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Realtor.com® July Housing Report: Inventory Hits Post-Pandemic High

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Seattle (37.3%), San Jose (30.8%) and Columbus (17.4%) See Highest Gains in New Listings this July According to the Realtor.com® July housing data, the market is becoming more buyer friendly through a combination of rising inventory levels and price cut reductions. Homes actively for sale grew 36.6% in July 2024 relative to the same time last year, hitting a post-pandemic high, while the share of listings with price cuts reached 18.9%, the highest rate since October. “The inventory scars of the pandemic-era housing market are continuing to fade,” said Danielle Hale, Chief Economist of Realtor.com® “Although active listings are still short of the pre-pandemic mark, we saw the gap continue to narrow meaningfully as active listings hit a post-pandemic high. As sellers continue to list homes and buyers become choosier, the time a home spends on the market is extending, thereby helping the housing market move in a more buyer-friendly direction. In response, sellers are curbing expectations and reducing listing prices more often which could set the stage for more sales this fall, especially if mortgage rates continue to decline.” July 2024 Housing Metrics – National Metric Change over Jul 2023 Change over Jul 2019 Median List Price Per Sq.Ft. +3.1 % +52.3 Median listing price +0.0% (to $439,950) +37.7 % Active listings +36.6 % -28.6 % New listings +3.6 % -24.5 % Median days on market +5 days (to 50 days) -8 days Share of active listings with price reductions +3.4 percentage points(to 18.9%) +1.3 percentage points Inventory Hits Post-Pandemic HighJuly brings a growth in inventory across the country as all four regions saw active inventory grow year-over-year. Nationwide the total number of homes for sale increased by 22.6%, growing for the ninth straight month and surpassing last month’s rate of 22.4%. While inventory still sits below pre-pandemic levels, the gap between the 2017-2019 and present day levels is getting smaller. In particular, the South and the West experienced the most gains, with a growth in listings of 47.6% and 35.4%, respectively. The two regions are also closing the pre-pandemic and present day gap in inventory the most, with the South’s inventory hovering 14% below pre-pandemic levels, while the West’s inventory sits at 19.4% below. There is still a sizable difference in the gaps that need to be closed in the Midwest and the Northeast, where inventory still sits below pre-pandemic levels by 46.8% and 55.5%, respectively. “In addition to seeing inventory levels rise to heights not seen since before the pandemic, buyers are also seeing sellers cut prices on a much larger share of homes than last year,” said Realtor.com® Senior Economist Ralph McLaughlin. “These are signs that the housing market is healing from an unhealthy state and becoming more balanced.” Sellers Warm Up to Listing Homes and Cutting PricesWith the recent decrease in mortgage rates, more sellers are getting into the market and have seemingly open minds as the share of listings with price cuts increased to 18.9%; the highest since October of last year. While all 50 of the top metros saw share of listings with price cuts increase year-over-year, the metros that saw the most include Denver (32.4%), Austin (31.4%), and Tampa (30.6%). Additionally, newly listed homes on the market grew by 3.6% this month compared with the same time last year, but measurably lower than June 2024’s 6.6% figure. This marks the ninth consecutive month of an increased number of newly listed homes, leading to more options and availability of homes for those who are eager to buy. Homes Linger on Market LongerWhile options for homes are on the rise, the time homes are spending on the market is also growing. This month, the typical home spent 50 days on the market, which is the fourth month in a row where time spent on market is more than it was during the previous year, meaning buyers have more of an opportunity to scoop up a home they’ve been eyeing than in previous months. That being said, while it’s five more days than the time the typical home spent on the market in July 2023, it’s still more than a week (8 days) less than the time spent in July from 2017-2019. Additional details and full analysis of the market inventory levels and additional trends in listing prices and more can be found in the Realtor.com® July Monthly Housing Report. SOURCE Realtor.com Author admin View all posts

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July marks six consecutive months of gains in national advertised asking rents Consistent economic growth and demographic trends sustained multifamily demand at the start of the third quarter, according to the latest Yardi® Matrix National Multifamily Report. The average U.S. publicly advertised rent or “asking rent” rose 0.8 percent year-over-year (YoY) through July, or $4 to $1,743. The national occupancy rate in June remained at 94.6 percent for the seventh straight month, down 0.4 percent YoY. Gateway metros in the East and secondary markets in the Midwest continued to lead rent growth YoY, with the strongest performance registered in New York City (5.2 percent), Washington, D.C. (4.0 percent) and Kansas City (3.4 percent). Rent growth remained negative in several Sun Belt metros, led by Austin (-5.7 percent), Atlanta (-3.3 percent) and Raleigh (-2.8 percent). The single-family rental market continued to exhibit strength, with advertised asking rents up $5 in July to $2,171, up one percent YoY. Demand is sustained by high cost of homeownership and the lack of available homes for sale. Gain more insight in the new Yardi Matrix National Multifamily Report. SOURCE Yardi Author admin View all posts

