Housing Wire

JULY 23, 2024

Sinking sales, rapidly rising inventory and prices at all-time highs — this is the state of the market for existing homes. That’s according to June’s existing-home sales data from the National Association of Realtors (NAR), which reflect the problems that have hampered housing markets since mortgage rates began to rise in 2022. Sales of existing homes in June fell 5.4% year over year and month over month to a seasonally adjusted rate of 3.89 million.

MLS 438

MLS Sales Inspection Mortgages 438

Real Estate News

JULY 23, 2024

There’s “going to be a point at which it doesn't make sense to belong” to small, local MLSs, one broker-owner — and member of 7 MLSs — told Real Estate News.

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Housing Wire

JULY 23, 2024

Today’s existing home sales report shows that the existing home market is now almost balanced. That might sound strange, but like most things I do, I have a model for it. We are very close to getting this balance nationally and in some markets we’re already there. I have often discussed four months of supply and active inventory between 1.52 and 1.93 million as a balanced market, but this equation has a second variable tied to today’s housing economics: affordability.

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Sales Closing Marketing Mortgages 429

Real Estate News

JULY 23, 2024

At $426,900, the median sale price for existing homes set another record in June, but inventory also rose, suggesting a “slow shift” to a buyer’s market.

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Sales Marketing 253

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Agents

Housing Wire

JULY 23, 2024

Record-high home prices and elevated mortgage rates are prompting buyers to back out of home purchase agreements at elevated levels. Redfin ’s newest housing market report shows that buyers backed out of 56,000 purchase agreements in June, which constitutes 14.9% of homes that went under contract. That’s the highest percentage of any June on record and the highest level of this year.

Inspection 400

Inspection Mortgages Agents Marketing 400

Housing Wire

JULY 23, 2024

Home price growth in the second quarter was stronger than previously anticipated, but economists at Fannie Mae believe it will likely moderate soon, closing 2024 and 2025 at annualized rates of 6.1% and 3%, respectively. Even with more listings of homes available for sale compared to a year ago, existing-home sales fell in June. Fannie Mae economists said that increased supply and affordability constrained demand should result in moderating prices.

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Fixed-rate mortgage New Construction Sales Construction 381

Keeping Current Matters

JULY 23, 2024

Even though data shows inflation is cooling, a lot of people are still feeling the pinch on their wallets.

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Housing Wire

JULY 23, 2024

AARP , the interest group advocating for the wellbeing of older Americans, revealed in a policy paper this month its priorities for a national plan on aging that sufficiently recognizes the changing demographics of the U.S. population , and the trend that will see 20% of all Americans become at least the age of 65 by 2030. “While other countries are responding to these changes by developing and implementing national strategic plans to help them meet the challenges and maximize opportunities to i

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Development Renovation Construction Design 353

Inman

JULY 23, 2024

NextHome CEO James Dwiggins shares his thoughts on agents who use websites designed to advertise offers of compensation from listings after the NAR settlement takes effect next month.

Design 178

Design Agents MLS Brokerage 178

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Agents

Housing Wire

JULY 23, 2024

Keller Williams market centers have shared more than $2 billion in profits with affiliated agents though the firm’s profit-sharing program, according to an announcement on Monday. “We are thrilled to celebrate that over $2 billion in lifetime profit share has been distributed to our franchisee-affiliated agents, a milestone that underscores the profound impact of our vision,” Mark Willis , the CEO and president of KW, said in a statement.

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Agents Brokerage Design Closing 345

Inman

JULY 23, 2024

Rising home prices and mortgage rates, and sticker shock from surprise housing costs, pushed buyers to cancel 56,000 home-purchase agreements in June, according to Redfin.

Mortgages 180

Mortgages Sales Marketing 180

Housing Wire

JULY 23, 2024

Pennymac Financial Services earned a profit of $98.3 million in second-quarter 2024, more than double the $39.3 million it raked in during the prior quarter. And the company is getting its ducks in a row to seize on opportunities when interest rates fall, relying on its scale and servicing portfolio to outmuscle competitors. The California -based lender generated production revenue of $202.6 million from April through June, up 10% from the prior quarter and 19% higher than in second-quarter 2023

Technology 344

Technology Loans Principal Mortgages 344

Inman

JULY 23, 2024

CoStar Group's revenue grew 12 percent year over year to $678 million, according to Q2 earnings Tuesday. Traffic for the Homes.com Network of websites increased 73 percent year over year to 148 million monthly average unique visitors.

Technology 160

Technology Industrial 160

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Brokerage

Housing Wire

JULY 23, 2024

The second of two lawsuits dealing with pocket listings has been allowed to proceed after a U.S. District Court judge in California granted the plaintiff’s motion for reconsideration on Monday. Originally filed in 2020 by Top Agent Network (TAN), the suit takes aim at the National Association of Realtors ’ (NAR) ban on pocket listings via its Clear Cooperation Policy.

