RPT: Median Home Spent Just One Week on Market, Setting New Record

A typical home spent just one week on the market before going under contract, according to a new report from the National Association of Realtors. Their annual Profile of Home Buyers and Sellers — “real estate’s definitive guide on home buyer and seller trends” — reported on the pace of home sales between July 2020 and June 2021. By comparison, the average in 2012 was eleven weeks. “Buyers moving quickly during the pandemic, coupled with all-time-low inventory, led to a decline in time on market to the shortest ever recorded, which was just one week,” said Jessica Lautz, vice president of demographics and behavioral insights at NAR. “Only a quarter of home sellers offered incentives to entice potential buyers, down from…

MBA’s Broeksmit Warns: ‘Aggressive’ Regulation Is Back

In a speech to the Mortgage Bankers Association’s annual convention on Monday, President and CEO Bob Broeksmit told members that, to paraphrase former President Bill Clinton, the era of big, regulatory government is back. Broeksmit’s remarks addressed a range of issues, from the impact on the industry of the COVID-19 pandemic to minority homeownership. But his central theme for the industry is the political changes made in Washington, D.C. in 2020 are going to have an impact in 2021 — and beyond. Broeksmit said he spoke to Fed Chairman Jerome Powell and four of the other Governors of the Federal Reserve. “I always make the same points, too. The MBA supports regulation and legislation that is clear, easy to implement, and helpful…

Red States Are Beating Blue States in White-Hot Housing Market. Why?

The housing market in red states is white-hot compared to their blue counterparts, a new analysis finds. As U.S. housing prices remain high and experts predict the trend will continue, states led by Republican legislatures and governors are disproportionately represented among the hottest housing markets in the country, with experts offering a variety of explanations as to why that might be. Data analyst firm CoreLogic noted this month that “home prices nationwide, including distressed sales, increased year over year by 18.1% in August 2021 compared with August 2020, marking the largest annual gain in home prices in the 45-year history of the CoreLogic Home Price Index.” That price spike was driven by a sharply constricted housing supply that saw homebuyers scrambling to…