November 2023 – Page 3

RE/MAX National Housing Report for October 2023

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Inventory Grows While Declines in Sales, New Listings Soften Seasonal declines in home sales and new listings softened in October while inventory grew for a seventh consecutive month across the 53 metro areas surveyed. Home sales dropped 4.6% from September to October, far less than the 13.5% month-over-month drop in October 2022. New listings also declined 5.0%, which was also less than half of the 11.1% drop from September to October last year. While there were 6.9% fewer homes on the market year over year, October’s inventory grew 4.6% month over month to continue a streak of monthly increases that began in April. The median sales price of $410,000 did not budge from September and remained 2.8% above October 2022. “October had some encouraging signs – especially compared to a year ago,” said Nick Bailey, President and CEO of RE/MAX, LLC. “Given the interest rate environment, it was good to see the trend of monthly inventory gains continuing, and prices appear to be stabilizing for the moment. It remains a challenging market, but demand for homes is still high – and buyers are gaining a little more leverage as time goes on.” Agent Esther Clarke of RE/MAX Associates in Salt Lake City says it’s a balancing act in her market. “New housing developments have sprung up around the city, but regardless of how fast they’re built, the inventory can’t keep up with demand. Homes that are in good shape and priced right are selling quickly. And I think buyers are starting to recognize the interest rates as the new normal.” Other notable metrics: Highlights and local market metrics for October include: New Listings Of the 53 metro areas surveyed in October 2023, the number of newly listed homes is down 5.0% compared to September 2023, and down 1.3% compared to October 2022. The markets with the biggest decrease in year-over-year new listings percentage were Las Vegas, NV at -17.6%, Seattle, WA at -17.5%, and Indianapolis, IN at -13.0%. The markets with the biggest year-over-year increase in new listings percentage were San Francisco, CA at +14.2%, Miami, FL at +13.9, and Tampa, FL at +13.6%. New Listings:5 Markets with the Biggest YoY Decrease Market Oct 2023New Listings Oct 2022New Listings Year-over-Year% Change Las Vegas, NV 3,072 3,729 -17.6 % Seattle, WA 3,607 4,374 -17.5 % Indianapolis, IN 2,717 3,124 -13.0 % Detroit, MI 5,364 6,144 -12.7 % Chicago, IL 10,579 11,984 -11.7 % Closed Transactions Of the 53 metro areas surveyed in October 2023, the overall number of home sales is down 4.6% compared to September 2023, and down 8.7% compared to October 2022. The markets with the biggest decrease in year-over-year sales percentage were Dover, DE at -26.9%, New Orleans, LA at -17.6%, followed by a tie between Burlington, VT and Trenton, NJ at -15.9%. Only two markets had an increase in year-over-year sales percentage, Salt Lake City, UT at +13.4% and Milwaukee, WI at +2.7%. Closed Transactions:5 Markets with the Biggest YoY Decrease Market Oct 2023Transactions Oct 2022Transactions Year-over-Year% Change Dover, DE 177 242 -26.9 % New Orleans, LA 796 966 -17.6 % Trenton, NJ 285 339 -15.9 % Burlington, VT 217 258 -15.9 % Seattle, WA 3,454 4,089 -15.5 % Median Sales Price – Median of 53 metro area pricesIn October 2023, the median of all 53 metro area sales prices was $410,000, flat compared to September 2023, and up 2.8% from October 2022. The markets with the biggest year-over-year decrease in median sales price were Honolulu, HI at -4.1%, New Orleans, LA at -3.7%, followed by a tie between Portland, OR and San Antonio, TX at -1.9%. The markets with the biggest year-over-year increase in median sales price were Trenton, NJ at +18.6%, Cleveland, OH at +12.5%, and Hartford, CT at +11.5%. Median Sales Price:5 Markets with the Biggest YoY Increase Market Oct 2023Median Sales Price Oct 2022Median Sales Price Year-over-Year% Change Trenton, NJ $415,000 $350,000 +18.6 % Cleveland, OH $225,000 $200,000 +12.5 % Hartford, CT $340,000 $305,000 +11.5 % San Diego, CA $840,000 $764,000 +9.9 % Manchester, NH $445,000 $410,000 +8.5 % Close-to-List Price Ratio – Average of 53 metro area pricesIn October 2023, the average close-to-list price ratio of all 53 metro areas in the report was 99%, flat compared to both September 2023 and October 2022. The close-to-list price ratio is calculated by the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price. If it’s less than 100%, the home sold for less than the list price. The metro areas with the lowest close-to-list price ratio were Miami, FL at 95%, followed by a tie between Bozeman, MT and New Orleans, LA at 96%. The metro areas with the highest close-to-list price ratios were Hartford, CT at 104% and San Francisco, CA at 103%. Close-to-List Price Ratio:5 Markets with the Biggest YoY Increase Market Oct 2023Close-to-List PriceRatio Oct 2022Close-to-List PriceRatio Year-over-YearDifference* Trenton, NJ 102.4 % 100.2 % +2.1 pp Hartford, CT 103.9 % 101.8 % +2.1 pp San Francisco, CA 102.9 % 100.9 % +1.9 pp Las Vegas, NV 98.2 % 96.7 % +1.5 pp Detroit, MI 99.6 % 98.2 % +1.4 pp *Difference displayed as change in percentage points Days on Market – Average of 53 metro areasThe average days on market for homes sold in October 2023 was 36, up one day compared to the average in both September 2023 and October 2022. The metro areas with the lowest days on market were Baltimore, MD at 12, Washington, DC at 13, and Philadelphia, PA at 15. The highest days on market averages were in Coeur d’Alene, ID at 78, Bozeman, MT at 77, and Fayetteville, AR at 73. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed. Days on Market:5 Markets with the Biggest YoY Increase Market Oct 2023Days on Market Oct 2022Days on Market Year-over-Year% Change Bozeman, MT 77 44 +73.4 % Anchorage, AK 44 27 +65.3 % Coeur d’Alene, ID 78 48 +61.9 % New Orleans, LA 60 38 +57.3 % San Antonio, TX 70 46 +51.1 % Months’ Supply of Inventory – Average of 53 metro areasThe number of homes for sale in October 2023 was up 4.6% from September 2023 and down 6.9% from October 2022. Based on the rate of home sales in October 2023, the months’ supply of inventory was 2.3, up compared 2.1 in September 2023, and flat compared October 2022. In October 2023, the markets with the lowest months’ supply of inventory were a two-way tie between Manchester, NH and Trenton, NJ at 0.9, followed by Seattle, WA at 1.0. The markets with the highest months’ supply of inventory were Bozeman, MT at 5.1, San Antonio, TX at

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Market activity tracking closely to 2022 levels High mortgage rates, unrelenting prices, and low inventory have limited transactions throughout the Mid-Atlantic so far in 2023. Yet October showed the first signs of being similar to activity levels in 2022. New pending sales were only 3.2% lower than last year and some metros within the Mid-Atlantic had more new pending sales, and even closed sales, than in October 2022. “The resiliency of the market in the face of mortgage rates approaching 8% has been impressive,” said Dr. Lisa Sturtevant, Bright MLS Chief Economist. “While the market is expected to slow this winter, as it always does seasonally, the Mid-Atlantic may finally start to trend alongside 2022 activity.” New listing activity has typically been 20-30% below what occurred in 2022. In October 2023, there were 21,517 new listings across the Mid-Atlantic. Excluding January, this is the narrowest difference between the two years. Moreover, akin to new pending sales, some pockets of the Mid-Atlantic are seeing more new listings than last year. Additional new listings are a welcome sign. Overall Mid-Atlantic inventory remains at a deficit compared to the number of homes on the market last year. The 34,415 active listings available at the end of October 2023 were 6.0% less than the number in October 2022. Inventory has been improving since the summer and gains throughout the winter could help buyers persisting in the market have more choices, or provide opportunity for buyers who may bide their time until spring. Whether buyers purchase now or wait until the new year, the market will be competitive. Half of the homes sold in the Mid-Atlantic in October were only on the market 10 days or less before being scooped up by an interested buyer. While there’s been a little relief since the June, the swift pace of buying hasn’t returned to pre-pandemic norms keeping buyers on their toes. In October, the median sale price in the Mid-Atlantic region was $381,000. Though declining from the summer, the median price is up 4.7% compared to a year ago. The seasonal easing won’t likely impact the monthly payment enough to entice buyers. Lower mortgage rates on the other hand could make a difference to the bottom line. And looking into 2024, the consensus is that mortgage rates will begin to come down. Mortgage rates will remain well above 6% forcing consumers to reset their expectations and understand that 3% aren’t coming back. Still, rates moving back towards 7% and below will encourage more activity from both buyers and sellers suggesting a blooming spring market in the Mid-Atlantic. October Mid-Atlantic Housing Market by Region Philadelphia:Buyers Still Active in the Philadelphia MarketHome prices up strongly in OctoberThe Philadelphia metro continues to struggle with inventory, though buyers remain active and willing to make quick offers and pay for attractive homes. Baltimore:Housing Market Remains StrongFastest home price growth in more than a yearBuyers persist despite facing near 8% mortgage rates. Low inventory keeps the market competitive, pushing prices to grow. Washington, DC:Housing Market Activity Slows SeasonallyBut prices still on the rise as inventory remains lowMarket activity isn’t able to sustain the pace of last year as mortgage rates move closer to 8%. However, prices continue to make gains as low inventory fosters competition for buyers searching for a home. About Bright MLSBright MLS was founded in 2016 as a collaboration between 43 visionary associations and two of the nation’s most prominent MLSs to transform what an MLS is and what it does, so real estate pros and the people they serve can thrive today and into our data-driven future through an open, clear and competitive housing market for all. Bright is proud to be the source of truth for comprehensive real estate data in the Mid-Atlantic, with market intelligence currently covering six states (Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia) and the District of Columbia. Bright MLS’s innovative tool library—both created and curated—provides services and award-winning support to well over 100K real estate professionals, enabling their delivery on the promise of home to over half a million home buyers and sellers monthly. Learn more at BrightMLS.com. The full Mid-Atlantic and new area reports are available at BrightMLS.com/MarketInsights. SOURCE Bright MLS

