Home sales have lingered at 30-year lows, and since 70 million more Americans live in the country now compared to three decades ago, it's inevitable that sales will rise in coming years. Inventory will grow steadily from more home construction, and various life-changing events will require people to trade up, trade down or move to another location.
- Lawrence Yun, Chief Economist, NAR
The market is at an interesting point with rising inventory and lower demand. Supply and demand movements suggest easing home price appreciation in upcoming months. Inevitably, more inventory in a job-creating economy will lead to greater home buying, especially when mortgage rates descend.
- Lawrence Yun, Chief Economist, NAR
Percent Appreciation/Depreciation
One thing that seems to be pretty solid is that home prices are going to continue to go up, and the reason is that we don't have housing inventory.
- Jessica Lautz, Deputy Chief Economist, NAR
First Cut MUFG July Barclays September
Citigroup September
Evercore ISI September
Fannie Mae September
Goldman Sachs September
HSBC September
Kalshi September
MBA September
Morgan Stanley September
September
September
November
December
Nomura September Oxford Economics September Source: WSJ,
When it comes to the real estate forecast for the next 5 years, I’m cautiously optimistic. I believe we’re going to see a lot of ebb and flow over the next 5 years — some highs, some lows, but overall, a healthy market. Prices should continue to rise, though more slowly, and buyers might enjoy more options as inventory expands. But remember, real estate is profoundly local. What happens on a national scale can manifest differently in your backyard.
- Dennis Shirshikov, Adjunct Professor of Economics, City University of New York
Presidential election years affect the national housing market and mortgage rates through three interrelated channels: uncertainty, policy expectations, and consumer confidence . . . This is because consumers may choose to postpone major purchases or sales until they gain greater confidence in the country’s direction.
- Al Lord, Founder and CEO, Lexerd Capital Management
Global financial crisis and recession
Fiscal cliff, major health care expansion review by the Supreme Court, and a European debt crisis
The Brexit referendum
Global pandemic
High inflation and war
Usually, home sales are unchanged compared to a non-election year with the exception being November. In an election year, November is slower than normal.
- Ali Wolf, Chief Economist, Zonda
Percent Change in Actual Monthly New Home Sales, October to November
Non-Presidential Election Years 1963–2019 Presidential Election Years 1963–2019
U.S. Annual Existing Home Sales
2,973,000
2,868,000
3,594,000
3,431,000
2,419,000
3,214,000
3,290,000
3,737,000
An election year doesn’t alter the price trend that is already happening in the market.
- Ryan Lundquist, Residential Appraiser and Housing Analyst
U.S. Annual Median Sales Price of Existing Single-Family Houses Sold
U.S. Annual Median Sales Price of New Single-Family Houses Sold
In December [following an election], and in the following year, the sales that are lost during November are recovered. It isn’t that consumers say, ‘I'm nervous, and I never want to buy.’ They say, ‘I'm nervous. Let's just wait to see how things play out.’
- Ali Wolf (2020)
Change from July to November of
Source: Freddie Mac
For most Americans, election results will have little direct effect on their income and therefore should not significantly impact their decision to buy or sell a home.
- Bankrate
I’m three decades into this business. This is a once-in-a-lifetime opportunity! No different than when you look back over the history of all great businesses, most of them started during recessions, depressions or moments of change. This is not a recession or depression, but it is a moment of change.
- Tom Ferry, Real Estate Coach and Speaker
Have You Ever Negotiated the Commission Rate with a Real Estate Agent? Pre-Bubble
Yes, I got a Reduced Commission
No
No
Yes
Only 37% of respondents had heard of the settlement and the proposed changes to industry practices. This is after three weeks of heavy media coverage and social media activity, and nearly five months of elevated coverage of the industry in the wake of the Sitzer verdict.
“Remember
that our respondents here have both bought and sold in the past five years. They are experienced, vested real estate consumers with a stake in the game. That 63% of them had not even heard of the settlement news is remarkable.”
