Industry News
As real estate professionals, it's crucial to stay informed about national and regional market trends. The latest data from the National Association of REALTORS® (NAR) reveals that pending home sales took a hit across the country in July 2024. The Pending Home Sales Index (PHSI), a key indicator based on contract signings, dipped by 5.5% from June, marking a notable decline.
National Overview: The PHSI fell to 70.2 in July, which is the lowest level recorded since the index's inception in 2001. Year over year, pending transactions are down by 8.5%. This drop reflects ongoing challenges in the housing market, including affordability concerns and economic uncertainty tied to the upcoming U.S. presidential election. Despite positive job growth and an increase in housing inventory, these factors were not enough to offset the difficulties many buyers face.
August 19, 2024 – Chicago: The National Association of Realtors® (NAR) has officially named Nykia Wright as its permanent Chief Executive Officer, effective immediately. Wright, who has been serving as the interim CEO since November 2023, brings a wealth of experience in organizational transformation and is set to lead NAR through an exciting period of change and growth.
A Proven Leader for a Time of Transformation
Nykia Wright’s appointment as CEO has been met with enthusiasm across the industry. Kevin Sears, the 2024 NAR President and broker-associate of Sears Real Estate/Lamacchia Realty in Springfield, Mass., expressed his confidence in Wright's leadership, stating, “I am thrilled Nykia is staying on board to lead us through this time of transformation. She has been instrumental in leading us up to this point, and her unwavering commitment to our members makes her the ideal steward for guiding our association through the evolving real estate landscape."
The National Association of Realtors® (NAR) has issued a final reminder to all members, real estate professionals, and consumers regarding the significant practice changes that will take effect on August 17, 2024. These changes stem from NAR’s Proposed Settlement Agreement, which seeks to resolve claims brought on behalf of home sellers related to broker commissions.
As NCJAR members, it is crucial to be aware of these changes and ensure compliance by the deadline.
Key Changes to Take Effect on August 17, 2024
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Prohibition of Offers of Compensation on MLSs:
- Effective August 17, 2024, REALTOR®-owned MLSs will no longer permit offers of compensation to be displayed. While this practice is being phased out on MLSs, consumers still have the option to negotiate compensation off-MLS through direct consultation with their real estate professionals.
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.
More Articles …
- Foreign Buyers Reduce U.S. Home Purchases Amid Strong Dollar and Rising Prices
- Exciting New Partnership: NAR Teams Up with RentRedi for Enhanced Property Management
- Reminder! Implement Practice Changes by August 17
- 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
