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Real Estate News

Home Prices Surge on Strong Buying Season

Home prices continue on at a clip, surging 6.2 percent in the second quarter of 2017, according to the latest quarterly report by the National Association of REALTORS® (NAR). The pace outdoes the previous peak observed in the third quarter of 2016.

“The 2.2 million net new jobs created over the past year generated significant interest in purchasing a home in what was an extremely competitive spring buying season,” says Lawrence Yun, chief economist at NAR. “Listings typically flew off the market in under a month—and even quicker in the affordable price range—in several parts of the country. With new supply not even coming close to keeping pace, price appreciation remained swift in most markets.”

Single-family home prices went up in 87 percent of the markets assessed in the report, or 154 of 178 metropolitan statistical areas (MSAs). Thirteen percent of, or 23, metro areas saw prices up by double digits. At the national level, the median existing single-family home price was $255,600, and the median existing condominium price was $239,500.

Home prices in the West grew at the highest year-over-year rate, 7.5 percent to a median existing single-family value of $372,400, according to the report. Prices in the South followed at 6.7 percent to a median $229,400, while prices in the Midwest were up 6.6 percent to a median $204,000. Prices in the Northeast grew at the lowest year-over-year rate, 3.2 percent to a median $282,300.

Affordability, again, shrunk in the second quarter. A homebuyer with a 5 percent down payment would need an income of $56,169 to afford a single-family home priced at the national median. A homebuyer with a 10 percent down payment would need an income of $53,213, and a homebuyer with a 20 percent down payment would need an income of $47,300.

“The glaring need for more new-home construction is creating an affordability crisis that needs to be addressed by policy officials and local governments,” Yun says. “An increasing share of would-be buyers are being priced out of the market and are unable to experience the wealth-building benefits of homeownership.”

The most expensive metro areas by median existing single-family price in the second quarter were San Jose, Calif. ($1,183,400); San Francisco, Calif. ($950,000); Anaheim-Santa Ana, Calif. ($788,000); Honolulu, Hawaii ($760,600); and San Diego, Calif. ($605,000). The least expensive metro areas were Youngstown-Warren-Boardman, Ohio ($87,000); Cumberland, Md. ($98,200); Decatur, Ill. ($107,400); Binghamton, N.Y. ($109,000); and Elmira, N.Y. ($111,600).

Existing-home sales, including condos, fell 0.9 percent to 5.57 million in the second quarter, according to the report. Existing homes available for sale were down 7.1 percent year-over-year to 1.96 million at the end of the quarter, with an average supply of 4.6 months.

“Mortgage rates have subsided in recent months, which has only somewhat helped take away some of the sting prospective buyers are experiencing with the deteriorating affordability conditions in many areas,” says Yun. “Household incomes may be rising and giving consumers assurance that now is a good time to buy, but these severe inventory shortages will likely continue to be a drag on sales potential the second half of the year.”

For more information, please visit www.nar.realtor.

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Housing Starts Get Tripped Up in July

Home-building activity unexpectedly tripped up in July, with housing starts down 4.8 percent to a rate of 1,155,000, according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). Single-family housing starts decreased 0.5 percent to 856,000. Starts for units in buildings with five units or more came in at 287,000.

Permits also tumbled, down 4.1 percent from June to 1,223,000, according to the data. Single-family permits were the same as in June, at 811,000. Permits for units in buildings with five units or more came in at 377,000.

Completions totaled 1,175,000 in July, falling 6.2 percent. Single-family completions decreased 1.6 percent from June to 814,000. Completions for units in buildings with five units or more came in at 354,000.

“Despite a slip in new construction in July from June, construction continues to grow on a year-over-year basis, with construction of single-family homes taking a stronger lead,” says Danielle Hale, chief economist at realtor.com®. “This is good news for buyers, since most single-family construction is built for homeowners while in recent years the majority of multi-family construction has been built for renters. The outperformance in single-family construction is starting to get us closer to a historically normal balance between single-family and multi-family homes.”

“New-home production numbers are in line with our forecast for a slow and steady recovery of the housing market,” said Robert Dietz, chief economist of the National Association of Home Builders (NAHB), in a statement. “We saw multi-family production peak in 2015, and this sector should continue to level off as demand remains solid.”

