National News

Zillow closes Zillow Offers, announces layoffs

Zillow announced today it’s ending its iBuyer service, Zillow Offers, and cutting roughly a quarter of its workforce, citing the volatility the service created for the online brokerage as the motivation for the move.

Millennials are fueling the housing boom — will it continue?

Millennials are purchasing houses — finally. Over the past year, millennials made up the largest share of homebuyers: 37% according to Barron’s.

NAR: Pending-home sales slide 2.3% in September

“Contract transactions slowed a bit in September and are showing signs of a calmer home price trend, as the market is running comfortably ahead of pre-pandemic activity.” — NAR chief economist Lawrence Yun

S&P CoreLogic Case-Shiller: Home prices rise again

Home-price gains were once again broadly distributed, as all 20 cities in the S&P CoreLogic Case-Shiller Home Price Index rose, although in most cases at a slower rate than a month ago.

Federal Housing Finance Agency makes desktop appraisals permanent

It’s been a more than a year and a half of technological innovation in real estate in response to the COVID-19 pandemic, and the Federal Housing Finance Agency has decided to make one tool — desktop appraisals — permanent.

How pets are influencing housing decisions, post-pandemic

Pet ownership increased dramatically during the pandemic. 73% of homeowners report at least one pet in the home.

New-home sales rebound in September as prices hit new record

“There simply aren’t enough homes for sale relative to the demand fueled by millennials armed with low mortgage rate-driven house-buying power.” — First American Deputy Chief Economist Odeta Kushi

NAR: Existing-home sales rebound in September

The median existing-home price for all housing types in September was $352,800, up 13.3% on an annual basis, as every region in the country registered price increases.

New-home construction cools in September

The decrease was driven by a 5.1% month-over-month slide in the rate of multifamily starts, while single-family construction was flat.

Zillow pauses its iBuyer service for the rest of 2021

Zillow announced it will not sign any new contracts to buy homes until the end of the year due to a “backlog in renovations and operational capacity constraints.”

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