Industry News
Calgary, November 1, 2024 — The National Association of Realtors® (NAR), through its strategic investment arm, Second Century Ventures (SCV), has selected eight high-potential companies for the 2025 REACH Canada program. These firms, each innovating within distinct market segments, offer cutting-edge productivity and efficiency solutions aimed at real estate professionals while tackling broader housing and community challenges. The announcement marks an exciting advancement in technology-driven real estate services with a global reach.
Innovation and Impact in Real Estate “The vision for REACH and Second Century Ventures has remained crystal clear: to empower industry innovators to work hand in hand with agents and brokers, enhancing services that support seamless operations, secure transactions, and pathways to new opportunities,” said Dave Garland, SCV’s managing partner. This focus on fostering tech-based solutions in real estate highlights SCV's commitment to adaptability, efficiency, and security, enabling real estate professionals to better meet evolving client demands in a dynamic market.
As the most active venture fund globally in real estate technology, SCV has invested in over 280 companies worldwide. Operating in seven major markets—including Canada, the U.S., the UK, Australia, and Israel—the REACH program scales promising companies by providing mentorship, resources, and exclusive networking opportunities tailored for the real estate sector.
The latest data from the National Association of REALTORS® (NAR) brings promising news for the real estate market, as pending home sales saw a significant uptick in September. With all four major regions in the U.S. experiencing month-over-month growth in transactions, the Northeast and West are notably leading the charge with year-over-year increases as well.
Key Takeaways for the Northeast Market
For NCJAR members, the Northeast region's growth is particularly relevant. In September, the Pending Home Sales Index (PHSI) for our region rose 6.5% month-over-month to reach 65.6, marking a 3.3% increase from the same time last year. This rise reflects increased activity and may signal more opportunities ahead as buyers responded to slightly lower mortgage rates and increased housing choices during late summer.
As Realtors®, we do much more than facilitate transactions—we shape the communities we serve. This belief is at the heart of the National Association of Realtors® (NAR) Good Neighbor Awards, which recently celebrated its 25th year of honoring agents who go above and beyond through exceptional volunteerism. The 2024 Good Neighbor Awards spotlight five standout Realtors® whose charitable efforts are making a lasting impact.
Pending home sales across the country saw a slight increase in August 2024, rising by 0.6%, according to the National Association of REALTORS® (NAR). For NCJAR members, this uptick provides valuable insights into the state of the housing market, especially as contract signings are a key indicator of future home sales. While the Midwest, South, and West posted monthly gains, the Northeast region, which includes New Jersey, experienced a decline.
Regional Breakdown and Market Trends
The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, increased to 70.6 in August. However, year-over-year, pending transactions are down 3%. This mixed picture points to regional variations in market activity:
- The Northeast saw a 4.6% drop from last month, with a 2.2% year-over-year decline.
- The Midwest grew 3.2% in August but still saw a 3.6% annual drop.
- The South edged up by 0.1%, though it decreased 5.3% from the prior year.
- The West showed the strongest performance, increasing 3.2% from last month and up 2.7% compared to August 2023.
