Articles from National Association of Realtors®
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Chicago, Jan. 30, 2025 (GLOBE NEWSWIRE) -- The National Association of REALTORS® is excited to unveil the fifth season of its acclaimed docuseries, “First-Time Buyer,” now available on Hulu. This season takes viewers on an emotional and educational journey through the homebuying process, featuring unscripted stories from New York and Connecticut. The eight episodes, each under 20 minutes, deliver a binge-worthy experience filled with valuable insights.“Season 5 of ‘First-Time Buyer’ captures the triumphs, challenges and deeply personal stories of home buyers in today’s market,” said Alicia Bailey, NAR’s head of production. “By showcasing the critical role and expertise that agents who are REALTORS® have in advising clients through competitive markets, low inventory and unique financial situations, this series provides essential guidance for prospective homeowners.”This season introduces several firsts for the series, including:
By National Association of Realtors® · Via GlobeNewswire · January 30, 2025
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WASHINGTON, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Key Highlights
By National Association of Realtors® · Via GlobeNewswire · January 30, 2025
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By National Association of Realtors® · Via GlobeNewswire · January 24, 2025
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WASHINGTON, Dec. 30, 2024 (GLOBE NEWSWIRE) -- Key Highlights
By National Association of Realtors® · Via GlobeNewswire · December 30, 2024
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Washington, D.C., Oct. 31, 2024 (GLOBE NEWSWIRE) -- Realtors® and real estate industry professionals from across the nation and around the world will gather in Boston, Massachusetts, November 8–10 for NAR NXT, The REALTOR® Experience – the National Association of Realtors®’ annual conference and expo. With the theme “Bring on Business,” this premier event combines industry-leading speakers, expert education and unparalleled networking opportunities.More than 10,000 attendees – including real estate agents, brokers, companies and others – are expected to participate. The conference offers 100 educational sessions and features the industry’s largest real estate expo, where more than 250 exhibitors will showcase the tools and solutions that are shaping the future of real estate. “NAR NXT is where agents who are Realtors® come together to power their business ambitions and accelerate their success,” said NAR President Kevin Sears, broker-associate of Sears Real Estate/Lamacchia Realty in Springfield, Massachusetts. “Boston will provide the perfect backdrop for industry leaders, experts and entrepreneurs to come together, gain fresh perspectives and be inspired to take their business to the next level.”NAR Chief Economist Lawrence Yun will provide an in-depth analysis of the U.S. economy, offering insights into the residential housing market on November 8 and examining trends in commercial real estate on November 9.David Ortiz, Baseball Hall of Famer and World Series MVP, will headline the closing session on Sunday, November 10, sharing his journey from the Dominican Republic to becoming a three-time World Series champion with the Boston Red Sox.Nate Silver, renowned statistician and founder of FiveThirtyEight, will present at the Federal Legislative and Political Forum on November 9, where he will dissect the election results and analyze the trends and data that shaped the race. Dr. Jennifer Keitt, human behavior specialist and CEO of the Keitt Institute, will explore resilience in leadership on November 8, providing practical strategies for leaders to develop emotional intelligence and inspire their teams.Marcus Buckingham, The New York Times bestselling author and pioneer in the strengths-based movement, will share how to leverage team strengths to lead successful organizational change and inspire transformation on November 9.NAR NXT will also feature forums about regulatory issues, emerging technology and real property valuation.Finally, NAR’s Board of Directors will convene on November 11 to address issues that directly influence the everyday business operations of its members. For the full conference schedule and registration details, visit narnxt.realtor. Follow @NARNXT on Facebook, X, and Instagram, and join the conversation using the hashtag #NARNXT.About the National Association of Realtors®The National Association of Realtors® is America’s largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes – from written buyer agreements to negotiating compensation – visit facts.realtor.
