 3.9% in April
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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.
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Pricey suburbs top Zillow's list of most popular markets this year
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Existing-Home Sales Retract 2.4% in April
WASHINGTON (May 19, 2022) -- Existing-home sales recorded a third straight month of declines, slipping slightly in April, according to the National Association of Realtors. Month-over-month sales were split amongst the four major U.S. regions, with two areas posting gains and the other two experiencing waning in April. Year-over-year sales struggled, as each of the four regions reported dips. Total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops, slid 2.4% from March to a seasonally adjusted annual rate of 5.61 million in April. Year-over-year, sales dropped 5.9% (5.96 million in April 2021). "Higher home prices and sharply higher mortgage rates have reduced buyer activity," said Lawrence Yun, NAR's chief economist. "It looks like more declines are imminent in the upcoming months, and we'll likely return to the pre-pandemic home sales activity after the remarkable surge over the past two years." Total housing inventory at the end of April amounted to 1,030,000 units, up 10.8% from March and down 10.4% from one year ago (1.15 million). Unsold inventory sits at a 2.2-month supply at the current sales pace, up from 1.9 months in March and down from 2.3 months in April 2021. "Housing supply has started to improve, albeit at an extremely sluggish pace," said Yun. He also noted the rare state of the current marketplace. "The market is quite unusual as sales are coming down, but listed homes are still selling swiftly, and home prices are much higher than a year ago," said Yun. "Moreover, an increasing number of buyers with short tenure expectations could opt for 5-year adjustable-rate mortgages, thereby assuring fixed payments over five years because of the rate reset," he added. "The cash buyers, not impacted by mortgage rate changes, remain elevated." The median existing-home price for all housing types in April was $391,200, up 14.8% from April 2021 ($340,700), as prices increased in each region. This marks 122 consecutive months of year-over-year increases, the longest-running streak on record. Properties typically remained on the market for 17 days in April, equal to both the number of days in March 2022 and in April 2021. Eighty-eight percent of homes sold in April 2022 were on the market for less than a month. First-time buyers were responsible for 28% of sales in April, down from 30% in March and from 31% in April 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 26% of transactions in April, down from 28% in March and up from the 25% recorded in April 2021. Individual investors or second-home buyers, who make up many cash sales, purchased 17% of homes in April, down from 18% in March and equal to 17% in April 2021. Distressed sales – foreclosures and short sales – represented less than 1% of sales in April, equal to the percentage seen in March and down from 2% in April 2021. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 4.98% in April, up from 4.17% in March. The average commitment rate across all of 2021 was 2.96%. Realtor.com®'s Market Trends Report in April shows that the largest year-over-year median list price growth occurred in Miami (+38.3%), Las Vegas (+32.6%), and Orlando (+30.7%). Austin reported the highest growth in the share of homes that had their prices reduced compared to last year (+6.8 percentage points), followed by Las Vegas (+5.3 percentage points) and Sacramento (+4.7 percentage points). Single-family and Condo/Co-op Sales Single-family home sales decreased to a seasonally adjusted annual rate of 4.99 million in April, down 2.5% from 5.12 million in March and down 4.8% from one year ago. The median existing single-family home price was $397,600 in April, up 14.8% from April 2021. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 620,000 units in April, down 1.6% from March and down 13.9% from one year ago. The median existing condo price was $340,000 in April, an annual increase of 13.1%. "As we find ourselves in the midst of a massive housing shortage, NAR continues to work with leaders across the private and public sectors to help close this deficit," said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "As the nation's largest real estate association, we are urging policymakers to enact zoning reforms, homebuilder incentives, and other necessary regulations to help correct this situation." Regional Breakdown Existing-home sales in the Northeast rose 1.5% in April, reaching an annual rate of 670,000, a 10.7% drop from April 2021. The median price in the Northeast was $412,100, up 8.1% from one year ago. Existing-home sales in the Midwest grew 3.1% from the prior month to an annual rate of 1,310,000 in April, a 1.5% slide from April 2021. The median price in the Midwest was $282,000, an 8.7% increase from one year ago. Existing-home sales in the South fell 4.6% in April, posting an annual rate of 2,490,000, which represents a decrease of 5.7% from one year ago. The median price in the South was $352,100, a 22.2% climb from one year prior. For the eighth consecutive month, the South recorded the highest pace of price appreciation in comparison to the other three regions. Additionally, the South is the only region to report year-over-year double-digit price gains. Existing-home sales in the West dipped 5.8% compared to the previous month, registering an annual rate of 1,140,000 in April, down 8.1% from one year ago. The median price in the West was $523,000, up 4.3% from April 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.
