Homebuyer interest creeps up as mortgage rates creep down
At Inman HQ, we’re busy putting all the final touches on this week’s Luxury Connect and Inman Connect Las Vegas. If you’re the last-minute sort, why not hop on a plane and join us? Or, if flights aren’t your thing, grab a virtual ticket? Either way, expect news from the ground in Las Vegas here all week long.
THE NEWS: The year 2021 was a white-hot one for home sales and home prices and Realtors made the most of it. Median gross income for Realtors grew 25.3 percent last year to $54,300 from $43,300 in 2020 — an $11,000 increase, according to the recently released National Association of Realtors 2022 Member Profile.
The typical Realtor had a sales volume of $2.6 million, up from $2.1 million in 2020 and $2.3 million in 2019 and closed 12 transactions, up from 10 in 2020 but flat from 2019. Except for 2020, the median number of transaction sides per Realtor has stood at 11 or 12 annually since at least 2012. Meanwhile, total median business expenses rose 17.3 percent in 2021 to $6,250, compared to $5,330 in 2020 but nearly flat from 2019 ($6,290).
BEHIND THE NEWS: More than half, 61 percent, of Realtors said real estate was their only occupation both now and before the pandemic, while 14 percent had another income source pre-COVID but now only work in real estate and 22 percent said that real estate has never been their only occupation. The trade group’s report noted its membership count swelled to 1.56 million at the end of 2021 from 1.48 million at the end of 2020, reflecting a market in which the most existing homes sold since 2006: 6.12 million.
About two-thirds of Realtors, 67 percent, hold sales agent licenses while 21 are brokers, 14 percent are broker associates and 1 percent are appraisers. The vast majority of Realtors, 71 percent, specialize in residential brokerage. Read the full story here.
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THE NEWS: A recent half-point drop in mortgage rates could be drawing some buyers back to the market, according to a new report released by the online brokerage Redfin. The report found that Redfin’s Homebuyer Demand Index — which takes into account requests for home tours and other homebuying services — had increased 15 points since June 15, reversing 10 straight weeks of decreasing demand that started in mid-April.
The uptick in homebuyer interest hasn’t yet translated to increases in home purchases or contract signings, according to the report. It noted that pending home sales and home sale prices continue to decline, few homes are being listed and inventory continues to tick up.
BEHIND THE NEWS: Mortgage rates ticked lower on Friday, falling from 5.22 on Thursday to 5.13 percent on the heels of a negative GDP report stoking fears of an impending recession and the latest interest rates hike by the federal reserve. Interest rates were increased in July by 75 basis points — the same amount they were in June instead of a more aggressive hike to combat out-of-control inflation, a move that some hope could take pressure off mortgage rates. Homebuyers could benefit from further recession fears if they cause mortgage rates to drop further, the report noted. Read the full story here.
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2 年Good article, the numbers are slightly off. Remember that renting is surpassing home buying so be aware of Rental scams, vacation scams as they're on the rise. Mysmartrenter.com innovated the instant, confidential "Landlord background screening system" to protect renters, off-campus students, victims of abuse, etc. from nefarious landlords, scams before they apply/disclose any information for their safety as featured in Forbes, Boston Globe, others. New study shows 22.3% of Airbnb listings in the US are scams. Screen the property first. Companies offer our services to their employees as a sign of caring and retention as a bad decision will cost thousands, create undue stress and effect production. The Boston Globe. https://realestate.boston.com/renting/2020/04/09/how-to-protect-yourself-from-renter-fraud/?s_campaign=bdc:hp:well:realestate Interviewed and featured in Forbes regarding Vacation rental scam prevention. https://www.forbes.com/sites/christopherelliott/2022/04/09/this-could-be-the-summer-of-the-vacation-rental-scam-warns-mysmartrentercom-ceo/ Be safe, Rent smarter.
New Home Sales Counselor @ Epique Realty | Certified New Home Specialist, CDPE, GRI, ePro, Green
2 年Understand that the 1.5million Real estate agents don't all sell real estate. Some assist, some are property manager, and a few run very large teams. The increase in income is probably an increase in price rather than units sold. One thing that baffles me is Inman quoting Redfin as a data source. Redfin has access to their own brokerage numbers, but not the rest of the world. Core Logic supplies data across national platforms, and they produce monthly news updates.
Next Trend Realty LLC./wwwHar.com/Chester-Swanson/agent_cbswan
2 年Thanks for Sharing, Hombuyers interest creep up as Mortgage rates Creep Down.
Student at ou
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