June 10, 2021 | Market Update

Market News 6-11-2021

Today’s Market News:

While the Market is Still Hot, Here’s Where Homes Are Selling the Fastest… And Slowest…

Homes across the U.S. sold an average of three weeks faster in April than the same time last year, with some cities showing quicker turnover than others. Yet even where sales are slower, the average home is still taking roughly the same amount of time to sell as it did a year ago.2

From Millennials to Baby Boomers, Home Buyer Preferences Differ by Generation

The NAR’s generational trends report reveals that each generation is seeking something different in a home, with some similarities. And despite an increasing reliance on the internet to help homebuyers manage the process, they still seek the help of Realtors to find the right property and negotiate the terms of the sale.3

Decreasing Production and Profits May Indicate a Weakening Mortgage Market

The average net profit from loans originated in Q1 of 2021 was down from Q4 of 2020, according to the Mortgage Bankers Association’s latest report. Production revenues also decreased for the second straight quarter. But 97% of firms were profitable in Q1 of 2021.4

Record Home Sales in 2020 Didn’t Translate to Record Income for Realtors®

The National Association of Realtors® annual Member Profile, a report that takes a deep dive into members’ business activity and demographics, cited that the median gross income for Realtors was down last year as compared to 2019, even though 2020 recorded the highest number of homes sold in over 14 years. Lack of inventory was identified as the biggest contributing factor.5

Sources: 2realtor.com, 3housingwire.com, 4housingwire.com, 5kqfinancialgroupblogs.com