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ServiceLink, the nation’s premier provider of tech-enabled services for all phases of the mortgage lifecycle, is pleased to welcome Yancy Riggs, vice president, national sales executive, to its default division. Riggs, who will be responsible for driving client growth and new business development for default solutions, is an accomplished and respected mortgage banking professional with more than 20 years of industry experience. He has a proven track record of success developing and implementing complex initiatives to drive improved customer satisfaction and performance. An enthusiastic producer, he brings a sense of urgency to capture market opportunities and a passion for winning. Riggs joins ServiceLink after a stint at Covius (RealtyBid), where he was responsible for all facets of revenue generating activities. He previously held leadership roles at CoreLogic, Black Knight Financial and Equifax. Riggs possesses a solid understanding of topical issues surrounding his customer base and has a thorough understanding of applicable sales techniques and strategies to develop and improve customer satisfaction and loyalty. Riggs, whose mission is to help his clients achieve their strategic goals, realize greater success and better serve their customers, has a reputation for building long lasting customer relations through a relentless commitment to innovation, quality and customer satisfaction. Contact: Stephanie Hacke Public Relations & Communications Lead, Marketing E: stephanie.hacke@svclnk.com M: 412.377.6629 Author admin View all posts

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Monthly housing payments are falling as mortgage rates decline, but many house hunters remain on the sidelines, with pending sales posting their biggest drop in nearly nine months The typical U.S. homebuyer’s monthly housing payment was $2,671 during the four weeks ending July 21, the lowest level in four months and down $166 from the record high set at the end of April. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Housing payments are falling because mortgage rates are falling: The weekly average mortgage rate has declined to 6.77%, its lowest level since March, as inflation cools. Buyers also have more homes to choose from: New listings are up 6.1% year over year, and more listings are growing stale, giving house hunters the opportunity to negotiate. But even though housing payments are declining and inventory is improving, homebuyers remain hesitant. Pending home sales are down 5.7% year over year, the biggest decline in nearly nine months, and mortgage-purchase applications are down 15% (purchase applications are down 4% week over week). Many would-be buyers are still waiting on the sidelines largely because even though mortgage rates are coming down a bit, home-sale prices are just shy of their record all-time high. Additionally, Redfin agents say some house hunters are waiting until after the upcoming presidential election to buy because they don’t want to make a large purchase in the midst of political and economic uncertainty. “I’m working with several buyers who are waiting for the election before they make a move,” said Matthew Purdy, a Redfin Premier agent in northern Colorado. “Some of them say they’ll only buy a home if their candidate wins. Others are waiting because they feel the economy and housing market are shaky, and hope it will improve after the election. I am working with a few foreign buyers who are wary about investing any more money in U.S. real estate before they see who takes office.” For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page. Indicators of homebuying demand and activity Value (if applicable) Recent change Year-over-year change Source Daily average 30-year fixed mortgage rate 6.9% (July 24) Near lowest level since February; down from 7.14% 3 weeks earlier Unchanged from 6.9% Mortgage News Daily Weekly average 30-year fixed mortgage rate 6.77% (week ending July 18) Down from 6.89% a week earlier Essentially unchanged from 6.78% Freddie Mac Mortgage-purchase applications (seasonally adjusted) Decreased 4% from a week earlier (as of week ending July 19) Down 15% Mortgage Bankers Association Redfin Homebuyer Demand Index (seasonally adjusted) Essentially unchanged from a month earlier (as of week ending July 21) Down 16% Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents Touring activity Up 19% from the start of the year (as of July 22) At this time last year, it was up 15% from the start of 2023 ShowingTime, a home touring technology company Google searches for “home for sale” Up 12% from a month earlier (as of July 22) Down 15% Google Trends Key housing-market data U.S. highlights: Four weeks ending July 21, 2024Redfin’s national metrics include data from 400+ U.S. metro areas, and is based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision. Four weeks ending July 21, 2024 Year-over-year change Notes Median sale price $395,500 4.4% $1,000 below all-time high set during the 4 weeks ending July 7 Median asking price $401,250 4.9% Median monthly mortgage payment $2,671 at a 6.77% mortgage rate 4.6% Lowest level since March; $166 below all-time high set during the 4 weeks ending April 28 Pending sales 81,224 -5.7% Biggest decline in nearly 9 months New listings 92,972 6.1% Active listings 985,303 18.7% Smallest increase in 3 months Months of supply 3.6 +0.7 pts. 4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions Share of homes off market in two weeks 38.3% Down from 44% Median days on market 33 +5 days Share of homes sold above list price 31.2% Down from 36% Share of homes with a price drop 6.7% +1.8 pts. Highest level on record Average sale-to-list price ratio 99.5% -0.5 pts. Metro-level highlights: Four weeks ending July 21, 2024Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy. Metros with biggest year-over-year increases Metros with biggest year-over-year decreases Notes Median sale price Detroit (15.4%)Providence, RI (14.3%)New Brunswick, NJ (13.2%)Newark, NJ (13%)Milwaukee (12.4%) Austin, TX (-3.6%)Dallas (-1.2%) Declined in 2 metros Pending sales Newark, NJ (7.1%)San Jose, CA (4%)Boston (3.1%)Cincinnati, OH (2.3%)San Francisco (1.7%)Los Angeles (1.4%)Columbus, OH (0.5%) Houston (-28%)Minneapolis (-16.1%)West Palm Beach, FL (-15.7%)Virginia Beach, VA (-14.3%)Atlanta (-13.6%) Increased in 7 metros New listings San Jose, CA (25.8%)Las Vegas (20.6%)Miami (17.1%)Phoenix (16.2%)Jacksonville, FL (16.1%) Atlanta (-14.2%)Houston (-10.5%)Detroit (-4%)Chicago (-3.1%)Warren, MI (-2.5%) Declined in 8 metros Author admin View all posts

