Transcript NAR Research: THE Source for Housing Market Data

NAR’s Research Division is
located in Washington DC, and is
comprised of 17 people.
More than half are staff
economists (including NAR’s
Chief Economist Lawrence Yun).
The Research Division produces
new information on housing and
the economy every day.
Every month, NAR Research
produces the Existing Home Sales
report as well as the Pending
Home Sales Index. The EHS
numbers are often reported
widely by the media.
Everything Research does for you
can be found here:
www.realtor.org/research
The NATIONAL ASSOCIATION OF REALTORS®
Existing-Home Sales Series is the premier
measurement of the residential real estate
market. On or about the 25th of each month,
NAR releases statistics on sales and prices of
existing single-family homes for the nation
and the four regions. Beginning on February
25, 2005, these figures include condos and
co-ops, in addition to single-family homes.
The association also produces state-by-state
existing-home sales and metro area home
prices on a quarterly basis.
In March of 2005, NAR began producing the
Pending Home Sales Index, a new leading
indicator of housing activity. This is released
in the first week of each month. The index is
derived from pending sales of existing homes.
A sale is listed as pending when the contract
has been signed and the transaction has not
closed. Pending sales typically are finalized
within a month or two of signing. An index of
100 is equal to the average level of contract
activity during 2001, the first year to be
examined, and was the first of five
consecutive years for existing-home sales.
Zoom in to
your
metropolitan
statistical
area to get the
latest
quarterly
median home
price for your
market, and
its percentage
change from
the previous
quarter.
Click within
the borders of
your state to
see the
Existing
Home Sales
value for the
past quarter,
and the
percentage
change from
the previous
quarter and
previous year.
Get insight into how the market
is doing and what trends to
watch for.
Read the latest developments –
print off today’s “Quick Take”
analysis for meetings or your
own knowledge
Updated daily
View the Economists’ Outlook
at: www.realtor.org/research
Subscribe to the RSS Feed at:
www.realtor.org/research
Keep up-to-date on the
newest reports, surveys
and projects, before they
hit the market!
Get direct access to the
latest Research resources
Or, go straight to
www.realtor.org/research
Click on “My Accounts” at
www.realtor.org
Online at
www.realtor.org/reinsights
Sign up to receive by e-mail
New content every month!
Economic commentaries,
forecasts & articles on the latest
market trends
Print version available online
for those who like to print and
go!
Participate in NAR’s monthly
survey
Answer five brief e-mail questions
about your market each month
Read the index to get insights into
what other members are saying
about their market
Sign up! Go to www.realtor.org and
search for “Confidence Index”
Relocation Reports pinpoint which
counties relocation clients are coming
from/going to along with income
information – that is, how many
households from New York County, NY,
Bucks County, PA, Bergen County, NJ, etc.
moved to Palm Beach County, FL and
what was the relative income of the
relocation clients coming from these
counties. Build your book of business by:
• Advertising in other counties to win clients
moving to your area
• Increasing business from referrals
Relocation Reports are available for all
counties in the U.S. and can be accessed
instantly online.
Feel like you need Econ 101 sometimes
to keep up with the news from Wall
Street? Not all of us are economists –
we don’t use that kind of jargon in our
daily lives!
That’s why NAR has created a series of
PDFs explaining the most commonly
used economic terms and how they
relate to the housing market
If you’re looking for a refresher on the
economy or just want to learn more
about how everything works, look for
the Economic Concepts for Realtors ®
at www.realtors.org/research
The combination of vacationand investment-home sales
slipped to 30 percent of all
existing- and new-home
transactions in 2008.
However, more than four out of
10 investment buyers and more
than three in 10 vacation-home
buyers paid cash for their
properties.
Find out more about the 2008
Investment and Vacation Homes
market in our latest survey: Item
#E186-55-09
Use NAR Research
Presentations as your own
Present the latest trends and
indicators on the housing
market and the economy
Look and sound like an
expert at your next speaking
engagement or listing
presentation
Download at
www.realtor.org/research
NAR’s flagship commercial
real estate publication
Available quarterly
Looks at multi-family,
office, retail, and industrial
sectors
Available at
www.realtor.org/research -go to Reports by Topic and
Click on Commercial
NAR produces a quarterly
Commercial Leading
Indicator to provide early
signals of turning points
between expansions and
slowdowns in commercial
real estate.
Research also produces a
national Commercial Real
Estate Index that measures
13 variables pertinent to
the performance of U.S.
industrial and office
markets.
The REALTORS® Commercial Real
Estate Market Survey is a new
project from Research that
measures activity in the
commercial real estate markets.
The survey collects data from
commercial Realtors®, and is
designed to provide members
with an overview of the market
performance, sales and rental
transactions, current economic
challenges and future
expectations.