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Home buyers may find less competition near city centers for the first time in years
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Realtor.com Now Helps You Understand a Home's Wildfire Risk
Homeowners and shoppers can view wildfire risk data from First Street Foundation and USDA Forest Service on for-sale and off-market home listings for free SANTA CLARA, Calif., May 16, 2022 -- As we enter wildfire season in much of the country, Realtor.com today announced that it is the first major real estate site to add property-specific wildfire risk information to for-sale and off-market homes free of cost. An estimated one in five single family homes in the U.S., representing $8.8 trillion in property value, are at risk of being damaged by a wildfire over the next 30 years. Listings on Realtor.com® will now include a Fire Factor™ rating from First Street Foundation, a nonprofit research and technology group, as well as information from USDA Forest Service. "Realtor.com® was the first real estate site to display flood risk data on home listings and maps, which consumers have found to be extremely helpful in the buying process. As the likelihood of natural disasters like wildfire and flood increase, we want to provide as much information as possible for families to make informed decisions about where to live and how to protect their homes," said Sara Brinton, lead product manager, Realtor.com®. "By integrating wildfire risk data directly into maps and property listings, we can help homebuyers feel confident when making one of the biggest purchases of their lives." According to a recent survey from Realtor.com® and HarrisX, 71% of recent homebuyers took natural disasters into account when considering where to move. Additionally, about half (47%) of recent buyers are more concerned about natural disasters today than they were five years ago. Wildfire risk data is not just useful for buyers; it also enables homeowners to take steps to mitigate risk and protect their property. This first-of-its-kind data integration on Realtor.com® gives homebuyers and owners easy access to previously hard-to-find information about wildfires and property risk for free. Users can explore wildfire risk on interactive maps across the Realtor.com® site. In addition, Realtor.com® listings now include a new Environmental Risk section featuring an overview of wildfire and flood risks. Wildfire risk information includes: Fire Factor™ from First Street Foundation, which is a simple risk rating on a scale of 1-10 based on the property's cumulative risk of wildfire damage over 30 years. The Fire Factor™ score considers property specific attributes such as exposure to embers, the extent and type of fuel sources, such as trees, grass and other vegetation, and the distance between a building and the nearest fuel sources. The USDA Forest Service Wildfire rating compares the wildfire risk of the county where the property is located to other counties across the country. Wildfire risk data will be coming soon to rental properties. For more information, visit www.realtor.com/wildfire-risk. 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.