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New data reveals that although the younger generations have considerations about affordability, they are ready to own a home and view it as an important part of life. The dream of homeownership remains an integral part of life for Gen Z and Millennials in the U.S., who continue to feel that owning a home is important despite market conditions. In a consumer survey, RE/MAX, the #1 name in real estate, showcases Gen Z and Millennials’ attitudes toward homeownership. Over the past several years, the housing market has seen fluctuating inventory levels, home prices, and interest rates. As the survey reveals, market conditions are not causing prospective buyers to reconsider their plans to purchase. In fact, 63% of Gen Z and Millennial respondents indicate they are interested, eager and ready to become homeowners, even though they have some considerations around housing prices, interest rates, etc. “Homeownership is still an important milestone, and our survey shows that Gen Z and Millennials are ready to achieve it,” says Amy Lessinger, President of RE/MAX, LLC. “While current market conditions have impacted timelines, this next generation of homebuyers is resolute in their desire to achieve homeownership. It’s up to us as real estate agents to provide them with the right tools and guidance to help them reach their goals of homeownership.” Key survey findings include: Gen Z and Millennials are Ready to Become Homeowners Buyers in these generations are ready to purchase a home but have some reservations. Americans View Homeownership as an Important Part of Life Gen Z and Millennials continue to view homeownership as an important life milestone. Millennials are More Confident in Their Financial Readiness Many respondents are confident in their knowledge of the homebuying process and their financial readiness to buy a home. Buyers Want Professional Guidance When Buying and Selling Gen Z and Millennials are planning to use real estate agents when buying or selling a home to help guide them through the housing market and homebuying and selling process To review additional results from the survey, please visit news.remax.com. SOURCE RE/MAX, LLC Author admin View all posts

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The number of cities with ‘million-dollar’ starter homes has nearly tripled since 2019 A million-dollar price tag no longer means lavish and luxurious living. In more than 200 U.S. cities, buyers will find a price tag of $1 million or more on the typical starter home, a new Zillow® analysis finds. The typical “starter home” — defined for this analysis as being among those in the lowest third of home values in a given region — is worth at least $1 million in 237 cities, the highest number of cities ever. Five years ago, there were only 84 such cities. Nationwide, the typical starter home is worth $196,611, which is comfortably affordable for a median-income household. But a housing shortage that worsened over the pandemic helped drive the cost of all homes to new heights. Starter home values have grown 54.1% over the past five years, even more than the 49.1% increase for the typical U.S. home in the same time frame. That has delayed the first home purchase for many. The median age of a first-time home buyer was 35 last year, a year older than in 2019. “Home buyers are battling affordability and availability today. So much so that $1 million is the norm for a starter home in hundreds of cities,” said Orphe Divounguy, a senior economist at Zillow. “However, it’s looking more and more like there will be some good news ahead for first-time buyers. More homes are for sale, price cuts are on the rise, and buyers have a few more days to weigh their options as homes sit on the market.” Exactly half of all states have at least one city with a typical starter home worth $1 million or more. There are 117 such cities in California, well ahead of New York (31) and New Jersey (21), which have the second- and third-highest numbers. Florida and Massachusetts round out the top five with 11 each. Among metropolitan areas, the New York City metro, which includes parts of New Jersey and Pennsylvania, has the most cities with million-dollar starter homes at 48. The San Francisco metro has the next highest count at 44, followed by Los Angeles (35), San Jose (15), and Miami and Seattle, each with eight. Irvine, with a population of more than 300,000, is the biggest city with $1 million starter homes. Markets with the most-restrictive building regulations tend to have more cities with $1 million starter homes. They are also markets with lower homeownership rates. State Cities with Million-DollarStarter Homes (June 2024) Cities with Million-DollarStarter Homes (June 2023) Cities with Million-DollarStarter Homes (June 2019) California 117 98 53 New York 31 26 13 New Jersey 21 15 2 Florida 11 10 4 Massachusetts 11 9 0 Washington 8 8 5 Texas 7 6 1 Hawaii 5 4 1 Connecticut 4 2 0 Colorado 3 3 1 Wyoming 3 1 0 Maryland 2 2 1 South Carolina 2 2 1 Arizona 1 1 1 Georgia 1 1 1 Kansas 1 1 0 Michigan 1 1 0 Minnesota 1 1 0 Missouri 1 1 0 Nevada 1 1 0 New Hampshire 1 1 0 Virginia 1 1 0 Illinois 1 0 0 Rhode Island 1 0 0 Utah 1 0 0 SOURCE Zillow Author admin View all posts