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Exclusive Realty, Inc.
2945 Westwood Blvd
Los Angeles, CA 90064
Phone: 310-441-0111
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Real Estate News

Latest Realty News from NAR

Instant Reaction: June Jobs Report

The following is NAR Chief Economist Lawrence Yun’s reaction to this morning’s U.S. Bureau of Labor Statistics (BLS) report on the employment situation in June:

“A total of 213,000 net new jobs in June and 2.4 million over the past 12 months reflects a strong rolling economy. The latest month’s solid job additions mean further increase in housing demand. But inventory shortage and the consequent unaffordability have been a major challenge for potential home buyers. Part of the housing inventory shortage is due to the lack of construction workers. One encouraging aspect of the latest job report is the boost in the number of people seeking work. With more people entering the labor force and seeking work, some may turn to the higher paying construction industry. A typical non-supervisory worker in the private sector earns $22.62 per hour. In the construction industry, the pay is $27.56. Despite the low unemployment rate of 4%, the employment-to-population ratio is still soft with only 60.4% of American adults with jobs, compared to 63% before the Great Recession ten years ago. In other words, there is a potential for plentiful new workers coming into construction and that will help build more new homes and relieve the inventory shortage.”

 

Pending Home Sales See Modest Decrease in May

Pending home sales inched back 0.5 percent in May, falling on an annualized basis for the fifth straight month, according to NAR.  A decline in contract activity in the South offset gains in the Northeast, Midwest and West.

Lawrence Yun, NAR chief economist, says this year’s spring buying season did not meet market expectations. “Pending home sales underperformed once again in May, declining for the second straight month and coming in at the second lowest level over the past year,” he said. “Realtors® in most of the country continue to describe their markets as highly competitive and fast moving, but without enough new and existing inventory for sale, activity has essentially stalled.”

Supply issues continue to be the story and home price gains are still outpacing income growth, and listings typically went under contract in just over three weeks.  Yun believes that the summer months will be a true test for the housing market, and that the recent increase in new home construction to a 10-year high is an encouraging sign.

“Several would-be buyers this spring were kept out of the market because of supply and affordability constraints. The healthy economy and job market should keep many of them actively looking to buy, and any rise in inventory would certainly help them find a home.”

For the full news release, click here.

Instant reaction: NAR’s Lawrence Yun on Case-Shiller

The following is NAR Chief Economist Lawrence Yun’s reaction to this morning’s Case-Shiller National Home Price Index report:

“Home price growth remains strong across the country as reflected in the Case-Shiller Home Price Index, with a 6.4 percent gain from a year ago. The ongoing housing shortage has been pushing up home prices well above income growth. Prices were generally rising more strongly in the lower price brackets, while the prices of expensive homes are beginning to level off; there are, however, unambiguous signs of home prices softening across the board. The month-to-month price appreciation in April was one of the softest in the past 18 months, with only 0.33 percent gain, which translates into only 4.1 percent annualized growth rate. Rising mortgage rates have also tampered some buying enthusiasm. Given the hit to affordability from the double whammy of rising prices and rising interest rates, it is more critical than ever to bring additional homes to the market to relieve affordability pressures.”   

NAR Statement on Kathy Kraninger Nomination for BCFP Director

National Association of Realtors® President Elizabeth Mendenhall released the following statement regarding President Trump’s nomination of Kathy Kraninger as the next director of the Bureau of Consumer Financial Protection:

“In addition to working at the Office of Management and Budget alongside Bureau of Consumer Financial Protection Acting Director Mick Mulvaney, Kathy Kraninger has decades of experience on Capitol Hill and with previous administrations. The National Association of Realtors® wishes Ms. Kraninger well during the confirmation process and look forward to working with the Bureau going forward.”

Existing-Home Sales Backpedal in May

Existing-home sales fell back in May for the second straight month; sales fell 0.4 percent to seasonally adjusted annual rate of 5.43 million in May from a downwardly revised 5.45 million in April.

Lawrence Yun, NAR chief economist, says a solid economy and job market should be generating a much stronger sales pace than what has been seen so far this year.

“Closings were down in a majority of the country last month and declined on an annual basis in each major region,” he said. “Incredibly low supply continues to be the primary impediment to more sales, but there’s no question the combination of higher prices and mortgage rates are pinching the budgets of prospective buyers, and ultimately keeping some from reaching the market.”

The median existing-home price in May was $264,800, an all-time high, and the 75th straight month of year-over-year price gains. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage also increased for the seventh straight month to 4.59 percent in May.

Instant Reaction: May Housing Starts

The following is NAR Chief Economist Lawrence Yun’s reaction to this morning’s release from the U.S. Commerce Department on May new home construction:

“New home construction activity soared to its highest level in over a decade, which is fantastic news as more housing inventory will be available as the year proceeds. Moreover, construction and real estate industry jobs are being created and boosting the economy. GDP growth of 4 percent to 5 percent is possible in the second quarter, as a result. The Midwest region experienced the biggest gain and hence the region will remain more affordable. The more unaffordable West region will continue to experience an intense housing shortage, as both housing permits and housing starts fell in that region. For the country as a whole, an additional 20 percent to 25 percent gain in home construction is needed to make the market more balanced.”

Infographic: Baby Boomers are Housing Market Movers

In recent years, baby boomers have been active in the housing market, coming in at a close second to millennials as the largest generation of home buyers, while home prices have remained high and inventory conditions tightened. The National Association of Realtors®’ 2018 Profile of Home Buyer and Seller Generational Trends identified that baby boomers are now more likely to buy homes not just for themselves—but also for their aging parents and adult kids saddled with student debt.

As baby boomers continue to grow in the market, here is how they compare to other generations of buyers:

Instant Reaction: Lawrence Yun on Today’s FOMC Statement

The following is NAR Chief Economist Lawrence Yun’s reaction to the Federal Reserve’s decision today to raise short-term interest rates:

“We are still in the middle innings of rising interest rates; consumers should expect another three or four rounds of interest rate increases over the next 18 months. Mortgage rates will consequently continue to nudge higher. Fortunately, the economy is strong and wages are rising. If housing supply can be increased through more home building, then the negative impact of rising interest rates can be mitigated.”

NAR Welcomes Wesley Shaw to Advocacy Communications Team

Earlier this month, Wesley Shaw was introduced as NAR’s media manager of advocacy issues.

Wesley will focus on advancing NAR’s public policy agenda through communications that benefit and inform consumers, Realtors, and government officials from across the country. He will also coordinate with media who cover legislative and regulatory developments that affect the housing industry.

Wesley comes to NAR after spending roughly seven years on Capitol Hill, serving as the Communications Director for Representatives Karen Handel (GA-6) and Sam Graves (MO-6). He is a graduate of James Madison University and lifelong resident of the Washington, D.C. metro area. He and his wife, Amber, purchased their first home earlier this year and are expecting their first child in June.

Wesley can be reached at 202-383-1193, or wshaw@realtors.org.

Instant Reaction: May Jobs Report

The following is NAR Chief Economist Lawrence Yun’s reaction to this morning’s U.S. Bureau of Labor Statistics (BLS) report on the employment situation in May:

“Housing demand will be supported by the continuing job gains even as mortgage rates rise. The latest monthly job addition of 223,000 brings the total net new job creations over the past 24 months to 4.4 million. Over the comparable two-year period, however,  2.4 million new housing units were built. In a strong economy such as now, over 3 million homes should have been built. With the unemployment rate falling to 3.8%, the lowest in 18 years, wages are picking up. But more home construction is needed to better satisfy the rising demand. Otherwise, housing shortage will push up home prices out-of-reach even for households with good stable jobs.”

 



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