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HomeActions eRelationship Platform Integrates with ATTOM's Enhanced Navigator 3.0
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Zillow 3D Home tours now are automatically shared to Redfin
Integration provides immersive virtual tour experience regardless of platform SEATTLE, May 12, 2022 -- Zillow 3D Home tours and interactive floor plans are now automatically shared to Redfin. Real estate agents now have the ability to quickly upgrade all their listings with best-in-class immersive virtual tours across platforms, allowing home shoppers on both sites to explore their targeted house with outstanding clarity. "Zillow's goal is to give agents the best tools to allow home buyers the power to visualize themselves in a new place, regardless of what site they choose to browse with," said Josh Weisberg, VP of Zillow's Rich Media Experience team. "Customers have dramatically raised their expectations for a virtual home shopping experience over the past two years. This technology allows agents and photographers to meet those expectations with a seamless, immersive tour experience that is easily made and shared." Previously, agents needed to manually enter a 3D Home link in order for their listings to appear on Redfin. Now, Zillow will automatically syndicate agents' 3D Home tours to listings on Redfin, and will include an option to opt out if desired. Additional automatic syndications to more real estate websites and MLSs are coming soon. 3D Home tours benefit customers, agents, photographers Zillow's free-to-build tours combine ultra-clear, 360-degree views with easy navigation and interactive floor plans that show shoppers where they are in the house, the camera's direction and perspective, and the room's dimensions. In today's fast-paced real estate market — where listings linger a median of just nine days before going pending — house hunters need to be able to efficiently evaluate homes and decide where to focus their energy. Using virtual tours, customers can quickly winnow their options and gain a leg up on the competition. "My job is to make homes stand out — to build excitement about my listing and generate the best possible offer for my sellers," said Georgia Stevens, managing broker at Compass and past president of Seattle King County Realtors. "The agent with the best tools wins, and Zillow's tools make it so easy to navigate the floor plan, understand exactly what you're looking at and imagine how you'd live in that home. Perspective is everything. This is what makes a buyer call their agent and say, 'This is the home I want to see.'" Zillow's 3D Home tour provides agents a cost-effective way to showcase listings and generate more leads, while photographers benefit from additional opportunities to capture listings content. Homes on Zillow that included 3D Home tours saw improved performance compared to those without, earning 81% more views and being saved by buyers 53% more often. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
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Redfin Reports More Sellers Dropping Their Prices, But Buyers Find Little Relief
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'HomeJab Curve' shows real estate remains seasonal, despite tight inventory and the impact of COVID-19
Cherry Hill, NJ - May 4, 2022 -- A new study of data from the last four years by HomeJab debunks reports that tight inventory and COVID-19 have changed real estate seasonality. HomeJab, which provides real estate agents on-demand professional real estate photography, 3D virtual tours, aerial, and other visual production services in every major US market and all 50 states, studied more than 63,000 real estate photography assignments from 2018 to 2021 nationwide. The new HomeJab research tracked the real estate photography listing assignments by month to determine patterns. A "HomeJab Curve" emerged, showing the remarkable consistency of real estate listing activity over the last four years, despite both record low inventory and the pandemic. Charting the data reveals that while activity during the pandemic diverged from the standard curve of real estate listing from March 2020 to May 2020, it corrected itself in June and then closely tracked past listing trends. "Despite what the headlines may say, real estate is still seasonal," said Joe Jesuele, founder and CEO of HomeJab. "Our research shows that real estate listings still peak in the spring and summer, begin to trail off in the fall, and decline significantly in the winter. And on a chart, when you plot the last four years, every year follows that curve – except for a short pause caused by the outbreak of COVID-19," he explained. Jesuele notes that the impact of COVID on the seasonality of real estate was short-lived. "There's also this idea that low inventory also is changing the seasonality of real estate," he added, "but the data we have does not support that theory." A free copy of the detailed data from the HomeJab study is available here. About HomeJab HomeJab is America's most popular and reliable on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, and turnkey aerial services. A one-stop-shop for real estate listings, HomeJab.com features affordable and customizable shoots that create the most engaging visual content for faster home sales and enrich the listing agent's personal brand. HomeJab is available in every major US market in all 50 states and Puerto Rico, Jamaica, and Toronto. Learn more at HomeJab.com.
