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☆ Wall Street and money moved into South Florida, driving up prices. Now some residents want to move out.
▼ + stars: | 2023-10-22 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +10 min

They're looking to nearby smaller cities in South Carolina, North Carolina, Georgia, and Tennessee. They're picking places like Knoxville, Tennessee; Greenville, South Carolina; Huntsville, Alabama; and Asheville, North Carolina; which she collectively refers to as "the Villes." AdvertisementAdvertisementWhy CEOs moved their lives — and their businesses — to FloridaWall Street moved to South Florida in droves in 2020 and 2021. Billionaire hedge-fund CEOs — like Citadel's Ken Griffin — paid record-shattering amounts for South Florida homes , added offices, and moved their businesses there entirely from New York, Chicago, and Silicon Valley. They bought a 2,400-square-foot, four-bedroom home on an acre of land for the same price in Greenville, South Carolina.

Persons: —, There's, Nicole Panesso, Holly Meyer Lucas, Meyer Lucas, Ken Griffin —, Brian Guzman, Guzman, Jonathan Miller, Ken Griffin, PATRICK T, FALLON, It's, Larry Ellison, Miller, Michael Bordenaro, Greg May, Marcia Straub, Keller Williams, Jill Cody, she's, Ryan Wilson, Jami, Alexander Spatari, Jami Wilson Organizations: Service, Sunshine State, Census Bureau, Orlando, Coral, Fort Myers, Florida Wall, Billionaire, Guzman Advisory Partners, Getty, West Palm Beach, Florida Atlantic University, Silicon, Oracle, South, South Florida metros, Fortune, Miami, Homes, Army Locations: Florida, Greenville, Knoxville, South Florida, Chattanooga , Tennessee, South Carolina, North Carolina , Georgia, Tennessee, Knoxville , Tennessee, Greenville , South Carolina, Huntsville , Alabama, Asheville , North Carolina, Realtor.com, Asheville, Miami, Gulf Coast, New York, Chicago, Silicon, West Palm, Fort Lauderdale, Palm Beach, Texas, North Carolina, Greensboro, Fort

☆ Why now is actually a good time to buy a house
▼ + stars: | 2023-10-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

And yet, there's an argument to be made for getting in now if you can find something, even amid 20-year high mortgage rates and stubbornly high prices. Mortgage rates at 8% have sidelined a good portion of the competition. High mortgage rates are the new normalThat message doesn't appear to be getting through to prospective homebuyers, who have made themselves scarce as mortgage rates have continued their steady rise in 2023. AdvertisementAdvertisementFairweather sees mortgage rates staying where they are until the Fed begins to cut rates in mid-2024. That could cause mortgage rates to ease around 100 basis-points next year, dropping as low as 7%.

Persons: —, Barbara Corcoran, don't, Lawrence Yun, Daryl Fairweather, Fairweather Organizations: Service, Corcoran, National Association of Realtors, Federal Reserve

☆ Are home prices in your state overvalued or undervalued? Here's where all 50 states stand, according to market research firm Moody's.
▼ + stars: | 2023-10-20 | by ( William Edwards | ) www.businessinsider.com time to read: +1 min

Moody's economist Matthew Walsh sees US home prices on a national basis as slightly overvalued. According to the renowned market research firm's model, national median prices are currently 15.7% above their fundamental value, leading Walsh to believe they'll face another 4-4.5% decline in the coming months. The model accounts for variables like construction costs, household formation rates, and where home prices stand relative to median incomes. Below, we've listed where every state — plus Washington, DC — stood as of Q2 2023, according to Moody's model. Walsh said that he considers home prices in any state where they exceed their fundamental value by over 10% as "overvalued."

