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Existing Home Sales Rise to Highest Level in Over a Year and a Half
Redfin reports homebuying activity picked up in November as election uncertainty dissipated and buyers grew more accustomed to elevated mortgage rates Existing home sales rose 0.7% month over month in November to a seasonally adjusted annual rate of 4,269,85—the highest level since March 2023. They jumped 4.5% year over year—the largest annual increase since July 2021, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. A seasonally adjusted annual rate is not a measurement of actual total sales for the year, but rather, the pace of sales at a given time. A seasonally adjusted annual rate of 4,269,851 in November means that existing home sales would end the year at that level if homes were sold at the November pace for each month of 2024. Redfin’s measure of existing home sales has them coming in at around 4.1 million for the full year of 2024. “Homebuying activity picked up steam in recent months as election uncertainty dissipated and house hunters realized that waiting probably isn’t going to get them a significantly lower mortgage rate anytime soon,” said Redfin Senior Economist Elijah de la Campa. “Since 2024 was a slow year for housing, existing home sales for the full year will still likely come in roughly the same as 2023, which was the weakest showing for sales since 1995. But we expect sales to tick up in 2025.” The average interest rate on a 30-year mortgage rose to 6.81% last month, the highest level since July, but that’s still below the 7.44% level of November 2023. Mortgage rates hit the highest level in over two decades last fall, putting a damper on sales—another reason sales this past month posted a sizable year-over-year gain. Overall home sales, including both existing and new homes, climbed 2.2% month over month in November to the highest level in over two years on a seasonally adjusted basis. They were up 7% year over year, the biggest annual increase since June 2021. Pending sales also inched up, rising 0.4% month over month to the highest level since February 2023 on a seasonally adjusted basis, and climbing 5.7% year over year. “The market was stagnant in the months leading up to the election, but within 48 hours of the results being announced, I was getting more home-tour requests,” said Rafael Corrales, a Redfin Premier real estate agent in Miami. “We definitely saw an uptick in demand on the buyside, but less so with listings.” Home Prices Posted Biggest Gain in Seven Months as Supply Remained Constrained The median home sale price increased 5.4% year over year to $430,107 in November, the biggest annual gain since April. Prices continue to rise because there’s still a shortage of homes for sale. New listings fell 1.6% month over month on a seasonally adjusted basis and dropped 4.8% year over year. While new listings slowed in November, active listings—a measure of all homes on the market—continued to rise. Active listings climbed 0.5% month over month to the highest level on a seasonally adjusted basis since July 2020, and increased 12.1% year over year. One reason active listings are rising is that some homes are taking a long time to sell, causing stale supply to pile up. The typical home that went under contract in November was on the market for 43 days—the slowest November pace since 2019. While active listings rose last month, they were still 18.2% below pre-pandemic (November 2019) levels. New listings were 13.8% below pre-pandemic levels. November 2024 Housing Market Highlights: United States November 2024 Month-over-monthchange Year-over-yearchange Median sale price $430,107 -0.9% 5.4% Existing home sales, seasonally adjusted annual rate 4,269,851 0.7% 4.5% Pending home sales, seasonally adjusted 495,299 0.4% 5.7% Homes sold, seasonally adjusted 441,032 2.2% 7% New listings, seasonally adjusted 525,178 -1.6% -4.8% Total homes for sale, seasonally adjusted (active listings) 1,736,884 0.5% 12.1% Months of supply 3.1 0.1 0.1 Median days on market 43 2 6 Share of homes sold above final list price 26.5% -1.3 ppts -2.3 ppts Average sale-to-final-list-price ratio 98.8% -0.2 ppts -0.2 ppts Monthly average 30-year fixed mortgage rate 6.81% 0.38 ppts -0.63 ppts Metro-Level Highlights: November 2024 To view the full report, including charts, please visit: https://www.redfin.com/news/existing-home-sales-rise-november.
