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Existing-Home Sales Expanded 0.8% in November, Ending Five-Month Slide

Retrieved on:

Wednesday, December 20, 2023

Housing, NAR, National Association, Freddie Mac, Berkshire Hathaway, Cryptocurrency

The median existing-home sales price rose 4.0% from November 2022 to $387,600 – the fifth consecutive month of year-over-year price increases.

Key Points:

The median existing-home sales price rose 4.0% from November 2022 to $387,600 – the fifth consecutive month of year-over-year price increases.
Existing-home sales grew in November, breaking a streak of five consecutive monthly declines, according to the National Association of Realtors®.
Among the four major U.S. regions, sales climbed in the Midwest and South but receded in the Northeast and West.
Distressed sales[5] – foreclosures and short sales – represented 1% of sales in November, virtually unchanged from last month and the previous year.

NAR Forecasts 4.71 Million Existing-Home Sales, Improved Outlook for Home Buyers in 2024

Retrieved on:

Wednesday, December 13, 2023

Housing, Fed, NAR, Real estate

NAR predicts 4.71 million existing-home sales in 2024, up 13.5% from 4.1 million anticipated in 2023.

Key Points:

NAR predicts 4.71 million existing-home sales in 2024, up 13.5% from 4.1 million anticipated in 2023.
Yun forecasts that U.S. GDP will grow by 1.5%, avoiding a recession, with net new job additions slowing to 1.7 million in 2024, compared to 2.7 million in 2023 and 4.8 million in 2022.
Yun also foresees 1.48 million housing starts in 2024, including 1.04 million single-family and 440,000 multifamily.
NAR identified 10 real estate markets with the most pent-up housing demand, which it expects to outperform other metro areas in 2024.

Pending Home Sales Fell 1.5% in October

Retrieved on:

Thursday, November 30, 2023

Housing, Index, NAR

Pending home sales dropped in all four U.S. regions compared to one year ago.

Key Points:

Pending home sales dropped in all four U.S. regions compared to one year ago.
Pending home sales dropped 1.5% in October, according to the National Association of Realtors®.
The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – dropped 1.5% to 71.4 in October, the lowest number since the index was originated in 2001.
Additionally, newly built home sales are up 4.5% year-to-date due to homebuilders’ ability to create more inventory [1] .

Existing-Home Sales Receded 4.1% in October

Retrieved on:

Tuesday, November 21, 2023

Housing, Total, NAR, National Association, Freddie Mac, Cryptocurrency

The median existing-home sales price climbed 3.4% from one year ago to $391,800 – the fourth consecutive month of year-over-year price increases.

Key Points:

The median existing-home sales price climbed 3.4% from one year ago to $391,800 – the fourth consecutive month of year-over-year price increases.
Among the four major U.S. regions, sales slid in the Northeast, South and West but were unchanged in the Midwest.
Distressed sales[5] – foreclosures and short sales – represented 2% of sales in October, virtually unchanged from last month and the previous year.
In the West, existing-home sales decreased 1.4% from the prior month to an annual rate of 690,000 in October, down 14.8% from one year ago.

Miami-Dade County Mid-Market Condominium Sales Rise Again

Retrieved on:

Wednesday, December 20, 2023

Statistics, Partnership, Multiple listing service, Freddie Mac, State, MLS, Sale, News, Housing, Total, Internal Revenue Service, Average revenue per user, Fed, NAR, REO, CoreLogic

MIAMI, Dec. 20, 2023 /PRNewswire-PRWeb/ -- Miami-Dade County mid-market condominium sales rose again as the high-demand, low-supply South Florida real estate market prepares for a robust 2024 with mortgage rates finally on the decline, according to November 2023 statistics released by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.

Key Points:

Short sales and REOs accounted for 0% and 0.9% year-over-year, respectively, of total Miami sales in November 2023.
Nationally, distressed sales represented 1% of sales in November 2023, virtually unchanged from last month and the prior year.
Cash sales represented 40.9% of Miami closed sales in November 2023, compared to 42.3% in November 2022.
Cash sales accounted for 50.2% of all Miami existing condo sales and 28.4% of single-family transactions.

NAR Chief Economist Says Commercial Real Estate Will Revitalize, Calls on Federal Reserve to Consider Cutting Interest Rates

Retrieved on:

Thursday, November 16, 2023

Federal Reserve, Policy, GDP, City, Treasury, Weakness, Doggy Fizzle Televizzle, Federal, Growth, COVID-19, NAR, Real estate, Commercial property, Bank, Renting, Drug

ANAHEIM, Calif., Nov. 16, 2023 (GLOBE NEWSWIRE) -- Commercial property rates are expected to stabilize – aside from office space – and commercial real estate will revitalize, according to NAR Chief Economist Lawrence Yun.

