Real Estate News 11/01/2024

Today’s News Synopsis:

Pending home sales rose in September, according to the National Association of REALTORS®. All four major regions experienced month-over-month gains in transactions. Year-over-year, the Northeast and West registered increases while sales remained steady in the Midwest and South.

In The News:

NAR – “Pending Home Sales Advanced 7.4% in September“ (10-30-2024)

“The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – jumped 7.4% to 75.8 in September, the highest level since March (78.3). Year-over-year, pending transactions ascended 2.6%. An index of 100 is equal to the level of contract activity in 2001.”

Yahoo Finance – “Biden rolls out another student debt relief plan, this time targeting borrowers at risk of default“ (10-26-24)

“The Biden administration released its latest proposal to cancel student loans for millions of Americans on Friday, pushing ahead with the effort even as its other major attempts at debt relief remain tied up in the courts.”

HousingWire –  “Real estate agent commissions are holding steady, except at this price point” (10-31-2024)

“New data from Redfin, which shows that the average commission between August and October dropped by 1 basis point to 2.34%. The data is derived from sales of Redfin listings that have closed in October or are scheduled to by the end of the month.”

All Work Space –  “One-Third Of Companies Now Demand Full-Time In-Office Work“ (10-29-24)

“The number of companies requiring employees to be in the office five days a week is up approximately 2% from Q2.”

CNBC –  “Here’s how much money you need to make an hour to comfortably afford rent in 15 major U.S. cities” (10-31-24)

“From coast to coast, the minimum wage is falling short of how much Americans need to comfortably afford average rent prices in major cities.”