Top 3 takeaways from a hot summer week of economic news
The jobs report was the biggest surprise, and it had an immediate impact on mortgage rates. Meanwhile, inventory continues to build.
August 3, 2024
Dave Gallagher
Director, News Reporting
Dave's journalism career spans 24 years covering business, the economy and real estate in Northwest Washington. He's also a numbers nerd, examining data to spot emerging trends in industries. Having started his career as a sports writer, he's a lifelong baseball and soccer fan and recently discovered pickleball. He grew up in Yosemite National Park and earned his journalism degree at Humboldt State University in northern California.
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- Buyer agent commissions already falling, new report findsRedfin reports that the typical commission for buyer agents slipped to 2.55% ahead of the August 17 deadline for rule changes related to the NAR settlement.August 2, 2024
- ShowingTime returns to two large MLSs after settlementMembers of ARMLS and Metro MLS will be able to choose between ShowingTime and Aligned Showings after resolution of a lawsuit filed by Zillow in December.August 2, 2024
- Opendoor trims losses, calls out pressure on commissionsIt’s early, the iBuyer’s CEO says, but Opendoor has seen “10-15 basis points of pressure” on commission rates. “Not a huge amount, but decidedly different.”August 1, 2024
- FTC refunds over $12 million in alleged home-flipping schemeMore than 25,000 consumers paid Zurixx for coaching endorsed by TV real estate reality-show stars in a case officials hope “is a warning to others.”August 1, 2024
- NAR serves up agent talking points, consumer resourcesThe association has shared a series of fact sheets and presentations to help real estate professionals and their clients understand what to expect come Aug. 17.July 31, 2024
- No rate cuts yet, but they're 'on the table'As expected, the Fed held steady on rates today, but signaled the possibility of cuts in September. That might not mean big drops in mortgage rates, however.July 31, 2024
- Pending sales up for the first time since MarchWhile still sluggish, it’s a sign that demand is lurking, and sales “would have been even higher” if buyers weren’t waiting for mortgage rates to drop.July 31, 2024
- Major MLS inks agreement to tap international marketThe Houston Association of Realtors formed a data share partnership with the largest Latin American MLS, giving members access to listings across 22 countries.July 30, 2024
- CRMLS removes key concessions detailsThe organization added a concessions field in May that allowed listing agents to specify an amount or percentage — but opted to remove those options this week.July 30, 2024
- 5 markets where rising inventory is helping buyersAffordability has remained a problem in much of the country, even as supply has increased. But a few areas, led by Tampa, are becoming more accessible.July 29, 2024
- How one major association is getting ahead of industry changesSouth Florida’s Broward, Palm Beaches & St. Lucie Realtors is taking a two-pronged approach, using ads to educate consumers while helping members stay informed.July 29, 2024
- Buyers continue to hold out as rates stay putMortgage rates remained nearly flat as the market awaits the Fed’s next move. Meanwhile, inventory is still growing — but “sellers are pulling back.”July 25, 2024
- Pocket listings lawsuit gets (another) new lease on lifeA U.S. District Court judge has approved a motion from the plaintiffs requesting reconsideration of a case originally filed against NAR in 2020.July 24, 2024
- KW surpasses $2B in profit sharesThe profit-share program, which made headlines last year after the company proposed changes, hit a new milestone with the multibillion-dollar figure.July 22, 2024
- A top eXp exec jumps to fast-growing cloud-based brokerageFormer eXp Chief Growth Officer Michael Valdes will spearhead the international expansion of LPT Realty, which he says is perfecting the model eXp pioneered.July 22, 2024
- Howard Hanna offering buyer agreement/mortgage bundle dealBuyers who sign agreements with the nation’s largest family-owned brokerage — and use its mortgage services — will get a 0.5% credit when their loan closes.July 19, 2024
- MLS data shares picking up steam in the SoutheastFour MLSs go Coast 2 Coast in Florida; North Carolina MLS expands into Georgia, each serving about 20,000 members.July 19, 2024
- Mortgage rates tumble; time for buyers to ‘get serious’Despite falling rates, homebuyer demand remains weak. Now could be a chance to make offers before inventory tightens and prices rise further, one expert says.July 18, 2024
- FCC looks to tighten rules on AI-generated robocallsThe proposed regulation — the first of its kind — comes at a time when the real estate is already dealing with lawsuits over unsolicited texts and calls.July 17, 2024
