Month: March 2023

WASHINGTON (March 29, 2023) – Pending home sales grew in February for the third consecutive month, according to the National Association of REALTORS®. Three U.S. regions posted monthly gains, while the West declined. All four regions saw year-over-year decreases in transactions.

The Pending Home Sales Index (PHSI)* — a forward-looking indicator of home sales based on contract signings — improved 0.8% to 83.2 in February. Year-over-year, pending transactions dropped by 21.1%. An index of 100 is equal to the level of contract activity in 2001.

“After nearly a year, the housing sector’s contraction is coming to an end,” said NAR Chief Economist Lawrence Yun. “Existing-home sales, pending contracts and new-home construction pending contracts have turned the corner and climbed for the past three months.”

Read More: https://www.nar.realtor/newsroom/pending-home-sales-grew-for-third-straight-month-up-0-8-in-february

WASHINGTON (March 30, 2023) – Nearly half of seller’s agents (48%) reported that staging a home decreased its time on market, according to a new report by the National Association of Realtors®. For both buyers’ and sellers’ agents, one in five (20%) said home staging increased the offer price by between 1% and 5% compared to similar homes on the market that weren’t staged.

NAR’s 2023 Profile of Home Staging reveals the role home staging plays in the real estate transaction, including the perspectives of buyers’ and sellers’ agents, the impact of television shows and buyer expectations.

“As days on market has lengthened for home sellers, it is not a surprise to see the return of home staging as a tool to attract potential buyers,” said Jessica Lautz, NAR deputy chief economist and vice president of research. “Buyers want to easily envision themselves within a new home and home staging is a way to showcase the property in its best light.”

Four out of five buyers’ agents (81%) said staging a home made it easier for a buyer to visualize the property as a future home. Staging the living room was found to be most important for buyers (39%), followed by the primary bedroom (36%) and the kitchen (30%).

Read more here: https://www.nar.realtor/newsroom/nearly-half-of-sellers-agents-said-staging-a-home-reduced-its-time-on-market-nar-report-finds

Apartment and multifamily housing construction continued its near 40-year high trends with 620,000 units started in February. The market is responding to solid rent growth and low vacancy rates of both apartments and single-family rental units. But with such active construction, plenty of empty units will be hitting the market throughout this year and the next. Rents will calm down – a preferred way to rent control – and will even drive the overall consumer price inflation to be manageable.

Single-family home construction is much more restrained. Only 830,000 units were started, well below the pre-COVID year of 2019, and lower than the one million units historical average and required given the normal population growth. It is understandable given high mortgage rates for homebuilders to be cautious. However, once rents and consumer price inflation calm down, mortgage rates will be lower. Will there be enough inventory to satisfy rising home purchase demand?

From: https://www.nar.realtor/blogs/economists-outlook/instant-reaction-housing-starts-march-16-2023

     From Amanda Creel, CEO of GAMLS and BAR: “We are excited to announce the expansion of Silent Angels of Alabama, an organization that offers financial assistance to those in need due to a long-term illness, natural disaster, accident, or similar situation. This fund is now open to all Greater Alabama MLS subscribers including our partner associations in Calhoun, St. Clair, and Talladega counties. To learn more about how to apply for Silent Angels funding visit https://birminghamrealtors.com/silent-angels/. As part of this expansion we are asking subscribers from all the areas we now serve to join the Board of Directors, please visit www.birminghamrealtors.formstack.com/forms/silentangelsbod to apply. Let’s work together to make a greater impact in our communities and help those who are facing hard times! #SilentAngelsofAlabama #GivingBack #CommunityImpact“