By National Association of Realtors® · Via GlobeNewswire · October 31, 2024
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By National Association of Realtors® · Via GlobeNewswire · December 19, 2024
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NAR forecasts 4.5 million existing home sales and a $410,700 median existing-home price in 2025
By National Association of Realtors® · Via GlobeNewswire · December 12, 2024
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WASHINGTON, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Key Highlights
By National Association of Realtors® · Via GlobeNewswire · November 27, 2024
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CHICAGO, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Today, the U.S. District Court for the Western District of Missouri granted final approval of the National Association of Realtors®’ proposed settlement agreement to resolve class action claims related to broker commissions. The Court heard from all parties as well as objectors and the Department of Justice. Once arguments concluded, the Court quickly ruled to grant final approval. The Court is expected to soon issue a formal written order.
By National Association of Realtors® · Via GlobeNewswire · November 26, 2024
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2024 Migration Trends report reveals key motivators for movers, with the South leading as top destination
By National Association of Realtors® · Via GlobeNewswire · November 25, 2024
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By National Association of Realtors® · Via GlobeNewswire · November 21, 2024
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By National Association of Realtors® · Via GlobeNewswire · November 7, 2024
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By National Association of Realtors® · Via GlobeNewswire · November 6, 2024
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REACH programs now accepting applications across multiple markets to support real estate innovators
By National Association of Realtors® · Via GlobeNewswire · November 19, 2024
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Yun highlights the value of homeownership and intangible value that Realtors® provide
By National Association of Realtors® · Via GlobeNewswire · November 8, 2024
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First-time ($97,000), repeat ($114,300) and typical ($108,800) buyer incomes hit all-time highs
By National Association of Realtors® · Via GlobeNewswire · November 4, 2024
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Washington, D.C., Oct. 23, 2024 (GLOBE NEWSWIRE) -- Key Highlights
By National Association of Realtors® · Via GlobeNewswire · October 23, 2024
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Program marks 25 years of honoring community impacts made by NAR members
By National Association of Realtors® · Via GlobeNewswire · October 7, 2024
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WASHINGTON, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Key Highlights
By National Association of Realtors® · Via GlobeNewswire · September 26, 2024
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Digestible, one-page resources provide clear guidance on key topics for home buyers and sellers working with agents who are Realtors®
By National Association of Realtors® · Via GlobeNewswire · September 19, 2024
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By National Association of Realtors® · Via GlobeNewswire · September 19, 2024
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WASHINGTON, Aug. 29, 2024 (GLOBE NEWSWIRE) -- Key Highlights
By National Association of Realtors® · Via GlobeNewswire · August 29, 2024
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By National Association of Realtors® · Via GlobeNewswire · August 22, 2024
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Chicago, Aug. 29, 2024 (GLOBE NEWSWIRE) -- The National Association of Realtors® is proud to announce that Tether RE won the sixth annual Pitch Battle competition at the 2024 Innovation, Opportunity & Investment (iOi) Summit. NAR’s strategic investment arm, Second Century Ventures, presented this year’s Pitch Battle in Chicago, where participating companies were given the chance to demonstrate their groundbreaking tools and resources designed for the commercial and residential real estate markets.The grand prize went to Tether RE, a startup that provides a suite of tools to enhance the safety and productivity of real estate professionals. The platform combines advanced safety features with essential productivity tools, ensuring agents are protected from initial contact to closing while streamlining their day-to-day tasks.“This year’s Pitch Battle showcased exceptional innovations that are setting new benchmarks in the real estate sector,” said Dan Weisman, NAR director of innovation strategy. “The ingenuity displayed by Tether RE represents the progressive strides we support at the iOi Summit and NAR’s ongoing efforts to enhance the services provided to real estate professionals and consumers alike. We congratulate Tether RE on their outstanding achievement.”Tether RE co-founder Vanessa Martin began the winning pitch by highlighting the critical need for enhanced security measures within the real estate industry.