Industry News
The National Association of Realtors® (NAR) recently reported a significant decline in foreign investment in U.S. residential real estate. From April 2023 to March 2024, foreign buyers purchased $42 billion worth of U.S. existing homes, a decrease of 21.2% from the previous year. This period saw the lowest number of homes bought by international buyers since 2009, with only 54,300 properties purchased, marking a 36% drop.
NAR Chief Economist Lawrence Yun attributed this decline to the strong U.S. dollar, which has made American homes more expensive for foreign buyers. Overall, U.S. existing-home sales in 2023 were down 18.7% from 2022, totaling 4.09 million, the lowest level since 1995.
The National Association of Realtors® (NAR) has just announced a new collaboration with RentRedi, bringing an award-winning property management platform to its members through the NAR REALTOR Benefits® program.
Exclusive Offer for NAR Members
NAR members can now enjoy an exclusive six-month subscription to RentRedi for just $1. After the initial period, they can lock in a 50% discount on renewals every six months, making it a cost-effective solution for managing rental properties.
Ahead of the August 17 implementation of NAR’s practice changes, we wanted to provide a few reminders of actions that are required to obtain a release of liability and protect your organization from claims related to broker commissions:-
We recommend all MLSs implement practice changes by August 17. REALTOR MLSs (those owned exclusively by one or more REALTOR must implement the changes by this date to remain in compliance with NAR policy.
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Offers of compensation are prohibited on MLSs. Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. Offers of compensation help make homeownership and the benefits of professional representation more accessible to buyers, including first-time homebuyers, increase homeownership opportunities for historically underserved groups, and benefit sellers by expanding the potential buyer pool.
In 2023, the real estate market faced significant challenges, marking the lowest volume of existing-home sales since 1995. According to the National Association of REALTORS®' (NAR) 2024 Member Profile, 26% of REALTORS® identified inventory shortages and housing affordability as the main barriers preventing clients from purchasing homes.
Market Conditions and REALTOR® Challenges The past year proved difficult for REALTORS® due to high mortgage rates and low housing inventory, significantly impacting sales volume. Jessica Lautz, NAR deputy chief economist and vice president of research, highlighted the intense competition REALTORS® faced to secure client representation and accepted offers in a tough market.
