Existing-home sales slightly stirred in September, posting higher than in August but lower than one year prior, the National Association of REALTORS® (NAR) reports.

Existing-home sales totaled 5.39 million, a 0.7 percent increase from August but a 1.5 percent decrease from one year prior. Inventory increased 1.6 percent to 1.90 million, 6.4 percent below one year prior.

“Home sales in recent months remain at their lowest level of the year and are unable to break through, despite considerable buyer interest in most parts of the country,” says Lawrence Yun, chief economist at NAR. “REALTORS® this fall continue to say the primary impediments stifling sales growth are the same as they have been all year: not enough listings—especially at the lower end of the market—and fast-rising prices that are straining the budgets of prospective buyers.”

Inventory is currently at a 4.2-month supply. Existing homes averaged 34 days on market in September, five days less than one year prior. All told, 48 percent of homes sold in September were on the market for less than one month.

“Existing-home sales picked up momentum slightly in September compared to August, but were lower on a year-over-year basis for the first time since July 2016,” says Danielle Hale, chief economist for realtor.com®. “Inventories also continue to plunge, creating challenges for buyers across the country. On the bright side, we’re starting to see home price growth slow down, with sale prices up only 4.2 percent from a year ago.”

The metropolitan areas with the fewest days on market in September, according to data from realtor.com, were San Francisco-Oakland-Hayward, Calif. (30 days); San Jose-Sunnyvale-Santa Clara, Calif. (32 days); Salt Lake City, Utah (35 days); and Seattle-Tacoma-Bellevue, Wash., and Vallejo-Fairfield, Calif. (both 36 days).

The median existing-home price for all types of houses (single-family, condo, co-op and townhome) was $245,100, a 4.2 percent increase from one year prior. The median price for a single-family existing home was $246,800, while the median price for an existing condo was $231,300.

“A continuation of last month’s alleviating price growth, which was the slowest since last December (4.5 percent), would improve affordability conditions and be good news for the would-be buyers who have been held back by higher prices this year,” Yun says.

Single-family existing-home sales came in at 4.79 million in September, a 1.1 percent increase from 4.74 million in August, but a 1.2 percent decrease from 4.85 million one year prior. Existing-condo and -co-op sales came in at 600,000, a 1.6 percent decrease from August and a 3.2 percent decrease from one year prior.

Twenty percent of existing-home sales in September were all-cash, with 15 percent by individual investors. Four percent were distressed.

The Midwest and West saw positive activity in September, with existing-home sales rising 1.6 percent to 1.30 million in the Midwest, with a median price of $195,800, and 3.3 percent to 1.24 million in the West, with a median price of $362,700. Existing-home sales in the South fell, 0.9 percent to 2.13 million, with a median price of $215,100. Existing-home sales in the Northeast were unmoved at 720,000, with a median price of $274,100.

“Home sales in the South continue to be hampered by post-hurricane weakness, while the Midwest and West regions show pretty strong pick-up in sales from August. It should be noted that the fires in California are not yet reflected in the data, so we’re likely to see more weakness on the horizon,” Hale says.

“Sales activity likely would have been somewhat stronger if not for the fact that parts of Texas and South Florida—hit by Hurricanes Harvey and Irma—saw temporary, but notable declines,” says Yun.

First-time homebuyers comprised 29 percent of existing-home sales in September, a decrease from 31 percent in August.

“Nearly two-thirds of renters currently believe now is a good time to buy a home, but weakening affordability and few choices in their price range have made it really difficult for more aspiring first-time buyers to reach the market,” Yun says.

Adds Hale, “Interestingly, the softening in prices has not yet affected home listing prices. According to realtor.com data, the number of homes for sale are down 9 percent from a year ago, while listing prices – which continue to soar – are up 10 percent.  The discrepancy between list price and sales price increases suggests that some buyers may have reached a limit on the price increases they can afford.”

NAR President Bill Brown is concerned first-time homebuyers, and homeowners in general, will be adversely impacted by proposed tax reform.

