NAR Senior Executive Will Be Next CEO

REALTORS® have selected Bob Goldberg to succeed current NAR CEO Dale Stinton, who is retiring in August of 2017 after 36 years at NAR and 12 as CEO. Goldberg currently serves as NAR senior vice president of Sales & Marketing, Business Development & Strategic Investments, Professional Development and Conventions.

NAR Incoming CEO Bob Goldberg.NAR’s leadership team chose Goldberg after an extensive national search. He has been with NAR since 1995 and will be NAR’s 12th CEO since the association was founded in 1908.

“Bob’s vision, business acumen, and unique ability to successfully leverage NAR’s technology investments will ensure REALTORS® remain at the center of the real estate transaction,” said 2017 NAR President William E. Brown, a REALTOR® from Alamo, California. “With extensive knowledge of the association and real estate industry, Bob brings with him a strong track record for future-based thinking and enacting change, which is why the NAR leadership team is extremely confident in his ability to lead the association and membership to continued future success.”

In his current SVP role, Goldberg is responsible for brand and strategic marketing and association non-dues revenue, and oversees the largest employee base at NAR, with 69 division personnel. He guides a broad range of association initiatives including business development, strategic planning and partnerships, association product and marketing services and management, member professional development, competitive brand positioning, marketing, advertising and promotions, and group conventions.

In addition to his NAR roles, Goldberg is SVP of administration for REALTOR® University, overseeing graduate school staff, day-to-day operations of the research center, curriculum development and budgets. He is also president and CEO of the REALTORS® Information Network, or RIN, an NAR for-profit and wholly owned subsidiary responsible for overseeing the realtor.com® operating agreement with Move Inc.

Goldberg said he’s “humbled and excited” to take on the role and is “looking forward to working with REALTOR® leaders and staff to advance the association and our members toward long-term success.”

Source: NAR Newsline

Existing-Home Sales Rise 1.1 Percent in May; Median Sales Price Ascends to New High

WASHINGTON (June 21, 2017) — Existing-home sales rebounded in May following a notable decline in April, and low inventory levels helped propel the median sales price to a new high while pushing down the median days a home is on the market to a new low, according to the National Association of Realtors®. All major regions except for the Midwest saw an increase in sales last month.

Total existing-home sales1https://www.nar.realtor/topics/existing-home-sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, climbed 1.1 percent to a seasonally adjusted annual rate of 5.62 million in May from a downwardly revised 5.56 million in April. Last month’s sales pace is 2.7 percent above a year ago and is the third highest over the past year.

Lawrence Yun, NAR chief economist, says sales activity expanded in May as more buyers overcame the increasingly challenging market conditions prevalent in many areas. “The job market in most of the country is healthy and the recent downward trend in mortgage rates continues to keep buyer interest at a robust level,” he said. “Those able to close on a home last month are probably feeling both happy and relieved. Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace and the prevalence of multiple offers in some markets are pushing prices higher.”

The median existing-home price2 for all housing types in May was $252,800. This surpasses last June ($247,600) as the new peak median sales price, is up 5.8 percent from May 2016 ($238,900) and marks the 63rd straight month of year-over-year gains.

Total housing inventory3 at the end of May rose 2.1 percent to 1.96 million existing homes available for sale, but is still 8.4 percent lower than a year ago (2.14 million) and has fallen year-over-year for 24 consecutive months. Unsold inventory is at a 4.2-month supply at the current sales pace, which is down from 4.7 months a year ago.

“Home prices keep chugging along at a pace that is not sustainable in the long run,” added Yun. “Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.”

Properties typically stayed on the market for 27 days in May, which is down from 29 days in April and 32 days a year ago; this is the shortest timeframe since NAR began tracking in May 2011. Short sales were on the market the longest at a median of 94 days in May, while foreclosures sold in 48 days and non-distressed homes took 27 days. Fifty-five percent of homes sold in May were on the market for less than a month (a new high).

Inventory data from realtor.com® reveals that the metropolitan statistical areas where listings stayed on the market the shortest amount of time in May were Seattle-Tacoma-Bellevue, Wash., 20 days; San Francisco-Oakland-Hayward, Calif., 24 days; San Jose-Sunnyvale-Santa Clara, Calif., 25 days; and Salt Lake City, Utah and Ogden-Clearfield, Utah, both at 26 days.

“With new and existing supply failing to catch up with demand, several markets this summer will continue to see homes going under contract at this remarkably fast pace of under a month,” said Yun.

According to Freddie Mac, the average commitment rate(link is external) for a 30-year, conventional, fixed-rate mortgage decreased for the second consecutive month, dipping to 4.01 percent in May from 4.05 percent in April. The average commitment rate for all of 2016 was 3.65 percent.

First-time buyers were 33 percent of sales in May, which is down from 34 percent in April but up from 30 percent a year ago. NAR’s 2016 Profile of Home Buyers and Sellers — released in late 20164 — revealed that the annual share of first-time buyers was 35 percent.

