NAR

Millennials Reclaim Position as Largest Group of Home Buyers

Retrieved on: 
Wednesday, April 3, 2024
Silent Generation, Millennials, Generation, Research, NAR, Generation Z, Sale, Woman, Generator, Housing, Retirement, Dream, Clutch (eggs), National Association, Gen, Real estate

Millennials have surged ahead to become the largest group of home buyers, marking a significant shift in the housing market’s demographic landscape, according to the latest report from the National Association of Realtors®.

Key Points: 
  • Millennials have surged ahead to become the largest group of home buyers, marking a significant shift in the housing market’s demographic landscape, according to the latest report from the National Association of Realtors®.
  • “The generational tug-of-war between millennials and baby boomers continued this year, with millennials rebounding to capture the largest share of home buyers,” said Dr. Jessica Lautz, NAR deputy chief economist and vice president of research.
  • Leading the charge were younger millennials, whose proportion of first-time buyers increased from 70% to 75% over the past year.
  • Forty-four percent of older millennials and 24% of Generation X (ages 44-58) were first-time buyers.

Pending Home Sales Rose 1.6% in February

Retrieved on: 
Thursday, March 28, 2024
Growth, NAR, Real estate

Month over month, contract signings climbed in the Midwest and South but sank in the Northeast and West.

Key Points: 
  • Month over month, contract signings climbed in the Midwest and South but sank in the Northeast and West.
  • Compared to one year ago, pending home sales declined in all U.S. regions.
  • Pending home sales in February grew 1.6%, according to the National Association of Realtors®.
  • The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – increased to 75.6 in February.

The Real Brokerage Inc. Announces Settlement Agreement in Class Action Litigation

Retrieved on: 
Monday, April 8, 2024
Technology, Residential Building & Real Estate, Construction & Property, Other Technology, NAR

The Real Brokerage Inc. (NASDAQ: REAX, “Real” or the “Company”) today announced that it has entered into a settlement agreement to resolve the pending class action litigation, Umpa v. NAR, 4:23-cv-00945 (W.D.

Key Points: 
  • The Real Brokerage Inc. (NASDAQ: REAX, “Real” or the “Company”) today announced that it has entered into a settlement agreement to resolve the pending class action litigation, Umpa v. NAR, 4:23-cv-00945 (W.D.
  • This settlement conclusively addresses all claims asserted against Real in the Umpa lawsuit, releasing Real, its subsidiaries, and affiliated agents from these claims.
  • The settlement does not constitute an admission of liability by Real, nor does it concede or validate any of the claims asserted in the litigation.
  • Under the terms of the settlement agreement, Real has committed to paying $9.25 million into a qualified settlement fund within 30 days following the court’s preliminary approval of the settlement agreement.

Existing-Home Sales Vaulted 9.5% in February, Largest Monthly Increase In A Year

Retrieved on: 
Thursday, March 21, 2024
National Association, Freddie Mac, Housing, NAR, Total, Cryptocurrency

Existing-home sales surged 9.5% in February to a seasonally adjusted annual rate of 4.38 million, the largest monthly increase since February 2023.

Key Points: 
  • Existing-home sales surged 9.5% in February to a seasonally adjusted annual rate of 4.38 million, the largest monthly increase since February 2023.
  • The median existing-home sales price elevated 5.7% from February 2023 to $384,500 – the eighth consecutive month of year-over-year price gains.
  • Among the four major U.S. regions, sales jumped in the West, South and Midwest, and were unchanged in the Northeast.
  • Distressed sales[5] – foreclosures and short sales – represented 3% of sales in February, virtually unchanged from last month and the previous year.

Redfin Expands Redfin Next Agent Pay Plan to Additional Markets, Offering Big Splits with Zero Expenses

Retrieved on: 
Thursday, March 21, 2024
Residential Building & Real Estate, Data Analytics, Construction & Property, Professional Services, NAR, Real estate

(NASDAQ: RDFN) — Redfin announced today it is expanding the Redfin Next agent compensation plan to seven additional markets: Chicago, Connecticut, Dallas, Miami, New York, Palm Beach, and Washington, D.C.

Key Points: 
  • (NASDAQ: RDFN) — Redfin announced today it is expanding the Redfin Next agent compensation plan to seven additional markets: Chicago, Connecticut, Dallas, Miami, New York, Palm Beach, and Washington, D.C.
  • “We’ve never seen more enthusiasm for a new compensation plan from agents than we’ve seen with Redfin Next,” said Jason Aleem, senior vice president of real estate sales at Redfin.
  • Zero expenses: At Redfin, what you earn is what you keep because we cover all your necessary business expenses and cover benefits, mileage, payroll taxes and listing expenses.
  • Nationwide, Redfin agents earn more than double the typical real estate agent and the company’s best agents have earned more than $750,000 under the existing plan.

