Tim Stammen-Keller Williams Home Town Realty

July 15, 2024

The market? It is a-changing – a bit

The slow drip of news regarding inflation and the economy can feel maddening in these days of high interest rates, low housing inventory, and high sale prices. We wait for mortgage rates to dip, which they did this past week, and for the prospect that the latest inflation and jobs data increases the chance of a rate cut in September. In other words, while the perfect storm of news is slow to gather, it seems to be forming at last.

“Mortgage rates could continue to fall after the latest data shows inflation easing — something that increases the likelihood of rate cuts,” says Realestate.com’s Dave Gallagher. “Even before today's release of the Consumer Price Index — which showed annual inflation dropping from 3.3% in May to 3% in June — mortgage rates were on the decline.” He goes on to cite Freddie Mac’s Sam Khater, who says the dip in rates was likely caused by last week's jobs report showing a cooling labor market.

"We're also seeing more inventory on the market, including a fair number of listings with price cuts, which is an encouraging sign for prospective buyers," Khater said.

Will the feds cut rates at their next meeting scheduled for July 30-31? Not likely, according to Lisa Sturtevant, chief economist for Bright MLS, who says analysts don't expect the Fed to cut rates until September.

A shift in the market could start before September, however. "Mortgage rates could begin to come down even before an actual cut to the federal funds rate, however, if members of the central bank continue to clearly telegraph their intentions," Sturtevant said.

Why is inflation finally beginning to wane? The biggest drops came in gas prices (down 3.8% in June) and used cars (down 1.5%). While rental rates increased 0.2% — that figure was down from the 0.6% increase at the beginning of 2024.

The National Association of Home Builders (NAHB) forecasts the shelter category will continue to decline in the coming months, which could finally get the inflation rate closer to the Fed's 2% goal.

A series of events may happen as follows when rates come down, according to Gallagher; more inventory will surface while applications will remain relatively flat. “A downward trend in mortgage rates would be welcome news to homebuyers, who would also have more homes to choose from as inventory continues to build,” said Ralph McLaughlin, Realtor.com's senior economist.

But even as rates continue to fall, McLaughlin doesn't expect a flood of buyers to enter the market. Instead, he predicts home sales will tick up gradually.

“A continued drop in mortgage rates in the coming weeks would also coincide with an expected seasonal drop in home prices: says Gallagher. “While the latest Redfin report found the U.S. home-sale price hit an all-time high of $397,482 during the four weeks ending July 7, it also noted there are signs that this is the peak.”

The good news? The typical home is now selling for 0.4% less than its asking price. And that hasn't happened at the beginning of July since 2020. Redfin's Homebuyer Demand Index is also down 16% compared to a year ago.

June 24, 2024

What goes up must come down? Home prices never got the memo

Existing-home sales prices climbed to a record high in May, as home buyers must continue digging deeper into their pockets.

Realtor Magazine’s Melissa Dittmann Tracey reports that the median existing-home sales price rose nearly 6% in May compared to a year ago, reaching $419,300, the highest price ever recorded. The Northeast saw the largest uptick in home prices, up 9.2% compared to a year ago.

While home prices rose, completed transactions on existing homes that include single-family homes, townhomes, condos and co-ops—fell slightly by 0.7% last month compared to April. It left home sales down 2.8% compared to a year ago, the National Association of Realtors latest home sales report shows.

“Eventually, more inventory will help boost home sales and tame home price gains in the upcoming months,” says NAR’s Chief Economist Lawrence Yun. “Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.”

So as you can see, not all the news is bad. Home buyers are finding more choices: Total housing inventory at the end of May was at 1.28 million, up 6.7% compared to the previous month and up 18.5% compared to a year ago.

Unfortunately, however, high home prices continue to press buyers against rising affordability woes according to Yun. “Home prices reaching new highs are creating a wider divide between those owning properties and those who wish to be first-time buyers. The mortgage payment for a typical home today is more than double that of homes purchased before 2020. Still, first-time buyers in the market understand the long-term benefits of owning.”

First time buyers are on the move despite the challenges, comprising 31% of sales in May, up from 28% a year ago, NAR’s report shows. These newbies as well as other home seekers are facing increased competition from a growing share of all-cash buyers in the market, however, as all-cash sales accounted for 28% of transactions in May, up from 25% a year earlier, made up primarily of investors and second-home buyers.

