fd7fab06

Existing-Home Sales Ascend 7.0%

duda@secondgen.com — Tue, 26 Oct 2021 15:07:47 GMT

Today's Market is Hot!

Key Highlights

Existing-home sales on a seasonally adjusted annual rate rose 7% in September from August, all regions showing an increase.
From one year ago, the inventory of unsold homes decreased 13% to 1.27 million

– equivalent to 2.4 months of the monthly sales pace.

From the prior month, inventory dipped 0.8%.
The median existing-home sales price climbed 13.3% year-over-year to $352,800.

WASHINGTON (October 21, 2021) – Existing-home sales rebounded in September after seeing sales wane the previous month, according to the National Association of Realtors®. Each of the four major U.S. regions witnessed increases on a month-over-month basis. From a year-over-year timeframe, one region held steady while the three others each reported a decline in sales.

See and share this infographic .

Total existing-home sales,1 https://www.nar.realtor/existing-home-sales , completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 7.0% from August to a seasonally adjusted annual rate of 6.29 million in September. However, sales decreased 2.3% from a year ago (6.44 million in September 2020).

"Some improvement in supply during prior months helped nudge up sales in September," said Lawrence Yun , NAR's chief economist. "Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year."

Total housing inventory2 at the end of September amounted to 1.27 million units, down 0.8% from August and down 13.0% from one year ago (1.46 million). Unsold inventory sits at a 2.4-month supply at the present sales pace, down 7.7% from August and down from 2.7 months in September 2020.

The median existing-home price3 for all housing types in September was $352,800, up 13.3% from September 2020 ($311,500), as prices rose in each region. This marks 115 straight months of year-over-year increases.

"As mortgage forbearance programs end, and as homebuilders ramp up production – despite the supply-chain material issues – we are likely to see more homes on the market as soon as 2022," said Yun.

Properties typically remained on the market for 17 days in September, unchanged from August and down from 21 days in September 2020. Eighty-six percent of homes sold in September 2021 were on the market for less than a month.

First-time buyers accounted for 28% of sales in September, down from 29% in August and 31% in September 2020. NAR's 2020 Profile of Home Buyers and Sellers – released in late 2020 4 – revealed that the annual share of first-time buyers was 31%.

"First-time buyers are hit particularly hard by the historically high home prices as they largely do not have the savings required to buy a home or equity to offset such a purchase," said Yun.

Individual investors or second-home buyers, who account for many cash sales, purchased 13% of homes in September, down from 15% in August but up from 12% in September 2020. All-cash sales accounted for 23% of transactions in September, up from both 22% in August and from 18% in September 2020.

Distressed sales5 – foreclosures and short sales – represented less than 1% of sales in September, equal to the percentage seen a month prior and equal to September 2020.

According to Freddie Mac, the average commitment rate(link is external)

for a 30-year, conventional, fixed-rate mortgage was 2.90 in September, up from 2.84% in August. The average commitment rate across all of 2020 was 3.11%.

Single-family and Condo/Co-op Sales

Single-family home sales decreased to a seasonally adjusted annual rate of 5.59 million in September, up 7.7% from 5.19 million in August and down 3.1% from one year ago. The median existing single-family home price was $359,700 in September, up 13.8% from September 2020.

Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 700,000 units in September, up 1.4% from 690,000 in August and up 4.5% from one year ago. The median existing condo price was $297,900 in September, an annual increase of 9.3%.

"As housing laws change and new legislation is proposed, NAR remains steadfast in its mission to promote and defend homeownership opportunities for all," said NAR President Charlie Oppler , a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby's International Realty. "We continually work on behalf of consumers and our members to see inventory increased and ensure homebuyer and homeowner rights are protected."

Regional Breakdown

Existing-home sales in the Northeast grew 5.5% in September, posting an annual rate of 770,000, an 8.3% decrease from September 2020. The median price in the Northeast was $387,200, up 9.2% from one year ago.

Existing-home sales in the Midwest rose 5.1% to an annual rate of 1,440,000 in September, a 2.7% drop from a year ago. The median price in the Midwest was $265,300, a 9.1% increase from September 2020.

Existing-home sales in the South jumped 8.6% in September, recording an annual rate of 2,770,000, unchanged from one year ago. The median price in the South was $307,500, a 14.8% rise from one year ago.

Existing-home sales in the West climbed 6.5%, registering an annual rate of 1,310,000 in September, down 3.0% from one year ago. The median price in the West was $506,300, up 8.3% from September 2020.

The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.

REALTORS® Commitment to Excellence

duda@secondgen.com — Mon, 25 Oct 2021 15:40:21 GMT

Be an advocate for the future of our industry. Be committed to excellence.

Commitment to Excellence (C2EX) from the National Association of REALTORS® empowers REALTORS® to evaluate, enhance and showcase their highest levels of professionalism. It's not a course, class or designation—it's an Endorsement that REALTORS® can promote when serving clients and other REALTORS®.

We are very proud to announce that there are now over 80,000 members participating in the NAR’s REALTORS® Commitment to Excellence (C2EX) program! This innovative engagement tool encourages participation in all levels of the REALTOR® organization, and at no additional cost.

C2EX, a multiple award-winning platform, has recently earned a Silver Power of A Award in the Power of Industry/Professional Advancement category from The Center for Association Leadership (ASAE). ASAE’s Power of A (association) Awards, the industry’s highest honor, recognized the association community’s contributions on the local, national, and global levels. C2EX was given this honor as a result of the outstanding accomplishments of associations and industry professionals who work tirelessly to solve problems and strengthen lives in the workforce, the economy, and the world.

Get started on your journey today by logging in to www.C2EX.realtor(link is external)

and taking any one of our 11 self-assessments to measure your proficiency in 10 aspects of professionalism (11 for brokers), ranging from customer service to use of technology. The platform generates a customized learning path and recommends experiences and resources to enhance your individual skillset.