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Rents fell for the second consecutive month to a national average $1,718 Multifamily fundamentals continued to soften and impact rents last month, according to the latest Yardi® Matrix National Multifamily Report. The average U.S. asking rent dropped $3 to $1,718 in October, with year-over-year growth moderating to 0.4 percent, down 40 basis points from September. Occupancy slid to 94.9 percent, marking the first decline in four months. Rent growth turned negative in 14 of Yardi Matrix’s top 30 metros, and most of these markets, particularly in the Sun Belt, are impacted by a recent influx of supply and rapid rent increases over the past two and a half years. Even though rents dropped for the second consecutive month, demand and absorption continue at levels consistent with pre-pandemic years. During the first three quarters of 2023, more than 250,000 units were absorbed nationally, in line with the 300,000-plus units absorbed annually between 2017 and 2020. “While the economy continues to produce solid results, market attention is focusing on the seeming inevitability of slowing job growth and the capital markets conundrum of higher interest rates. The longer rates stay in the 4.5 percent to 5 percent range (or higher), the more multifamily properties will face capital gaps when loans come up for refinancing,” states the report. Asking rents declined in the Lifestyle property segment, down 0.4 percent in October, while Renter-by-Necessity rents remained flat. Single family rental rates fell $2 in October to $2,121, up 1.0 percent year-over-year, down 30 basis points from September. Operators are focusing on reducing operating costs, as expenses rose 12.2 percent on a trailing 12-month basis through September. Gain more insight in the new Yardi Matrix National Multifamily Report. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, vacant land, industrial, office, retail and self storage property types. Email matrix@yardi.com, call 480-663-1149 or visit yardimatrix.com to learn more. About Yardi Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com. Media Contact: Jeff AdlerYardi Systems Inc.(303) 615-3700 ext. 2022Jeff.Adler@Yardi.com SOURCE Yardi

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SVN | SFRhub Marketplace (previously SVN | SFRhub Advisors), the premier nationwide platform for investors seeking to buy, sell, finance, insure and manage single-family residential (SFR) and Build-for-Rent (BFR) rental investment portfolios, has strategically expanded its technology platform in response to surging industry growth and heightened client demands. Under the same ownership and SVN | SFRhub brand, the company has broadened its platform’s scope to encompass its extensive network of Alliance Member client support service providers, resulting in the establishment of an SFR/BFR marketplace. The brand expansion initiative includes a name change to SVN | SFRhub Marketplace and the launch of its upgraded website, www.sfrhub.com. The expanded platform reflects the several client support enhancements that offer a collection of the industry’s top vetted professional service providers, aiding buyers and sellers through the entire portfolio investment process and life cycle on a single online platform. These established, proven service provider relationships help deliver the highest level of client support – from first-time investors to institutional asset managers – through all the steps of the investment process, including debt and equity, insurance, property management, title and escrow, renovation, and more. “Through this expansion initiative, clients wanting to improve profitability now have access to an entire marketplace of SFR/BFR specialized service providers and can effortlessly navigate the complete portfolio investment and asset operating process on a fully transactional site,” says Jeff Cline, Co-Founder, Executive Director and Principal. “Clients can benefit from having multiple support services in a single marketplace.” The marketplace retains its original resources, such as clean and verified data analyzed in the exclusive Advanced SFR Scrub Report ™, proprietary portfolio research and valuation services, comprehensive support for financial analysis for buyers, and access to a vast network of over a million commercial real estate investors across the nation. Notably, SVN | SFRhub Marketplace boasts a dedicated team of SFR rental industry experts with extensive experience. The