The Commercial Real Estate Resource Guide
provides data and information sources
pertinent to commercial real estate for
NAR's commercial practitioners. The Guide
was developed in 2000 and updated in
January 2009. Guide sections and topics:
I. Market-Level Economic Base
Research Sources
II. General Real Estate Supply-andDemand Sources
III. General Real Estate Supply
Conditions
IV. Data Sources for a Single Property
Type
V. International - Miscellaneous
VI. Incentives and Legislation
Following the latest trends and market information is
important to your success. We've made available a
number of research reports and profiles as eProducts
for members to download for FREE. These products
are some of our most valuable information and are
highly utilized by our members in their listing
presentations. Look for the latest research and data
available each month .
Find reports on the economic
impact of housing on your state
and the wealth gain for
homeowners in your metro area
These reports are available free
For more information, visit:
http://www.realtor.org/research
Every housing market is unique. These Local
Market Reports (LMRs) — which reflect data
available through December 2008 — are for
members only and provide insights into the
fundamentals and direction of the nation's 150
largest metropolitan housing markets. Each
free, downloadable report evaluates a number
of factors affecting home prices, including:
The health of the local job market
Foreclosure rates
Housing inventory
Debt-to-income and mortgage-servicing-coststo-income ratios
Highlight:
Current Trends
Highlight:
Demand
Supply
Affordability
Highlight:
Extra…
Now Quarterly!
Since all real estate is local,
interpreting changes in home
prices at the national or
metropolitan level can be
difficult.
In order to break down the
various series and detail their
differences, Research has
compared the four major home
price indexes that market
participants follow.
Find out their differences and
what each Index can tell you
about the market at
www.realtors.org/research
While national newspapers
tend to report on national
trends, these stories may or may
not be very relevant for you and
your clients.
NAR has a series of
presentations that provide
information at the local level—
either by state or metro area.
Find out what’s going on in your
market and how it compares to
the national trends
www.realtors.org/research
Across the nation, most states are in tough
budget situations forced with the difficult
choices of raising revenue or cutting spending.
This presentation answers:
What is the budget situation in my state?
How might a budget crunch affect property taxes
and transfer taxes?
How might that affect the price of homes or the
housing market in my state?
An update will be out soon!
According to surveys by the Federal Reserve, the
median home owner has 30-45 times as much
wealth as the median renter?
A big source of the difference is the wealth that
home owners accumulate in their homes.
Updated for 2009, the Metro Area Wealth Gain
presentations help you show clients wealth
accumulation that has occurred over time in
housing in your metro area.
State Subprime ARM Performance
State Mortgage Conditions
State Economic Impact of Housing
Do you have an idea? Let us know!
Two-thirds of recent buyers cited
becoming a homeowner as their main
reason for buying
41 percent of recent home buyers were
first-time buyers
Looking for somewhere to stay for a
significant amount of time10 years
Quality of the neighborhood and
distance to job are the two factors most
likely to influence neighborhood choice
Who found them their perfect home?
Buyers continue to report their real
estate agent is the person who found
them their home.
81 percent of buyers purchased their
home through a real estate agent or
broker
Relationships count43 percent of
buyers used an agent who was
referred to them, 11 percent used an
agent they had used before
Real estate agents were viewed as a
very useful information source by 81
percent of buyers who used an agent
More than half of buyers say the
benefit they receive from having an
agent was helping the buyer
understand the process
38 percent of sellers found their
agent through referrals—additional
26 percent used an agent they
worked with previously
45 percent of recent home sellers
knew the buyer prior to home
purchase
13 percent of all sales are FSBOs
All this and more in the newest
Profile of Home Buyers and Sellers
19 percent of a typical agent’s
business comes from customer
referrals
Half of all REALTORS® are
affiliated with an independent,
non-franchised firm
The typical REALTOR® has been in
the business for 10 years
Over one-third of REALTORS® had
a prior career in management,
business, finance or sales
Median gross income fell 14 percent in 2008
t0 $36,700
Median age has increased 2 years, as well as
experience in real estate
40 percent of REALTORS® completed a
transaction involving a property in
foreclosure
29 percent of REALTORS® completed a
transaction involving a short sale
All this and more in the newest Member
Profile: Item #186-12-08
The opinion of recent buyers and why they jumped
into the market. From the Profile of Home Buyers and
Sellers:
Primary reason for timing of home purchase:
43 percent it was the right time for them
19 percent had no choice, had to buy now
14 percent because of the affordability of homes
Buyers are making sacrifices to buy:
29 percent cut spending on luxury items
28 percent cut spending on entertainment
21 percent cut spending on clothes
On the mortgage side:
73 percent of buyers did not find the mortgage process as
difficult as expected
20 percent found it somewhat more difficult
87 percent of buyers view their home as a good
financial investment
The opinion of REALTORS® and why their clients
are not buying. From the Member Profile:
35 percent of members view it is because the clients feel
the prices will drop further
25 percent of members view it is because clients can not
obtain mortgage financing
19 percent of members view it is because of low
consumer confidence
Social networking is changing the
landscape of marketing
Nearly half of REALTORS® use
social networking sites or plan to in
the future
Three-fifths of REALTORS® have a Web
site
Internet presence is essential. From the
Profile of Home Buyers and Sellers:
One-third of buyers looked online
for their first step in the home
buying process
87 percent of buyers used the
Internet in their search
The second most frequent way a
buyer found their home was
through the Internet