Key Highlights Existing-home sales retreated 4.3% in March to a seasonally adjusted annual rate of 4.19 million. Sales fell 3.7% from the previous year. The median existing-home sales price rose 4.8% from March 2023 to $393,500 – the ninth consecutive month of year-over-year price gains and the highest price ever for the month of March. The inventory of unsold existing homes grew 4.7% from one month ago to 1.11 million at the end of March, or the equivalent of 3.2 months’ supply at the current monthly sales pace. WASHINGTON, D.C.—Existing-home sales slipped in March, according to the Nationa ..read more

The second half of 2023 and the first part of 2024 included moderation from the Federal Reserve Board with respect to interest rates. The effects of the interest rate run-up continue to be felt, however. Recent moderation in rates and indications that rates may be lowered in the near future have boosted activity in many markets, although values remain flat. Office building markets, in many areas in particular, continue to be plagued by rent shrinkage, lower occupancies and mortgage defaults caused by the expiration of long-time lower interest rate mortgages. In a recent transaction, a major Ne ..read more

WASHINGTON, DC—The National Association of Realtors® today announced SoFi as a new partner with NAR REALTOR Benefits®. As part of the agreement, NAR members and their clients can receive exclusive rates and discounts on mortgages, student loan refinancing, personal loans and more. “This partnership amplifies our support for the diverse financial needs of our members,” said Rhonny Barragan, NAR vice president of strategic alliances. “SoFi’s full range of services can benefit real estate agents and their clients across all stages of life.” “We’re extremely excited to partner with NAR to pro ..read more

WASHINGTON, D.C—Existing-home sales surged 9.5% in February to a seasonally adjusted annual rate of 4.38 million, the largest monthly increase since February 2023. Sales declined 3.3% from the previous year. The median existing-home sales price elevated 5.7% from February 2023 to $384,500 – the eighth consecutive month of year-over-year price gains. The inventory of unsold existing homes increased 5.9% from one month ago to 1.07 million at the end of February, or the equivalent of 2.9 months’ supply at the current monthly sales pace. Existing-home sales climbed in February, according to the Na ..read more

CHICAGO, IL—The National Association of REALTORS® (NAR) today announced an agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions. The agreement would resolve claims against NAR, over one million NAR members, all state/territorial and local REALTOR associations, all association-owned MLSs, and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below. The settlement, which is subject to court approval, makes clear that NAR continues to deny any wrongdoing in connection with the ..read more

Key Highlights Pending home sales decreased 4.9% in January. Month over month, contract signings rose in the Northeast and West but fell in the Midwest and South. Compared to one year ago, pending home sales declined in all U.S. regions. WASHINGTON, DC—Pending home sales in January dropped 4.9%, according to the National Association of Realtors. The Northeast and West posted monthly gains in transactions while the Midwest and South recorded losses. All four U.S. regions registered year-over-year decreases. The Pending Home Sales Index (PHSI)*– a forward-looking indicator of home sales b ..read more

Key Highlights Existing-home sales expanded 3.1% in January to a seasonally adjusted annual rate of 4.00 million. Sales declined 1.7% from the prior year. The median existing-home sales price climbed 5.1% from January 2023 to $379,100 – the seventh consecutive month of year-over-year price gains. The inventory of unsold existing homes increased 2.0% from one month ago to 1.01 million at the end of January, or the equivalent of 3.0 months’ supply at the current monthly sales pace. Existing-home sales grew in January, according to the National Association of Realtors®. Among the four major U.S ..read more

NAR Chief Economist Lawrence Yun issued the following statement on the January housing starts data: “Housing starts collapsed in January. More snow than usual fell across parts of the country, but the seasonally adjusted data implies a continuing housing shortage ahead. Multifamily construction fell 37% from a year ago and has been one of the lowest monthly activities over the past decade. Rising apartment vacancy is not due to fewer renters but rather due to the oversupply of construction in the past three years. Developers are, therefore, pulling back, at least temporarily. Single-family hom ..read more

Real Estate Agent Magazine sat down with C’Anna Keffer of Compass Realty Group to talk about her journey and insights in the real estate industry. REAM: Growing up in the homebuilding and rental business, how did your childhood experiences shape your passion for real estate, and what aspects of those early experiences do you bring into your current career? CA: Growing up in the real estate industry, I saw first-hand all that it takes to be a successful builder and landlord. These professions carry a lot of risk and stress, but also have big reward when done correctly. I have a deeper understan ..read more

MCLEAN, VA—Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS, showing the 30-year fixed-rate mortgage (FRM) averaged 6.64 percent. “Mortgage rates remain stagnant, hovering in the mid-six percent range over the past several weeks,” said Sam Khater, Freddie Mac’s Chief Economist. “The economy and labor market remain strong with wage growth outpacing inflation, which is keeping consumer spending robust. Meanwhile, affordability in the housing market is an ongoing issue due to continued high home prices, elevated mortgage rates and low supp ..read more