Decision-making is no cakewalk in these days of rapid sales whenever a home hits the market. Buyers continue to have to make purchase decisions quickly, with properties typically having remained on the market for a mere 24 days in May.

Regional sales stats tell us sales held steady in the Northwest in May, remaining at an annual rate of 480,000, but down 4% compared to a year ago. Median price: $479,200, up 9.2% from a year ago.

The Midwest held steady compared to April, at an annual rate of 1 million, but prices are up 1% from a year earlier. Median price: $317,100, up 6.4% from May 2023.

The South saw a decline by 1.6%, settling at an annual rate of 1.87 million. Sales are down 5.1% from the previous year. Median price: $374,300, up 3.6% from a year ago.

And out West, existing-home sales held steady staying at an annual rate of 760,000. Sales are down 1.3% compared to a year earlier. Median price: $632,900, up 5.5% from May 2023.

February 5, 2024

Sing along with today’s housing market, but be sure stay on tune

Follow the bouncing ball. Those old enough to know what that means (an outrageously popular 1960s sing-along TV show) have probably lived in all the homes they intend to have owned. Those who don’t wonder whether the 2024 housing is just bouncing back and forth, leaving them uncertain.

According to a recent Realtor.com report and Margaret Heidenry, there have been some signs of housing inventory recovering, with the number of homes actively for sale growing by 7.9% year over year in January, That’s “notably higher compared to last year,” according to Realtor.com Chief Economist Danielle Hale.

Add to that the fact that mortgage rates have also subsided from their 23-year high, and you’d think the ball is going in the right direction. Despite this double dose of promising news, however, Hale doesn’t expect that America’s housing affordability crisis will improve all that quickly. She predicts it will take a few baby steps forward, and maybe one or two back.

“While gradually falling mortgage rates are helping slow the cost to purchase a home, the housing market will likely bounce back and forth between improvement and status quo over the next several months,” she explains.

And then there is the pre-and-post-pandemic number for just about everything, right? While housing inventory may be up annually, it is still down compared with typical pre-pandemic levels from 2017 to 2019 by a whopping 39.7%. So it’s all relative.

The Fed seems happier but is not yet convinced we are safe — in part because its battle against inflation is not yet over. Don’t forget that it raised interest rates to bring inflation down. And while it doesn’t set mortgage rates, mortgage rates generally follow the same trajectory as the Fed’s short-term interest rates.

“Recent economic data showing stubborn prices and a strong labor market create uncertainty over the direction of Federal Reserve decisions, and mortgage rates in the near term,” explains Hale. “In order to see mortgage rates drop more significantly, we need to see more evidence that inflation is slowing and that the economy is on a sustainable path. Mortgage rates have been in a rough holding pattern because the data have been relatively mixed recently.” Today, a buyer will pay about $108 more to finance 80% of the typical home than they would have a year earlier, according to Heidenry.

On to pricing — those arbitrary numbers that have remained more or less in limbo but have yet to drop, inching up 1.4% higher this January than a year earlier, to $409,500. “And even though mortgage rates have fallen from their peak in October, median monthly mortgage payments for January have increased compared with this same month last year,” says Heidenry.

Bottom line: Hale warns that holding off on buying until that moment arrives might not be a wise strategy. “Waiting for prices to fall is a tough position to be in,” explains Hale. “While these figures are above historic norms, which does open up the possibility that we may see declines to bring them back in line with typical ranges, when exactly that will happen is tough to pinpoint.” For some, Hale says this will mean that it makes more sense to rent. For others, it will mean that buying makes more sense.

Take heart, though. Inventory is on the rise and more homes to choose from might bring welcome relief to buyers. “Home shoppers looking for warmer climes during these frigid months are especially in luck, with inventory up 11.5% in the West and 1.9% in the South” says Heidenry. The South, in particular, is rising again — especially active in terms of better listing trends, according to Hale. Metros that saw the most inventory growth included Memphis, TN, New Orleans, Orlando, San Antonio, Austin, and Dallas.

Realtor, TBWS

August 28, 2023

Home value is not a simple equation

Unlike stocks, bonds, or annuities, real estate is tangible. When you buy a home, you usually live in your investment. But a home is more than shelter. It can also be that nest egg that determines your financial future if you choose the right home in the right place at the right time for the right price.