“Last year alone, 30,000 real estate agents were victims of violent crimes,” she said. Martin explained Tether RE’s core features, including 24-hour safety monitoring, client verification, SOS alerts, proximity safety timers, and fall and crash alerts. Additionally, the platform enhances agent productivity by integrating essential tools such as turn-by-turn navigation, automatic mileage and expense tracking, and personalized agent branding. “We are proud of the platform we’ve created, and we know it will help agents when they need it most,” Martin said. “It’s time to focus on what matters, because the most important part of any deal is making it home safely.” Tether RE will be awarded $15,000 and a booth at NAR’s annual conference in November (NAR NXT).The Pitch Battle’s Crowd Favorite, as voted on by the in-person and virtual audience, was awarded to Tuesday, a social MLS app built exclusively for agents. Tuesday CEO Coleton Boyer illustrated how the company’s mobile-first approach has streamlined real estate market intelligence into a user-friendly social feed.“It’s the energy of your Tuesday meeting, the ease of your Instagram feed and the exact same data you get on the MLS,” Boyer said. To see the full list of 2024 Pitch Battle finalists, visit ioisummit.realtor/pitch-battle. About the National Association of Realtors®The National Association of Realtors® is America’s largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
By National Association of Realtors® · Via GlobeNewswire · August 29, 2024
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CHICAGO, Aug. 19, 2024 (GLOBE NEWSWIRE) -- The National Association of Realtors® (NAR) has named Nykia Wright its permanent Chief Executive Officer, effective immediately. Wright, an executive with vast experience driving organizational transformation, has served in the interim CEO role since November 2023. “I am thrilled Nykia is staying on board to lead us through this time of transformation,” said 2024 NAR President Kevin Sears, broker-associate of Sears Real Estate/Lamacchia Realty in Springfield, Mass. “She has been instrumental in leading us up to this point, and her unwavering commitment to our members make her the ideal steward for guiding our association through the evolving real estate landscape." During her initial tenure, Wright shepherded the association in early 2024 through negotiations to settle and resolve claims brought on behalf of home sellers related to broker commissions. She also is guiding the implementation of NAR’s Culture Transformation Commission—a group of more than 70 members, including state and local association staff and NAR staff selected through a collaborative process — which was established to identify and break down impediments to being an inclusive, welcoming and respectful organization for all individuals and to ensure that the association meets the evolving needs of members well into the future. Under Wright’s leadership, NAR is sharpening its focus on its core mission of serving members, communicating more deliberately, and working to become a more agile organization. Among her immediate priorities will be to continue guiding NAR past the implementation of the proposed settlement practice changes and prioritizing ongoing education, training and compliance for consumers and agents.“I am honored to have earned the confidence and trust from the Leadership Team to guide this organization at such a critical point. I am committed to ensuring our association remains a powerful and effective voice for the industry and to fulfilling our goal to bring the privilege of homeownership to more Americans,” Wright said. “I am clear eyed about our past and present, and I am hyper-focused on building trust with NAR’s many stakeholders so that we can be successful in ensuring we are bringing the best of NAR to each and every one of our members.”Wright brings a breadth of executive leadership and strategic advisory experience to NAR. Previously, as CEO of the Chicago Sun-Times, she led the newspaper through a sweeping digital transformation and a merger with WBEZ (Chicago Public Media), which created one of the largest nonprofit local newsrooms in the country. She is a recognized leader in the media industry for managing significant disruption, driving change and implementing digital transformation at the newspaper.Wright began her career in the financial services industry and, prior to leading the Sun-Times, was a strategy and business transformation consultant who advised Fortune 500 companies and top tier universities on operational, financial and performance improvement projects. She is also the co-founder of SonicMESSENGER, a software-as-a-service (SaaS) startup helping democratize audience engagement and measurement by leveraging smart audio. Wright serves on the board of the Better Government Association, and she is a member of the Dean’s Advisory Council at her alma mater, the Tuck School of Business at Dartmouth.