- 1000Watt
We’ve gone from a speed market to a skills market. If you can make this transition and develop your skills, you’re going to be just fine.
- Gary Keller, Co-Founder and Chairman of the Board, Keller Williams Realty
Real estate agents are being attacked wrongly, and this trial verdict was wrong 3%
The Nation Association of Realtors and big real estate companies are finally facing consequences for ripping off home buyers and sellers with excessive commissions/fees.
Real estate agents who work with buyers will now have to negotiate how they are compensated directly with those buyer clients, and this makes sense to me.
It is worth paying a real estate agent to help you buy a home because it is a big, complex purchase requiring the expert guidance of a professional
It really isn’t necessary to hire a real estate agent to help you buy a home because all homes for sale are online and you can just work with the agent who is selling the home (the “listing” agent).
You do not have to compensate the agent who represents a buyer, but you many want to because it motivates more agents to find a qualified buyer, and also reduces the cash a buyer needs to purchase your home, which may mean they are more likely to offer the price you want.
You should not offer to compensate the agent who represents a buyer because that agent should get paid directly by their own client. This will reduce the total commission you pay but may make it harder for some buyers to afford your home.
If You Were Hiring a Real Estate Agent To Help You Buy a Home Right Now, Which of the Following Payment Options Would You Be Most Likely To Choose:
Pay the agent an hourly rate of $100 per hour to complete just the tasks I need them to perform.
Pay the agent a flat fee of $10,000 to provide any services needed during my home buying process.
Pay the agent a fee equal to 2.5% of the purchase of the home I purchase, with no fee payable if I eventually decide not to buy.
So, if your mindset is that this is the single greatest time to be alive because I have a ton of value to deliver, I love serving customers, and I am a great problem solver, you’re going to love this market.
- Jimmy Burgess, CEO, Berkshire Hathaway HomeServices Beach Properties of Florida
agents can explain what’s happening.
https://www.nar.realtor/newsroom/pending-home-salesascended-3-4-in-march
https://www.fanniemae.com/media/51616/display https://img03.en25.com/Web/MortgageBankersAssociation/ %7Bb6d58e6f-e78a-4fd4-bef965cb74bf18cc%7D_Mortgage_Finance_Forecast_Jun_202 4.pdf
https://cdn.nar.realtor/sites/default/files/documents/forecastq2-2024-us-economic-outlook-06-27-2024.pdf
https://www.nar.realtor/newsroom/pending-home-salesdropped-2-1-in-may
https://x.com/NewsLambert/status/1797659853403672983/ photo/1
https://img03.en25.com/Web/MortgageBankersAssociation/ %7B7e604828-7f2c-4117-a76ffe8f3e6bdafc%7D_Mortgage_Finance_Forecast_May_2024 .pdf
https://www.zillow.com/research/home-value-sales-forecast33822/ https://www.fanniemae.com/media/51616/display https://www.freddiemac.com/research/forecast/20240418economic-growth-moderated-labor-market-robust https://pulsenomics.com/surveys/ https://cdn.nar.realtor/sites/default/files/documents/forecastq2-2024-us-economic-outlook-06-27-2024.pdf
https://finance.yahoo.com/news/housing-experts-revisemortgage-rate-forecasts-for-remainder-of-2024113354358.html
https://www.nar.realtor/topics/existing-home-sales https://cdn.nar.realtor/sites/default/files/documents/ehs-052024-overview-2024-06-21.pdf
https://www.fanniemae.com/media/51616/display https://img03.en25.com/Web/MortgageBankersAssociation/ %7Bb6d58e6f-e78a-4fd4-bef965cb74bf18cc%7D_Mortgage_Finance_Forecast_Jun_202 4.pdf