Hagens Berman Reaches $418 Million Nationwide Settlement with the National Association of Realtors in Real Estate Commissions Antitrust Litigation

Retrieved on: 
Friday, March 15, 2024
Class Action Lawsuit, Professional Services, Legal, District court, Chocolate liquor, MLS, National Association, Action Replay, Big, Hagens Berman, NAR, Real estate

Today, Hagens Berman announced a settlement agreement with the National Association of Realtors (NAR) which would resolve antitrust claims against NAR in a class-action lawsuit alleging that it conspired with the Big Four real estate broker franchises to artificially inflate commissions associated with home sales.

Key Points: 
  • Today, Hagens Berman announced a settlement agreement with the National Association of Realtors (NAR) which would resolve antitrust claims against NAR in a class-action lawsuit alleging that it conspired with the Big Four real estate broker franchises to artificially inflate commissions associated with home sales.
  • Hagens Berman was the first to file the nationwide case against NAR and the Big Four, and many other cases followed.
  • This settlement agreement with NAR, the third settlement in this case, resolves the Moehrl, Burnett, Gibson and Umpa matters.
  • NAR has agreed to make other changes to ensure that sellers and buyers always receive full, complete disclosures about broker compensation.

Doorlight: Navigating the Future of Real Estate with Agility and Vision

Retrieved on: 
Friday, March 29, 2024
National Association, Multimedia, NAR, Property management

Founders Jay Grewal and Nick Roe have positioned Doorlight at the forefront of innovation, ready to adapt and seize new opportunities presented by the evolving real estate landscape.

Key Points: 
  • Founders Jay Grewal and Nick Roe have positioned Doorlight at the forefront of innovation, ready to adapt and seize new opportunities presented by the evolving real estate landscape.
  • The proposed NAR settlement could reshape the way commissions are communicated and introduce the requirement for written buyer broker agreements, marking a significant shift in the industry.
  • "This moment presents a tremendous opportunity for Doorlight to lead the charge in redefining the real estate experience for homeowners and buyers alike," Jay Grewal adds.
  • For more information about how Doorlight is setting new standards in the real estate industry, visit www.Doorlight.com .

Real estate will never be the same - Assist2Sell applauds the changes

Retrieved on: 
Wednesday, March 27, 2024
Assist-2-Sell, MLS, DOJ, National Association, NAR, Policy, Real estate

The settlement and its proposed policy changes could have a wide-ranging impact on commission structures in the real estate industry.

Key Points: 
  • The settlement and its proposed policy changes could have a wide-ranging impact on commission structures in the real estate industry.
  • Assist2Sell has long championed a consumer-first approach, offering low-fee real estate services that save homeowners significant amounts in commission costs without compromising the quality of service.
  • This approach not only offers clients substantial savings but also ensures they benefit from full-service real estate expertise.
  • Assist2Sell welcomes a future where home ownership is achievable without the burden of excessive fees, opening the door to a more transparent, affordable, and consumer-friendly real estate experience.

Tampa Bay Real Estate Company Eliminates Commission Offerings From Multiple Listing Service As A Result Of NAR's Settlement Agreement

Retrieved on: 
Saturday, March 23, 2024
Real estate, Plaintiff, Tampa Bay area, Fox 9, NAR, Sale, Interview, Local, Estate (law), MLS, National Association of Realtors, Multiple listing service, Estate agent, Multimedia

SPRING HILL, Fla., March 23, 2024 /PRNewswire-PRWeb/ -- The National Association Of Realtors last week announced a bombshell, NAR has agreed on a settlement of a lawsuit regarding real estate commissions to the tune of $418 Million. The Sitzer-Burnett case is a class action lawsuit that was filed in Missouri Federal Court by a group of Home Sellers against NAR and other defendants. On October 31st 2023 with just 3 hours of deliberation the jury in the case delivered a blow to NAR with a surprise verdict that sided with the Plaintiffs. NAR of course was to appeal the case, however just last week announced a settlement agreement with the plaintiffs. In part the settlement agreement will require NAR to pay out $418 Million over the next 4 years, and the Association has agreed to have all commissions removed from MLS as well as abolish cooperation rules that require listing agents to make an offer of compensation to a buyer's agent on MLS. These new rules go into effect Mid July, assuming the Judge signs off the settlement agreement, which has not happened just yet.

Key Points: 

Miami-Dade Total Home Sales Rise for Second Consecutive Month

Retrieved on: 
Thursday, March 21, 2024
REO, Statistics, Partnership, Shock, NAR, Sale, News, MLS, Housing, Condo, Love, Census, CoreLogic, Multiple listing service, Freddie Mac, Property management

MIAMI, March 21, 2024 /PRNewswire-PRWeb/ -- Miami-Dade County total home sales rose year-over-year for the second consecutive month as new data shows South Florida leading the U.S. in price appreciation and international migration, according to February 2024 statistics released by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.

Key Points: 
  • Miami Distressed Sales Remain Low, Reflecting Healthy Market
    Only 0.9% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, lower than 0.8% in February 2023.
  • Short sales and REOs accounted for 0.06% and 0.9% year-over-year, respectively, of total Miami sales in February 2024.
  • Nationally, distressed sales represented 3% of sales in February, virtually unchanged from last month and the prior year.
  • Cash sales represented 43.3% of Miami closed sales in February 2024, compared to 43% in February 2023.