Real Estate News 10/07/2024

Today’s News Synopsis:

Gov. Gavin Newsom signed a bill Tuesday, Sept. 24, limiting real estate contracts between homebuyers and their agents to three months, imposing a time limit on representation agreements that became mandatory last month under the National Association of Realtors’ commission lawsuit settlement.

In The News:

Los Angeles Daily News – “Newsom signs bill limiting homebuyer sales contracts to 3 months“ (09-26-2024)

“Assembly Bill 2992 passed the state Legislature without opposition last month.”

Henderson Franklin – “Sink or Disclose: New Flood Insurance Disclosure Requirement Puts Real Estate Buyers on Higher Ground“ (10-02-24)

“Beginning on October 1, 2024, sellers must complete a “Flood Disclosure” form before executing a sales contract, marking a shift toward greater transparency in property transactions.”

Yahoo Finance –  “Consumers are growing more optimistic about the housing market” (10-07-2024)

“Consumers are more confident about the housing market than they’ve been in two years, with many expecting mortgage rates to fall in the next 12 months.”

NAR –  “Pending Sales in August 2024 Rise Modestly” (10-02-24)

“NAR’s pending home sales data show that August’s pending home sales rose 0.6% from last month but decreased 3.0% from a year ago.”

Redfin –  “Just 2.5% of U.S. Homes Changed Hands This Year, The Lowest Rate in Decades” (09-30-24)

“Only 2.5% of U.S. homes changed hands in the first eight months of 2024. California metros lead the list of areas with the lowest turnover, while Sun Belt and New York commuter metros posted highest turnovers.”