Earlier this month, NAR hosted the Sustainable Homeownership Conference at University of California’s Memorial Stadium in Berkeley. A white paper titled, “Hurdles to Homeownership: Understanding the Barriers,”(link is external) was released, which honed in on the five main reasons why first-time buyers are failing to make up a greater share of the market.

“Of the barriers analyzed in the white paper, single-family housing shortages will be the biggest challenge for prospective first-time buyers this year,” said President William E. Brown, a Realtor® from Alamo, California. “Those hoping to buy an entry-level, single-family home continue to see minimal choices. The best advice for these home shoppers is to know what you can afford, lean on the guidance of a Realtor® and act fast once an ideal property within the budget is listed.”

All-cash sales were 22 percent of transactions in May, up from 21 percent in April and unchanged from a year ago. Individual investors, who account for many cash sales, purchased 16 percent of homes in May, up from 15 percent in April and 13 percent a year ago. Sixty-four percent of investors paid in cash in May.

Distressed sales5 — foreclosures and short sales — were 5 percent of sales in May, unchanged from April and down from 6 percent a year ago. Four percent of May sales were foreclosures and 1 percent were short sales. Foreclosures sold for an average discount of 20 percent below market value in May (18 percent in April), while short sales were discounted 16 percent (12 percent in April).

Single-family and Condo/Co-op Sales

Single-family home sales increased 1.0 percent to a seasonally adjusted annual rate of 4.98 million in May from 4.93 million in April, and are now 2.7 percent above the 4.85 million pace a year ago. The median existing single-family home price was $254,600 in May, up 6.0 percent from May 2016.

Existing condominium and co-op sales climbed 1.6 percent to a seasonally adjusted annual rate of 640,000 units in May, and are 3.2 percent higher than a year ago. The median existing condo price was $238,700 in May, which is 4.8 percent above a year ago.

Regional Breakdown

May existing-home sales in the Northeast jumped 6.8 percent to an annual rate of 780,000, and are now 2.6 percent above a year ago. The median price in the Northeast was $281,300, which is 4.7 percent above May 2016.

In the Midwest, existing-home sales fell 5.9 percent to an annual rate of 1.28 million in May, and are 0.8 percent below a year ago. The median price in the Midwest was $203,900, up 7.3 percent from a year ago.

Existing-home sales in the South rose 2.2 percent to an annual rate of 2.34 million, and are now 4.5 percent above May 2016. The median price in the South was $221,900, up 5.3 percent from a year ago.

Existing-home sales in the West increased 3.4 percent to an annual rate of 1.22 million in May, and are now 3.4 percent above a year ago. The median price in the West was $368,800, up 6.9 percent from May 2016.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

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NOTE:  For local information, please contact the local association of Realtors® for data from local multiple listing services. Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

1Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR rebenchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90 percent of total home sales, are based on a much larger data sample — about 40 percent of multiple listing service data each month — and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

3Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90 percent of transactions and condos were measured only on a quarterly basis).

4Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s Realtors® Confidence Index, which include all types of buyers. Investors are under-represented in the annual study because survey questionnaires are mailed to the addresses of the property purchased and generally are not returned by absentee owners. Results include both new and existing homes.

5Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s Realtors® Confidence Index, posted at Realtor.org.

NOTE: NAR’s Pending Home Sales Index for May is scheduled for release on June 28, and Existing-Home Sales for June will be released July 24; release times are 10:00 a.m. ET.

Instant Reaction: Lawrence Yun on FOMC Statement

Below is the following statement from NAR Chief Economist Lawrence Yun on the Federal Reserve’s decision to hike short-term interest rates:

“The latest rate hike is partly justified from ongoing economic expansion and also a steadily falling unemployment rate. However, the Federal Reserve should be mindful of the lower than expected rate of inflation and the consequent low interest rates on long-dated bonds, like 10-year Treasury and 30-year mortgage rates. An inversion in interest rates of short-term fed funds being higher than long-term bond yields can easily pull down the economy into a recession. We are getting closer to that inversion point.”

Source: NAR Newsline

What’s on Home Shoppers’ Wish Lists

A new realtor.com® survey reveals the top desires of home buyers today: Ranch-style homes, big backyards, and updated kitchens.

More than half of home buyers say they’re on the hunt for a three-bedroom home, and 75 percent want a two-bathroom home as well, according to realtor.com®’s home buyer survey. The survey also showed a strong demand for townhouses and row homes among younger home shoppers, as 40 percent said they are looking for a townhome or row home to purchase. However, as home buyers age, single-family homes clearly are the top preference.

“The insights from our most recent consumer survey provide a glimpse into what buyers are looking at today,” says Sarah Staley, housing expert for realtor.com®. “While we often think of dream homes as being big and bold, that’s not what we’re hearing from potential buyers today. These insights can help guide potential sellers in deciding which rooms or features to invest in before listing their homes.”

Here’s an overview of some of the top features that emerged on buyers’ wish-lists, according to the survey:

The most-searched attributes at realtor.com®: Large backyards, garages, and updated kitchens

These three attributes were popular across all age groups. That said, younger home buyers with young children showed the most desire for finding a large yard and the greatest interest in living near a good school district.

