Real Estate News 09/02/2024

Today’s News Synopsis:

Pending home sales posted their biggest decline in nearly a year, despite the median U.S. housing payment dropping to its lowest level in five months. Would-be homebuyers are waiting for clarity about the NAR settlement, the presidential election and whether mortgage rates will fall more.

In The News:

Redfin – “Falling Mortgage Rates Have Yet to Improve Home Sales, With Buyers Uncertain About NAR Settlement, Election“ (08-29-24)

“Pending home sales fell 6.9% during the four weeks ending August 25, the biggest annual decline in nearly a year. That’s despite the median monthly U.S. housing payment falling to its lowest level since February as weekly average mortgage rates drop to their lowest level in 15 months. ”

Realtor.com –  “Mortgage Rates Tumble to 6.35%, Infusing ‘Much Needed Energy’ Into the Market” (08-29-2024)

“Mortgage rates continued to fall this week, with the average rate for a 30-year fixed home loan going from 6.46% last week to 6.35% for the week ending Aug. 29, according to Freddie Mac.”

NAR –  “Housing Market Filled With ‘Wait-and-See’ Home Buyers” (08-29-24)

“Contract signings dropped to the lowest level on record last month, but pent-up buyer demand could be waiting for opportunities to open up.”

Homelight – “How Much Less Do FSBO Homes Sell For?” (08-29-2023)

“According to the National Association of Realtors (NAR), FSBO homes sold for a median price of $310,000 last year. In contrast, homes sold with the assistance of a real estate agent had a median sale price of $405,000. That’s a difference of $95,000 or about 23.5% less for FSBO sales.”

Governing.com – “California Changed Its Laws to Promote (One Form of) Housing” (08-29-2023)

“California’s policymakers have spent the past decade passing a succession of laws intended to create a standardized statewide framework for ADUs. As homeowners, local governments, and the real estate industry have gradually adapted to the new laws, annual ADU permits have soared. In 2018, around 9,000 ADUs were permitted across the entire state.”