Too many variables? As Realtor.com’s Ana Durrani explains, what determines property value isn’t always a one-size-fits-all number. “Property value is determined by everything from the year your home was built to its proximity to transportation to the number of bedrooms. And experts say there are many more intricate details that buyers and sellers might not realize that influence value.

While an appraiser considers your home’s square footage, the number of bedrooms, and the size of the lot when determining your home’s value, he or she will also note how much other homes similar in size in your area sold for. These are known as comparable properties. Confusion occasionally arises over the value of a property because of the location of county lines and districts. For instance a homeowner can be selling a home thinking theirs would be worth the same as the house directly across the street. But even though it’s the same floor plan, it may appraise differently because of a county line, easements, or a number of other variables, such as condition, lot size, or even school district.

Big doesn’t always mean more valuable. Functional, usable square footage is more important. Wasted space detracts from or often doesn't count. “For example, attics, garages, and unfinished basements are typically not included as usable square footage,” says Durrani. “So though you might have a 2,000-square-foot home, an appraiser might be able to value only 1,750 square feet.”

Age counts as well. Appraisers examine the property’s condition and its overall upkeep. Newly installed features such as a new bathroom, new hardwood flooring, or a new garage or roof will get bonus points, while original flooring, old-style paneling, popcorn ceilings, and old water stains on the ceilings will get a lower score in the eyes of the appraiser.

Newer mechanicals and utilities also score points. “Energy-efficient upgrades can reduce utility bills and are appealing to buyers. For example, adding a smart thermostat can improve efficiency and increase property value,” says Durrani, who adds that old, out-of-date electrical wiring can tank an appraisal in a heartbeat because it means buyers might have trouble running the air conditioning, microwaves, and hairdryers.

Climate resiliency is fast becoming a point of contention as well. “We’ve recently dealt with many waterfront home sales, and I’ve found that a key element for appraisers is the condition and age of the sea wall,” says Miami-based broker Ivan Chorney. “If it’s up to code, it adds tremendous value to the property and can save time for someone wishing to build their own home.”

He also explains that protection from extreme weather is a key element to the property’s appraisal value across the county. The better the protection from the elements, the greater the value.

Not all appraisers are created equal. “Buyers and sellers should be aware of variations among appraisers,” says Durrani. “As the appraisal industry becomes more regulated, fewer people are in the profession. The result is that appraisers registered in the state could be assigned to a property in an area where they have no local knowledge.” In the end, an inexperienced appraiser can significantly affect a home’s overall value. She goes on to say that if you think an appraisal you get is way off, you can question the number—and request a new appraisal.

Knowing what increases or reduces a home’s value can help keep potential buyers from paying more than a home is worth. Sellers? It’s crucial to understand the ins and outs of property values so they can price their home to sell quickly.

Realtor, TBWS

August 7, 2023

Mortgage Delinquencies drop to an all-time low

One important gauge for the Housing Market is how well people are paying their mortgages.

And in that respect, the Housing Market is looking very strong as delinquency levels for Mortgages are much lower than when interest rates were half of what they are now.

US mortgage delinquency rates hit an all-time low in May thanks to a solid labor market that continues to help borrowers pay their mortgages on time. CoreLogic has released its latest loan performance insights report, showing a 0.1% month-over-month drop in delinquencies in May. This brings the share of all delinquent mortgages down to 2.6%. Of this overall figure, 1.3% were in early-stage delinquency (30 to 59 days past due), up from 1.1% a year ago. Adverse delinquencies (60 to 89 days past due) were up three basis points annually to 0.4%, while serious delinquency rate (90 days or more past due, including loans in foreclosure) fell from its pandemic high of 4.3% to 1% in May.

Call Tim Stammen, Broker Keller Williams Home Town Realty
(937) 264-4301 when you're ready to Sell or Buy a Home.
"Putting Buyers & Sellers Together for Over 45 Years!"

Call Tim Stammen, Broker Keller Williams Home Town Realty
"Putting Buyers & Sellers Together for Over 45 Years!"

July 17,2023

Housing Supply Could Come from Converted Office Buildings

With homeowners holding on to their homes due to having a low mortgage rate, the housing market has been severely lacking in supply. Builders have stepped up the pace of building new homes but there is a limit to available land and generally the new homes being built are at the upper end of the pricing range.

One solution to the housing shortage is to convert office buildings into residential units. This method of infill has been a growing trend as millions of square feet of office space sits empty due to the massive shift to work from home.

