NAR in the News

Buyer agreements must disclose that commissions are not set by law and are fully negotiable.

While agent commissions have always been negotiable, experts say this new ruling will ultimately lead to more transparency with the discussion about the fees upfront.

The median price for a previously-owned single-family home in San Jose rose to a little more than $2 million.

This marks the first time a US metropolitan area has exceeded a median home price of $2 million and is a symptom of the nation's persistent affordability challenge.

Mortgage rates fell to their lowest level in over a year, with the average rate on the 30-year fixed-rate mortgage dropping to 6.47% from 6.73%.

Mortgage rates fell at the fastest pace in months this week. Rates on 30-year mortgages dropped below 6.5% for the first time since May 2023, according to Freddie Mac.

The gain well exceeded the highest estimate in a Bloomberg survey of economists.

Even more inventory is expected to come onto the housing market in the upcoming months ahead of the normal, seasonal declines in the winter.

Lawrence Yun, chief economist and senior vice president of research of the National Association of Realtors®, also sees promising indicators for home buyers.

Beginning as early as August 17, potential home buyers must enter a written agreement with an agent before touring a home.