Persons: Matthew Walsh, Walsh, they've, DC —, We've Organizations: DC Locations: Washington, Redfin

☆ As mortgage rates hit 8%, home 'affordability is incredibly difficult,' economist says
▼ + stars: | 2023-10-20 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Lifestylevisuals | E+ | Getty ImagesHow home affordability has changedIn August 2020, the typical monthly mortgage payment was $1,581, based on an average interest rate of 2.94%, Redfin found. Nowadays, the typical U.S. homebuyer's monthly mortgage payment is $2,866, according to Redfin — an all-time high. "In the next year or two years, interest rates will be lower, and people will have the ability to refinance." That said, competition for homes on the market is likely to be worse in a few years as interest rates cool, she said. "When interest rates come down, everyone's going to come back to the marketplace," said Cohn.

Persons: Redfin, homebuyers, Mark Hamrick, Alicia Huey, Melissa Cohn, William Raveis, Cohn Organizations: Bankrate.com, Istock, Federal Reserve, CNBC, William Raveis Mortgage Locations: U.S, Birmingham , Alabama, New York

☆ The 10 cities with the most competitive housing markets
▼ + stars: | 2023-10-19 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +2 min

The most expensive and populous cities are not the most competitive for homebuying, Redfin found. In these cities, days on market are falling, offers abound, and contingencies are often waived. AdvertisementAdvertisementEven though the uber-competitive housing market days of 2021 and 2022 are mostly behind us , there are still cities where you better bring your best offer. Redfin has uncovered the cities with the most competitive housing markets in the country. Redfin measured the competitiveness of housing markets based on the number of competing offers, waived contingencies, sale to list ratio, and number of days on market.

Persons: Redfin, —, Daryl Fairweather, There's, Fairweather, San Organizations: Service Locations: Omaha , Nebraska, Rockford , Illinois, York, Los Angeles, Austin, Boise, Fayetteville, Omaha, California, San Jose, San Diego, Sacramento, San Francisco, Francisco, Redfin

☆ The CIO of a hedge fund says he's betting home prices are going to drop at least 15-20% as consumers start to weaken and 'smart money' gets out of the market
▼ + stars: | 2023-10-19 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

Daniel Bustamante, the hedge-fund CIO who won big in his short bet against shares of Carvana last year, is now betting millions of dollars that the housing market will slow significantly. Bustamante's call for home prices is an outlier in terms of where most Wall Street economists see the housing market headed. ATTOMAnother sign that things may go sour in the housing market is that institutional investors, or "smart money", has increasingly stopped buying residential properties, he said. RedfinAgain, Bustamante sees significant downside to home prices ahead. Recession warnings on Wall Street have become quieter in recent months as jobs and consumer spending data have held up.

Persons: Daniel Bustamante, DR, they'll, Bustamante, Bustamante anecdotally, ATTOM Organizations: Bustamante & Co, KB, Federal, National Locations: Carvana, Maricopa County , Arizona

☆ The average American's net worth is at an all-time high. Here's how it breaks down by generation.
▼ + stars: | 2023-10-19 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

This was more than double the next-largest increase in net worth since 1989, when the Fed began the survey. Median net worth — which measures household assets like houses and vehicles, minus debts like mortgages and student loans — surged to $192,000 when accounting for inflation. While this group, comprised of younger millennials and Gen Zers, has a much smaller net worth than any other age group, median net worth grew from $16,100 to $39,000 during the three-year period. So-called DINKs, or couples with "double income, no kids," also saw huge net worth increases, according to the Fed's survey. Americans in the 55 to 64 age group saw median net worth gains of 48%, while those between the ages of 65 and 74 had a 33% rise in median net worth.

Persons: —, millennials, Gen Zers, Mark Zandi, Zandi Organizations: Service, Federal Reserve's Survey, Consumer Finances, Fed, CNBC

☆ The interest rate on the most popular American home loan hits 8% for the first time since 2000
▼ + stars: | 2023-10-18 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Rates on the 30-year fixed mortgage hit 8% on Wednesday, per Mortgage News Daily. It's the first time the interest rate on the most popular US home loan hit that mark since mid-2000. AdvertisementAdvertisementFor the first time since 2000, the rate on the typical 30-year fixed mortgage hit 8% on Wednesday, according to Mortgage News Daily. Mortgage rates are a critical input for the affordability equation for prospective home buyers, and in previous eras of rising rates, home prices have declined as borrowing costs increase. The rise in rates has sent mortgage applications tumbling to their lowest level in almost three decades, according to the Mortgage Bankers Association.

