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- Big changes are coming to the way people buy and sell houses in the United States. The National Association of Realtors settled a lawsuit last week that could up-end the way real estate agents are paid, doing away with the traditional agent's commission of 5-6%.
www.npr.org › 2024/03/22 › 1239486107How the real estate settlement changes buying and selling a ...
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Mar 22, 2024 · The National Association of Realtors settled a lawsuit last week that could up-end the way real estate agents are paid, doing away with the traditional agent's commission of 5-6%. That's...
- Buyers Have Half as Many Homes to Choose from
- Homes Are 34% More Expensive
- The Share of Homes Selling For Above The List Price Has Doubled
- Homes Are Selling Twice as Fast
- A Record Share of Homebuyers Face Competition
- Nearly One-Third of Homebuyers Are Looking to Relocate
- The Second-Home Market Is Booming
The number of homes on the market is down 49.9% from two years ago to a record low of roughly 456,000. The records in this report date back to 2017 unless otherwise noted. Remote work and record-low mortgage rates prompted scores of Americans to move during the pandemic, intensifying a housing shortage that began in the wake of the 2008 financial c...
The median home sale price is $369,125, the highest on record and up 33.6% from $276,225 two years ago. That’s a significantly larger jump than the prior two-year period (2018 to 2020), during which home prices grew about 10%.
Homebuyers are now twice as likely to pay above the asking price as they strive to beat out the competition, which is one reason home prices have climbed so high. Nationwide, 46.3% of homes sell for more than the asking price, up from 21.8% two years ago. Some bidders are paying significant premiums to win. Nearly 6,000 homes have sold for $100,000...
The typical home sells in 25 days, down from 53 days two years ago. A record 44.7% of homes sell within just one week, compared with 30.8% two years ago.
A record 70% of home offers written by Redfin agents faced bidding wars on a seasonally adjusted basis in January—the most recent month for which we have data. That’s up from 33.4% in April 2020, the earliest month in Redfin’s records. An offer is considered part of a bidding war if a Redfin agent reported that it received at least one competing bi...
A record 32.4% of Redfin.com users nationwide looked to move to a different metro area in January—the most recent period for which data is available. That’s up from the previous peak of 31.5% in the first quarter of 2021 and significantly higher than before the pandemic, when about one-quarter of homebuyers were looking to relocate. The most popula...
Homebuyer demand for second homes was up 87% from pre-pandemic levels in January—the most recent period for which data is available. That’s the highest level in a year and just shy of the record 90% gain in September 2020. It’s worth noting that preliminary February data suggests second-home demand slowed as mortgage rates jumped. That’s according ...
Mar 24, 2024 · Explainer. US housing market faces biggest shakeup in years – here’s what we know. A powerful group has agreed to a rule change on how real estate agents are compensated – which could be a big...
- Lauren Aratani
Feb 1, 2023 · Charles Nathanson. Michael Meier. Real estate markets tend to be cyclical, moving through distinct phases. Under ordinary times, this would give economists some sense of where the sector is headed next. But three years into a global pandemic that radically changed how—and where—Americans work and live, these are not ordinary times.
Mar 15, 2024 · A groundbreaking $418 million settlement announced Friday by the powerful National Association of Realtors is set to usher in the most sweeping reforms the American real estate market has...
Census.gov / America Counts: Stories / Zillow and Census Bureau Data Show Pandemic’s Impact on Housing Market. Remote Working, Commuting Time, Life Events All Affect Home Buyers’ Decisions. October 04, 2021. Written by: Earlene K.P. Dowell.
2 days ago · The residential real estate market exhibited signs of improvement in February 2024, with most housing indicators suggesting a promising outlook for the remainder of the year. Existing-home sales experienced the largest monthly increase since February 2023, despite the overall trajectory of decreased sales.
