NAR in the News

The median price of a previously owned home in the U.S. grew 5.7% in April from a year earlier to $407,600. That was the fourth consecutive monthly increase and was a record for April prices.

The Hawai’i REALTORS® Charitable Foundation, the charitable arm of Hawai’i REALTORS®, worked with the REALTORS® Association of Maui over the past nine months to distribute $1.9 million in disaster relief aid following the August 2023 fires on Maui.

Jennifer Stevenson, 2024 NAR regional vice president discusses the housing market outlook for 2024.

Slight improvement is expected, with economists forecasting that the CPI in April rose 3.4% from a year ago, a tick lower from March's 3.5% increase.

Roughly one-third of the 223 major metro markets NAR examined had a double-digit price increase in the first three months of 2024.

Some observers are voicing concern that the real estate industry has fallen into another bubble.

The average 30-year fixed mortgage rate dipped back toward 7%. This is the first time the weekly average rate has fallen in over a month.

Yun projected existing home sales to increase to 4.46 million nationwide, and predicted existing home sales to jump to more than 5 million in 2025 and show gains in eight of the next 10 years.

The NAR's chief economist Lawrence Yun called the price increases astonishing as they come during record-high mortgage rates not seen in two decades.

Those changes are coming after the National Association of REALTORS® agreed to a $418 million dollars settlement.