Keep in mind, the journey doesn't end there. The Commitment to Excellence program evolves as industry standards and best practices evolve. As new content, reference and resource materials are added to the platform, REALTORS® who have earned their C2EX Endorsement receive a notification inviting them back to engage and keep their skills and knowledge up to date.

Be an advocate for the future of our industry. Be committed to excellence. Go to www.C2EX.realtor(link is external)

to get started with this award-winning program!

Professionalism in Real Estate Practice

duda@secondgen.com — Mon, 25 Oct 2021 15:31:29 GMT

This PREP is based upon the Code of Ethics, Standards of Practice, and Case Interpretations in effect January 1, 2021.

Professionalism in Real Estate Practice. Click the image to see the Code of Ethics & Professional Standards Policies

Modern Website Design

duda@secondgen.com — Mon, 25 Oct 2021 15:24:57 GMT

Attract and engage members with a modern website design

Is your association’s website doing all it can to recruit new members and deliver a great online experience? No matter how small your organization may be, it may be time for a new site design.

Your association works hard to recruit, engage, and retain members. But with a small staff, it can be easy to overlook a simple yet fundamental tool for attracting and engaging members: your website.

Think about it: Your website has only a few seconds to attract a visitor’s interest, make a good impression, and provide a great experience. Is it doing all it could be doing in that short period of time?

Consider these benefits of creating a modern, well-designed website :

Boost your association’s brand awareness – Your website is a top vehicle for creating brand awareness among prospective members. A modern website design strengthens your brand in your industry.
Optimize the member experience – Website design is about more than just visuals. It’s about content and navigation as well. By balancing form and function, it can drive organizational goals and meet your members’ needs.
Improve member engagement – Your website has the potential to increase engagement with members so they see you as an ongoing, relevant industry leader.

So, what does a modern website look like? Here’s a checklist for a website design that will help you convert prospects to members and keep your current members happy.

Provide a great mobile experience.
We’ve all developed expectations through great experiences with websites of leading for-profit companies. Your members now expect the same type of experience from your association – with a mobile-responsive site that give them access anytime, anywhere. If you aren’t thinking about your members’ mobile experience, you could lose their attention almost as quickly as you get it.

In fact the Community Brands Digital Evolution Study confirms that, like most of us, members rely on their mobile devices.

MEMBER ATTITUDES AND VALUES ABOUT TECHNOLOGY
(AGREE/STRONGLY AGREE)

A key element of a great mobile experience is a mobile responsive website. This means the site content and design automatically and intuitively change to fit the device on which the site is displayed.

Make navigation clear and simple.
Navigation is a cornerstone of usability. It doesn’t matter how good your site is if visitors can’t find their way around it. Your site navigation should use:

The simplest possible structure.
Options that are self-evident to the visitor. The same names for things in multiple places. For example: A call to action and a menu item directing a visitor to the same place should have the same name.

Use effective calls to action.
Your website must direct prospects and members to take your desired course of action. It informs their behavior while on your site. Ultimately, it helps them find what they are looking for.

Effective calls to action draw people through your site to interact, or literally take an action, such as completing a membership application. Whether you present calls to action as buttons, banners, boxes, or icons, keep these things in mind:

Who is your audience?
What do they want and need?
How do they want to engage with you?

Use best practices for visual design.
Your website should incorporate modern best practices to make it easy for your site visitors to scan your content and interact with your site. Some considerations include:

Page scan patterns – Making your site easy to scan will help prospects and members find what they are looking for. Visual hierarchy is how your site presents elements that imply importance to your prospects and members. Both the “Z” pattern and visual triangle are great design methods for web pages.A Z pattern considers where your eyes focus first, second, third, etc., which typically follows a Z pattern. A visual triangle guides the user’s eyes downward on a page. It aligns elements that create an invisible downward triangle, causing the user to subconsciously follow where you want them to go.
Hover states – Ensuring your site visitor understands what can be clicked, hovered over, or interacted with on the site drives how long and how engaged he or she will be with your site. Hover states are not just for regular hyperlinks, but also for buttons, calls to action, or any other visual that elicits a click or an action to take. These should be easy for a visitor to recognize.
White space – White space gives your design balance and enables the visitor to easily read without feeling overwhelmed. Despite its name, white space doesn’t always mean the color white. It’s the margin or padding around elements to create balance and legibility. It increases comprehension, draws attention to important calls to action, and creates a clean, user-friendly design.

These are just a few critically important things to keep in mind. There are many other elements to consider when designing a website centered around your visitor.

Take your website design to the next level (no matter how small your association may be).

With a small staff, your association may hesitate to take on a website redesign. That’s not unusual: The Community Brands Benchmark Report on Small-Staff Associations indicates that small associations have an overall lack of technology preparedness to meet member needs and expectations.

But that doesn’t mean you have to live with an outdated website. The YourMembership design team can help you create a modern website that helps you attract and engage members.

fd7fab06

Existing-Home Sales Ascend 7.0%

Today's Market is Hot!

Key Highlights

REALTORS® Commitment to Excellence

Be an advocate for the future of our industry. Be committed to excellence.

Professionalism in Real Estate Practice

This PREP is based upon the Code of Ethics, Standards of Practice, and Case Interpretations in effect January 1, 2021.

Professionalism in Real Estate Practice. Click the image to see the Code of Ethics & Professional Standards Policies

Modern Website Design

Attract and engage members with a modern website design

﻿

Is your association’s website doing all it can to recruit new members and deliver a great online experience? No matter how small your organization may be, it may be time for a new site design.

Is your association’s website doing all it can to recruit new members and deliver a great online experience? No matter how small your organization may be, it may be time for a new site design.