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It's a Three-Peat! Ben Caballero Sets New Guinness World Record for Home Sales
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Down Payment Resource teams up with Realtor.com to Help Home Shoppers Find Homebuyer Assistance Programs
Down Payment Resource's homebuyer assistance search tool adopted by Realtor.com to support its Closing the Gap initiative ATLANTA, Ga., May 3, 2022 -- Down Payment Resource (DPR), the nationwide database for U.S. homebuyer assistance programs, today announced that Realtor.com has deployed DPR's search tool that helps home shoppers find homebuyer assistance programs. DPR maintains a comprehensive catalog of all of the homebuyer assistance programs available in the United States, including down payment and closing cost programs, Mortgage Credit Certificates and affordable first mortgages. According to DPR's Q1 2022 Homeownership Program Index (HPI), there are 2,238 homebuyer assistance programs, with at least one available in each of the United States' 3,143 counties. Realtor.com® has deployed DPR's search tool on realtor.com/foreveryone/ to support its Closing the Gap initiative, which is aimed at increasing the homeownership rate of underserved and underrepresented communities. The search tool can be embedded in an organization's website and enables homeshoppers to search for homebuyer assistance programs by entering property, household and relevant eligibility information. "Record-high home prices and record-low housing inventory are making it very challenging for people, especially underserved and underrepresented communities, to become homeowners — further exacerbating the homeownership gap," said DPR CEO Rob Chrane. "The good news is that there are thousands of homebuyer assistance programs available to help with down payment and closing costs, including many designed to support people of color becoming homeowners." "Giving home shoppers the ability to find down payment assistance programs directly on Realtor.com is another step forward in our Close the Gap initiative," said Mickey Neuberger, chief marketing officer for Realtor.com. "This program brings together many different parts of our business in a focused effort to increase the home ownership rate for underserved and underrepresented groups. Systemic discrimination in real estate has held people back for far too long, it's time for us to all work together to make a change." "We commend Realtor.com for its generous gift and pledge to match donations made to the Homeownership Council of America's (HCA) Equity Down Payment Assistance Fund, which supports homebuyers of color and low to moderate income homebuyers," continued Chrane. "Now home shoppers who may be eligible for those funds will be able to discover them with the help of Down Payment Resource." About Down Payment Resource: Down Payment Resource (DPR) is a nationwide database of down payment assistance and affordable lending programs. The company tracks funding status, eligibility rules, benefits and more for approximately 2,200 programs in 11 categories. Its award winning technology helps the housing industry connect more homebuyers to the down payment help they need. DPR has been recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. DPR's subscription-based service, Down Payment Connect, helps agents and loan officers match buyers to available programs. For more information, please visit downpaymentresource.com.
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Over 665,000 real estate agents in the U.S. get Lone Wolf Transactions as a member benefit
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NAR Announces Inaugural Fair Housing Champion Award Winners
Winners recognized for making a difference in their businesses and communities as they help expand homeownership to buyers of all backgrounds. WASHINGTON (April 27, 2022) -- The National Association of Realtors and Realtor.com today honored the four inaugural winners of the first Fair Housing Champion Awards during NAR's Fair Housing Month event, "What Will it Take to Close the Racial Homeownership Gap?" Honorees were recognized for their work to increase access to homeownership in their communities. The Fair Housing Champion Award honors Realtors® who have gone above and beyond to advance fair housing and expand homeownership in underserved communities. Sponsored by Realtor.com®, the Award provides a $4,000 prize that winners can dedicate to a housing-related nonprofit organization of their choice. "NAR is committed to helping build thriving, inclusive communities in every zip code in America," said NAR President Leslie Rouda Smith. "I am so proud of all the work our winners have done to increase access to homeownership and hope their leadership can serve as an example to inspire others into action." This year's winners: Harrison Beacher is Managing Partner of the Coalition Properties group, serving the D.C. metro area, and affiliated with Keller Williams Capital Properties. Harrison currently serves as the 2022 President for the Greater Capital Area Association of Realtors® and an at-large director for the D.C. Association of Realtors®. Many of his clients are first-time buyers, and Harrison helps them succeed by connecting them with down payment assistance and other resources. Sabrina Brown is a Broker-Owner of Brown and Brown Real Estate in Fresno, California. Sabrina is a director at her local and state associations, the Madera Association of Realtors® and the California Association of Realtors®. Sabrina regularly holds homebuyer workshops that connect first-time buyers with programs to help them achieve homeownership and invest in real estate, with an emphasis on outreach to people of color. Bobbi Howe is a second-generation real estate professional with more than 24 years of experience as a Realtor®. Bobbi currently serves as the Treasurer-Elect for Missouri Realtors® and is dedicated to using her platform to spread the word about systemic racism in real estate. Bobbi works to expand opportunities for Black real estate investors in the Kansas City area. Rafael Perez has been a Realtor® since 2012 and has extensive experience as a mortgage banker, lender and educator. Rafael serves on NAR's Fair Housing Policy Committee and is a member of the National Association of Hispanic Real Estate Professionals San Diego, where he is a past Chapter President. He continues his eight plus years of service as a Commissioner for the City of San Diego on the Citizens' Equal Opportunity Commission. Rafael is passionate about helping families create household wealth through homeownership and created the Companion Unit Handbook for the City of San Diego to expand housing supply. He also helps people in San Diego who have been displaced by development to move back into their old neighborhoods. "Realtor.com® was inspired to help create and sponsor the Fair Housing Champion Awards based on our support of NAR's Good Neighbor Awards," said Realtor.com® Chief Marketing Officer Mickey Neuberger. "Like the Good Neighbor Award winners, the Realtors® who are recognized today as fair housing champions are making a real difference in their communities as they help people overcome bias, discrimination and inequality." For more information and to read more about the award winners, please click here.