Since the year 2000, over 50,000 units have been converted and its picking up steam.

Mayors in cities across the U.S. want to loosen rules that can slow the pace of office-to-residential conversions. In some instances, cities have offered generous tax abatements to developers who build new housing.

Cities like Philadelphia have previously embraced these policies to revitalize their downtowns. In Philadelphia, homeowners and investors received more than $1 billion in tax breaks for their renovation projects.

Many experts believe local governments will alter zoning laws and building codes to make these conversions easier over the years.

If you are looking for Commercial Property (Office,Retail,Business) be sure to search TimStammen.com. Also search: Catylist.com and Loopnet.com. Call me for additional information: 937-264-4301.

April 17, 2023

Home Builder Sentiment Improves:

Builder sentiment in the market for newly built homes rose in April for the fourth straight month, as the supply of existing homes for sale remains scarce.

The National Association of Home Builders Housing Market Index climbed to 45 in April, a 1-point gain.

The reading is the highest since September.

Builders in the report cited a lack of listings on the resale market, which gave them an unusually strong edge. New listings of existing homes have fallen about 25% compared with a year ago.

“Builders note that additional declines in mortgage rates, to below 6%, will price-in further demand for housing,” said Alicia Huey, NAHB chairman and a custom homebuilder and developer from Birmingham, Alabama. “Nonetheless, the industry continues to be plagued by building material issues, including lack of access to electrical transformer equipment.”

Current sales conditions rose 2 points to 51 and sales expectations in the next six months increased 3 points to 50.

March 27, 2023

Median Sale Prices on New Homes Jump:

New home sales increased in February, climbing 1.1% from January’s level of 633,000 to an annual pace of 640,000.

Also, the median new home sale price increased, reaching $438,200 which is 2.5% higher than last February.

New home sales improved the most month-over-month in the West, increasing 8.1%, though still down 33.2% compared to last February. New home sales fell off sharply in the Northeast, decreasing 40.0% compared to January, down 55.3% year-over-year. Overall, the Midwest and Northeast experienced month-over-month declines in New Home Sales, while the South and the West saw increases.

March 7, 2023

For the first time since records began, first-time homebuyers made up the smallest share of sales last year at 26%

Despite a recent softening in the US housing market, a combination of rising borrowing costs and still-high prices have put prospective first-time homebuyers in a serious bind.

The difficulties for first-time buyers have been escalating for years. During the pandemic boom, they were frequently squeezed out as they competed against people with cash and investors who frequently target starter homes even though the typical household income for first-time buyers soared to as much as $90,000 in 2022 from about $70,000 in 2019.

Zillow has predicted that it would take around 10 years for an individual saving 5% of the median household every month to set aside enough for a 10% down payment on a typical home.

What’s more, supply of entry-level housing remains tight, with the inventory of America’s cheapest properties down 1.5% in January vs. the same time last year, while supply for the most-expensive properties jumped 37%.

February 27, 2023

New home sales numbers beat predictions in early 2023

Home prices haven’t softened that much across the country, and interest rates are still not fun. So why, according to Realtor.com’s Aarthi Swaminathan (and the U.S. Commerce Department), have new-home sales risen 7.2% to a seasonally adjusted rate of 670,000 in January, up from a revised 625,000 in the prior month?

Bottom line: people still want to buy homes. Perhaps, however, like car dealers, homebuilders know what to do in order to “move inventory,” offering incentives like mortgage-rate buy-downs to entice buyers—and it’s working.

This is the fourth month in a row that new-home sales have grown—this despite the lull in the broader housing sector, with existing-home sales continuing their downward slide, according to Swaminathan — beating analyst estimates. Analysts polled by the Wall Street Journal had forecast new-home sales to come in at 620,000 in January.

This is all relative, since year over year, new-home sales are still down by 19.4%. But month-to-month data says the revision itself is real: New-home sales rose a revised 7.2% to 625,000 in December, compared with the initial estimate of a 2.3% increase to 616,000, and the median sales price of a new home sold in January was $427,500.

The theory of supply and demand is alive and well. That also led to the supply of new homes for sale falling by 9.2% between December and January, equating to an eight-month supply. Regionally, the South led the U.S. in the number of new homes sold, with the figure surging by 17.1%, while sales of new homes dropped across the rest of the country—most sharply in the Northeast, by 19.4%.

