How Did We Get Here? Report Details History of Supply and Affordability Challenges, Showcases Solutions
A lack of building coupled with rising prices and interest rates that are falling at a tapered pace are the main drivers of the persisting housing affordability crisis, according to researcher Daniel T. McCue, who carried out the analysis for a recent Harvard University study. When new units were built, which was infrequently, they tended…
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Foreign Investment in U.S. Homes Decreased 21.2%
NAR’s 2024 International Transactions in U.S. Residential Real Estate report surveyed members on their transactions with international clients who purchased and sold U.S. residential property from April 2023 through March 2024. Foreign buyers who resided in the U.S. as recent immigrants or were holding visas that allowed them to live in the U.S. purchased $22.6…
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DOJ Negotiates Another Settlement in Bank Redlining Initiative
The Department of Justice (DOJ) has approved a settlement from OceanFirst Bank in relation to a redlining investigation against them. The Conciliation Agreement was announced Wednesday, Sept. 18 by the Department of Housing and Urban Development (HUD). OceanFirst Bank—located in Toms River, New Jersey—was alleged to have engaged in redlining by restricting access to credit…
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The Bond House: Where Luxury Is No Longer Just a License to Thrill
Property highlights: Location: Austin, Texas Listing Price: $8.9 million Features: 5,100-square-foot waterfront retreat with four bedrooms and five bathrooms. Added Appeal: Solarium pool, ensuite bathrooms, grand room with pitched ceilings and floor-to-ceiling windows complete with lake views. Nestled on the serene shores of Lake Travis, The Bond House is an architectural marvel designed by the legendary…
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Future Focused: Updating Your Business Plan for 2025
As real estate professionals continue to navigate today’s legal landscape and face the impactful changes resulting from the National Association of REALTORS®’ (NAR) $418 million settlement, mapping out a business plan for the year ahead is more important than ever. Embrace the new As policy changes that took effect last month under NAR’s Settlement Agreement…
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Mortgage Rates Continue to Fall, Driving Activity for Purchases, Refinances
More signs point to more favorable housing costs this week as average mortgage rates continued to fall, following an aggressive half a point cut to interest rates announced by the Federal Reserve on Wednesday. The 30-year fixed-rate mortgage (FRM) averaged 6.09% this week, down from 6.20% last week, according to the latest Primary Mortgage Market…
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New York Regional Single-Family Home Price Jumps 8.4% in August 2024
New York’s OneKey® MLS reported significant trends in August 2024 reflecting a resilient housing market with higher-value transactions. The multiple listing service, which services Montauk to Manhattan and through the Hudson Valley to the Catskill Mountains, reported in August, the regional single-family closed median sale price was $725,000, marking an 8.4% year-over-year increase from $669,000…
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Harry Norman, REALTORS® Appoints Stan Baker as Vice President of Relocation and Business Development
Harry Norman, REALTORS®—a member of Leading Real Estate Companies of the World®—has announced the appointment of Stan Baker as the new vice president of Relocation and Business Development. With over 30 years’ experience expanding business and operational efficiencies, Baker brings a wealth of knowledge and a proven track record of success to the Harry Norman,…
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Economic Index Falls for Sixth Straight Month
The Conference Board Leading Economic Index (LEI) for the U.S., which provides an early indication of significant turning points in the business cycle and where the economy is heading in the near term, fell by 0.2% in August to 100.2, following a decline of 0.6% in July. Over the six-month period ending in August, the…
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Existing-Home Sales Down; Fed Rate Cut Likely to Improve Market
Existing-home sales fell in August, according to the National Association of REALTORS® (NAR). Three out of four major U.S. regions posted sales declines, while the Midwest registered no change. Year-over-year, sales slipped in three regions but remained stable in the Northeast. Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—descended 2.5% from…
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