Persons: Bond, — Organizations: Mortgage, Service, Mortgage News, Treasury, Association, National Association of Realtors

☆ Americans now need to earn a record $115,000 to afford a typical home - up more than 50% since the pandemic
▼ + stars: | 2023-10-17 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Most US households are $40,000 shy of the needed income, with first-time buyers impacted the hardest. Surging costs and skyrocketing mortgage rates mean that Americans need to make $114,627 a year to purchase a typical property, the highest income level on record. This comes as mortgage rates were swung upwards by a tighter Federal Reserve, which sharply increased interest rates to combat inflation. "In a homebuyer's ideal world, rising mortgage rates would push demand and home prices down enough to make up for high interest payments. Average American households do not earn enough to meet these rising costs, and are about $40,000 shy of the needed income level, when looking at last year's data.

Persons: Redfin, —, that's, Chen Zhao, Zhao, Goldman Sachs Organizations: Service, Reserve

☆ Floridians are looking to move to these 7 states
▼ + stars: | 2023-10-17 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +2 min

Many Floridians have been priced out and are eyeing a move to nearby states. Florida homeowners were happy to make the million-dollar profits selling to wealthy families from New York and California, Meyer Lucas said. But people now are taking these profits "out-of-state along with the people who are teachers, cops, and firefighters," Meyer Lucas said. Realtor.com data shows that Floridians are looking at homes in Georgia the most, as well as other surrounding Southern states. Below are the top seven states Floridians searched for homes between July and October, according to Realtor.com.

Persons: —, they're, Holly Meyer Lucas, Meyer Lucas, Floridians Organizations: Service Locations: Florida, —, New York, California, Carolinas, Alabama, Georgia, Southern, Texas

☆ The 30-year mortgage rate hits a new 23-year high, pushing closer to 8%
▼ + stars: | 2023-10-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Rates on the 30-year fixed mortgage hit 7.92% on Tuesday, Mortgage News Daily's Rate Index showed. High mortgage rates, expensive home prices, and low inventory have strained the US housing market. AdvertisementAdvertisementThe average rates on the 30-year fixed mortgage hit 7.92% on Tuesday, according to Mortgage News Daily's index. Rates on the 30-year fixed mortgage hit 7.92% on October 17. It's helped fuel a lock-in effect for current homeowners unwilling to move homes due to having previously secured a lower mortgage rate, keeping both sellers and buyers off the market.

Persons: —, they've, Redfin Organizations: Mortgage, Service, Mortgage News Daily Mortgage, Federal

☆ Why the housing market sucks for both buyers and sellers
▼ + stars: | 2023-10-17 | by ( Dan Latu | ) www.businessinsider.com time to read: +4 min

Buyers and sellers alike complain of a market that only gets worse the longer they wait. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementThe slowed-down market could have impacts across the economy, forcing some potential buyers to continue renting and influencing some potential sellers to stay put. The bank remained hopeful for a turnaround but warned of more turbulence for buyers and sellers brave enough to face the market. AdvertisementAdvertisementSellers are also forced to wait and for decreasing offersMeanwhile, sellers are left waiting as well.

Persons: —, Chen Zhao, Redfin, Lawrence Talej, Yonatan Hochstein, they've, We've, Desiree Edgington, She's, Edgington, Zoe Rosenberg Organizations: Service, Wall Street, National Association of Realtors, Bank of America Locations: Richmond , Virginia, New Jersey, Kansas, zrosenberg@insider.com

☆ Starboard dusts off old plan at News Corp
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

A view of the signage outside the News Corporation building in New York, U.S., September 21, 2023. REUTERS/Bing Guan Acquire Licensing RightsNEW YORK, Oct 16 (Reuters Breakingviews) - Maybe it takes a pile on to move the Murdoch family’s thinking. Reuters reported on Friday that Jeff Smith’s Starboard is the latest activist to try and unlock value at News Corp (NWSA.O), the publisher of the Wall Street Journal, owner of book conglomerate HarperCollins and Realtor.com. Starboard, which took a position in the $13 billion company, is pushing for a spinoff of the real estate assets, according to the Wall Street Journal. Last year Irenic Capital Management agitated for the same transaction in reaction to the Murdochs’ desire to reunite News Corp with broadcasting company Fox (FOXA.O).