By National Association of Realtors® · Via GlobeNewswire · August 19, 2024
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Chicago, Aug. 16, 2024 (GLOBE NEWSWIRE) -- Today, the National Association of Realtors® provides a final reminder to members, real estate professionals, and consumers that on August 17, 2024, the practice changes following NAR’s Proposed Settlement Agreement that would resolve claims brought on behalf of home sellers related to broker commissions will be implemented across the country.REALTOR® MLSs (those owned exclusively by one or more REALTOR® Associations) must implement the changes by August 17, 2024, to remain in compliance with NAR policy.As a reminder, under the settlement, the following practice changes will take effect:
By National Association of Realtors® · Via GlobeNewswire · August 16, 2024
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A metro area’s median price surpassed $2 million (San Jose, Calif.) for the first time since NAR began tracking metro area single-family home prices in 1979
By National Association of Realtors® · Via GlobeNewswire · August 13, 2024
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Chicago, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Second Century Ventures, the strategic investment arm of the National Association of Realtors® and the most active global real estate technology fund, announced today the acceptance of seven companies to the 2024 REACH Commercial program. Launched in 2019, this marks the sixth cohort dedicated to scaling solutions for commercial real estate.Companies selected for the 2024 program represent a diverse range of solutions across the real estate ecosystem. These innovations span large land transactions, real estate ownership, commercial lease abstraction, digital sales and leasing, lowering of carbon emissions and improving building operations, among others. Collectively, these companies have raised more than $150 million in funding and employ more than 150 individuals worldwide.“These seven companies are driving innovation within the commercial real estate ecosystem,” said Dave Garland, managing partner of Second Century Ventures. “By investing in and supporting these forward-thinking businesses, we ensure that commercial real estate professionals have access to the latest technologies, empowering them to enhance operations, make informed decisions and deliver value to their clients.”Companies accepted to the 2024 REACH Commercial program are as follows:
By National Association of Realtors® · Via GlobeNewswire · August 5, 2024
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CHICAGO, Aug. 01, 2024 (GLOBE NEWSWIRE) -- The National Association of Realtors® reminds members, real estate professionals, and consumers that on August 17, 2024 the practice changes following NAR’s Settlement Agreement that would resolve claims brought on behalf of home sellers related to broker commissions will be implemented across the country.
By National Association of Realtors® · Via GlobeNewswire · August 1, 2024
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WASHINGTON, July 31, 2024 (GLOBE NEWSWIRE) -- Key Highlights
By National Association of Realtors® · Via GlobeNewswire · July 31, 2024
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By National Association of Realtors® · Via GlobeNewswire · July 30, 2024
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By National Association of Realtors® · Via GlobeNewswire · July 23, 2024
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Chicago, July 18, 2024 (GLOBE NEWSWIRE) -- The National Association of Realtors® has announced the 12 companies participating in the Innovation, Opportunity & Investment (iOi) Summit’s Pitch Battle competition from August 28–29 in Chicago.NAR’s venture capital arm, Second Century Ventures, is set to present the live event, where each contestant will deliver a four-minute pitch on their product or service, followed by a four-minute question and answer session with a panel of judges. Entrants must provide persuasive arguments for their new technological innovations or services and demonstrate how these will enhance the real estate sector.“The Pitch Battle highlights innovation and impactful solutions to some of real estate’s pressing challenges,” said Dan Weisman, NAR director of innovation strategy. “iOi Summit offers both startups and investors a platform to forge game-changing connections and previews up-and-coming technologies that will transform our industry for the better.”The Pitch Battle contestants include the following:
By National Association of Realtors® · Via GlobeNewswire · July 18, 2024
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Number of existing homes bought by international buyers declined to 54,300 – the fewest since NAR began measuring in 2009
By National Association of Realtors® · Via GlobeNewswire · July 17, 2024
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NAR forecasts 4.26 million existing-home sales, and the median price will increase to a record annual high of $405,300 in 2024
By National Association of Realtors® · Via GlobeNewswire · June 27, 2024
