Rising mortgage rates thwarted the first weeks of the spring market, according to a Redfin housing report published on Thursday. Homesellers pulled back during the four weeks ending March 31, leading new listing growth to experience the smallest annual increase in seven weeks (+8.4 percent).
As the first day of spring arrives, three economists shared with Inman why headwinds will continue to plague the housing market in 2024, long after a recovery was expected to revive U.S. home sales.
The real estate industry took a beating in 2023 — rising mortgage rates froze home sales, consumer sentiment slid to new lows, several landmark lawsuits threatened buyer-broker commissions, and the National Association of Realtors couldn't keep itself out of trouble. Although the industry is hoping for a brighter 2024, Keller Williams co-founder Gary Keller said agents need to prepare for another round of bitter headwinds.
Approximately 28 percent of brokerage leaders believe "recruiting and retaining talent" will be their most challenging responsibility one year from now, according to results from the Inman Intel Index survey.
Fifth Wall co-founder Brendan Wallace and VTS CEO Nick Romito discussed the bounce between office and remote work and transforming America's empty offices into extra housing during ICNY.
Financial site LendingTree's latest consumer survey revealed 35 percent of Americans hope the market will crash in the next 12 months. Why? They believe an economic downturn will lower mortgage rates and home prices.
Mauricio Umansky, Glennda Baker, Egypt Sherrod and Tarek El Moussa, members of the inaugural class of Inman Influencers, told agents during a roundtable discussion to wield video, defy the market, get a coach and shed their fears of rejection to succeed in the new year.
Goldman Sachs economist Michael Murdoch criticized the Federal Reserve's rate strategy at Ben Kinney Companies' BuiltHOW conference on Tuesday and shared how upcoming policies could impact the 2024 housing market.
Home transactions may be down, but you wouldn't know it from most brokerage payrolls. Real estate hiring churned along in July, according to new data from the U.S. Bureau of Labor Statistics.
Starwood Capital Group Chairman and billionaire real estate investor Barry Sternlicht claims Fed inaction has all but ensured a recession is on the way. "Nobody wants to sell anything today," he said.
With the gross domestic product eclipsing expectations in Q2, the U.S. appears to have avoided a long-predicted recession, even as the real estate industry remains mired in a deep contraction.
Consulting firm McKinsey & Company has found that pandemic-induced hybrid work is here to stay, for better or worse, ensuring permanent consequences for real estate agents in larger cities.