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121 Markets Nationwide See Double-Digit Home Showings Per Listing in March
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U.S. Foreclosure Activity Sets Post Pandemic Highs in First Quarter of 2022
Foreclosure Starts, Bank Repossessions at Highest Numbers in Two Years, But Still Well Below Normal Levels IRVINE, Calif. - April 21, 2022 -- ATTOM, licensor of the nation's most comprehensive foreclosure data and parent company to RealtyTrac, the largest online marketplace for foreclosure and distressed properties, today released its Q1 2022 U.S. Foreclosure Market Report, which shows a total of 78,271 U.S. properties with a foreclosure filing during the first quarter of 2022, up 39 percent from the previous quarter and up 132 percent from a year ago. The report also shows a total of 33,333 U.S. properties with foreclosure filings in March 2022, up 29 percent from the previous month and up 181 percent from a year ago — the 11th consecutive month with a year-over-year increase in U.S. foreclosure activity. "Foreclosure activity has continued to gradually return to normal levels since the expiration of the government's moratorium, and the CFPB's enhanced mortgage servicing guidelines," said Rick Sharga, executive vice president of market intelligence for ATTOM. "But even with the large year-over-year increase in foreclosure starts and bank repossessions, foreclosure activity is still only running at about 57% of where it was in Q1 2020, the last quarter before the government enacted consumer protection programs due to the pandemic." Foreclosure starts increase in all 50 states A total of 50,759 U.S. properties started the foreclosure process in Q1 2022, up 67 percent from the previous quarter and up 188 percent from a year ago. States that had the greatest number of foreclosures starts in Q1 2022 included, California (5,378 foreclosure starts), Florida (4.707 foreclosure starts), Texas (4,649 foreclosure starts), Illinois (3,534 foreclosure starts), and Ohio (3,136 foreclosure starts). Those major metros that had the greatest number of foreclosures starts in Q1 2022 included, Chicago, Illinois (3,101 foreclosure starts), New York, New York (2,580 foreclosure starts), Los Angeles, California (1,554 foreclosure starts), Houston, Texas (1,431 foreclosure starts), and Philadelphia, Pennsylvania (1,375 foreclosure starts). Highest foreclosure rates in Illinois, New Jersey and Ohio Nationwide one in every 1,795 housing units had a foreclosure filing in Q1 2022. States with the highest foreclosure rates were Illinois (one in every 791 housing units with a foreclosure filing); New Jersey (one in every 792 housing units); Ohio (one in every 991 housing units); South Carolina (one in every 1,081 housing units); and Nevada (one in every 1,090 housing units). Among 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in Q1 2022 were Cleveland, Ohio (one in every 535 housing units); Atlantic City, New Jersey (one in 600); Jacksonville, North Carolina (one in 633); Rockford, Illinois (one in 634); and Columbia, South Carolina (one in 672). Other major metros with a population of at least 1 million and foreclosure rates in the top 20 highest nationwide, included Cleveland, Ohio at No.1, Chicago, Illinois at No. 6, Detroit, Michigan at No. 10, Las Vegas, Nevada at No. 13, and Jacksonville, Florida at No. 16. Bank repossessions increase 41 percent from last quarter Lenders repossessed 11,824 U.S. properties through foreclosure (REO) in Q1 2022, up 41 percent from the previous quarter and up 160 percent from a year ago. Those states that had the greatest number of REOs in Q1 2022 were Michigan (1,592 REOs); Illinois (1,288 REOs); Florida (673 REOs); California (655 REOs); and Pennsylvania (639 REOs). Average time to foreclose decreases 3 percent from previous quarter Properties foreclosed in Q1 2022 had been in the foreclosure process an average of 917 days, down slightly from 941 days in the