NAR’s Pending Home Sales Index increased to 78.2 in March. Existing-home sales are forecast to rise by 9% in 2024 to 4.46 million WASHINGTON – Pending home sales in March climbed 3.4%, according to the National Association of Realtors®. The Northeast, South and West posted monthly gains in transactions while the Midwest recorded a loss. Year-over-year, the Northeast and South registered decreases but the Midwest and West improved. The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – increased to 78.2 in March. Year over year, pending transactions were up 0.1%. An
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By Ron Hurtibise Officials are urging patience as rate increases slowly decline due to increased competition with new insurers entering the market. SARASOTA, Fla. – Lawsuits against property insurers declined by more than 20% in the first quarter of 2024 compared to the previous quarter, and that’s fueling market confidence that’s beginning to stabilize homeowner insurance rates in Florida, the state’s chief financial officer said. Homeowners say they haven’t seen rates ease yet, but officials at a roundtable insurance discussion held by CFO Jimmy Patronis in Sarasota on Thursday urged further patience, saying rate increases are slowing as a result
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By Nicole Slaughter Graham Video marketing helps create a strong online presence, which is essential to buyers who use the internet. The first step to making great videos is getting past fear.  CHICAGO – Just like 360-degree tours, using video as part of your overall marketing strategy isn’t a luxury anymore. It’s a necessity. Video marketing is the cornerstone of a strong online presence, which is essential since about 97% of buyers use the internet in their home search, according to a National Association of Realtors® (NAR) report.  Adding consistent, branded and valuable video content can help you stand out
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By Alex Veiga The average rate on a 30-year mortgage rose to 7.17% from 7.1% last week. Costs on 15-year fixed-rate mortgages rose this week to 6.44% from 6.39%. LOS ANGELES — The average long-term U.S. mortgage rate climbed this week to its highest level since late November, another setback for home shoppers in what’s traditionally the housing market’s busiest time of the year. The average rate on a 30-year mortgage rose to 7.17% from 7.1% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.43%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners
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By Jim Turner The My Safe Florida Home home-hardening grant program will be expanded to include condos. It was a Florida Realtors’ priority for the 2024 legislative session. TALLAHASSEE, Fla. — Gov. Ron DeSantis on Wednesday approved $200 million to continue a popular home-hardening grant program that could help about 20,000 mostly low- and moderate-income residents cut property insurance costs. DeSantis signed two bills related to the My Safe Florida Home grant program and said he also intends to support an additional $30 million in the state budget aimed at expanding the program to include condominiums. “There’s more help on
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By Nia Duggins The FTC’s rule will be effective beginning in mid-August. NAR is currently reviewing the rule and its impact and will provide updates. WASHINGTON – This week, the Federal Trade Commission (FTC) issued a final rule banning all non-compete agreements. Last year, the FTC issued a proposed rule regarding the banning of non-compete agreements, and the FTC received several thousand comments. In issuing the final rule, the commission is banning non-compete agreements for all workers and has explained that non-compete agreements are “an unfair method of competition and therefore in violation of Section 5 of the Federal Trade
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MLSs and brokerages seeking to be released under the settlement agreement must act by June 18, NAR said. WASHINGTON – On Tuesday, the U.S. District Court for the Western District of Missouri granted preliminary approval of the National Association of Realtors®’ proposed settlement agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions. Plaintiffs filed a motion last Friday for preliminary approval of the settlement agreement in the Western District of Missouri. The court acted quickly to preliminarily approve the motion, calling the agreement “fair, reasonable and adequate.” The plaintiffs’ filing initiated the
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The measure provides funding to curb algae blooms, which have far-reaching economic implications across the state. Red tide also causes respiratory problems and fish kills. NAPLES, Fla. – Gov. Ron DeSantis on Tuesday signed into law a measure that continues efforts to tackle red tide outbreaks in Florida waters. The measure (HB 1565) extends the Florida Red Tide Mitigation and Technology Development Initiative, which was created in 2019 and was set to expire next year. It also calls for the state Department of Environmental Protection to expedite regulatory reviews of lab efforts and field trials undertaken to control and mitigate
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A new study shows sellers would rather leave money on the table and accept an all-cash sale than risk losing the sale completely because the mortgage falls through. NEW YORK – Owning a home has long been considered a crucial way to build wealth, but making such a purchase has become increasingly difficult for many residents. In addition to steep housing prices and high interest rates, there have been a growing number of all-cash buyers who can close a deal quickly, beating out competing offers from buyers who need to finance their home with a mortgage. The convenience and certainty
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The budget items include funding for water quality improvements and Everglades restoration and was a Florida Realtors’ priority for the 2024 session. WEST PALM BEACH, Fla. – Gov. Ron DeSantis said Monday he will approve $1.5 billion directed towards Everglades cleanup that was included in the budget for the fiscal year that begins July 1, which he has not yet received. “I am going through all the things in the budget right now. And there’s a lot of different line items. … Some are going to make it. Some are not going to make it,” DeSantis said during an appearance
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