Realtor.com, TBWS

September 26, 2022

A Look Into the Markets

This past week, the Federal Reserve raised the Fed Funds Rate by .75% and issued its quarterly economic projections. In response, home loan rates ticked up to a new 2022 high. Let's discuss three things we learned from the Fed Meeting and what to watch in the weeks ahead.

"You gotta believe in someone, asking me who is right, asking me who to follow... Don't ask me, I don't know". I Don't Know by Ozzy Osbourne

"In support of these goals, the Committee decided to raise the target range for the federal funds rate to 3 to 3.25 percent and anticipates that ongoing increases in the target range will be appropriate." Fed Statement, Sept 21, 2022.

1. The Federal Reserve Is Not Very Good At Forecasting

The .75% rate hike lifts the Fed Funds Rate to a range of 3 to 3.25%, the highest since Jan 2008. This increase will affect short-term loans like credit cards, autos, and home equity lines of credit.

Along with the rate hike, the Fed released its quarterly economic projections. This means every three months they update their projections on economic growth, inflation, and the path for interest rates.

If you follow what they have forecasted for the past couple of years, it's clear the Fed has underestimated inflation, overestimated economic growth, and underestimated how high they want to raise rates.

Back in June, the Fed forecasted economic growth to be 1.7% for 2022. Three months later, they now see the US growing at a slim 0.2% level. Also back in June, the Fed had forecasted Core inflation to be 4.3% for 2022. Now they expect inflation to be higher at 4 to 5%.

Lastly, on the Fed Funds Rate, the Fed expected the rate to increase to 3.4% back in June. Now, the Fed sees the Fed Funds Rate at 4.4%.

The market's reaction – lower stocks and higher rates mimic the uncertainty and volatility we hear from the Fed and economic readings.

2. The Federal Reserve Can't Say Recession

Despite downgrading economic growth at each of the last few quarterly projections and the Atlanta Fed forecasting 3rd quarter GDP to be just 0.3% on the heels of a contraction in the first half of 2022, The Fed has never used the word recession to describe where the economy is or where we are headed. The Fed reiterated that we will all feel economic pain because of their inflation-fighting efforts. He also said the chances for a soft landing are slim. All of this means, the US economy may already be in a recession and headed towards something potentially worse as the Fed also wants to create some unemployment.

Seeing the 2-yr yield rise to 4.11% and well above the 10-yr Note means the bond market is telling us the economy is headed towards a recession, despite our central bankers' inability to utter the word.

3. Higher For Longer

Fed Chair Powell reiterated several times during his press conference that the Fed will raise rates higher and hold them elevated until inflation comes back down to the Fed's target of 2.00%.

The markets are currently pricing in yet another .75% hike in November and a .50% hike in December. This could change if we see a softer inflation reading or surprisingly soft labor market or growth readings.

A reminder - the Fed only controls a short-term overnight rate and long-term rates like the 10-yr Note, which will signal how high and long rates will stay elevated. Seeing a wide yield curve inversion between the 2 and 10-yr Notes suggests the economy will have a difficult time absorbing the hikes without a recession.

Bottom line: The 10-yr Note yield, closing above 3.50%, means we should not expect much or any improvement in rates in the near term. We now have to follow the incoming data carefully, which should tell the bond market and The Fed whether economic conditions warrant higher rates.

Looking Ahead

Next week brings the important Core Personal Consumption Expenditure (PCE) Index. How this report goes could impact the pace of rate hikes in the future. There are also some housing data expected to be released.

Aug. 29, 2022

Home Prices Level Off, Inventories Rise:

According to the National Association of Realtors most recent Existing Home Sales report, the median existing-home sales price climbed 10.8% from one year ago to $403,800. That's down $10,000, however, from last month's record high of $413,800.

Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, slipped 5.9% from June to a seasonally adjusted annual rate of 4.81 million in July. Year-over-year, sales fell 20.2% (6.03 million in July 2021).

Total housing inventory registered at the end of July was 1,310,000 units, an increase of 4.8% from June and unchanged from the previous year. Unsold inventory sits at a 3.3-month supply at the current sales pace, up from 2.9 months in June and 2.6 months in July 2021.

The median existing-home price for all housing types in July was $403,800, up 10.8% from July 2021 ($364,600), as prices increased in all regions. This marks 125 consecutive months of year-over-year increases, the longest-running streak on record.

