Industry News
As the real estate market continues to evolve, it's crucial for REALTORS® to stay informed on the latest trends affecting our industry. According to the National Association of REALTORS® (NAR), August brought some mixed signals to the housing market, with existing-home sales dipping in several regions. Here’s what NCJAR members need to know.
National Sales Overview
Existing-home sales fell by 2.5% from July to August 2024, marking a seasonally adjusted annual rate of 3.86 million transactions. Compared to the same time last year, the market has seen a 4.2% drop in sales, down from 4.03 million in August 2023. However, NAR’s Chief Economist, Lawrence Yun, expressed cautious optimism, noting that decreasing mortgage rates and increased inventory could create more favorable conditions in the coming months.
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.