Persons: Bing Guan, Murdoch, Jeff Smith’s, pushback, Jennifer Saba, Jean, Pierre Mustier, Atos, Larry Fink, Uncle Sam, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: News Corporation, REUTERS, Reuters, News Corp, Wall Street Journal, HarperCollins, Wall Street, Capital Management, Fox, X, Thomson Locations: New York, U.S, Europe

☆ Moody's shares its top 10 cities for home-price appreciation over the next 3 years — including 5 with median prices under $170,000 — with home values on a national basis set to fall further
▼ + stars: | 2023-10-15 | by ( William Edwards | ) www.businessinsider.com time to read: +2 min

But the housing market isn't necessarily locked into a period of sustained high home prices, at least yet, according to housing-focused Moody's economist Matthew Walsh. Walsh told Insider on Thursday that he expects national home prices to fall by around another 4% by the end of the current cycle. Below, we've listed the 10 markets where Walsh sees the highest upside from August 2023 through August 2026. While Walsh is most bullish on these markets, he said the appreciation wouldn't be flashy. We've also listed the current median home price in each market, according to Redfin data.

Persons: Matthew Walsh, Walsh, We've Organizations: National, National Association of

☆ Homebuyer demand has crashed to its lowest level in almost a year as mortgage applications hover near a 3-decade low
▼ + stars: | 2023-10-13 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Mortgage-purchase applications are hovering near their lowest mark in 30 yearsRedfin's Homebuyer Demand Index dropped to its lowest level in nearly a year, down 5% since last October. AdvertisementAdvertisementThe unaffordable housing market has weighed on homebuyer demand across the US, according to a Thursday Redfin report. Many house hunters and current owners have stayed sidelined with mortgage rates near two-decade highs and the median monthly mortgage payment approaching $3,000. Plus, Redfin's Homebuyer Demand Index, a gauge that tracks tour requests and other early-stage demand signals, has dropped 5% compared to last October, seasonally adjusted, hovering at its lowest level in nearly a year. AdvertisementAdvertisementWeak homebuyer demand comes amid the Federal Reserve's historic rate hiking campaign.

Persons: —, Redfin Organizations: Mortgage, Service, Association .

☆ Housing market competition cools off, opening up more inventory and slowing down prices
▼ + stars: | 2023-10-12 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

Competition in the housing market is easing faster than normal this fall, a Zillow report said. The "rate lock" that kept potential sellers on the sidelines because of high mortgage rates is abating. As a result, housing supply ticked with total listings for sale up 0.2% in September from August. AdvertisementAdvertisementCompetition in the housing market is easing faster than normal, as home prices ticked lower last month and inventory loosened up, Zillow said Thursday. AdvertisementAdvertisementAnd the Mortgage Bankers Association said this week that mortgage rate applications inched upwards too.

Persons: —, Zillow, Jeff Tucker, it's Organizations: Service, Mortgage Bankers Association

☆ Home buyers are finally seeing a light at the end of the tunnel, but it is going to be painful for homeowners and sellers
▼ + stars: | 2023-10-10 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

There is no end in sight for high mortgage rates, and sellers are dropping prices. AdvertisementAdvertisementThe housing market is in an ugly place right now for buyers and while things may be stabilizing, that just means pressure will likely shift from buyers to sellers. Redfin CEO Glenn Kelman made headlines in recent weeks with several interviews where he said the housing market had hit "rock bottom." "The housing market is just taking a beating because affordability is at a four-decade low. While the market might not get worse for buyers, sellers are not yet at rock bottom after enjoying years of rising home values.

