Realtors®, staying informed on changes to the NAR Code of Ethics is vital to maintaining professionalism and upholding the trust of your clients and community. The National Association of Realtors® (NAR) has implemented several key updates for 2025. Here's what you need to know:

1. Clarified Standards on Discriminatory Practices
   NAR has strengthened the language in Article 10 to further prohibit discriminatory practices. Realtorsimg alt="®️" s" w" h" /" must ensure that all clients are treated equally, regardess of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity.
2. New Guidance on Social Media Use
   Standard of Practice 15-5 now provides explicit guidance on maintaining professionalism in digital communications. Realtors® are reminded to avoid making false, misleading, or defamatory statements about competitors and to exercise care in all social media interactions.
3. Updated Hearing Procedures
   Changes to the Professional Standards process include improved timelines for ethics and arbitration hearings. These updates aim to streamline dispute resolution while maintaining fairness and transparency.

The housing market is showing strong momentum, with pending home sales increasing for the third straight month in October 2024, according to the National Association of REALTORS® (NAR). All four major U.S. regions experienced month-over-month growth in contract signings, with the Northeast leading the charge. Year-over-year, pending transactions saw a rise across the board, with the West showing the largest growth.

Key Metrics at a Glance

The Pending Home Sales Index (PHSI), a key forward-looking indicator of home sales based on contract signings, rose by 2.0% to 77.4 in October. This marks a 5.4% increase year-over-year, signaling a resurgence in homebuying activity. For context, an index score of 100 represents the contract activity level of 2001, a historically strong year for real estate.

Lawrence Yun, NAR Chief Economist, noted:
"Homebuying momentum is building after nearly two years of suppressed home sales. Even with mortgage rates modestly rising despite the Federal Reserve's decision to cut the short-term interbank lending rate in September, continuous job additions and more housing inventory are bringing more consumers to the market."

Adding to the positive trend, SentriLock lockbox openings—a measure of buyer activity—rose 7% in October compared to last year.

Regional Breakdown: Northeast Leads the Way

Here’s a closer look at the performance by region:

• Northeast: The PHSI surged 4.7% month-over-month to 68.7, marking a 7.2% increase from October 2023.
• Midwest: Contract signings climbed 4.0% to 77.8, up 1.8% year-over-year.
• South: The index edged up 0.9% to 90.0, a 2.5% annual gain.
• West: While showing only a 0.2% monthly increase to 64.1, the region recorded the strongest annual growth at 16.8%.

Yun highlighted the significance of these gains, especially in the Northeast and West, noting:
"It's encouraging to see contract signings increasing in all major regions of the country. More notable gains from a year ago occurred in the expensive regions of the Northeast and West. The record-high stock market is providing a boost for upper-end home buyers."

The latest report from the National Association of REALTORS® (NAR) shows encouraging signs for the U.S. housing market, with existing-home sales gaining momentum in October. This growth is reflected in all four major U.S. regions, though the Northeast remained steady year-over-year.

Key Highlights for October 2024:

• Sales Growth:
  Existing-home sales, including single-family homes, townhomes, condos, and co-ops, rose 3.4% from September to an annualized rate of 3.96 million. Year-over-year, sales increased by 2.9%.
  NAR Chief Economist Lawrence Yun noted, “The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions. Additional job gains and economic growth appear assured, fueling housing demand. Mortgage rates, while elevated, are expected to stabilize.”

• Inventory Trends:
  Total housing inventory climbed to 1.37 million units, a 0.7% increase from September and a significant 19.1% rise compared to a year ago. Despite this growth, unsold inventory now sits at a 4.2-month supply, slightly lower than September but up from 3.6 months in October 2023.

• Home Prices:
  The median price for existing homes reached $407,200, a 4% increase from October 2023. All four regions experienced price growth, continuing to bolster homeowners’ wealth nationwide.

Regional Performance: Northeast Holds Steady

While other regions reported year-over-year sales increases, the Northeast remained unchanged at an annualized rate of 470,000. Prices in the region surged 7.6% from the previous year, with a median home price of $472,900.