“There’s no way around the fact that any proposal that marginalizes the mortgage interest deduction and eliminates state and local tax deductions essentially disincentives homeownership and is a potential tax hike on millions of middle-class homeowners,” says Brown. “Reforming the tax code is a worthy goal, but it should not lead to the middle class, who primarily build wealth through owning a home, footing the bill. Instead, Congress should be looking at ways to ensure more creditworthy prospective buyers are able to achieve homeownership and enjoy its personal and wealth-building benefits.”

For more information, please visit www.nar.realtor.

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Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:

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Last month, Amazon announced the search for its second headquarters (HQ2). The online marketplace giant has not yet slipped about what city they are leaning towards. Perhaps a look at CEO Jeff Bezos’ real estate investments will give us an inkling.

Check out Bezos’ current homes. Are any of these located in a city that fits the bill for HQ2?

• Bezos owns two homes in Beverly Hills. One was purchased in 2007 for $24.45 million, and the other was purchased this past July for $12.9 million.
• He purchased the Washington, D.C. Textile Museum in October for $23 million. It is being renovated into a private residence by architect Ankie Barnes.
• He bought a 1920s ranch in Culberson County, Texas to recreate the feeling of the Lazy G, a Texas ranch his grandfather retired in and the place Bezos spent summers at.
• He purchased three units in New York City for $7.65 million, and also bought the next door unit for $5.3 million in 2012.
• He bought a 5.3-acre property for $10 million in Medina, Wash., in 1998. He built another property on the lot in 2004, and bought the property next door in 2010.

California
While his Beverly Hills location doesn’t meet Amazon’s population requirement of more than 1 million people, the city is surrounded by heavily populated cities such as Los Angeles, West Hollywood and Santa Monica. According to the 2010 U.S. Census of Population & Housing, most residents (about 55 percent) are under 44 years of age—an important dynamic if Amazon is looking to hire young talent. Realtor.com® reports California is on their hottest markets list; however, the state’s lack of affordable housing may be a risk factor for Amazon.

Washington, D.C.
If a diverse population is what Amazon is looking for, then Washington, D.C. may be the best choice. The city has a reputation for being a meeting place of different cultures, ages and experiences. Transportation can also be a benefit, as Washington boasts the cleanest and most efficient transportation systems in the world. Zillow reports Washington, D.C. is a very hot real estate market, with home values up 3.2 percent year-over-year.

Texas
While Culberson County may not be what Amazon has in mind for its next big location, more populous cities like Austin and Dallas may be in the running. Out of the two, Dallas may be a better fit transportation-wise, as Austin can be limiting if Amazon wants an easy access city. Austin, however, has a reputation for offering a unique culture and may work better for Amazon’s search for a “happy” city.

In terms of real estate, the Dallas markets are healthy, with home values up 2.9 percent year-over-year, according to the August Zillow Real Estate Market Reports.

New York
The Big Apple checks off a lot of Amazon’s boxes: culture, diversity and young talent. But does it have the “viable real estate options” and a “development-prepped site,” as Amazon asks for? New York City already has a reputation for high real estate prices. The addition of HQ2 may pose a problem if home prices are hiked up even more.

Washington
If Bezos truly wants to stick close to home, Medina or another Washington location may be his go-to. Word has it, however, that Amazon will not be looking in their own home state for HQ2. While Medina boasts “the most sought-after waterfront in the Pacific Northwest,” its small-town feel isn’t exactly what Amazon is looking for.

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Jeff Bezos May Seek HQ2 Close to Home appeared first on RISMedia.

How do you define “trust?” In the real estate industry, it implies several qualities, including competence, reliability, professionalism and honesty. Trust must be earned, but it’s also subject to first impressions. In the online world, those first impressions can be encouraged (or discouraged) by something as simple as your domain name.