team has evaluated, underwritten and marketed more than 1,500 portfolios, totaling 100,000 existing SFR rental homes and over 150,000 BFR new construction homes nationwide. The expansion initiative and the launch of the upgraded website represent a significant milestone in the company’s seven-year journey of growth and innovation. About SVN | SFRhub Marketplace SVN | SFRhub Marketplace, based in Phoenix, AZ, is a national all-in-one marketplace for investors seeking to buy, sell, finance, insure and manage single-family residential and Build-for-Rent rental investment portfolios of five or more homes. SVN | SFRhub Marketplace is an independently owned and operated franchise of SVN International Corp (SVNIC). SVNIC, a leading full-service commercial real estate franchisor of the SVN® brand, comprises over 2,500 commercial real estate Advisors and staff in more offices across the U.S. than any other commercial real estate firm, continuing to expand across the nation and the globe. For more information, call 602.441.5354 or email info@sfrhub.com. Contacts SVN | SFRhub Marketplaceinfo@sfrhub.com

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Urban Land Institute and PricewaterhouseCoopers Release 2024 “Emerging Trends in Real Estate” Report; San Antonio Ranks No. 8 in Top Markets to Watch The Urban Land Institute (ULI) and PricewaterhouseCoopers (PwC) recently released its “Emerging Trends in Real Estate” report for 2024, and San Antonio has made its first-time appearance on the Top 10 list for U.S. real estate markets to watch — ranking No. 8 out of 80 cities on the list. This recognition showcases the transformational growth of the region as a top metro to live, work and grow a business. The ULI/PwC report, its 45th edition, was published Oct. 31 and places San Antonio in the “Super Sun Belt” subgroup of the “Magnets” category stating: “These markets are large and diverse but still affordable, forming powerhouse economies that attract a wide range of businesses,” according to a news release. The report characterized the Super Sun Belt: “Households are attracted by the warmer weather, more affordable housing, and strong job growth…Firms are attracted by the lower regulations and taxes in these markets, along with the growing labor force, in a virtuous cycle between population in-migration and corporate relocations, which feed off each other. In turn, these key drivers attract the attention of commercial and residential real estate investors and homebuilders.” “We are thrilled to see San Antonio break into the Top 10 among 2024’s Markets to Watch from PwC and ULI’s Emerging Trends in Real Estate report, though it’s no surprise to those of us doing business here in San Antonio,” said Jenna Saucedo-Herrera, President and CEO of greater:SATX, the regional economic partnership for San Antonio. “This is a wonderful testament to the welcoming and positive culture of our region and the collaborative work of our public-private partnership to address the needs of businesses and residents in our community. “Keep an eye on San Antonio as we continue to align our investments in placemaking to create a more prosperous city for our residents here today and those we’ll attract in the future. Life works greater here in San Antonio, and we believe we are in a moment of transformational growth and invite the world to know San Antonio beyond our status as Texas’ best place to visit,” she continued. “This is San Antonio’s first time breaking into the Top 10 U.S. real estate markets to watch, the result of countless individuals locally who think and invest boldly to make our San Antonio market one of the most favorable places to live, work and build a business,” said David Adelman, Principal of AREA Real Estate and ULI San Antonio Governance Council member. “That hard work is paying off and I’m proud that San Antonio is receiving this well-deserved recognition.” Another report also published last week by Philadelphia’s Center City District, a nonprofit organization, ranks San Antonio No. 1 in the recovery rate among nonresident workers in its downtown – registering current city center activity at 85% of pre-COVID levels. The new national “Downtowns Rebound Report” looked at the downtown revival trends in 26 U.S. cities post-pandemic. Researchers at Placer.ai, a Santa Cruz, California-based analytics firm, used cellphone data to track trends in each of the markets. Last week, the study was prominently reported on the Bloomberg CityMap. In recent news, JCB, the world’s largest privately owned manufacturer of construction and agricultural equipment, announced that San Antonio will be home to the company’s second and largest North American manufacturing facility, the greatest economic development infusion in the region in 20 years with an expected $30 billion economic impact over the next 10 years and the creation of more than 1,500 jobs. To address long-term workforce readiness, greater:SATX also announced it is implementing the U.S. Chamber of Commerce Foundation’s Talent Pipeline Management® (TPM) framework and is the first to scale TPM by building out five industry collaboratives uniting 100-plus regional employers, education