Archwest Appoints Former CoreVest Executive Tuan Pham as Chief Marketing Officer to Expand its Platform and Enhance Client Experience
Archwest Capital (“Archwest”), a premier direct lender specializing in business-purpose financing for residential real estate investors, announced the appointment of Tuan Pham as Chief Marketing Officer. Pham, a seasoned leader in the business-purpose lending (BPL) sector, brings over 23 years of experience in marketing, branding, and client engagement, most recently serving as the Chief Marketing Officer of Dunmor. Previously, Pham led as Chief Marketing Officer of CoreVest, where he played a crucial role in helping the company exceed $20 billion in loans by applying a diverse range of marketing, communications, and business development strategies to connect with clients and prospects. He was also instrumental in developing the company’s customer experience portal and leading marketing technology innovations. His strategic approach to client acquisition and retention, paired with his leadership in tech-driven solutions, makes him a key addition to Archwest as the company enters its next phase of growth. “Tuan’s proven track record of building top-performing marketing teams and driving exceptional client experiences aligns perfectly with Archwest’s goals,” said Shawn Miller, Founder and Chief Executive Officer of Archwest. “His deep industry knowledge will accelerate our marketing efforts and further elevate visibility for our brand and innovative suite of diversified lending products.” “I have long admired Tuan’s leadership and innovative approach,” added Tricia Mitchell, Chief Operating Officer of Archwest. “We are excited to collaborate with him as we expand our client base and continue to deliver outstanding service to our borrowers and broker partners.” “I am honored to join Archwest, a company that places a strong emphasis on people, technology, and innovation,” said Pham. “I look forward to optimizing our national reach and marketing functions to drive impactful business development efforts and enhance the overall customer journey.” About Archwest Capital Archwest Capital is a national direct lender focused on providing business purpose financing secured by residential, multifamily, and mixed-use properties. As bankers, lawyers and real estate entrepreneurs, the founders of Archwest have created and operated multiple firms in the past two decades that have managed more than $8 billion of assets and originated more than $3 billion of business purpose loans. Their deep experience and national reach have culminated in the formation of Archwest, which provides a comprehensive suite of diversified lending products, including fix and flip, bridge, construction, rental, and multifamily loans. Since 2022, Archwest has helped investors meet the need for increased housing across the nation, providing direct capital solutions throughout the development process, from ground-up to light/heavy rehab to stabilization, in addition to offering flexible permanent financing alternatives to agency commercial products. For more information, visit www.archwestcapital.com. SOURCE Archwest Capital
Hines 2025 Outlook: Turning the Corner Toward Recovery and Opportunity
2025 has the potential to be a pivotal turning point for global real estate markets, according to leading global real estate investment manager Hines’ 2025 Global Investment Outlook report. The report, titled “A New Dawn: Seizing Real Estate’s Moment of Opportunity,” highlights the key trends and sector-specific strategies Hines sees shaping the global real estate market as it transitions into a new cycle of growth and recovery, with a specific focus on the potential opportunities unfolding in the private markets. “As we enter 2025, we remain in the midst of a massive transition in the investment landscape,” said David Steinbach, Global Chief Investment Officer of Hines. “The dynamics of the previous cycle–where unusually low interest rates propelled growth and easy leverage–have faded and are being replaced by a higher-for-longer interest rate environment where investors will need to focus on alpha generation. We will likely look back on 2025 as a pivotal moment of recovery in many areas of the commercial real estate sector–now is the time for investors to put capital to work and reposition their portfolios.” Priority Sectors and High-Conviction Themes Global Markets Takeaways According to Hines’ analysis, as of the third quarter of 2024, just over 66% of global markets were in some phase of the Buy cycle, the highest level since 2016. “As we close the door on 2024 and look ahead to 2025, our data finds that the global real estate market presents a promising, but complex, landscape,” said Joshua Scoville, Head of Global Research at Hines. “It’s our conviction that the year ahead will bring stability, clarity, and potential opportunity for global real estate investors as the dust settles and the asset class turns a corner into recovery.” Hines’ “A New Dawn: Seizing Real Estate’s Moment of Opportunity,” 2025 Global Investment Outlook is available for download on the Hines website. About Hines Hines is a leading global real estate investment manager. We own and operate $93.0 billion1 of assets across property types and on behalf of a diverse group of institutional and private wealth clients. Every day, our 5,000 employees in 31 countries draw on our 67-year history to build the world forward by investing in, developing, and managing some of the world’s best real estate. To learn more, visit www.hines.com and follow @Hines on social media.
