Study: Showings Plummet After First 5 Days on Market
ShowingTime: Those 5 days are “hyperactive with double-digit showings and offers submitted quickly”– 64 markets averaged double-digit showings per listing during June.
NAR: ‘Independent Contractor’ Bill Should Exempt Realtors
NAR says it faces “steep resistance” but will keep advocating for a Realtor exemption to proposals: “Congress must recognize real estate’s unique place in the economy.”
HUD Offers $19M to Fight Housing Discrimination
Private fair housing groups may request money and use it to blind test housing groups, respond to complaints or propose new projects related to COVID-19 challenges.
Ransomware Attack May Jeopardize Some Closings
Cloudstar, a cloud service used by many title companies, shut down after a ransomware attack last week. As a result, some brokers now can’t register transactions or closings. “We are still very much in the containment and remediation phase,” the company says.
NAR: June Existing-Home Sales Rose 1.4%
Year-to-year home prices rose 23.4%, the second-highest on record. However, a 3.3% inventory uptick may start to slow price increases and give homebuyers more hope.
Mortgage Rates Fall for Fourth Week, Hitting 2.78%
Pandemic numbers are rising again. That’s shaken investors and pushed 30-year mortgage rates lower again this week, though adjustable rates moved a little higher.
Fla. Home to 7 Out of 10 Top All-Cash Sales Metros
Nationally, cash buyers made up about 1/3 of all 2021 home sales so far, but that percentage rises to 52.6% in West Palm Beach – the top metro for cash sales in the U.S.
‘Short Commute Time’ No Longer Helps Home Values
The pandemic changed things: Home values for properties with long commute times are rising faster than units in or near metro areas.
Fla.’s Housing Market: Sales, Median Price, More Rise in June
Florida Realtors’ data: More closed sales, more new listings and higher median prices (up 24.5% for single-family homes, 22.4% for condos) than a year ago. Chief Economist O’Connor: The ratio of buyers to sellers may be easing; as a result, home price growth could begin to cool down in the future.
NEW: Escalation Addendum to Contract Released
On July 22, 2021, Florida Realtors released a new addendum for use with Florida Realtors contracts, the Escalation Addendum to Contract, available through Form Simplicity and other licensed vendors. FAQs and how-to-complete info is available on the association’s website.