August 2024 – Page 2

Redfin Reports U.S. Home Prices Tick Up 0.2% for the Second Month in a Row

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Home prices grew 0.2% in July—equal to the slowest pace since January 2023—with more than 40% of the most populous U.S. metros recording a drop in home prices U.S. home prices ticked up 0.2% for the second-consecutive month in July, on a seasonally adjusted basis, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s equal to the smallest month over month increase since January 2023. On a year-over-year basis, home prices rose 6.8% in July, down from 7.3% in June and the lowest annual increase recorded since January. This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing method to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold. It’s similar to the S&P CoreLogic Case-Shiller Home Price Indices but is published more than one month earlier. July data covers the three months ending July 31, 2024. Home prices continue to inch up to all-time highs—albeit more slowly than in previous months—because there is still a shortage of homes on the market relative to buyer demand. Mortgage rates have fallen considerably in recent weeks, but that has not yet translated into a significant increase in buyers, which in turn has prevented prices from rising more quickly. “There aren’t enough sellers listing their homes to cause prices to fall and there aren’t enough buyers to create competition to drive prices up significantly,” said Redfin Senior Economist Sheharyar Bokhari. “Relatively low sales and gradual price increases will remain the status quo each month until one of those things changes.” Metro-Level Summary: Redfin Home Price Index, July 2024 Twenty (40%) of the 50 most populous U.S. metro areas recorded a seasonally adjusted drop in home prices in July, month over month. That number is up from only four metros recording a month-over-month decline in February. The biggest decline in July was in Austin, TX (-1.6%), followed by San Francisco (-1.1%) and Nassau County, NY (-0.7%). The highest month over month gains were recorded in Indianapolis (1.2%), Miami (1.2%) and San Antonio, TX (1.1%). To view the full report, including charts and additional metro-level data, please visit:https://www.redfin.com/news/home-price-index-july-2024 Contacts Redfin Journalist Services:Ally Braun, 206-588-6863press@redfin.com

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Midwest and Northeast ZIPs Dominate this Years List For the first time since Realtor.com®‘s inaugural Hottest ZIP Codes Report in 2017, one ZIP code, 43230, Gahanna, Ohio, took the No. 1 spot for a second consecutive year. In the 2024 report, we once again see this years’ hottest ZIPs located exclusively in the Midwest and the Northeast, as each of this year’s top markets attract buyers who are looking for a combination of value and desirability. “While we’ve seen big changes in the housing market, such as a growing number of homes for sale, this year’s hottest ZIP codes in America show common factors are driving interest in these highly competitive areas,” said Realtor.com® Chief Economist Danielle Hale. “Although mortgage rate relief is starting to materialize, this year’s hottest ZIPs reflect the focus on affordability that home shoppers have had over the last few years in the face of high housing costs. Concentrated in larger metros across the Northeast and Midwest, these top 10 ZIPs attracted highly qualified home buyers seeking more space without relinquishing proximity to urban amenities.” The 2024 Hottest ZIP Codes in America, in rank order, are: (Bolded ZIPs were on last years ranking, starred ZIPs represent metros that were on last years’ ranking) This year, the Northeast and Midwest dominate the list. Seven of the 10 hottest ZIP codes on the list are in the Northeast, with an impressive three Massachusetts ZIP codes, two New Jersey ZIP codes and one ZIP code each in New York and Pennsylvania. Philadelphia, Penn and Springfield, Mass metros are represented by a ZIP code on the Hottest Zips list for the first time in the data’s history. The Midwest holds three spots on the list with three ZIPs that were also on last year’s list. In fact, Columbus, Ohio has been a presence on the Hottest Zips list each year dating back to 2017. This is the second year in a row, and only the second time in the list’s history, that only two regions are represented on the top-10 list. The Southern and Western regions are not represented in this year’s ten hottest ZIPs as buyer interest has shifted away from the areas that are generally unaffordable, or have become less affordable due to significant price growth during the pandemic. The South in particular has seen a significant pick up in for-sale inventory, which has thinned out buyer demand on a per-property basis, cooling off and slowing down the region’s