WEEKLY REPORT
The latest news and updates from Longleaf Pine REALTORS®
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PICTURE BY KAYLA HOWARD, LPR® MEMBER SERVICES COORDINATOR |
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Pending Home Sales Grow 1.9% in March
by Quinton Simmons
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Pending home sales increased in March, snapping two consecutive months of declines, according to the National Association of Realtors®. All but one of the four major U.S. regions experienced month-over-month gains in March, while each area recorded year-over-year growth.
The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose 1.9% to 111.3 in March. Year-over-year, contract signings jumped 23.3%, with the difference due in large part to the pandemic-induced lockdown in March 2020. An index of 100 is equal to the level of contract activity in 2001.
"The increase in pending sales transactions for the month of March is indicative of high housing demand," said Lawrence Yun, NAR's chief
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economist. "With mortgage rates still very close to record lows and a solid job recovery underway, demand will likely remain high."
"Low inventory has been a consistent problem, but more inventory will show up as new home construction intensifies in the coming months, as well as from a steady wind-down of the mortgage forbearance program," Yun continued. "Although these moves won't immediately replenish the low supply, they will be a step forward."
Existing home sales are projected to rise by 10% in 2021 to reach 6.2 million in 2021, while the median home price is anticipated to increase by 9% in 2021 to $323,900.
Housing starts are forecasted to reach 1.6 million in 2021 and 1.7 million in 2022, providing much-needed relief to the housing inventory deficit. Mortgage rates are expected to modestly climb higher over the next two years, to 3.2% in 2021 and 3.5% in 2022, as inflation rises due to a stronger economy and higher fiscal spending. The economy is anticipated to expand 4.5% in 2021 and 3.5% in 2022.
Realtor.com®'s Hottest Housing Markets data revealed that out of the largest 40 metros, the most improved metros over the past year, as of April 14, were Jacksonville, Fla.; Tampa-St. Petersburg-Clearwater, Fla.; Austin-Round Rock, Texas; Riverside-San Bernardino-Ontario, Calif.; and San Antonio-New Braunfels, Texas.
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The MLS Class: Matrix for Agents
by Megan Gerber
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Are you a new or seasoned agent? Do you have questions about the MLS? Don't know how to use the bells and whistles in Matrix? You're in luck! Today is The MLS Class: Matrix for Agents taught by |
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Megan Gerber. It will run from 10 am to 12 pm via zoom and in the classroom. Twenty of the first members to call and ask to attend in-person will be offered a seat in the live class. Be sure to join us if you have any questions or just need a refresher on how to send auto emails. The link to join will be in your confirmation email after you register here.
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HomeVisit now Available for MLS Users
by Debbie McFayden, MLS Director
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Use stunning visual media to re-energize an existing listing or showcase a new one. HomeVisit™ offers all the tools
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you need to make listings stand out—all in one place! Integration with Matrix™ and Realist® makes it even more convenient to add more quality and value to your listings.
HomeVisit showcases your listings anytime, anywhere with stunning professional photos and videos, your photos beautiful edited, 3D models, floor plans, aerials, dedicated listing websites, and postcards.
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Government Affairs Update
by Angie Hedgepeth, Government Affairs Director
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Angie Hedgepeth, Government Affairs Director for the Association, attends all the local meetings each month, as well as NAR and NCAR meetings, and keeps members abreast of the multiple issues being addressed in local, state, and national government. She prepares reports on the meetings she attends and they are included in the monthly “Government Affairs Update”. Look for updates on laws that will affect YOUR industry this year!
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