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Midwest housing markets good for first-time homebuyers: Zillow

Housing Wire

The number of first-time homebuyers made up 32% of all buyers in 2023, according to a report released by the National Association of Realtors. Against that backdrop, Zillow identified prime markets for first-time homebuyers , and half of them were nestled in the Midwest. .

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Compass CEO Reffkin believes agents will still be valued in a post-settlement world

Housing Wire

In down markets, the best agents and the best brokerages gain market share,” Reffkin, the CEO of Compass, told investors and analysts during his firms first-quarter 2024 earnings call on Wednesday evening. “We Year over year , Compass gained 26 basis points of market share, bringing its total share of home sales in Q1 2024 to 4.76%.

Agents 439
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Pending home sales surged in December: NAR

Housing Wire

month over month in December, according to the newest data from the National Association of Realtors (NAR). The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” NAR chief economist Lawrence Yun said in a statement. But new listings activity grew by 9.1%

Contracts 458
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Don’t get too excited about the jump in existing home sales

Housing Wire

This is nothing dramatic, but similar to what we saw in 2023 when mortgage rates rose from 5.99% up to 7.25%. Our data lines here at Housing — which track things weekly — show inventory is growing year over year with new listings growth as well. This means 2024 is starting to look a lot like 2023 unless rates fall soon.

Inventory 473
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Existing-home sales have nowhere to go but up in 2024? 

Housing Wire

million, according to the N ational Association of Realtors. Multiple offers, however, are still occurring, especially on starter and mid-priced homes, even as price concessions are happening in the upper end of the market.” Existing-home sales dropped 4.1% Compared to October 2022, existing home sales slumped 14.6%, down from 4.44

Inventory 410
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Why are existing home prices rising when sales are still so low?

Housing Wire

This is a byproduct of the qualified mortgage rule of 2010, which has been a game-changer not only for the housing market but for the overall U.S. This scenario is similar to 2023 when rates fell. million active listings per the last report, we have 526,000 per our last Housing Market Tracker article. million in March.

Inventory 491
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Existing home sales ended the year with a whimper in 2022

Housing Wire

million, according to a report from the National Association of Realtors (NAR) released Friday. The housing market may have started 2022 out with a bang, but it exited the year with a whimper,” Lisa Sturtevant, Bright MLS’ chief economist, said in a statement. “The from November to a pace of 4.02 A total of 5.03

Inventory 384