Agents 336

Agents MLS Marketing As-is 336

Inman

JULY 23, 2024

Buyer agreements for open houses? Workarounds? Concessions? As agents race to comply with terms of the NAR settlement on Aug. 17, Inman wants to help answer your toughest questions.

Agents 157

Agents MLS 157

Housing Wire

JULY 23, 2024

Mortgage and real estate executives attending HousingWire ‘s Artificial Intelligence (AI) Summit in Dallas on Tuesday have already begun to collect some lessons learned from Friday’s global tech outage as the world is still dealing with its consequences. Different companies were impacted to different degrees by the problem, but executives said it validates their decision to invest in in-house technology, develop virtual workspaces for employees and signals the need to adopt AI to pre

Technology 335

Technology Staging Mortgages Development 335

Inman

JULY 23, 2024

Consumers expect specialization in every area of life, from doctors to hairdressers, coach Verl Workman writes. They should expect no less from their real estate expert when it's time to sell a home.

Agents 155

Agents 155

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Loans

Housing Wire

JULY 23, 2024

In today’s rapidly evolving digital landscape, it is crucial to understand and effectively manage cybersecurity risks in order to safeguard your title insurance or real estate business. As cyber threats become more sophisticated, the need for robust cybersecurity measures has never been more critical. This fifth installment of the Reducing Risk series delves into the critical cyber risks that can impact your operations and offers comprehensive strategies for proactive identification and ma

Title 314

Title Industrial Technology As-is 314

Inman

JULY 23, 2024

As for-sale listings continue to surge, many would-be homebuyers are still having trouble finding properties that they can afford and prices are already coming down in some markets

Sales 155

Sales Marketing Mortgages 155

Housing Wire

JULY 23, 2024

Real estate lending shop Dunmor has promoted two employees to senior leadership positions. Andy Thienkosol, a veteran in business-purpose lending (BPL), has been named chief operating officer of the California -based lender. Melissa Perez, a former director of operations at First Republic Bank , has joined Dunmor as senior vice president of operations.

Lending 306

Lending Banks Construction Residential 306

Inman

JULY 23, 2024

Hidden costs of homeownership, like property taxes and homeowners insurance, were given a 37 percent risk factor for triggering mortgage delinquency by leaders in default servicing, according to a survey by Auction.com.

Mortgages 150

Mortgages Marketing 150

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Agents

Housing Wire

JULY 23, 2024

Texas Capital Bank , after being granted an extension to respond to the federal government’s request to change the venue of the trial between the bank and Ginnie Mae , has filed an objection to the request saying that a “forum selection clause” cited by government attorneys is not enforceable. “Having lost its attempt to dismiss [TCB]’s claims, the government asks this court to transfer this case to another courthouse,” attorneys for TCB said in a court filing obtained by HousingWire ’s Reverse

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Banks Bankruptcy Loans Mortgages 301

Inman

JULY 23, 2024

CFO Pat Theodora taking over as CEO after Iannitti, a pioneer of numerous paperless processes, dies unexpectedly of complications from pneumonia.

Industrial 158

Industrial Technology Mortgages 158

RIS Media

JULY 23, 2024

Interest rates may be seeing their first cut this fall, possibly even as soon as September, according to the National Association of REALTORS®’ (NAR) Chief Economist Lawrence Yun. Yun shared this prediction and more during NAR’s recent Residential Real Estate Forecast Summit for 2024. The biggest question looming on many in the industry’s minds is,… The post NAR’s Yun Predicts Interest Rate Cuts, With More to Come in 2025 appeared first on RISMedia.

Residential 134

Residential As-is Sales Industrial 134

Inman

JULY 23, 2024

When your pipeline dwindles and your next payday is uncertain, anxious thoughts can consume your day. Rachael Hite offers a financial and self-care prescription.

Agents 145

Agents Marketing 145

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Sales

RIS Media

JULY 23, 2024

Back in January, the National Association of REALTORS® (NAR) agreed to extend the statute of limitations in a pocket-listing lawsuit, court documents revealed, with a lawyer representing the REALTOR® organization telling a judge in a separate case last week that NAR needed time to decide if it was “amenable” to repealing or amending the Clear… The post NAR Appears Open to Amending or Repealing Clear Cooperation appeared first on RISMedia.

Industrial 114

Industrial Agents 114

Inman

JULY 23, 2024

The median existing-home price jumped by 4.1 percent year-over-year to $426,900 for all housing types, marking the second month of record highs.

Sales 147

Sales Marketing 147

RIS Media

JULY 23, 2024

Brian Buffini, chairman and founder of Buffini & Company, hosted his Bold Predictions Mid-Year 2024 Real Estate Market Outlook on Monday, July 22, where he was joined by the National Association of REALTORS®’ (NAR) Chief Legal Officer Katie Johnson for a closer look at what’s taking place behind the numbers in real estate. Buffini and… The post ‘Heading in the Direction of Normality’; Brian Buffini Says Agents Should Prepare for a Sales Surge This Fall appeared first on RISMedia.

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Sales Agents Marketing Industrial 106