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By National Association of Realtors® · Via GlobeNewswire · June 21, 2024
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Chicago, June 17, 2024 (GLOBE NEWSWIRE) -- The National Association of REALTORS® (NAR) reminds brokerages with a residential transaction volume of more than $2 billion in 2022 and MLSs to opt in to NAR’s Settlement Agreement that would resolve of claims brought on behalf of home sellers related to broker commissions by June 18. The Settlement Agreement is subject to final court approval, a hearing on which is scheduled for November 26, 2024.Brokerages with a residential transaction volume in 2022 that exceeded $2 billion, and all MLSs, including those wholly owned by REALTOR® associations (“REALTOR® MLSs”) and others (“non-REALTOR® MLSs”) are required to opt into the Settlement Agreement to obtain a release of liability.State and local REALTOR® associations, individual NAR members and brokerages with an NAR member as Principal whose residential transaction volume in 2022 was $2 billion or below do not have to take any specific action to opt in to obtain a release of liability under the Settlement Agreement. However, they must abide by the terms of the Settlement Agreement. Eligible brokerages must have a Principal who is a member of NAR as of the date of class notice in order to opt in or be released, and NAR members must be members as of the date of class notice in order to be released. Instructions on how to opt-in are below (be sure to copy email addresses precisely):If you are a brokerage with a residential transaction volume in 2022 that exceeded $2 billion:
By National Association of Realtors® · Via GlobeNewswire · June 17, 2024
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Chicago, June 20, 2024 (GLOBE NEWSWIRE) -- The National Association of Realtors® and the CCIM Institute will bring the C5 + CCIM Global Summit – the nation’s premier commercial real estate and economic development event – to the Seminole Hard Rock Hotel & Casino in Hollywood, Florida from Sept. 17–19, 2024. Practitioners from virtually every segment of the commercial ecosystem – from financing and development to sales and property management – will converge on South Florida, one of the hottest commercial markets in the country.“The 2024 C5 + CCIM Global Summit provides business, learning and networking opportunities for commercial real estate professionals while also leaning into what’s new and next in this dynamic industry,” said NAR President Kevin Sears, broker-partner of Sears Real Estate/Lamacchia Realty in Springfield, Massachusetts. “Whether you’re buying, selling or financing commercial property, the C5 + CCIM Global Summit is your destination for valuable information and insights on commercial properties and projects in markets across the U.S.”Dan Marino – Pro Football Hall of Famer, Miami Dolphins legendary quarterback, entrepreneur, and philanthropist – will give the closing keynote on Thursday, September 19, sharing his insights on overcoming adversity, setting high standards, and achieving true greatness.Tiffani Bova – growth strategist, executive advisor, influential thought leader, and two-time Wall Street Journal bestselling author – will deliver the opening keynote on Tuesday, September 17, revealing her unique vision on how companies can thrive in today’s competitive environment, emphasizing the importance of customer experience, innovation, and strategic agility.Paco Underhill – CEO and founder of Envirosell, and New York Times bestselling author – will speak on Wednesday, September 18.Additional highlighted sessions include:
By National Association of Realtors® · Via GlobeNewswire · June 20, 2024
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WASHINGTON, May 30, 2024 (GLOBE NEWSWIRE) -- Key Highlights
By National Association of Realtors® · Via GlobeNewswire · May 30, 2024
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By National Association of Realtors® · Via GlobeNewswire · May 22, 2024
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Innovative tech showcases and networking opportunities await at iOi Summit in Chicago
By National Association of Realtors® · Via GlobeNewswire · May 13, 2024
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By National Association of Realtors® · Via GlobeNewswire · May 8, 2024
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WASHINGTON, May 01, 2024 (GLOBE NEWSWIRE) -- Key Highlights
By National Association of Realtors® · Via GlobeNewswire · May 1, 2024
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NAR forecasts 4.46 million existing-home sales in 2024, a 9% increase from 2023
By National Association of Realtors® · Via GlobeNewswire · April 25, 2024
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By National Association of Realtors® · Via GlobeNewswire · April 18, 2024