housing market. Gahanna Snags the Top Spot, AgainGahanna topped the list two years in a row. The Columbus area offers home shoppers the amenities and quality-of-life advantages of a larger town, but at a lower price point. Homes in this ZIP code were priced 11.0% below the metro’s average, and 19.4% below the national median in the first half of the year. The lifestyle and affordability available in ZIP 43230 (Gahanna, Ohio) drew the attention of shoppers in the New York City metro, though almost half of listing viewership came from within the metro. Value for EveryoneThis years’ hottest ZIP codes all offered some form of value for potential buyers. Compared to the greater U.S. housing market, and even the surrounding areas in which they sit, each of the top 10 have a lower median list price and/or median listing price per square foot. The Midwest zips, Columbus (ZIP 43230 in Gahanna, Ohio), Chicago (ZIP 46322 in Highland, Ind.), and St. Louis (ZIP 63021 in Ballwin, Mo.), on this year’s list were priced an average 24.6% lower than the national median in June. Three Northeast ZIPs Rochester, N.Y. (ZIP 14609 in central Rochester), Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (ZIP 08054 in Mount Laurel, NJ) and Springfield, Mass. (ZIP 01085 in Westfield, Mass.), on this years’ list were priced an average 28.8% below the U.S. median in June. Even the list’s highest priced market in Basking Ridge, NJ (ZIP 07920), with a median listing price of $995,000 in June, was affordable relative to the larger New York City metro area. The median listing price per square foot in Basking Ridge was 33.6% below the surrounding metro’s average in June Highly CompetitiveCompetition for homes in this year’s hottest ZIPs has quickened the market pace. Homes in the hottest ZIPs spent an average 13 days on the market in June 2024, more than a month (-32 days) less than the national median. The high-stakes environment in these areas means that successful buyers are well-qualified and well-equipped to purchase a home. Successful buyers in these areas had an average credit score of 757 compared to the U.S.’ average of 734 as well as a 16.7% average down payment compared to the national average of 14.0% in the first half of 2024. Not only are homes going fast in these hottest markets, in the first four months of the year, homes sold for an average 3.3% over asking price while nationally homes sold for an average 2.3% under asking price in the same period. Read the full report and see how your zip compared: http://www.realtor.com/hottestzips SOURCE Realtor.com

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Foreclosure Starts Increase 18 Percent from Last Month; Completed Foreclosures Increase 14 Percent ATTOM, a leading curator of land, property, and real estate data, released its July 2024 U.S. Foreclosure Market Report, which shows there were a total of 31,929 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 15 percent from a month ago and up slightly by .2 percent from a year ago. “July’s foreclosure activity reflects a slight shift in the housing market,” said Rob Barber, CEO at ATTOM. “With an 18 percent increase in foreclosure starts and a 14 percent rise in completed foreclosures from last month, these shifts may highlight growing pressures in certain areas. However soaring home prices seem to continue and have spiked the value of homes across the nation, which boosts equity for homeowners at virtually every stage of paying off mortgages. Monitoring these next few months will help us better understand the implications for the real estate sector.” Delaware, Nevada, and Utah post highest foreclosure ratesNationwide, one in every 4,414 housing units had a foreclosure filing in July 2024. States with the highest foreclosure rates were Delaware (one in every 2,214 housing units with a foreclosure filing); Nevada (one in every 2,245 housing units); Utah (one in every 2,289 housing units); New Jersey (one in every 2,607 housing units); and Illinois (one in every 2,660 housing units). Among the 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in July 2024 were Provo-Orem, UT (one in every 940 housing units with a foreclosure filing); Macon, GA (one in every 1,167 housing units); Columbia, SC (one in every 1,587 housing units); Spartanburg, SC (one in every 1,895 housing units); and Atlantic City-Hammonton, NJ (one in every 1,910 housing units). Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in July 20244 were: Las Vegas, NV (one in every 2,089 housing units); Philadelphia, PA (one in every 2,197 housing units); Jacksonville, FL (one in every 2,274 housing units); Chicago, IL (one in every 2,279 housing units); and Riverside, CA (one in every 2,556 housing units). Greatest numbers of foreclosure starts in California, Florida, and TexasLenders started the foreclosure process on 21,870 U.S. properties in July 2024, up 18 percent from last month and up 4 percent from a year ago. States that had the greatest number of foreclosure starts in July 2024 included: California (2,342 foreclosure starts); Florida (2,339 foreclosure starts); Texas (2,222 foreclosure starts); Illinois (1,221 foreclosure starts); and New York (1,145 foreclosure starts). Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in July 2024 included: New York, NY (1,286 foreclosure starts); Chicago, IL (1,555 foreclosure starts); Philadelphia, PA (782 foreclosure starts); Miami, FL (758 foreclosure starts); and Los Angeles, CA (689 foreclosure starts). Foreclosure completion numbers increase from last monthLenders repossessed 3,282 U.S. properties through completed foreclosures (REOs) in July 2024, up 14 percent from last month and down 2 percent from last year. States that had the greatest number of REOs in July 2024, included: New York (377 REOs); California (370 REOs); Illinois (221 REOs); Pennsylvania (219 REOs); and Michigan (212 REOs). Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in July 2024 included: New York, NY (271 REOs); Chicago, IL (136 REOs); San Francisco, CA (104 REOs); Detroit, MI (100 REOs); and Los Angeles (97 REOs). Media Contact:Megan Huntmegan.hunt@attomdata.com SOURCE ATTOM

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Following Burnett v. NAR, Indigo provides real estate agents, buyers and sellers streamlined communications, bidding and negotiations to adapt to changes. Indigo, the market’s first AI-powered home transaction platform, launched with leading real estate agents and teams from Compass, Keller Williams, eXp, RE/MAX and more. Indigo is launching in Charlotte, N.C., with additional markets in the coming months. Indigo’s flagship offering, Home Checkout, elevates the industry from search portals to transaction platforms in order to bring unparalleled transparency to the market. Indigo’s Contracts AI and automation platform streamlines all communications, bidding and negotiations to deliver a delightful, transparent transaction experience for real estate agents, buyers and sellers. Harnessing AI to bring transparency to the market. In light of the landmark industry settlement to decouple commissions, a seismic shift in how agents work and engage with buyers and sellers is underway. Today, agents and their clients are experiencing major change, communication challenges and an existential fear of being left out of the new industry model. Indigo’s technology solves this new reality, and gives real estate professionals the power to lead the industry forward – bringing transparency, data intelligence and market-first offerings to their buyers and sellers. A typical home transaction has dozens of forms, with hundreds of pages across several people. Indigo’s AI automation converts contracts and processes into connected, intelligent workflows to save time, reduce human error and make the process intuitive. With the ability to map, extract and connect contracts automatically, Indigo is able to surface real-time trends from commission to offers. “As an independent platform, we help all market participants – real estate agents, buyers, and sellers – by facilitating an open, transparent home transaction. We believe this will be the new industry model. As the industry shifts from a search-centric to transaction-centric model, consumers and agents will demand a more accessible and intuitive experience,” said Shaival Shah, Co-Founder and CEO of Indigo. “To bring the new industry model to market, the information, real-time intelligence and decision-making capabilities must improve to facilitate the transparency the market deserves. It requires great technical firepower to reimagine the new experience and workflow infrastructure.” Shah said. “Indigo’s proprietary AI models do just that – solving new and existing problems that were previously impossible. In service of a more modern, transparent experience, we’re confident this is where we should be doubling down.” Introducing Indigo’s Home CheckoutIndigo is the first home transaction platform to unify home listings and offer making into one simple collaborative experience. Indigo helps listing agents get the terms sellers want via listing Storefronts that communicate critical seller preferences, drive demand, and collect & validate all offers. Indigo helps buyers’ agents write compliant offers and agency contracts in seconds – from any device – with its Contracts AI-powered writing and validation. This gives buyers and sellers unprecedented transparency into seller desires, market demand and negotiations. “As the real estate industry rapidly evolves, the demand for accurate, timely market data has become essential. Agents and clients now depend on data-driven insights to navigate the complexities of transactions and make informed decisions. Indigo offers a cutting-edge