Home prices spiral upward, worsening affordability
A collection of reports show that high mortgage rates weren’t enough to dampen price increases as demand continues to outpace supply.
November 28, 2023
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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- $5 million bonus for Anywhere CEO has ties to lawsuitsRyan Schneider is being rewarded for his work in landing a settlement in commissions cases and delivering savings in a challenging year for real estate.November 27, 2023
- New home sales tap the brakes, but still going strongDespite robust demand, prices continue to drop. It’s all about elevated interest rates, and builders’ response as affordability remains a struggle.November 27, 2023
- Buyers can give thanks for another dip in mortgage ratesApplications increased as 30-year fixed-rate mortgages declined for a fourth straight week.November 22, 2023
- Anywhere, RE/MAX settlements receive preliminary approvalThe agreements, which cover multiple buyer-broker commissions lawsuits, were deemed “fair, reasonable and adequate” by the judge.Updated November 22, 2023
- Fall bump in new construction activity a welcome surpriseBuilding permits and housing starts rose modestly between September and October, suggesting that more supply could be coming online in future months.November 17, 2023
- AI 'more disruptive' than lawsuits, Sanford tells eXp agentsNew buyer agency agreements are coming (though agents don't have to use them), but the focus should be on relationships, eXp’s CEO said in a YouTube broadcast.November 16, 2023
- Mortgage rates dip to lowest level since SeptemberAs rates decline for a third straight week, mortgage applications have risen, suggesting the possibility of a jump in year-end home sales.November 16, 2023
- Commissions case won't be finalized until 2024Although the jury reached a verdict in the Sitzer/Burnett lawsuit on Oct. 31, post-trial motions will keep any judgment on hold until spring.November 15, 2023
- Mark Willis returns to CEO role at KWWillis previously held the top leadership position at Keller Williams Realty from 2005-2015 and had recently rejoined the company in a consulting capacity.November 15, 2023
- 2024 could usher in a surge of home salesNAR economist expects to see a double-digit rise in both existing and new home sales next year.November 14, 2023
- Will Sitzer/Burnett send the industry back to the ‘Dark Ages’?Bright MLS CEO Brian Donnellan said the verdict could be a blow to fair housing, which “should be concerning to all of us.”November 14, 2023
- First-time homebuyers ‘tiptoe back’ as median income tops $100kNAR’s annual Profile of Home Buyers and Sellers found that down payments increased as more people saved up by living with friends or family before purchasing.November 13, 2023
- New lawsuits crop up to challenge agent compensationCases in South Carolina, New York and Chicago pit consumers against NAR, REBNY, Keller Williams and other top real estate companies.November 10, 2023
- Commissions verdict casts a long shadow over Q3 earningsZillow, Redfin and CoStar assured investors that they can withstand “massive disruption,” while others discussed efficiencies and even some avenues for growth.November 10, 2023
- Big rate drop could mean flurry of Thanksgiving home salesMortgage rates took a dive this week, experiencing the largest one-week decline in a year.November 9, 2023
- eXp confirms ‘bad actors’ fired were defendants in sexual assault caseDuring the company's recent earnings call, CEO Glenn Sanford was asked about ongoing litigation that claims eXp ignored a pattern of sexual misconduct.November 8, 2023
- Compass CEO expresses 'confidence' in commissions following verdictIn the Q3 earnings call, Robert Reffkin said Sitzer/Burnett probably won't lower commission splits, highlighted the company's strength despite continued losses.November 6, 2023
- Jobs report could mean lower mortgage rates are comingThe pace of jobs and wages slowed in October, which may reduce inflation and potentially knock down mortgage rates in time for the spring selling season.November 3, 2023
- Mortgage rates level off after rising for 7 weeksAfter steadily climbing this fall, average rates — which have been hovering near 8% — inched down this week, but continued fluctuations are likely.November 2, 2023
