Author Archives: thepierrottgroup

U.S. Home Sales Jump 3.4 Percent in October

First Year-Over-Year Sales Gain in 3 Years Based on new data from the National Association of Realtors, existing-home sales rose in October 2024. Sales improved in all four major U.S. regions. Year-over-year, sales increased in three U.S. regions but were unchanged in the Northeast. Total existing-home sales – completed transactions that include single-family homes, townhomes,…

Home Buyers Negotiation Power Grows Amid Cooling U.S. Market

Competition for buying homes easing fastest in Louisiana, Florida and Texas According to Zillow’s latest market report, U.S. homebuyers are finding more leverage in negotiations nationwide as competition eased in October 2024. The company’s market heat index shows that conditions are gradually shifting toward a buyer’s market as activity slows heading into winter. “We’re seeing…

Canadian Home Sales Surge in October, Reaching a Two-Year High

Based on new data from the Canadian Real Estate Association (CREA) shows a 7.7% month-over-month increase in home sales activity through Canadian MLS Systems in October 2024, marking the highest level since April 2022. “The significant jump in October sales was unexpected but likely tied to the surge in new listings we saw in September,”…

Greater Palm Beach Area Residential Sales Drop 20 Percent Annually in September

According to new data from the Miami Association of Realtors, residential sales in Palm Beach County dropped by 19.7% year-over-year, decreasing from 2,028 to 1,628 units. This decline is attributed to limited inventory at key price points and consistently high mortgage rates, even after the Federal Reserve’s first rate cut in four years in September.…

Mortgage Applications in U.S. Dip in Late October

According to the Mortgage Bankers Association’s latest Weekly Applications Survey for the week ending October 25, 2024, U.S. mortgage applications decreased 0.1 percent from one week earlier. The Market Composite Index, a measure of mortgage loan application volume, decreased 0.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the…

Mortgage Rates Hit 7 Percent One Week Before U.S. Presidential Election

U.S. homebuyers lose $33,000 in purchasing power in last 6 weeks of election cycle According to national property broker Redfin, a U.S. homebuyer on a $3,000 monthly budget has lost $33,250 in purchasing power over the last six weeks, with the daily average 30-year fixed mortgage rate rising to 7% on October 28, 2024. This…

Market Stats September 2024

Why Home Sales Bounce Back After Presidential Elections

With the 2024 Presidential election fast approaching, you might be wondering what impact, if any, it’s having on the housing market. Let’s break it down. Election Years Bring a Temporary Slowdown In any given year, home sales slow down slightly in the fall. It’s a typical, seasonal trend. However, according to data from BTIG, in election years there’s…

Buyer Agent Commission Rates Declining in Wake of NAR DOJ Settlement in 2024

According to Redfin, the typical U.S. home seller pays a 2.55% commission to the real estate agent hired by their home’s buyer. That’s down from an average of 2.62% in January 2024. Commissions have been gradually declining over the last few years, from an average of 2.89% in 2013 to 2.66% in 2023. But news…

Miami’s Brickell Office Market Hits Record $200 Square Foot Rents in 2024

The Brickell area of downtown Miami’s office market has seen rental prices soar to new heights due to intense demand from blue-chip companies based in New York, Chicago, Los Angeles and Latin America seeking premium office locations, surpassing the available supply. Brazilian bank Banco Master has secured the final 26,000 square feet in the prestigious…