Agod will be responsible for the management and growth of Weichert offices in Ridgewood, Tenafly and Fort Lee, NJ, as well as Monroe, Larchmont and Rockland County, NY.
Golio and Miessmer bring a wealth of experience and a proven track record of success in the real estate industry.
OneKey has established that effective Aug. 8, 2024, they will no longer display any offers of cooperating compensation to any cooperating brokers.
WASHINGTON— Pending home sales declined for the second consecutive month in July, and for the eighth time in the last nine months, according to the National Association of Realtors reported today.
Three out of four major regions registered month-over-month decreases, though the West notched a minor gain. Year-over-year, all four regions saw double-digit percentage slides, the largest of which occurred in the West. The Northeast PHSI dipped 1.9% from last month to 79.3, down 15.4% from July 2021.
The Pending Home Sales Index, a forward-looking indicator of home sales based on contract signings, slid 1.0% to 89.8 in July. Year-over-year, pending transactions sank 19.9%. An index of 100 is equal to the level of contract activity in 2001.
“In terms of the current housing cycle, we may be at or close to the bottom in contract signings,” said NAR Chief Economist Lawrence Yun. “This month’s very modest decline reflects the recent retreat in mortgage rates. Inventories are growing for homes in the upper price ranges, but limited supply at lower price points is hindering transaction activity.”
In June, housing affordability plummeted to its lowest level since 1989, according to NAR. Accounting for a 30-year fixed-rate mortgage and a 20% down payment, the monthly mortgage payment on a typical home jumped to $1,944, an increase of 54%, or $679, from one year ago.
“Home prices are still rising by double-digit percentages year-over-year, but annual price appreciation should moderate to the typical rate of 5% by the end of this year and into 2023,” Yun added. “With mortgage rates expected to stabilize near 6% alongside steady job creation, home sales should start to rise by early next year.”
Pending Home Sales Regional Breakdown
The Midwest index retracted 2.7% to 91.2 in July, a 13.4% decline from a year ago. The South PHSI decreased 1.1% to 106.6 in July, a pullback of 20.0% from the previous year. The West index increased 2.2% in July to 70.0, down 30.1% from July 2021.
Agod will be responsible for the management and growth of Weichert offices in Ridgewood, Tenafly and Fort Lee, NJ, as well as Monroe, Larchmont and Rockland County, NY.
OneKey has established that effective Aug. 8, 2024, they will no longer display any offers of cooperating compensation to any cooperating brokers.
At $1.3 million, Chinese buyers had the highest average purchase price, with 25% purchasing property in California.
Station Lofts will consist of a five-story, 180-unit Class A multifamily residential development, ranging from studios to two-bedroom homes.
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