Properties typically remained on the market for 14 days in July, the same as in June and down from 17 days in July 2021. The 14 days on market are the fewest since NAR began tracking it in May 2011. Eighty-two percent of homes sold in July 2022 were on the market for less than a month.

May 23, 2022

Existing Home Sales show continued surge in prices:

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, slid 2.4% from March to a seasonally adjusted annual rate of 5.61 million in April. Year-over-year, sales dropped 5.9% (5.96 million in April 2021)

Part of the reason for the small slide in sales is that there is simply no inventory available to purchase. Total housing inventory at the end of April amounted to 1,030,000 units, up 10.8% from March and down 10.4% from one year ago (1.15 million). Unsold inventory sits at a 2.2-month supply at the current sales pace, up from 1.9 months in March and down from 2.3 months in April 2021.

The median existing-home price for all housing types in April was $391,200, up 14.8% from April 2021 ($340,700), as prices increased in each region. This marks 122 consecutive months of year-over-year increases, the longest-running streak on record.

Properties typically remained on the market for 17 days in April, equal to both the number of days in March 2022 and in April 2021. Eighty-eight percent of homes sold in April 2022 were on the market for less than a month.

First-time buyers were responsible for 28% of sales in April, down from 30% in March and from 31% in April 2021. NAR's 2021 Profile of Home Buyers and Sellers – released in late 20214 – reported that the annual share of first-time buyers was 34%.

All-cash sales accounted for 26% of transactions in April, down from 28% in March and up from the 25% recorded in April 2021.

Individual investors or second-home buyers, who make up many cash sales, purchased 17% of homes in April, down from 18% in March and equal to 17% in April 2021.

Distressed sales – foreclosures and short sales – represented less than 1% of sales in April, equal to the percentage seen in March and down from 2% in April 2021.

May 16, 2022

Average Home Payments 1.5 times higher than this time last year

Lots of things have changed in the housing market over the past 12 months. A tight housing market has become even tighter with fewer homes available in inventory, which has caused the median home list price to surge from $372K in April 2021 to $425K in April of 2022 according to Realtor.com

That’s why Realtor.com looked at the increase in mortgage payments in the nation’s 15 largest metropolitan areas. In the Miami metro, buyers’ mortgage payments are 83% higher than they were just one year ago. (Metros include the main city and surrounding towns, suburbs, and smaller urban areas.) On the other end of the spectrum, mortgage payments in Detroit were up a still bruising but far less devastating 19%.

The situation has forced many homebuyers with more modest budgets to compromise on the homes of their dreams, move to less convenient areas—or simply give up their search for the foreseeable future. Many are competing with all-cash buyers, often investors or longtime owners downsizing into smaller, less expensive homes.

Cash buyers are not affected by the slow and steady rising mortgage rates and may even be helped by them, since they often lead to less competition in the market, and lower overall offers.

May 2, 2022

Realtors see demand growing for "green" houses:

The number of Realtors® involved with buying or selling a property with green features has significantly increased in the past year, according to a recent study from the National Association of Realtors®. The 2022 REALTORS® and Sustainability Report surveyed NAR members nationwide regarding sustainability issues currently facing the real estate industry.

Half of agents and brokers surveyed said they helped a client buy or sell a property with green features during the past 12 months, a notable jump compared to 32% in 2021.

Nearly two out of three respondents – 63% – said that energy efficiency promotion in listings was very or somewhat valuable. Over half of agents and brokers – 51% – found that their clients were somewhat or very interested in sustainability. And 35% reported that their multiple listing service features green data fields. Among those with green data fields in their MLS, the top ways they were used were to promote green features (35%), energy information (24%) and green certifications (13%).

"Sustainability continues to play a growing role in consumers' purchasing decisions, and this is becoming even more prevalent in the real estate market," said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "With the residential property market, in particular, home buyers have expressed increased interest in eco-friendly factors like solar panels and energy efficiency."

Roughly three out of four Realtors® – 77% – said that properties with rooftop solar panels were available in their market. These numbers were highest in the West (89%) and Northeast (86%). Thirty-six percent said that homes with solar panels increased the perceived property value, compared to 30% that said they had no effect.

The report also noted rising anxiety among Realtors® about the effect of climate change and extreme weather events on their businesses. More than one out of three respondents – 34% – said they were very or somewhat concerned about the impact of extreme weather events on the housing market. The median existing-home sales price rose to $375,300, up 15% from one year ago according to the National Association of Realtors®.