Source: U.S. Census Bureau

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Century 21 Names Nick Bailey President and CEO

Nick_BaileyCentury 21 Real Estate has named Nick Bailey, former executive at Zillow Group, president and CEO, the company announced Wednesday. Bailey, a 20-year veteran of the real estate industry known as a leader in brokerage, franchising, management and technology, will be responsible for building on the brand’s foundation and positioning the brand in global markets.

“We are excited to welcome Nick Bailey to the Realogy family,” says John Peyton, president and CEO of Realogy Franchise Group, parent company of Century 21 Real Estate. “Nick brings a unique mix of leadership experience and industry insights to our company and we are eager to see him lead the CENTURY 21® brand into the future.”

“Nick’s appointment signals the beginning of a new era at CENTURY 21,” Peyton says. “We are an agent-centric company, and with Nick’s analytical understanding of the needs and wants of today’s digital consumers, he will immediately begin fostering a culture of developing and retaining high-performing talent within C21® that leverages the company’s branding and marketing, knowledge base and the Realogy Franchise Group’s ‘Centers of Excellence’ in delivering an unparalleled value proposition for personal and professional growth.”

“It’s an honor to be taking the reins at CENTURY 21 at a time when this iconic brand is experiencing tremendous growth around the world, and the foundation for its success is in its recognition as a global leader in real estate services,” says Bailey, also a licensed broker. “My challenge is to build this company to its greatest market potential by inspiring, interacting and working collaboratively with the people inside and outside this organization and translating this ongoing momentum into additional share for CENTURY 21 agents.”

Bailey began his career in real estate early at age 17, when he purchased commercial property. He became licensed at 21 and bought three houses by 23. Bailey spent 11 years at RE/MAX world headquarters, then joined Zillow in 2012, most recently serving as vice president, Broker Relations. In the role, Bailey provided innovative online technology and marketing solutions for real estate professionals and drove the expansion of products and services through partnerships, business development and broadening of brand awareness across the industry.

For more information, please visit www.century21.com.

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Experts: Expect a Downturn, but Not Because of Housing

Housing experts questioned in Zillow’s latest Home Price Expectations Survey are anticipating another downturn in the next three years, but one set off by a “geopolitical crisis,” not the real estate market. There is a 73 percent chance a recession will happen by 2020, according to the quarterly survey, and of the more than 100 respondents, the majority expect the slump to majorly affect housing in Miami and San Francisco—and Los Angeles and New York, to a lesser extent—but only moderately impact the market as a whole.

“That experts believe geopolitical crisis is the most likely next trigger for the next recession is a sign of the times we’re living in,” says Dr. Svenja Gudell, chief economist at Zillow. “Historically, geopolitical events rarely cause a sustained recession, and other contributing factors, such as oil price shocks, play a more predominant role. We’ve enjoyed eight years of sustained growth following the last recession, but the housing market is still recovering in many ways. The housing market is not expected to cause the next recession, but some major markets could see some collateral damage.”

The housing experts amended their home value forecast from previous surveys, projecting values to rise 5.1 percent in 2017. Still, homebuyers could see relief in the coming years, says Terry Loebs, founder of Pulsenomics, which conducted the survey with Zillow.

“Stronger short-term expectations for U.S. home prices are a sign of the persistent inventory challenges facing first-time and move-up homebuyers, but experts’ long-term predictions suggest that buyers will have more bargaining power in the years ahead,” Loebs says. “Incomes growing faster than home values is a promising sign for renters hoping to become homeowners—but they should still tread carefully in markets that have seen sharp price increases in recent years.”

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com.

For more information, please visit www.zillow.com.

For the latest real estate news and trends, bookmark RISMedia.com.

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Open Architecture: What It Really Means to Associations and MLSs
Application Programming Interface (APIs) open the internal architecture of a service to others and the result is often a service of much greater value than the sum of the parts. The most popular data sources accessible through a published API include household names such as Facebook, Google Maps, Twitter, YouTube, LinkedIn, Flickr, and Pinterest. Open architecture in the real estate realm works the same way…or it should. Learn more from Realtors Property Resource® (RPR®).

For the latest real estate news and trends, bookmark RISMedia.com.

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