New-home sales fell 8.1% in June Increasing mortgage rates and higher home prices are weighing on new-home sales, which decreased 8.1% in June to 590,000 units, the lowest since April 2020, according to a Commerce Department report, which comes ahead of a Federal Reserve announcement expected this week of a large rate hike. Treasury Secretary Janet Yellen says resilient hiring numbers suggest the economy has not yet entered a recession, but there are signs of a slowdown. Full Story: Reuters (7/26),The Associated Press (7/24)
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Tips for top-notch marketing If you know your audience, your message and how to garner attention online, great marketing can happen whether or not a brokerage offers a suite of marketing tools. Full Story: REALTOR® Magazine (7/22)
Right fit with buyer may outweigh highest offer Agents may hear concerns from sellers that go beyond money when multiple offers come in on a property. "An extra $15,000 may not be important to a seller who's poured 10 years of their life into restoring a property and simply wants it to be preserved and appreciated by the right buyer," says Christian Adams, CEO of Repair Pricer. Full Story: Homes & Gardens (7/25)
Real Estate Trends
Urban living spaces necessitate small appliances The tiny house and micro apartment trend brings with it demand for appliances that function in small spaces, including compact refrigerators, ranges and laundry facilities. "Their overall cost is considerably less than larger homes and they're more energy efficient, which is appealing to a broadening group of homeowners," writes Michael McPeek. Full Story: TWICE (7/25)
Multiple factors point to real estate slowdown Spiking mortgage rates are weighing on consumer demand as homebuilder sentiment wanes. Data from the National Association of REALTORS®, meanwhile, points to declining sales of existing homes. Full Story: Reuters (7/25)
Technology & Innovations
TomoCredit to offer home loans following capital raise TomoCredit, a San Francisco-based financial technology company, plans to expand into home loans after securing equity and debt funding totaling $122 million from backers that include Morgan Stanley's Next Level fund and Mastercard. Full Story: FinTech Futures (UK) (7/22)
Tax breaks in New Orleans aid affordable housing projects New Orleans is adding nearly 200 affordable units with the support of Finance New Orleans, which offers developers tax breaks to create affordable housing. Finance New Orleans was established in 1978 as the Finance Authority and has a long history of supporting first-time buyers and development of affordable family homes. Full Story: The Times-Picayune | The New Orleans Advocate (7/26)
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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. REALTOR® Magazine is the official magazine of NAR, bringing expert insight to real estate trends, tools, and business strategies.
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