Key Points:

ANAHEIM, Calif., Nov. 16, 2023 (GLOBE NEWSWIRE) -- Commercial property rates are expected to stabilize – aside from office space – and commercial real estate will revitalize, according to NAR Chief Economist Lawrence Yun.
“There’s tremendous difficulty in the commercial real estate market with higher interest rates,” Yun explained.
“The small-sized banks – community and local banks – have much larger exposure to commercial real estate,” said Yun.
The Federal Reserve should consider cutting interest rates as we go into early next year.

NAR Chief Economist Lawrence Yun Forecasts Existing Home Sales Will Rise by 15% Next Year and Mortgage Rates Will be Between 6-7% by Spring 2024

Retrieved on:

Wednesday, November 15, 2023

Employment, GDP, Federal, Treasury, Buyer's remorse, Housing, Federal Reserve, Fed, NAR, CPI, Real estate, Bank

He explained that high mortgage rates and low inventory have dominated 2023, saying, “Twenty-year-high mortgage rates have held off home buyers.

Key Points:

He explained that high mortgage rates and low inventory have dominated 2023, saying, “Twenty-year-high mortgage rates have held off home buyers.
Driven by extraordinarily high interest rates, 30-year-fixed mortgage rates remained elevated in 2023, climbing to as much as 8%.
“These high interest rates have had a great impact on the U.S.’ overall economic performance,” Yun said.
“The 10-year Treasury yield is at 4.4%, which historically means mortgage rates could be at 6.4%, but they are much higher,” said Yun.

NAR Finds Typical Home Buyer’s Annual Household Income Climbed to Record High of $107,000 in Wake of Rising Home Prices and Mortgage Rates

Retrieved on:

Monday, November 13, 2023

Sale, Record, Research, Household, Lautze Mosque, Male, National Association, Berkshire Hathaway, Child, Ageing, Housing, Parent, NAR, Real estate

The typical down payments for first-time (8%) and repeat (19%) buyers were the highest since 1997 and 2005, respectively.

Key Points:

The typical down payments for first-time (8%) and repeat (19%) buyers were the highest since 1997 and 2005, respectively.
While this is an increase, it is well below the 38% annual average since 1981.
The typical ages for first-time (35 years) and repeat (58 years) buyers declined slightly from the record highs of 36 years and 59 years, respectively, last year.
The typical down payment for first-time buyers was 8%, which is the highest since 1997 when it was 9%.

General Mills Announces Changes to Senior Leadership Team

Retrieved on:

Wednesday, December 6, 2023

General Mills, Inc. (NYSE: GIS) today announced several changes to its senior leadership team to further advance the company’s enterprise strategy, Accelerate.

Key Points:

General Mills, Inc. (NYSE: GIS) today announced several changes to its senior leadership team to further advance the company’s enterprise strategy, Accelerate.
Ricardo Fernandez, newly promoted to Segment President, International, will report to Nudi, with Fernandez also joining the company's senior leadership team.
Earlier in his career, Fernandez held leadership roles for General Mills businesses in Europe and Latin America.
“We are making these strategic changes to best position General Mills for today’s dynamic landscape,” said Jeff Harmening, Chairman and CEO, General Mills.

IRAR Trust Establishes Key Partnership with National Association of REALTORS® to Offer Exclusive Self-Directed Retirement Plans

Retrieved on:

Wednesday, December 6, 2023

IRAS, IRA, Trust, Partnership, Retirement, NAR, Real estate, Life insurance

Serving as the preferred provider for self-directed retirement plans under NAR REALTOR Benefits®, IRAR extends discounted offerings for self-directed IRAs and solo 401(k) accounts to NAR Members, their families, and association staff at the national, state, and local levels.

Key Points:

Serving as the preferred provider for self-directed retirement plans under NAR REALTOR Benefits®, IRAR extends discounted offerings for self-directed IRAs and solo 401(k) accounts to NAR Members, their families, and association staff at the national, state, and local levels.
"We are thrilled to announce the collaboration between IRAR Trust and NAR, to introduce a retirement platform for NAR Members.
This partnership is geared towards empowering members not only in savings but also in cultivating business growth," affirms Liane Bathey, Founder and CEO at IRAR.
These accounts provide NAR Members with powerful tax advantages, enabling them to:
Invest in real estate with retirement dollars—tax-deferred.