Industry News
WASHINGTON (August 13, 2024) – The housing market showed strong performance in the second quarter of 2024, with nearly 90% of metro markets recording home price gains. According to the National Association of REALTORS®' latest quarterly report, 199 out of 223 tracked metro areas (89%) saw home prices rise, despite the 30-year fixed mortgage rate ranging from 6.82% to 7.22%.
While 13% of these metro areas experienced double-digit price gains, this is a notable decrease from 30% in the first quarter. One remarkable milestone was in the San Jose, California metro area, where the median single-family existing-home price reached $2,008,000. This marks the first time since NAR began tracking prices in 1979 that a metro area's median price exceeded $2 million.
The National Association of Realtors® (NAR) recently reported a significant decline in foreign investment in U.S. residential real estate. From April 2023 to March 2024, foreign buyers purchased $42 billion worth of U.S. existing homes, a decrease of 21.2% from the previous year. This period saw the lowest number of homes bought by international buyers since 2009, with only 54,300 properties purchased, marking a 36% drop.
NAR Chief Economist Lawrence Yun attributed this decline to the strong U.S. dollar, which has made American homes more expensive for foreign buyers. Overall, U.S. existing-home sales in 2023 were down 18.7% from 2022, totaling 4.09 million, the lowest level since 1995.
The National Association of Realtors® (NAR) has just announced a new collaboration with RentRedi, bringing an award-winning property management platform to its members through the NAR REALTOR Benefits® program.
Exclusive Offer for NAR Members
NAR members can now enjoy an exclusive six-month subscription to RentRedi for just $1. After the initial period, they can lock in a 50% discount on renewals every six months, making it a cost-effective solution for managing rental properties.
![Reminder! Implement Practice Changes by August 17 NAR News 2024](/images/NAR_News_2024_-2.png)
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We recommend all MLSs implement practice changes by August 17. REALTOR MLSs (those owned exclusively by one or more REALTOR must implement the changes by this date to remain in compliance with NAR policy.
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Offers of compensation are prohibited on MLSs. Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. Offers of compensation help make homeownership and the benefits of professional representation more accessible to buyers, including first-time homebuyers, increase homeownership opportunities for historically underserved groups, and benefit sellers by expanding the potential buyer pool.
More Articles …
- 26% of REALTORS® Reported that Inventory Shortages and Housing Affordability Hindered Clients from Buying Homes in 2023, as Existing-Home Sales Dropped to a 1995 Low
- Built-for-Rent is a Growing Market Segment
- Market Update: May 2024 Pending Home Sales and Economic Forecasts
- Tune in to June’s Edition of "Level Up: The Real Story from REALTORS®"!