previous quarter and down 1 percent from 930 days in Q1 2021. States with the longest average foreclosure timelines for homes foreclosed in Q1 2022 were Hawaii (2,578 days); Louisiana (1,976 days); Kentucky (1,891 days); Nevada (1,808 days); and Connecticut (1,632 days). States with the shortest average foreclosure timelines for homes foreclosed in Q1 2022 were Montana (133 days); Mississippi (146 days); West Virginia (197 days); Wyoming (226 days); and Minnesota (228 days). March 2022 Foreclosure Activity High-Level Takeaways "March foreclosure activity was at its highest level in exactly two years – since March 2020, when there were almost 47,000 foreclosure filings across the country," Sharga added. "It's likely that we'll continue to see significant month-over-month and year-over-year growth through the second quarter of 2022, but still won't reach historically normal levels of foreclosures until the end of the year at the earliest, unless the U.S. economy takes a significant turn for the worse." Nationwide in March 2022, one in every 4,215 properties had a foreclosure filing. States with the highest foreclosure rates in March 2022 were Illinois (one in every 1,825 housing units with a foreclosure filing); New Jersey (one in every 2,022 housing units); South Carolina (one in every 2,299 housing units); Delaware (one in every 2,579 housing units); and Ohio (one in every 2,604 housing units). 22,360 U.S. properties started the foreclosure process in March 2022, up 35 percent from the previous month and up 248 percent from March 2021. Lenders completed the foreclosure process on 4,406 U.S. properties in March 2022, up 67 percent from the previous month and up 180 percent from March 2021. U.S. Foreclosure Market Data by State – Q1 2022 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.
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Average Closing Costs for Purchase Mortgages Increased 13.4% in 2021, CoreLogic's ClosingCorp Reports
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Earnnest Is Now Integrated with Form Simplicity
Form Simplicity's new integration with Earnnest, the largest digital earnest money service in the United States, brings digital earnest money payments to Form Simplicity users and their homebuyers. How it works: Click Request earnest money inside your transaction within Form Simplicity. Payment details auto-fill from your transaction. Use the escrow search to choose your escrow holder. If you don't see them listed, invite them to join the Earnnest network. Click Request. After the buyer pays, a transaction notification will automatically upload to your files. Fast, Secure, and Convenient There are several benefits for homebuyers when using a digital earnest money service — it eliminates the dependency on using checks or wires for escrow payments, as well as the fraud that comes with them. Users will be able to complete earnest money transfers within minutes. Escrow Holders: How to Register with Earnnest This new integration gives users access to Earnnest directly within Form Simplicity. Form Simplicity users may invite escrow holders to join the Earnnest network. If an organization is an escrow holder, they may self register their escrow company with Earnnest as well. Low Cost Fee for Homebuyers Earnnest is free for agents and escrow holders to use. Earnnest charges a flat convenience fee of $15 to the homebuyer to transfer their funds. That is less than a wire and the same as a cashier's check but more convenient. Digital earnest money payments are fast, easy, and secure. Watch this to learn more. About Earnnest Greenville, S.C.-based Earnnest is the largest digital earnest money service in the United States, allowing buyers to securely and electronically deposit funds to an escrow holder. Earnnest keeps agents, buyers, and escrow holders in the loop with automated emails and tracking information. Visit www.Earnnest.com to learn more. To view the original post, visit the Form Simplicity blog.