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Chicago, April 17, 2024 (GLOBE NEWSWIRE) -- Second Century Ventures, the strategic investment arm of the National Association of Realtors® and the most active global real estate technology fund, today announced the acceptance of eight companies to the 2024 REACH program. Launched in 2013, this marks the 12th cohort focused on accelerating technology solutions for the U.S. residential real estate sector.“Through the REACH scale-up program, we’re catalyzing transformative advancements at the intersection of technology and real estate,” said Mark Birschbach, NAR’s senior vice president, strategic business innovation and technology. “Our aim is to push the boundaries of what’s possible, equipping agents who are Realtors® with tools and insights that foster exceptional client service and operational efficiency.”Companies selected for the 2024 program represent a diverse range of solutions across the entire transaction life cycle, from pre-contract to post-close. Collectively, these companies have raised more than $55 million in funding and employ more than 300 individuals worldwide. “The eight companies selected for the 2024 REACH program are at the forefront of the industry’s greatest challenges and opportunities,” said Ashley Stinton, managing partner, NAR REACH. “Supporting real estate professionals and the clients they serve has never been more important and we firmly believe this group of innovators will have an immeasurable impact throughout the real estate, finance, title, mortgage and home services industries.”Companies accepted to the 2024 REACH program are as follows:
By National Association of Realtors® · Via GlobeNewswire · April 17, 2024
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Yun discussed economic issues and trends, provided forecast at 2024 REALTORS® Legislative Meetings
By National Association of Realtors® · Via GlobeNewswire · May 7, 2024
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Washington, D.C., April 03, 2024 (GLOBE NEWSWIRE) -- Key Highlights
By National Association of Realtors® · Via GlobeNewswire · April 3, 2024
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WASHINGTON, March 28, 2024 (GLOBE NEWSWIRE) -- Key Highlights
By National Association of Realtors® · Via GlobeNewswire · March 28, 2024
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By National Association of Realtors® · Via GlobeNewswire · March 21, 2024
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WASHINGTON, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Key Highlights
By National Association of Realtors® · Via GlobeNewswire · February 29, 2024
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By National Association of Realtors® · Via GlobeNewswire · February 22, 2024
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Asian and Hispanic homeownership rates reached all-time highs [1]
By National Association of Realtors® · Via GlobeNewswire · February 20, 2024
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Washington, D.C., Feb. 08, 2024 (GLOBE NEWSWIRE) -- Key Highlights
By National Association of Realtors® · Via GlobeNewswire · February 8, 2024
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NAR forecasts a 13% increase in existing-home sales from 2023 to 4.62 million
By National Association of Realtors® · Via GlobeNewswire · January 26, 2024
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By National Association of Realtors® · Via GlobeNewswire · January 19, 2024
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WASHINGTON, Dec. 28, 2023 (GLOBE NEWSWIRE) -- Key Highlights
By National Association of Realtors® · Via GlobeNewswire · December 28, 2023
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By National Association of Realtors® · Via GlobeNewswire · December 20, 2023
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Austin, Texas named top real estate market with most pent-up housing demand next year
By National Association of Realtors® · Via GlobeNewswire · December 13, 2023
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Chicago, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Second Century Ventures, the strategic investment arm of the National Association of Realtors®, opened applications today for the 2024 U.S. REACH technology growth program. SCV, the most active global venture fund in real estate technology, operates the award-winning REACH program across North and South America, Europe, Australia and Asia-Pacific. The U.S. REACH program focuses on solutions supporting the residential real estate sector, including innovations from adjacent industries such as banking, finance, home services, title, mortgage and insurance. Applications for the U.S. REACH Commercial program will open in March 2024.“The support and developmental opportunities that REACH provides to the proptech sector are unmatched,” said Ashley Stinton, managing partner, REACH. “Our goal is to turn the industry’s significant challenges into opportunities for creative solutions and advanced development, offering substantial advantages for the participating companies in terms of innovation, market positioning and economic impact.” NAR’s REACH program selects and helps scale the most promising technology companies across the real estate ecosystem. Participants in the program receive premier access to the following:
By National Association of Realtors® · Via GlobeNewswire · December 6, 2023
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WASHINGTON, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Key Highlights
