Selling a million-dollar home — or higher — isn’t easy. Really amazing homes inspire people to see it in person — even if they can’t swing it. This is why Joan Herlong & Associates Sotheby’s International Realty has a long-standing policy designed to protect their sellers’ time and privacy. “Before an agent can show our listings priced at a million dollars or more, we require 24-hour notice, and the listing agent attends all first showings,” Herlong says. “The buyer agent must also provide Proof of Funds, or lender pre-approval, confirming their buyers don’t have to sell in order to b ..read more

NAR reports 0.7% decrease in August home sales, 15.3% national decrease from 2022 The National Association of Realtors announced pending home sales fell 0.7% in August 2023 when compared to July 2023. NAR also found pending home sales decreased 15.3% nationally from 2022 to 2023. NAR’s pending home sales numbers by region include: Year-over-year Northeast: 22.6% decrease Midwest: 16.4% decrease South: 12.4% decrease West: 15.7% decrease August 2023 Northeast: No change Midwest: 1% increase South: 1.1% decrease West: 2.6% decrease “Home sales have been stable for several months, neither ris ..read more

GGAR reports 4.8% increase in September average residential sales price The Greater Greenville Association of Realtors announced a 4.8% increase in the average residential sales price from $450,902 on Sept. 10, 2022, to $472,588 on Sept. 10, 2023. The median residential sales prices increased 3.9% year-over-year from $334,990 to $348,000. The average number of days on market has increased by 15.9% from 63 to 73, while the number of active residential listings stayed almost the same, from 3,865 listings on the multiple listing service in 2022 to 3,864 in 2023. GGAR also reported 1,187 homes wer ..read more

NAR report finds elevated home prices, mortgage rates and limited inventory as homebuying barriers The National Association of Realtors announced a pair of reports that identified high home prices and mortgage rates, as well as limited inventory, among the top barriers to prospective home buyers across races and ethnicities. To compile the reports, NAR partnered with business intelligence firm Morning Consult and surveyed Realtors who focused on residential real estate as well as prospective buyers. NAR’s Realtor survey found reasons buyers were not purchasing homes included: Limited inventor ..read more

NAR reports 0.9% increase in July pending home sales, 14% national decrease from 2022 The National Association of Realtors announced pending home sales rose 0.9% in July 2023 when compared to June 2023. NAR also found pending home sales decreased 14% nationally from 2022 to 2023. NAR’s July 2023 pending home sales numbers by region include: Northeast — 5.8% decrease Midwest — 0.4% decrease South — 2% increase West — 6.2% increase “The small gain in contract signings shows the potential for further increases in light of the fact that many people have lost out on multiple home-buying offers ..read more

GGAR reports 3.3% increase in August residential listings The Greater Greenville Association of Realtors announced a 3.3% increase in active residential listings, from 3,651 listings on the multiple listing service on Aug. 10, 2022, to 3,771 on Aug. 10, 2023. The average residential sales price increased 4.1% year over year from $458,983 in 2022 to $477,638 in 2023. Median residential sales prices had a 2.6% increase from $340,000 to $348,999. The average number of days on market has increased by 39.6% from 58 to 72. GGAR also reported 1,188 homes were pending sale and 975 units were under con ..read more

NAR reports 60% of metro areas saw home price gains in Q2 2023 The National Association of Realtors announced single-family-home sale prices climbed in 60% of metro areas nationwide as 30-year fixed mortgage rates swung between 6.28% and 6.71%. While home prices were up in the second quarter, NAR found the national median single-family existing-home price dipped 2.4% to $402,600 when compared to the quarter in 2022. NAR’s Q2 2023 home sales numbers by region include: Northeast — 3.2% increase Midwest — 1.4% increase South — 46% increase West — 5.8% decrease “Home sales were down du ..read more

NAR reports 0.3% increase in June pending home sales The National Association of Realtors announced pending home sales increased 0.3% in June 2023 when compared to May 2023. NAR also expects home sales to decrease 12.9% nationally from 2022 to 2023, settling at 4.38 million, before climbing 15.5%, to 5.06 million in 2024. NAR’s June 2023 pending home sales numbers by region include: Northeast — 0.6% increase Midwest — 4.3% increase South — 1.4% decrease West — 1% decrease “The recovery has not taken place, but the housing recession is over,” said Lawrence Yun, NAR chief economist. “The prese ..read more

NAR reports 3.3% decrease in June home sales The National Association of Realtors announced home sales decreased 3.3% in June 2023 when compared to May 2023. NAR found an 18.9% decrease in home sales from June 2022 compared to June 2023. NAR’s April 2023 pending home sales numbers by region include: Northeast — 2% increase Midwest — unchanged South — 5.4% decrease West — 5.1% decrease “The first half of the year was a downer for sure with sales lower by 23%,” said Lawrence Yun, NAR chief economist. “Fewer Americans were on the move despite the usual life-changing circumstances. The pent-up d ..read more

NAR reports national housing affordability decline in May 2023 The National Association of Realtors announced housing affordability decreased nationwide in May 2023 due to a 3.7% increase in monthly mortgage payments and a 2.8% rise in the median price of single-family homes. NAR also found that when comparing March 2023 to March 2022, the monthly mortgage payment climbed by 9.9% while median family income rose by 4.8%. With mortgage-payment rates outpacing income increases, the average family cannot afford to purchase a median-priced home, according to the report. The organization reports hou ..read more