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BoomTown Introduces Expanded Success Assurance Program, Manages Both New Registrations and Database Opportunities
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RentSpree Debuts Holistic Agent Tools to Streamline the Rental Process
Premier Tenant Screening Software Provider Expands Product Offerings to Support a Cohesive Rental Management for Real Estate Agents LOS ANGELES, April 14, 2022 -- RentSpree, the industry's premier end-to-end rental management software provider, today announced the release of its brand new Agent Tools solution suite. The product offering includes Rental Client Manager (RCM), Agent Profiles and Listings. These tools provide an all-in-one offering for real estate agents that supports holistic rental management, from advertising and nurturing leads to closing deals using PropTech. "The tools to thoughtfully and efficiently translate rental activity into future business have been absent in the often-overlooked rental segment," said RentSpree CEO Michael Lucarelli. "As a result, 87% of all new agents fail after five years since many lack the resources to succeed. Agent Tools was developed for new and experienced agents to be successful by enabling them to handle rentals professionally while providing value-add resources to clients over the long-term." The newly dedicated platform helps agents manage leads through these key features: Rental Client Manager — Rental Client Manager (RCM) leverages key milestones to help agents provide real estate guidance to clients. RCM automatically captures contacts from other RentSpree products, offers direct contact creation and supports CSV import, allowing agents of any experience level to supercharge their relationship management. Agent Profiles — Agent Profiles creates a personalized space for agents looking to boost their brand. Agents can use their profile to promote their experience, feature their expertise and market their listings. These detailed public profiles are designed to be discovered through search engines and shared directly to open the door for new business opportunities by capturing leads at all points of the rental lifecycle. Listings — With listing pages, RentSpree empowers agents to market their properties with a best-in-class user experience that leverages RentSpree's industry-leading tenant screening product. With several approved MLS partnerships and many more on the horizon, it has never been easier for agents to create beautiful, effective property marketing and seamlessly screen tenants. With these additions, RentSpree is equipping agents with the resources to streamline all rental processes for agents and generate new deals from existing leads. It also expands the brand's current offerings and ties back to its core competency of tenant screening. "Having a service that supports client organization and management is essential to an agent's success," said Monica Pena, CEO of GMAR. "The Agent Tools solution is one of the best tools out there for any agent reaching for that next level on their real estate journey." Agent Tools will be available to agents nationwide, but some of the most prominent partners of this platform include California Regional MLS, Lone Wolf Technologies, Bright MLS, First Multiple Listing Service, Realty ONE Group, Bridge MLS and Bridge Association of REALTORS. For more information on RentSpree, visit rentspree.com. About RentSpree Founded in 2016, RentSpree is an award-winning rental software known in all 50 states for its easy-to-use tenant screening process, renter management, partnership program and rental screening API. In just six years, RentSpree has grown its database by partnering with over 200 of the most trusted names in real estate and nearly a million agents, owners and renters across the country.
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Real Estate Startup Revive Named to 2022 US REACH Program
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New Realtor.com Survey Finds 64% of 2022 Sellers Plan to List by Summer's End
Realtor.com Listapalooza -- the best time to list -- is now a national holiday, according to National Day Archives SANTA CLARA, Calif., April 6, 2022 -- As the final countdown begins to Realtor.com Listapalooza (April 10-16), a new national holiday, the company today released survey data that shows homeowners are gearing up to sell this Spring and Summer. According to the report, 64% of prospective 2022 sellers anticipate doing so within the next six months, and with high expectations for making a profit. Still, the potential uptick in newly-listed homes indicates some much-needed relief could be on the horizon for buyers – especially first-timers. Today's sellers expect to ask for relatively affordable prices and include a higher share of millennials than last Spring, suggesting that more Americans plan to upgrade from their starter homes. The Realtor.com® survey of 3,000 consumers, which was conducted online by HarrisX in February 2022, also asked about the experiences of recent sellers, who said determining the right time to list was the longest stage of the process. "Our survey data illustrates the importance of helping empower homeowners to take control of the listing process, by providing information about market conditions, prices and seasonal trends, like the best dates to list your home. While sellers are expected to hold the upper hand in 2022, navigating the listing process remains a challenge – particularly for those also buying in today's fast-paced market," said George Ratiu, Senior Economist & Manager of Economic Research at Realtor.com®. "Homeowners who are ready to move forward with pandemic-delayed plans will find plenty of