https://cdn.nar.realtor/sites/default/files/documents/forecastq2-2024-us-economic-outlook-06-27-2024.pdf
https://www.mba.org/news-and-research/forecasts-andcommentary/mortgage-finance-forecast-archives https://img03.en25.com/Web/MortgageBankersAssociation/ %7Bb6d58e6f-e78a-4fd4-bef965cb74bf18cc%7D_Mortgage_Finance_Forecast_Jun_202 4.pdf
https://x.com/NickTimiraos/status/1800128276725469193 https://www.housingwire.com/articles/u-s-job-creationexceeds-forecasts-signals-delays-in-rate-cuts/
https://themortgagereports.com/107380/real-estateforecast-next-5-years
https://themortgagereports.com/112291/how-dopresidential-elections-affect-real-estate
https://www.foxbusiness.com/real-estate/real-estate-how2024-election-impact-market
https://www.realtor.com/news/trends/from-surging-layoffsto-a-presidential-election-what-will-2024-bring-for-thehousing-market/
https://researchwiseny.btig.com/ResearchLibraryAnalec/Do wnloadResearch.aspx?E=cafidk-b
https://www.huduser.gov/periodicals/ushmc/fall08/hist_data. pdf
https://www.nar.realtor/research-and-statistics/housingstatistics/existing-home-sales
https://sacramentoappraisalblog.com/2023/11/08/thehousing-market-during-a-presidential-election-year
https://www.nar.realtor/research-and-statistics/housingstatistics/existing-home-sales
https://www.forbes.com/sites/dimawilliams/2020/02/16/hereis-what-a-presidential-election-means-for-home-sales-andprices/?sh=30dd225325fc
https://www.bankrate.com/real-estate/election-yearhousing-market/
https://www.inman.com/2024/06/13/tom-ferry-the-narsettlement-is-a-once-in-a-lifetime-opportunity/
https://listwithclever.com/research/real-estate-commissionchanges2024/?utm_source=press+release&utm_medium=pr&utm_c ampaign=agent_survey_2024
https://listwithclever.com/research/real-estate-commissionchanges2024/?utm_source=press+release&utm_medium=pr&utm_c ampaign=agent_survey_2024
https://www.inman.com/2024/06/13/tom-ferry-the-narsettlement-is-a-once-in-a-lifetime-opportunity/
https://www.inman.com/2024/06/13/tom-ferry-the-nar-
https://www.nar.realtor/research-and-statistics/researchreports/realtors-confidence-index
https://www.nar.realtor/topics/existing-home-sales
http://www.census.gov/construction/nrs/pdf/newressales.pdf http://www.census.gov/newhomesales
http://www.census.gov/construction/nrs/pdf/newressales.pdf https://www.nar.realtor/topics/existing-home-sales
https://www.nar.realtor/research-and-statistics/housingstatistics/pending-home-sales
https://www.spglobal.com/spdji/en/indices/indicators/spcorelogic-case-shiller-20-city-composite-home-price-nsaindex/#news-research
https://www.corelogic.com/intelligence/u-s-home-priceinsights/
https://www.nar.realtor/topics/existing-home-sales
http://www.census.gov/construction/nrs/pdf/newressales.pdf https://www.realtor.com/research/data/
https://www.showingtime.com/blog/
http://www.freddiemac.com/pmms/pmms_archives.html http://www.freddiemac.com/research/forecast/ https://www.mba.org/news-research-andresources/research-and-economics/forecasts-andcommentary
http://www.fanniemae.com/portal/researchinsights/forecast.html
https://www.mba.org/news-research-andresources/research-and-economics/forecasts-andcommentary
https://www.nar.realtor/research-and-statistics
https://www.mba.org/news-research-andresources/newsroom
https://www.mba.org/news-research-andresources/research-and-economics/single-familyresearch/mortgage-credit-availability-index
Since January 2014
Year-Over-Year, by Region
U.S. Northeast Midwest South West
* Less Than 500 Units or Less Than 0.5 Percent
Year-Over-Year, by Region
Year-Over-Year, 20 City Composite
US Home Price Insights – May 2024
Month-Over-Month, May 2024
Source: Census
30-Year Fixed Rate, January 2018–Today