Persons: —, Glenn Kelman, Kelman, ZIlloq, Paul Bradbury, Zillow, Jeff Tucker, Redfin, Jeremy Grantham, Grantham, David Rosenberg, Rosenberg, Merrill Lynch, Luis M, Alvarez, Tom Barkin, Alou Diarra, Getty Organizations: Service, CNBC, Getty, Cleveland Fed, Altos Research, Rosenberg Research, North, AP, Richmond, Fed Locations: North American

☆ Home prices in Austin, Texas, are down after an expensive few years — see homes you can buy for under $400,000
▼ + stars: | 2023-10-09 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +2 min

Home prices in Austin, Texas, are coming down after a pandemic hot streak, according to Realtor.com. Here's what you can buy in Austin now for less than the national median home price of $416,100. AdvertisementAdvertisementHome prices in the pandemic boomtown of Austin, Texas, are starting to come back down to earth. In May 2019, the median list price for a home in Austin was $371,056, according to Realtor.com. That's a 2% decrease year-over-year, which may not sound like much, but is enough to rank Austin as the No.

Persons: —, Sheharyar Bokhari, Austin Organizations: Service, Austin Chamber of Commerce, Lone Star State Locations: Austin , Texas, Austin, That's

☆ The 10 states with the most single homeowners
▼ + stars: | 2023-10-04 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +3 min

The largest number of single homeowners per capita are in the Deep South, a new report shows. These single homeowners are likely to live in the Deep South , according to new analysis of 2021 census data by home construction company All Star Homes. "There are states that are in the Deep South that are high on the list, and then there are states that you could consider more progressive that are in the middle." AdvertisementAdvertisementAccording to All Star Homes, researchers at the company analyzed homeowner data from the 2021 American Housing Survey to figure out the per capita total of single homeowners in each state. Below, the 10 states with the most single homeowners per capita, along with median home price as of August, according to Redfin, and median per capita income, according to 2021 census data.

Persons: —, Jennifer Tracy, Manny Garcia, Zillow's Organizations: Service, Pew Research Center, Star, Star Homes, Survey, Rocket Mortgage Locations: Alabama , Mississippi, Louisiana

☆ The 20 best small cities in the US
▼ + stars: | 2023-10-04 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +1 min

Personal-finance company Wallethub has identified the best small cities in America. It compared 1,321 cities across five key metrics, including affordability and quality of life. Wallethub has released an annual report that ranks the best small cities in America. The personal-finance company compared 1,321 small US cities — those with population sizes between 25,000 and 100,000 — across five key metrics: affordability, economic health, education and health, quality of life, and safety. These are the 20 best small cities in the US, according to Wallethub.

Persons: Wallethub, — Organizations: Service Locations: America, Midwest, Massachusetts, Indiana, Redfin

☆ Want to build a tiny home in your backyard? Here's how you can finance it.
▼ + stars: | 2023-10-02 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +7 min

Backyard tiny homes, called ADUs, are becoming increasingly popular. AdvertisementAdvertisementBackyard tiny homes, called accessory dwelling units or ADUs, are becoming more popular as some state and local governments roll back zoning restrictions. That's because government-backed mortgage providers Fannie Mae and Freddie Mac set the strict standard for all other mortgage lenders. Sometimes, when financing an ADU loan, programs like RCUs may consider the property's worth after the ADU is constructed when underwriting the loan. Clark and her husband moved into the main home, and Sandoval-Clark and her family live in the ADU.