platform that leverages AI to provide these crucial insights, positioning itself as a game changer in the industry,” said Kourosh Sharifi, CFO of RE/MAX Executive. Indigo was founded by veteran entrepreneurs, Shaival Shah, Wei Gan, Paul Kim and Frances Bryant, bringing together proven track records in building and operating national real estate technology brands. Shaival and Wei previously founded Ribbon, a pioneering cash offers platform with 100,000+ agents, and $20B/yr in home offers. Paul was Chief Architect at Ribbon, and spearheads development of artificial intelligence and architecture for Indigo. Frances was Head of Real Estate at Ribbon, and leads real estate and operations at Indigo. www.useindigo.com SOURCE Indigo

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Home Sales Rise 3.8% While Prices Dip, Inventory Grows July home sales rebounded 3.8% from June while the median sales price dropped for the first time this year across the 51 metro areas surveyed. The median price of $425,000 was $5,000 – or 1.2% – lower than June’s. Compared to one year ago, July home sales were up 6.7% and the median sales price increased 3.7%. Inventory, meanwhile, was up 1.8% over June and 36.7% year over year. This happened despite a 9.4% decline in new listings from June, though new listings were up 7.1% from July 2023. Summer buying patterns could have been the reason for an increase in some regional home sales. In Chicago, IL, home sales increased 3.9% from June – closely mirroring the national average. Mike Opyd, Senior Vice President with RE/MAX Premier in Chicago says July is historically a busy month, “July was a relatively busy month as people were trying to get into homes before August when the end of summer vacations take place and school starts. With rates trending downward over the last few months, July lined up nicely for buyers to take advantage, which led to a slight increase in sales.” Amy Lessinger, President of RE/MAX, LLC, said, “July’s real estate activity is a promising sign of market resilience. Inventory bounced back after the historic lows of recent years, giving buyers far more options – even with the recent declines in new listings. As the industry prepares to adapt to several new changes in business practices, home buyers and sellers should look for a trusted advisor with the skills, knowledge and experience to guide them.” Other metrics of note: Highlights and local market results for July include: New Listings In the 51 metro areas surveyed in July 2024, the number of newly listed homes was down 9.4% compared to June 2024, and up 7.1% compared to July 2023. The markets with the biggest decrease in year-over-year new listings percentage were Coeur d’Alene, ID at -7.9%, Cleveland, OH at -7.2%, and Houston, TX at -5.2%. The markets with the biggest year-over-year increase in new listings percentage were Providence, RI at +37.3%, Honolulu, HI at +25.2%, and Nashville, TN at +24.3%. New Listings:5 Markets with the Biggest YoY Increase Market Jul 2024 Jul 2023 Year-over-Year % Change Providence, RI 1,656 1,206 +37.3 % Urban Honolulu, HI 1,007 804 +25.2 % Nashville, TN 5,069 4,078 +24.3 % Las Vegas, NV 3,798 3,131 +21.3 % Baltimore, MD 6,018 4,986 +20.7 % Closed Transactions Of the 51 metro areas surveyed in July 2024, the overall number of home sales was up 3.8% compared to June 2024, and up 6.7% compared to July 2023. There were only two markets with decreases in year-over-year sales percentages, they were Bozeman, MT at -14.5% and Raleigh, NC at -2.0%. The markets with the biggest increase in year-over-year sales percentage were Burlington, VT at +19.8%, Dover, DE at +18.8%, and Providence, RI at +18.7%. Closed Transactions:5 Markets with the Biggest YoY Increase Market Jul 2024 Jul 2023 Year-over-Year % Change Burlington, VT 254 212 +19.8 % Dover, DE 202 170 +18.8 % Providence, RI 1,381 1,163 +18.7 % Trenton, NJ 381 322 +18.3 % Birmingham, AL 1,367 1,170 +16.8 % Median Sales Price – Median of 51 metro area pricesIn July 2024, the median of all 51 metro area sales prices was $425,000, down 1.2% compared to June 2024, and up 3.7% from July 2023. The markets with the biggest year-over-year decrease in median sales price were Bozeman, MT at -8.6%, Dallas, TX at -2.2%, and Raleigh, NC at -1.3%. The markets with the biggest year-over-year increase in median sales price were Burlington, VT at +13.4%, Milwaukee, WI at +11.8%, and Providence, RI at +11.1%. Median Sales Price:5 Markets with the Biggest YoY Increase Market Jul 2024 Jul 2023 Year-over-Year % Change Burlington, VT $499,000 $440,000 +13.4 % Milwaukee, WI $380,000 $340,000 +11.8 % Providence, RI $489,000 $440,000 +11.1 % New York, NY $635,000 $575,000 +10.4 % Trenton, NJ $485,000 $439,500 +10.4 % Close-to-List Price Ratio – Average of 51 metro area pricesIn July 2024, the average close-to-list price ratio of all 51 metro areas in the report was 99%, down compared to 100% in both June 2024 and July 2023. 