opportunity this Spring and Summer. Although accelerating inflation is leading to higher housing costs and living expenses, many buyers remain interested in finding a home. At the same time, recent housing trends suggest demand is beginning to moderate as higher mortgage rates push monthly payments out of some buyers' budgets, underscoring the long-term need for more affordable inventory." Homeowners are ready to take advantage of the Spring and Summer buying seasons Survey data suggests some relief is on the horizon for Americans grappling with one of the worst housing shortages of all-time. Almost two-thirds (64%) of prospective 2022 sellers anticipate listing a home within the next six months. Whether these sellers follow-through with their plans will be key to the forecasted 2022 inventory recovery and critical for buyers hoping to find a home before mortgage rates climb even further. In a positive sign that homeowners are serious about listing, many sellers are already getting their home ready. However, they're doing so with great expectations of the current market, which means buyers should prepare for sellers asking for high offer prices, quick closes, waived contingencies and more. The majority of 2022 prospective sellers plan to list within the next six months, with 9% already listed and the remaining getting ready to list within the next 30 days (11%), 1-3 months (24%) or 4-6 months (20%). Compared to those who planned to list last Spring, this year's prospective sellers have higher expectations of the hot housing market, including asking for more than their home is worth (42% vs. 29%) and refusing to pay for repairs or improvements (28% vs. 24%). When asked why they're planning to list in 2022, surveyed sellers' top reason was wanting to profit off the current market, tied with their home no longer meeting their families needs (each at 31%). Homeowners' motivating factors behind moving also reflect the impact of pandemic trends, such as wanting different features after spending so much time at home (15%) and no longer needing to live near their office (14%). Millennials are moving on up, signaling more starter homes for first-time buyers With the oldest millennials already 40-years-old, these homeowners are playing an important role in adding to the supply of starter homes. Millennials represent nearly half (49%) of sellers who plan to list within the next six months and many anticipate selling at relatively affordable prices. This is welcome news for first-time buyers, who face fierce competition for limited available starter homes. Combined with rising affordability issues as home prices and mortgage rates climb, survey data offers some hope for first-time buyers, based on: More millennials plan to list within the next six months than in March 2021 (75% vs. 66%), and account for a higher share of all 2022 prospective sellers (42.0% vs. 26.0%). In a further sign that older millennials are moving on up from their starter homes, the share of surveyed millennials who have sold a home before was nearly as high as the overall rate (61% vs. 64%). Millennials have plenty of financial motivation to stick to their plans, with top reasons for selling reflecting the pressures of rising inflation and economic uncertainties. Compared to all survey respondents, higher shares of Gen Y sellers want a more affordable home (34% vs. 21%) and need the sale money ASAP (14% vs. 11%). In a potential sign of more starter homes coming onto the market, the majority of 2022 prospective sellers expect to list in relatively affordable price ranges: $350,000 or less (43%) and $351,000-$500,000 (22%). Recent experiences highlight the importance of preparation, even in a seller's market The COVID housing market has largely favored sellers and many who recently sold were able to take advantage of bidding wars, fast closings, waived contingencies, inspections and appraisals, and more. At the same time, sellers' experiences highlight the importance of preparation, especially as buyer demand is beginning to moderate. Even among recent sellers who found success, the majority took steps to get their home ready to list, such as making repairs, cleaning and decluttering. Additionally, although many sellers were able to list quickly, 41% said the process took longer than they originally anticipated. Over half (53%) of sellers spent less than a month preparing their home for listing, while another 26% said the process took 1-3 months. Forty-one percent of recent sellers said getting their home ready to list took longer than they expected. Determining the right time to enter the market took longer than any step of the home prep process, with 38% of respondents reporting that this decision took more than 3 months. Among steps successful sellers took to prepare their home for listing, top responses included repairs and updates (59%) and cleaning and decluttering (67%). While minor cosmetic updates were the top repair sellers made before listing, at 53% of respondents, nearly as many fully repainted interiors and replaced flooring (47% each). The majority (80%) of recent sellers sold at or above their asking price. Other top benefits of the competitive market included: buyers forgoing repair concessions (28%), offers within a week (27%), and waived contingencies like inspections (25%). Methodology This Realtor.com® survey was conducted online within the United States from February 16-18, 2022 among 3,000 adults in the United States by HarrisX. The sampling margin of error of this poll is plus or minus 1.8 percentage points. The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® 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.
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