By National Association of Realtors® · Via GlobeNewswire · November 30, 2023
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By National Association of Realtors® · Via GlobeNewswire · November 21, 2023
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Buyer income annual increase of 22% is largest on record (from $88,000 in 2022 report); down payments jumped to highest percentages in two decades
By National Association of Realtors® · Via GlobeNewswire · November 13, 2023
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By National Association of Realtors® · Via GlobeNewswire · November 9, 2023
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ANAHEIM, Calif., Nov. 16, 2023 (GLOBE NEWSWIRE) -- Commercial property rates are expected to stabilize – aside from office space – and commercial real estate will revitalize, according to NAR Chief Economist Lawrence Yun.Yun presented yesterday at the Commercial Economic Issues and Trends Forum at 2023 NAR NXT, The Realtor® Experience, in Anaheim, California, to discuss economic trends and issues affecting the commercial real estate industry.“There’s tremendous difficulty in the commercial real estate market with higher interest rates,” Yun explained. “Given roughly $3 trillion in commercial real estate loans, roughly $600 billion will come due for refinancing each year and at higher interest rates.” Yun explained that high interest rates are hindering borrowing and making refinancing costly. He also said the Federal Reserve’s rate hikes have hurt small-sized banks. “The small-sized banks – community and local banks – have much larger exposure to commercial real estate,” said Yun. “So, if commercial real estate is wobbly, it’s not going to hurt the big banks as much as the community banks.”He referenced changes in commercial loan lending standards, which made an already tight lending situation even tighter. Yun suggested the U.S. government’s large budget deficit is also pressuring the rate increases. “Commercial real estate transactions activity has been cut in half in two years. The condition for real estate deals is difficult. They simply don’t want to sell at a lower price, so commercial deals are not happening, because sellers don’t want to lower the price, and buyers aren’t jumping in due to higher lending costs,” Yun said.He also explained that commercial property prices are falling below pre-Covid-19 pandemic levels and are set to decline further. “The 10-year Treasury Yield is currently at 4.5%,” added Yun. “Most buildings now are still overpriced in commercial real estate. Property owners have to readjust. Maybe it’s better to get the deal done today rather than waiting until the future, when property values may be even lower.”Yun explained that rent growth is the strongest in the industrial space and weakest in the office space. “In terms of actual usage of office space, the utilization is simply not there,” Yun said. “Office net absorption is negative, so office space will see more rises in the official vacancy rate.”Rent growth is the strongest in the industrial field and weakest for offices, according to Yun. The office leasing net is negative, and retail leasing is also fizzling out. Even warehouse and industrial space leasing is low.Yun discussed how the office vacancy rate is rising and will likely rise further. He flagged that big cities are seeing the highest rise in office vacancy rates: San Francisco followed by New York City and Los Angeles. He flagged that big cities are seeing the highest rise in office vacancy rates: San Francisco followed by New York City and Los Angeles.“By an objective measure, the economy is strong,” said Yun. “GDP growth is at 4.9%, but there are some worrying signs for the economy. First, businesses are not borrowing, because they’re cutting back on spending. Second, good inventory – or products produced – is increasing, but goods are not being purchased. Thus, there’s concern for future GDP.”Yun said unemployment rates are the highest in nearly two years and wage growth is the weakest it has been in two and a half years. After explaining that monthly job gains are softening and diminishing each month, Yun stated, “The federal reserve is raising interest rates to tame inflation, but are they going to break the economy?”Yun compared the latest jobs numbers with pre-Covid-19 pandemic conditions. All states have record-high employment. Texas, Florida and Rocky Mountain states are in stronger condition. Cross-border commercial real estate investment is down and in a weak condition right now, according to Yun. The top countries invested in the U.S. are Canada, Singapore and Japan, and Israel is popping up on this list.Yun says the 2024 economic outlook depends on the Federal Reserve’s policy, stating, “Data that came out yesterday shows much calmer inflation. The Federal Reserve should consider cutting interest rates as we go into early next year. Then the ongoing weakness will stop, and we will begin to see some revival.”Yun shared that community banks will be recapitalized a little better with interest rate cuts. Also, GDP growth will add to net leasing and investment sales.“Overall, commercial real estate will revitalize, with the exception of office space,” Yun concluded.About the National Association of Realtors®The National Association of Realtors® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