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 94%, Coeur d’Alene, ID at 96%, followed by a tie between Tampa, FL and New Orleans, LA at 97%. The metro areas with the highest close-to-list price ratios were Hartford, CT at 106%, San Francisco, CA at 104%, followed by a tie between Manchester, NH and Trenton, NJ at 103%. Close-to-List Price Ratio:5 Markets with the Lowest Close-to-List Price Ratio Market Jul 2024 Jul 2023 Year-over-Year Difference* Miami, FL 94.4 % 95.1 % -0.7 pp Coeur d’Alene, ID 96.4 % 97.6 % -1.2 pp New Orleans, LA 96.9 % 97.0 % 0.0 pp Tampa, FL 97.3 % 98.0 % -0.7 pp Orlando, FL 97.5 % 98.2 % -0.7 pp *Difference displayed as change in percentage points Days on Market – Average of 51 metro areasThe average days on market for homes sold in July 2024 was 36, up two days compared to the average in June 2024, and up five days compared to July 2023. The metro areas with the lowest days on market were Baltimore, MD at 11, Washington D.C. at 13, and Philadelphia, PA at 14. The highest days on market averages were in Fayetteville, AR at 73, San Antonio, TX at 68, and Coeur d’Alene, ID at 64. 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 Highest Days on Market Market Jul 2024 Jul 2023 Year-over-Year % Change Fayetteville, AR 73 68 +8.1 % San Antonio, TX 68 54 +26.0 % Coeur d’Alene, ID 64 59 +9.0 % Bozeman, MT 61 44 +39.5 % Des Moines, IA 60 50 +21.3 % Months’ Supply of Inventory – Average of 51 metro areasThe number of homes for sale in July 2024 was up 1.8% from June 2024 and up 36.7% from July 2023. Based on the rate of home sales in July 2024, the months’ supply of inventory was 2.2, up from 2.1 in June 2024, and up from 1.7 in July 2023. In July 2024, the markets with the lowest months’ supply of inventory were a three-way tie

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Additional study shows mitigation tactics can lead to 75% reduction of expected loss per property Natural disasters are becoming more intense as a result of changing weather patterns and wildfires are no exception. The 2024 CoreLogic Wildfire Risk Report found more than 2.6 million homes across 14 states are at moderate to very high risk of wildfire damage during the 2024 wildfire season, with a total reconstruction cost of $1.3 trillion. With those figures as a backdrop, the report also highlights the importance of mitigation techniques, both on an individual property and community wide basis—which have benefits for both homeowners and insurers. The western United States has the greatest wildfire risk with three states comprising 70% of the risk. The following states having the highest number of homes at moderate or greater risk of wildfire exposure: These states face an elevated level of risk because of the high number of homes in undeveloped areas, or with exposure to Wildland-Urban Interface, where homes are near wildlife such as trees, vegetation and other flammable materials. The Los Angeles metropolitan area leads the nation with the highest number of homes at risk, with more than 245,000 homes with moderate or greater risk of wildfire, representing a total reconstruction value of $186.6 billion although not all homes that experience a loss in a wildfire scenario will be a total loss. “In recent years, we’ve seen wildfires occur in unexpected places, reinforcing the need to understand the risk landscape and take mitigation action. Both insurers and consumers have a role to play to ensure adequate protection,” said Jon Schneyer, CoreLogic’s director of catastrophe response. “These numbers may seem overwhelming, but research shows that mitigation efforts make a real difference in potential losses from wildfires. The good news is there are actions people can take to lessen the risk.” Effective mitigation strategies There have been multiple devastating wildfires in recent years that have highlighted the need for individuals and communities to take mitigation action. For example, the Camp Fire of 2018 decimated more than 90% of the town of Paradise, California. A recent collaborative study with the Town of Paradise, Milliman, Inc, and CoreLogic found combining individual home- and community-level mitigation strategies led to a 75% reduction in expected loss per property in high-risk areas like Paradise, which can also lead to lower insurance premiums. Effective mitigation is a combined effort between communities and individuals. Some mitigation tactics for individuals include: Community-level mitigation efforts include: Additional mitigation tactics can be found through Insurance Institute for Business & Home Safety’s (IBHS) Wildfire Prepared Home Program™ at wildfireprepared.org. To learn more about wildfire risk and prevention, read the full 2024 Wildfire Risk Report. Contacts Robin WachnerCoreLogicnewsmedia@corelogic.com