Therefore, establishing trust is one of the many reasons members of the National Association of REALTORS® (NAR) have been claiming their .realtor™ domains. Exclusively available to members, firms and NAR boards (and the Canadian Real Estate Association), a domain name ending in .realtor™ is an excellent way to make a lasting impression on prospects and clients by reminding them who you are and what you do.

Much More Than a Domain
Since the .realtor™ top-level domains were first offered, several enhancements have been integrated into the platform, including easy-to-build IDX-powered websites (from Placester®, a REALTOR Benefits® Program Partner) and a free realtor.com® profile website (these two benefits are currently for U.S. members only).

In addition to these excellent marketing tools, .realtor™ now offers best-in-class communication and productivity tools, making it easy for members to incorporate professional email from G Suite, as well as other G Suite applications. By taking advantage of .realtor™’s entire digital toolkit, members can propel their real estate business forward, leveraging web solutions designed to improve their marketing efforts and maximize their business efficiencies.

G Suite is a product from Google Cloud, consisting of cloud computing, productivity and collaboration tools, originally launched in 2006 (as Google Apps for Work). Since then, the breadth and depth of its applications have grown, now including a robust integration of email, cloud storage, word processing, spreadsheets, presentation tools, shared calendars, and more.

All the work you do with your .realtor™ domain on G Suite is instantly backed up by Google’s data centers and synchronized for access on any of your devices. Further, Google’s search capabilities are built into all G Suite products—a huge time-saver if you’re on the go and trying to locate old emails, files, etc.

Your .realtor™ domain includes several additional benefits:

• Professional email (for example, info@john.realtor instead of JohnMorgan@gmail.com)
• Double the amount of cloud storage that you get with a free Gmail account
• Direct U.S.-based customer support through .realtor™
• An advertisement-free email experience

Anyone can set up G Suite and run their business email through Gmail, although the process requires several steps in order for your domain’s MX records to point to Google servers. With a .realtor™ domain, the process is managed for you. All you need to do is follow a few simple screen-by-screen steps, and the .realtor™ team takes it from there.

Available G Suite Applications for Real Estate
Google Cloud’s collection of G Suite applications can truly streamline an agent’s busy digital life. A few examples:

Open houses – Use Google Forms (on a tablet) to effortlessly compile visitor data and manage follow-up.

On-the-go meetings – Use Hangouts for easy-to-join video conversations with clients and office members.

Store anything/retrieve anywhere – Google Drive’s cloud-based storage simplifies organizing and retrieving client photos, transaction files, listing presentations, etc., on any device.

Customer relationship management – The G Suite Marketplace includes several CRM integrations to power up your agents’ lead development efforts.

Get Your .realtor™
Individual members of NAR can claim their first .realtor™ domain at no cost for the first year and $39.95 per year after that. (For firms, the cost is $79 per year; bulk discounts are available for individuals and firms.) Add G Suite for $60 per year and take advantage of everything that .realtor™ has to offer. Learn more at www.get.realtor.

For the latest real estate news and trends, bookmark RISMedia.com.

The post .realtor™ Adds Powerful Productivity Tools to Its Trusted Platform appeared first on RISMedia.

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A recent forecast out of the Urban Land Institute’s (ULI) Center for Capital Markets and Real Estate predicts moderate growth for the commercial real estate industry through 2019.

The ULI Real Estate Economic Forecast, a semi-annual projection based on survey responses, anticipates commercial real estate will see $450 billion in transaction volume in 2017 and $427 billion in volume in 2018 and 2019. All are declines from the previous year. On the broader economy, the forecast expects GDP to grow 2.2 percent in 2017 and 2.4 percent in 2018.

“Respondents to the October 2017 ULI Real Estate Economic Forecast downplayed the possibility of a spike in economic growth through 2019,” said William Maher, director of North American Strategy and Research at LaSalle Investment Management, leader at ULI and a survey respondent. “At the same time, they confirmed that the current expansion could become the longest one since records were kept starting in the 19th century. While real estate will benefit from continued growth, U.S. property markets are close to equilibrium, which should result in inflationary rent growth and returns in the single digits for core real estate and equity real estate investment trusts (REITs).”