institutions, and workforce partners to serve its five key industries: advanced manufacturing, healthcare, financial services, cybersecurity and technology, as well as construction/skilled trades. Taveloffpath.com, a website dedicated to making travel more accessible, affordable, and possible for everyone, also recently cited San Antonio among the top five cities for digital nomads. Learn more about economic development best practices shared by greater:SATX in this blog post. About greater:SATX Regional Economic Partnershipgreater:SATX is the economic partnership leading the San Antonio region’s transformative growth through corporate recruitment, local business advancement, and workforce development. At the core of greater:SATX’s mission is attracting, retaining, and growing quality jobs for all San Antonians that provide pathways to economic mobility. This work is led by the regional businesses and supported by the City of San Antonio, Bexar County, CPS Energy, SAWS, and economic development partners throughout the region. The organization is responsible for assisting over 500 companies to relocate or expand in the region, which collectively employ more than 120,000 San Antonians. For more information on San Antonio’s industry growth and economic opportunity, visit greatersatx.com and follow us on X (Twitter) @greater_SATX, LinkedIn, and Facebook. Media Contacts:Mardi Larson, Amendola for greater:SATX, mlarson@acmarketingpr.com SOURCE greater:SATX

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MCS self-performing network expands to 25 markets with more expected; Network includes regional Service Centers and dedicated MCS Project Managers MCS, the national property services company founded in 1986, has continued the national expansion of its self-performing network, designed to support all facets of the company’s commercial, residential, default mortgage and property preservation business lines. Since first announcing plans a year ago to expand its self-performing capabilities nationwide, MCS now has 25 “self-performing” markets, through either a service center or a Project Manager overseeing third-party service partners. The approach of using dedicated in-market Project Managers allows the company to expand quickly and efficiently while leveraging the back-office teams at existing MCS service centers and its regional corporate offices for support. The company expects to continue this expansion and have 30 or more self-performing markets by 2025. “Clients appreciate the dedicated service they receive from MCS through our self-performing capabilities, resulting in requests to enter into more markets,” explained Craig Torrance, MCS’s Chief Executive Officer. “We can then strategically align our expansion plans with our clients’ needs, starting with a local Project Manager, and scale up with demand. This allows us to be the ‘boots-on-the-ground’ extension of their team as we provide renovations, maintenance, repairs and other services across multiple business lines.” Current self-performing markets for MCS include: Additionally, MCS has a dedicated presence in 10 additional markets where the company performs renovations and tenant turns for single-family rental owners and operators, as well as interior and exterior property services for its commercial clients. Services in these areas are supervised by MCS, but without a dedicated employee in that market. As work is completed using MCS systems/software, Project Managers from the nearest location visit as needed to oversee and confirm services have been completed as outlined. This is complemented by MCS’s national network of more than 30,000 service partners, allowing the company to provide property services in every ZIP code. About MCS Self-Performing Servicing Network The MCS self-performing network provides a robust, “one-stop-shop” suite of offerings for clients. From inspection services and maintenance to renovations and repairs, as well as preserving foreclosed and vacant properties, MCS provides clients with the bandwidth to handle the many moving parts required to successfully manage their portfolios. The company also employs its own proprietary, cloud-based software platform to manage work orders, seamlessly interfacing with clients’ existing technology systems. Having employees in 25 markets also helps manage MCS’s nationwide third-party vendor network used heavily to support property preservation and default mortgage clients. About MCS MCS is a leading property services provider working across Commercial Properties, Single-Family Rentals, and the Property Preservation industry. For over 35 years, MCS has been committed to responsive care, industry-leading service standards, leveraging technology, and end-to-end transparency to protect, preserve and serve communities across the country. Some of the largest and most respected mortgage servicers, real estate owners and operators, and corporations trust MCS to perform property inspections, preservation, maintenance, renovations, and other property-related services. Learn how MCS is Making Communities Shine at MCS360.com. Media Contact:Great Ink Communications212.741.2977MCS@greatink.com