Veterans United Predicts 2025 Will Bring More Buyers Into the Market as Rates Stabilize and Home Price Growth Moderates
Affordability Will Continue to Remain a Challenge Prompting Buyers to Rely Heavily on Seller Concessions and Creative Financing Options After five years of dramatic ups and downs, the U.S. housing market is poised for stabilization, according to Veterans United’s 2025 Housing Market Outlook. Although affordability challenges and economic uncertainties remain, improvements in mortgage rates and more moderated home price growth signal a gradual recovery. “The coming year will be characterized by a balance of opportunities and constraints, with affordability being the defining challenge,” said Joe Ellison, Veterans United’s Vice President of Capital Markets. “Prospective buyers and sellers will need to navigate a complex landscape where stabilization and recovery coexist alongside economic pressures. Although buyers may find declining mortgage rates encouraging, persistent inflation and lagging wages may significantly limit their purchasing power. Affordability challenges will prompt sellers to be more receptive to concessions to attract buyers.” Veteran United’s 2025 forecast is based on the following key trends: SOURCE Veterans United Home Loans
TOP 20 CITIES FOR STEM JOB GROWTH ANNOUNCED IN RCLCO’S 2024 ANNUAL STEMdex
Austin, Seattle, Denver, San Francisco, and Raleigh top the list of cities with the most momentum for STEM job growth Leading real estate advisory firm RCLCO Real Estate Consulting, announced the results of their 2024 STEM Job Growth Index (STEMdex), which projects which metropolitan areas will have the strongest outlook for growth in STEM jobs. Published annually since 2016, the STEMdex tracks and projects STEM job growth trends across the country by analyzing the economies of the largest metropolitan areas to understand which regions are attracting the jobs and employees of the future. Read the full report online. “STEM jobs, driven by a highly educated workforce, are among the highest-paying and most economically impactful roles in any market.” said Gregg Logan, Managing Director at RCLCO, “Their significance to the economy is immense, and our STEMdex, now in its eighth edition, is designed to spotlight markets with robust industry employment today and those poised for significant growth in the future. The STEMdex offers a straightforward and intuitive tool to help people grasp the employment and housing trends that STEM job growth will bring to these cities in the coming years.” The index’s analysis focuses on metrics in four major areas RCLCO finds to be paramount to the growth of STEM jobs: STEM Trends/Economic Factors, Workforce Quality, Quality of Life/Health, and Business Climate. In total, RCLCO identified and weighted 23 different indicators they believe best characterize the four major categories and can quantify their impact on the STEM job market. Some of the highlights of this year’s list include: This year’s list includes three metropolitan areas from California, while Texas and North Carolina each have two cities in the top 20. No other state features more than one city in the 2024 rankings. The results remain largely consistent with 2023, with two notable changes: Philadelphia, which ranked 20th last year, dropped off the list, replaced by Phoenix, AZ. Additionally, Minneapolis slipped five spots, while San Diego climbed five places. The top 20 cities include: RANK MSA RANK MSA 1 Austin, TX 11 Dallas, TX 2 Seattle, WA 12 San Diego, CA 3 Denver, CO 13 Nashville, TN 4 San Francisco, CA 14 Orlando, FL 5 Raleigh, NC 15 Charlotte, NC 6 Portland, OR 16 Minneapolis, MN 7 San Jose, CA 17 Richmond, VA 8 Washington, D.C. 18 Atlanta, GA 9 Boston, MA 19 Baltimore, MD 10 Salt Lake City, UT 20 Phoenix, AZ About RCLCO Since 1967, RCLCO Real Estate Consulting has been the “first call” for real estate developers, investors, public institutions, and non-real estate companies seeking strategic and tactical advice regarding property investment, planning, and development. RCLCO leverages quantitative analytics platforms and a strategic planning framework to provide end-to-end business planning and implementation solutions at an entity, portfolio, or project level. With the insights and experience gained over 57 years and thousands of projects, RCLCO brings success to all product types across the United States and around the world. RCLCO is headquartered in Bethesda, MD, and has offices in Los Angeles, CA, Orlando, FL, Austin, TX, New York, NY, and Denver, CO. To learn more about RCLCO, visit www.rclco.com. SOURCE RCLCO
New AARP Report
Majority of Adults 50-plus Want to Age in Place, But Policies and Communities Must Catch Up AARP’s national 2024 Home and Community Preferences Survey reveals that a strong majority of adults aged 50 and older (75%) wish to remain in their current homes as they age, and 73% hope to stay in their communities — significantly higher than younger adults aged 18-49 (60% and 63%, respectively) — but existing housing policies and community infrastructure are not keeping pace with this increasing need. “As people age, affordable and independent living isn’t just a preference—it’s essential for their wellbeing,” said Rodney Harrell, PhD, AARP Vice President of Family, Home, and Community. “Most older adults want to stay in their homes, yet rising housing costs and limited options create serious barriers. To meet this growing need, leaders at all levels and sectors must prioritize affordable, safe, and accessible housing and communities.” The urgency for policy action is clear. In 2021, 11.2 million older adults spent over 30% of their income on housing, while federal housing assistance reached only 36.5% of eligible households. More than 10 million older renters spent more than 30% of their income on housing. With households led by people 80 and older set to double by 2040, the U.S. is overdue to tackle the cost of aging in place. Older adults are facing significant challenges to staying in their homes and communities, the survey shows: Policy Solutions for Aging in Place AARP is driving a policy agenda to support the growing population of older adults seeking to age in their homes and communities: To view the full Home and Community Preferences Survey results, visit http://www.aarp.org/livablesurvey2024. The AARP Livability Index™: A Tool for ChangeUpdated in October 2024, the AARP Livability Index™ is a web tool that scores every U.S. neighborhood and community on factors that impact quality of life as people age. Using data from over 50 publicly available national sources, it assesses 61 indicators of livability including housing, transportation, safety, environmental quality, health services, and community engagement, which are similar elements captured in the survey. Designed for homebuyers, policymakers, and others, the Index helps users understand local conditions and take action to enhance independence, choice, and quality of life. SOURCE AARP