The forecast expects 960,000 single-family housing starts in 2019, and home prices to appreciate an average 4.8 percent through 2019.

Source: Urban Land Institute (ULI)

For the latest real estate news and trends, bookmark RISMedia.com.

The post Forecast: Commercial to Grow ‘Moderately’ Through 2019 appeared first on RISMedia.

Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:

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Everyone knows location is the most important part of real estate. You can’t change where your house is (all things being equal). You have to consider school districts, crime rates, commute times—the list goes on and on. It can be much simpler when you’re considering buying a home to compare apples to apples so you can see how the real estate market differs according to location, so HowMuch.net created a new visualization showing land and housing prices at a glance.

The blue dots represent the value of an acre of land, and the red circles indicate the median value of a home. The bigger the blue dot and the larger the red circle, the more expensive it is to become a property owner. Small circles and dots likewise indicate a very low cost of purchasing property. The home values are from the U.S. Census Bureau’s 2015 American Consumer Survey, and the numbers behind the land values come from the Bureau of Economic Analysis.

Several things stand out in the illustration. An acre of land is much more valuable in the Northeast compared to any other part of the country. This is partly because the Eastern seaboard is a very densely populated area with several large cities, most notably New York. New York and Massachusetts have some of the oldest modern structures anywhere in the U.S. In other words, Eastern cities are a lot older than Midwestern cities, so there isn’t a lot of farmland for suburban expansion anymore. In terms of geographic size, these are some of the smallest states in the country. As a matter of fact, the three states where the cost of an acre of land is greater than the median price of a house are all located on the East Coast, and they happen to be some of the smallest states in the Union (Rhode Island, Connecticut, and New Jersey).

Median home values (the red circles) are a different and more complicated story. California has the most expensive houses by far ($449,100). Oregon and Washington boast similarly high housing valuations, as well ($264,100 and $284,000, respectively). It is also expensive to buy a home on the East Coast, with six out of the top 10 states with the most expensive median home values.

There’s a noticeable dip in both housing and land prices in Southern and Midwestern states. Prices slowly rise the further you move from east to west. This highlights unique economic developments over the last several years, including the boom in oil exploration in North Dakota and the growth of Western cities, like Denver, thanks to young people. Snowbirds also tend to move to Florida and Arizona when they retire, which also pushes up housing prices in those places.

Top 5 Most Expensive States to Buy a Home

1. California
   Value per Acre: $39,092
   Median Home Value: $449,100

2. Massachusetts
   Value per Acre: $102,214
   Median Home Value: $352,100

3. New Jersey
   Value per Acre: $196,410
   Median Home Value: $322,600

4. Maryland
   Value per Acre: $75,429
   Median Home Value: $299,800

5. New York
   Value per Acre: $41,314
   Median Home Value: $293,500

Top 5 Cheapest States to Buy a Home

1. West Virginia
   Value per Acre: $10,537
   Median Home Value: $112,100

2. Mississippi
   Value per Acre: $5,565
   Median Home Value: $112,700

3. Arkansas
   Value per Acre: $6,739
   Median Home Value: $120,700

4. Oklahoma
   Value per Acre: $7,364
   Median Home Value: $126,800

5. Kentucky
   Value per Acre: $7,209
   Median Home Value: $130,000

All this shows that the laws of supply and demand are alive and well in the real estate market. You can easily find cheap acres of land where they are plentiful and un-useful (sorry, Nevada), but owning property is a lot more expensive in smaller places crowded with lots of people. As always: location, location, location.

A version of this article originally appeared on HowMuch.net.

For the latest real estate news and trends, bookmark RISMedia.com.

The post The Most (and Least) Valuable States in America appeared first on RISMedia.

Long-term rates are hanging on by fingertips to a key level, the stock market has the sillies (again), and all incoming economic reports are hot. It’s going to take a negative event (geopolitical or economic) to hold rates down where they have been for most of this year. ...

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