The least-searched features among buyers: a guesthouse, mother-in-law suite, solar panels, and a “man cave.”

The most desired home style: Ranch homes

Forty-two percent of home shoppers say they’re looking for a ranch home, the clear leader. The second most common home style was a contemporary home at 28 percent, followed by Craftsman and Colonial styles.

The favorite room in the home: Kitchens

Eighty percent of home buyers ranked the kitchen as one of their three favorite rooms in a home, followed by master bedroom (49 percent) and living room (42 percent). (However, shoppers over 55 years old preferred garages over living rooms.)

The top goal when searching for a home: Privacy

The majority of home buyers said privacy and having a space that was solely their own was a top goal when in house-hunting mode. Buyers between the ages of 45 and 64 years old tended to value privacy the most, with privacy in the home topping other preferences like stability, family needs, and financial investment among this age group.

What motivates millennial home buyers the most: Family needs

Most millennials surveyed cited life events like an increase in family size, getting married, or moving in with a partner, as what primarily motivated them to find a new home. Home purchasers age 35 to 44 also cited family needs as the top motivation to buy. The majority of this age group also said they wanted to find a better school districts or that changing family circumstances was their motivation to buy. Home buyers over the age of 45, on the other hand, cited a chief motive to move as they were looking to downsize as they plan ahead for retirement.

Source: realtor.com®

realtor.com Results Summit 2017

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Get ready to break through barriers, learn the secrets of increasing productivity, and form powerful and enduring connections that will uplift your business.

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RPR Releases 2017 REALTOR® Mobile Usage Report

CHICAGO (April 17, 2017) – Realtors Property Resource® (RPR® ), a wholly owned subsidiary of the National Association of REALTORS®, announces the results of its recent 2017 REALTOR® Mobile Usage Report. The report includes findings from a survey of almost 200 REALTORS® about the way they use mobile devices in their everyday businesses.

Client communication and housing research top the list of mobile activities REALTORS® rely on most throughout the course of each workday, according to the study. Those tasks are made possible through the growing availability of mobile technologies in the real estate marketplace, which include apps offered by RPR, Supra eKEY, Homesnap, ShowingTime, and a variety of MLS apps.

“Consumers appreciate experiences that are convenient, quick, and personalized,” said RPR Vice President of Marketing Reggie Nicolay. “With a smartphone and the right app, REALTORS® are empowered to adapt their communication strategies to meet those consumer needs.”

Mobile access to property data, and the ability to instantly communicate that information to consumers, has transformed the way REALTORS® conduct business. RPR’s app, for example, enables more than 1.2 million REALTORS® to view data on nearly any U.S. property and then immediately convert it to a customized report, sent directly from the app to the client by way of text or email.

2017 REALTOR® Mobile Usage Report key findings include:

  • An overwhelming majority (96 percent) of REALTORS® agree, using a mobile device to access housing data saves valuable time during the work day.
  • 89 percent of all REALTORS® surveyed indicated that they often use a mobile device to communicate with clients. Other popular activities included researching housing data (72 percent), financial calculations (44 percent), prospecting (34 percent), and client presentations/home showings (26 percent).
  • 87 percent of REALTORS® agree that clients prefer to receive new housing alerts, market activity reports and more sent directly to their mobile device.

View the full report

Instant Reaction: May Jobs Report

The following is NAR Chief Economist Lawrence Yun’s reaction to this morning’s U.S. Bureau of Labor Statistics jobs report for May:

“Although  job gains in May were on the soft side (138,000), the annual figure has been fairly consistent at over 2 million net new job creations. This implies that housing demand, which is more determined by long-term consistent prospects, still remains strong. But home sales may nonetheless not rise commensurately with job gains because of the ongoing lack of inventory. Home construction has to swing higher. The fact that the construction job growth rate is running roughly twice as fast as the overall job creations (2.8% versus 1.5%) indicates more inventory will steadily show up as we proceed through the year.”  

Source: NAR Newsline

Life Member Nominations Due July 14

If you have a member who has demonstrated significant service and involvement with OAR, you should nominate them for the OAR Life Member Award. Deadline for all nominations is July 14.

Download a nomination form

Life Member Request Letter/Criteria

 The Life Membership Committee will consider nominees for this prestigious award, and the awards will be presented during the REALTOR® Celebration Banquet on Wednesday, October 4 as part of the 2017 REignite Conference in Stillwater.

 For more information, email Nabeel Jamal or call 405.848.9944.

2017 Community Rock Star

featured-image-Community-Rock-Star-Award-graphicOAR is accepting nominations for the Community Rock Star Award which honors three Oklahoma REALTORS® who go above and beyond to fulfill the needs shown by their communities. This award is designed to seek out the brightest stars who give unselfishly to improve the world around them through community service.

Recipients of the award will receive a $1,000 grant in their name to their charity and be recognized at the REignite Conference on October 3-4 in Stillwater.

Be a star for your community or charity. Nominate yourself or a fellow rock star today!
DOWNLOAD NOMINATION FORM
Deadline for nominations is July 14, 2017.