By National Association of Realtors® · Via GlobeNewswire · November 16, 2023
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Buyer income annual increase of 22% is largest on record (from $88,000 in 2022 report); down payments jumped to highest percentages in two decades
By National Association of Realtors® · Via GlobeNewswire · November 15, 2023
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Washington, D.C., Nov. 08, 2023 (GLOBE NEWSWIRE) -- Realtors® from across the country and the world will converge on Anaheim, California, November 14–16 for 2023 NAR NXT, The Realtor® Experience, NAR’s annual conference and expo – the premier global event for real estate professionals.“Own the Moment” is the theme for this year’s in-person and virtual event hosted by the nation’s largest trade association. Nearly 12,000 NAR members and industry stakeholders from all 50 states, several U.S. territories and 40 countries will join. Participants can choose from more than 100 education sessions and interact with more than 350 exhibitors at the real estate industry’s largest trade show. “Realtors® and real estate professionals worldwide will gather with experts from business, technology, government, media, sports and entertainment to discuss opportunities and challenges in the constantly changing real estate landscape,” said NAR President Tracy Kasper, a Realtor® from Nampa, Idaho, and broker-owner of Berkshire Hathaway HomeServices Silverhawk Realty. “The preeminent real estate event of the year offers opportunities to learn, network, share ideas and best practices, serve and give back to the local Anaheim community, and much more.”NAR Chief Economist Lawrence Yun will give his outlook on the U.S. economy and residential housing market on November 14, and examine the trends affecting commercial real estate on November 15.Mindy Kaling, Emmy-nominated writer, producer and actor, will join 2023 NAR Vice President of Association Affairs Jennifer Wauhob for a fireside chat on November 14.Chris Linsell will discuss the growth of ChatGPT and other artificial intelligence tools and how these technologies will impact real estate on November 15.Rich Thau, president and founder of message-testing firm Engagious, will share his insights on swing voters in the upcoming 2024 election during the Federal Legislative and Political Forum on November 15.Kurt Warner, Pro Football Hall of Fame quarterback, broadcaster and philanthropist, will join 2023 NAR Vice President of Advocacy Pete Kopf for the closing general session on November 16.Finally, the association’s board of directors will meet and consider issues that impact NAR members’ daily business on November 17.Visit narnxt.realtor for the full conference schedule of events. Follow @NARNXT on Facebook, X and Instagram and use the hashtag #NARNXT. The National Association of Realtors® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
By National Association of Realtors® · Via GlobeNewswire · November 8, 2023
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Washington, D.C., Nov. 02, 2023 (GLOBE NEWSWIRE) -- The National Association of Realtors® today announced its 2024 statistical and quarterly economic forecast news release schedule.
By National Association of Realtors® · Via GlobeNewswire · November 2, 2023
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NAR updates annual economic forecasts for 2023 and 2024
By National Association of Realtors® · Via GlobeNewswire · October 26, 2023
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By National Association of Realtors® · Via GlobeNewswire · October 19, 2023
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Washington, D.C., Oct. 05, 2023 (GLOBE NEWSWIRE) -- The National Association of Realtors® today announced the recipients of the 2023 Good Neighbor Awards. Celebrating its 24th year, these awards spotlight real estate agents who make an extraordinary impact on their communities through volunteer work. The winners exemplify a tireless commitment to serving their communities and working to make life better for people in their neighborhoods. The 2023 Good Neighbor Award winners are as follows:
By National Association of Realtors® · Via GlobeNewswire · October 5, 2023
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WASHINGTON, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Key Highlights
By National Association of Realtors® · Via GlobeNewswire · October 4, 2023
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WASHINGTON, Sept. 28, 2023 (GLOBE NEWSWIRE) -- Key Highlights
By National Association of Realtors® · Via GlobeNewswire · September 28, 2023
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By National Association of Realtors® · Via GlobeNewswire · September 21, 2023
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WASHINGTON, Sept. 14, 2023 (GLOBE NEWSWIRE) -- Key Highlights
By National Association of Realtors® · Via GlobeNewswire · September 14, 2023