2021 RealTrends 500 Now Live!

The RealTrends 500, now in its 34th year, remains the undisputed leading report ranking the performance of the top residential real estate brokerage firms.

Gathering of Eagles

The Gathering of Eagles conference is the Trusted Source, offering brokers, managers and leaders valuable insider industry information on how to run a profitable business.

RealTrending: eXp’s Glenn Sanford

Glenn Sanford, CEO of eXp World holdings, addresses his critics about his agent referral program, where he is taking the company next and growth limiters for the brokerage.

Newsletter

The RealTrends monthly newsletter is known as the trusted industry source for information on trends, strategies, analysis, people and news shaping the real estate industry of tomorrow.

Housing Market Update: Will We Recover This Year?

Low inventory, cyclical slowdowns mean a housing market functioning below capacity.

Pending sales were up through May, June, and early July. The level of closings for June was nearly as high as they were in June 2019 in many markets. The surge, which started in early May, seems set to continue through at least the end of July and maybe into August.

Record-low interest rates are fueling much of this surge, along with some indications that families are also rearranging where they live. Reports from suburban realty firms and agents—as well as from leading firms in the ex-urban and rural property markets—show an increased level of activity. While much of this anecdotal, it’s so widespread across the country as to give it credence. Much of the May-through-July surge can be credited to packing 90-120 days of buying activity into 60 days.

There will be a cyclical slowdown as autumn approaches. Reports from across markets indicate that listing inventory is down in most markets, below the level of last year when it was already low. Housing markets cannot function at full capacity when little inventory exists. Unless home builders can start adding 1 million or more new housing units a year, most markets will be faced with scarce inventory and rising prices—just when 20 million+ American workers and businesses are trying to reopen.

Economists from several sources, including NAR, Realtor.com and Zillow, believe that unit sales will not totally recover this year. A rough average of their forecasts indicates unit sales would be down 12%-15% from 2019 by the end of this year. Should they be on the mark, then sales in the fourth quarter will be softer than last year.

Most Popular Articles

RealTrending: eXp’s Glenn Sanford reveals what’s next for company

Glenn Sanford, CEO of eXp World holdings, addresses his critics about his agent referral program, where he is taking the company next and growth limiters for the brokerage.

Apr 12, 2021 By

Latest Articles

Homes in Black neighborhoods are undervalued by $46,000, on average

Homes in primarily Black neighborhoods are undervalued by an average of $46,000 when compared to similar homes in primarily white neighborhoods, according to a recently released Redfin analysis and report. Redfin analyzed data from more than seven million home sales between 2013 and February 2021, and determined that “bias and systemic racism” are the only […]

Apr 21, 2021 By