Persons: —, Fannie Mae, Freddie Mac, Freddie, Ryan O'Connell, you've, Peter Bohler, Suszi Lurie McFadden, O'Connell, RCU, RenoFi, it's, Katie Sandoval Clark, Marshall, Barbara Clark, Mother Barbara Clark, Katie Sandoval, Clark, Sandoval Organizations: Service, CAST, —, Denver Post, Redwood Credit Union, ADUs, Area Locations: California, — New York , California, Vermont, Denver , Colorado, Napa County , California

☆ Ski towns in the American West are getting swankier — and pricing out frustrated locals
▼ + stars: | 2023-10-01 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +8 min

Driggs, Idaho, is the latest western mountain town to grapple with an surge of outsider money. AdvertisementAdvertisementChristina Assante bought a half-acre lot in Driggs, a ski town on the border of Wyoming, for $500,000 in 2021. Assante, and her son, Asher, are a part of a growing population setting course for the burgeoning ski town that was once overshadowed by its trendy neighbor Jackson, Wyoming. AdvertisementAdvertisementAn uncharted ski town in Idaho is ready to explodeIn Driggs, the town's expansion trajectory hangs in the balance as a, more literal, expansion is being organized. Locals are being pushed further outside of this Colorado ski townVail, Colorado, an expensive ski town a little less than 100 miles outside of Denver, could be viewed as a cautionary tale for Driggs and other budding ski towns.

Persons: —, Rich, Dutton, Luke Smith, Engel, Völkers Jackson, Cindy Riegel, Christina Assante, Assante, Michael, Asher, Driggs, Riegel, Allison Weibel, Steve Estvanik, Weibel, Vail, Michelle Badger, Redfin, it's, Mack, Keller Williams, Everdawn Charles, Tamara Williams, Kevin Costner's, Todd O'Hair, Montana's, Jackson, Paul Diegel Organizations: Service, Wall Street Journal, Journal, Census Bureau, New York Times, Times, Vail Resorts, Denver, Getty Images, Montana Chamber of Commerce Locations: Driggs , Idaho, Teton County , Idaho, Wyoming, Alta , Wyoming, Driggs, Jackson , Wyoming, Colorado and Montana, Idaho, Alta, Colorado, Vail , Colorado, Denver, Vail, Gypsum , Colorado, Vail —, Breckenridge, Dillon, Frisco, Bozeman , Montana, DianeBentleyRaymond, Getty Images Bozeman, Yellowstone, . Bozeman, Bozeman, Montana, Park City, Aspen

☆ The US housing market is starting to flash a few rays of sunshine for homebuyers
▼ + stars: | 2023-09-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

The US housing market is starting to flash a few rays of sunshine for prospective homebuyers. It comes as the housing market has been stuck, with sales activity stalling as high rates discourage buying and selling. In fact, the situation is so bad that Redfin CEO Glenn Kelman recently declared the market has hit "rock bottom." More precisely, the 30-year mortgage rate hit the highest level in 23 years, climbing further above 7%. In the existing home market, sellers are growing open to negotiating about the asking price, or offering concessions, like funding home repairs or a mortgage-rate buydown.

Persons: —, Glenn Kelman, Altos, Redfin, David Palmer Organizations: Altos Research, Service

☆ The 10 most neighborly cities in the US, where crime rates are low and voter turnout is high
▼ + stars: | 2023-09-30 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +1 min

City dwellers who vote, volunteer, and give to charity are the most neighborly, Americans say. That's according to a survey by Neighbor.com, which ranked cities based on these factors. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. These were the two largest factors considered when determining the annual "Most Neighborly Cities List." Voter turnout and crime rate were weighed higher than philanthropic giving and volunteer work — illustrating how important civic engagement is for people.

Persons: —, Joseph Woodbury Organizations: Service Locations: Utah

☆ Pending home sales plunged in August as 2-decade high mortgage rates continue to squeeze both buyers and sellers
▼ + stars: | 2023-09-28 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

Pending home sales slipped 7.1% in August in another sign of the housing market's slump. Multi-decades high mortgage rates are keeping homebuyers out of the market. AdvertisementAdvertisementPending home sales slipped 7.1% in August compared to July, according to the National Association of Realtors. "Mortgage rates have been rising above 7% since August, which has diminished the pool of home buyers," said Lawrence Yun, NAR chief economist, in the release. Home sales dipped from August across all regions of the country, falling the most in the South, where pending sales recorded a drop of 9%.

Persons: —, Lawrence Yun, Glenn Kelman, NAR's Yun Organizations: Service, National Association of Realtors, NAR

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