The Key to Reducing Post-Refi Boom Borrower Churn

In this webinar, PRMG Chief Lending Officer Kevin Peranio will help attendees sort through the right technologies as he shares the tech investments that have had the biggest impact on his business.

Tracey Velt breaks down the latest RealTrends 500 rankings

During the episode, Velt highlights which brokerages achieved top rankings in both categories for 2020, and shares what stood out to her the most about the rankings.

Navigating Closing Struggles in 2021’s Purchase Market

Join this webinar to discover the most current information on hybrid and full eNote eClosings and discuss key criteria to successfully implementing your eClosing strategy.

About 7M refi candidates missed the “forever rate” boat

Rates jumped to 3.17% last week and Black Knight reported that there are now just 11.1 million “high quality” refi candidates. The smallest number of potential refi candidates in a year.

Real Estate

Home sales tumbled in March as pandemic hit

Limited supply boosted median home price 8% from a year ago, NAR says

Existing home sales tumbled 8.5% in March, the biggest drop in more than four years, as deals fell through in the midst of the worst public health crisis in more than a century.

Sales fell to a seasonally adjusted 5.27 million at an annual pace, the slowest rate in a year, the National Association of Realtors said in a report on Tuesday. The median price rose 8% to $280,600 after gaining in all areas of the country, according to NAR Chief Economist Lawrence Yun.

Even with the drop, sales remained 0.8% higher than the year-ago month, he said.

The housing market has grappled for a year with a shortage of homes for sale that supported price growth as buyers competed over limited supply, Yun said. When the pandemic hit the U.S., it made that shortage even worse, he said.

“With the current quarantine recommendations in place, fewer sellers are listing homes, which will limit buyer choices,” Yun said. “Significantly more listings are needed and more will come on to the market once the economy steadily reopens.”

Another sign of high demand is how quickly homes transacted, he said. Properties were on the market for an average of 29 days in March, down from 36 days a year ago. Fifty-two percent of homes sold last month were on the market for less than a month, Yun said.

The coronavirus pandemic that has caused more than 42,000 deaths in the U.S. and shut down the economy in mid-March, putting more than 22 million Americans on the unemployment rolls in the last four weeks.

Even as some states begin reopening, home sales are expected to decline in the coming months as people wait to list homes or make offers until the worst of the pandemic has passed, Yun said.

“More temporary interruptions to home sales should be expected in the next couple of months, though home prices will still likely rise,” he said.

Most Popular Articles

Millions will enter housing market in 2021: Zillow

Up to 2.5 million households could enter the housing market in 2021, per Zillow. The buyers will descend on the “secondary cities” across the U.S.

Apr 07, 2021 By

Latest Articles

William Raveis ain’t no stinkin’ iBuyer

Like others, resi brokerage & lender William Raveis is happy to buy your home. But its new program doesn’t mean it’s an iBuyer.

Apr 09, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please