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Realtor.com® 2024 Forecast Update: Mortgage Relief is Finally on the Way

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Buoyed by a Strong U.S. Economy, For Sale Inventory and the Existing Home Median Sales Price are Now Expected to Close 2024 with Year-Over-Year Gains, at 14.5% and 4.6%, respectively 

SANTA CLARA, Calif., Aug. 14, 2024 /PRNewswire/ — Home price growth and inventory are now predicted to end the year with year-over-year gains, according to the Realtor.com® 2024 Forecast Update. For sale inventory is forecasted to see the biggest change as home sellers patiently wait for buyers instead of delisting. Existing home median sales price is forecasted to increase year-over-year despite elevated mortgage rates, rising inventory, and homes sitting on the market longer.

“During the first half of this year, we have seen home buyers continue to remain sensitive to mortgage rates, and while home sellers are also affected, the binds of the mortgage rate lock-in effect appear to be loosening for some homeowners,” said Realtor.com® Chief Economist Danielle Hale. “These trends mean that home sales in 2024 will eke out only a small gain over 2023, but homebuyers have a fair amount to look forward to in the latter part of the year. Mortgage rates have finally begun to ease, and this trend is expected to continue as improving inflation enables the Fed to relax its tight policy, boosting homebuyer purchasing power. Furthermore, gains in the number of homes for sale mean that buyers have more negotiating power than they have had in recent years which should help buyers and sellers find the middle ground necessary for more sales. Fall has historically been a shoulder season for the housing market that benefits flexible buyers, and this year is setting up to be even more advantageous.”

Lower Rates Finally Arrive
Earlier this month, mortgage rates dropped to their lowest rate since May 2023 and recent data trends, especially relating to job growth and unemployment are providing evidence that Fed policy is working–perhaps working overtime–and a rate cut, even a large one, may be appropriate. Therefore, our forecast for mortgage rates has been revised slightly lower. Our yearly mortgage rate average forecast is slightly lower at 6.7%, and we revised our year-end forecast to 6.3% from 6.5%.

Annual Home Sales Rebound-ish
Despite affordability headwinds persisting and mortgage rates hindering buying power, we have revised home sales upwards marginally to 4.1 million – an annual increase of .08%. Although there has been more inventory than expected, high mortgage rates this spring which coincided with the peak of the homebuying season had a dampening effect on home sales. For example, this June’s Existing Home Sales dropped to 3.89M, the lowest level in 6 months. The arrival of lower mortgage rates will help draw homebuyers back into the housing market, but with a short runway left in 2024 and a sluggish first half to overcome, home sales are unlikely to take off.

Home Sale Prices Continue to Climb
Despite elevated mortgage rates, rising inventory, and homes sitting on the market longer, sales prices continue to rise. As a result, we’ve revised our initial forecast of a small price decline of 1.7% in 2024 to a rise of 4.6%. This significant revision reflects a resilient U.S. economy and a housing market that is still more broadly undersupplied despite recent upticks in inventory. What’s more, the nation’s largest housing markets remain a competitive marketplace and sellers still have the edge, though it has dulled over the past few years with higher rates. Of the 50 largest markets we track, only 12 are back to or above their pre-pandemic inventory levels.

Mortgage Lock-In Effect is Easing Aiding Inventory Woes
One of the factors that has hampered home sales – an under-supply of homes for sale – has finally started to ease. We have seen substantial improvement in inventory in the first half of 2024, climbing by more than 35% on a year-over-year basis. This is in stark contrast to our initial 2024 forecast that inventory would be down by 14%. Our revised estimate – the largest adjustment in our forecast – is now that inventory will be up 14.5%. Our revision reflects two somewhat unanticipated market developments this spring. First, some sellers who postponed their decision to sell last year – hoping that mortgage rates would be lower this spring were spurred to action by the better-than-expected mortgage rates at the start of 2024. Second, sellers who have put their home on the market seem willing to wait for a buyer rather than delisting, leading to longer time on market and inventory accumulating at a higher rate than expected. 

The NAR Settlement and Election are Wildcards, But Housing Policy May Not Be So Wild
In the coming months, two major events are noteworthy, though their impact on the housing market could vary. The impact of the NAR commission settlements on the market and home prices are a wildcard and will depend equally on macroeconomic conditions and industry and consumer adaptations, with any changes likely to occur gradually over time. At the same time, we don’t expect the wildcard election year to be that wild on the economy or housing market in 2024 since both the Republican and Democratic candidates have served in the White House recently. Markets should be able to handle whomever is elected, though acknowledging that the closer the race, the tougher it is to predict the outcome, which can spark volatility.

Rents Remain Largely Steady
Rents have remained largely steady in 2024 as the tug of war between rising multi-family completions boosting rental supply and elevated rental demand has resulted in a nationwide stalemate. We see demand from new households and continuing renters who might like to buy a home but find that today’s rent versus buy scales are tipped too far in favor of renting, but rental supply has kept up as builders work through the backlog of multi-family units under construction.

Housing Indicator

Realtor.com 2024 Forecast REVISED

Realtor.com 2024 Forecast (Nov. 2023)

2023 Historical Data

Mortgage Rates

Average 6.7% throughout the year, 6.3% by end of year

Average 6.8% throughout the year, 6.5% by end of year

Average 6.8%, 6.6% at end of year

Existing Home Median Sales Price Appreciation

+4.6 %

-1.7 %

+1.1 %

Existing Home Sales

+0.8%

4.1 million

+0.1%

4.07 million

-18.7%

4.09 million

Existing Home For-Sale Inventory

+14.5 %

-14.0 %

Single-Family Home Housing Starts

+10.5%

1.0 million

+0.4%

0.9 million

-5.0%

0.9 million

Homeownership Rate

65.5 %

65.8 %

65.9 %

Rent Change

-0.5 %

-0.2 %

+11.8 %

About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Media Contact: Mallory Micetich, press@realtor.com

 

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SOURCE Realtor.com

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Orion Innovation Names Brian Bronson Chief Executive Officer

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32 minutes ago

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November 15, 2024

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Technology Industry Executive and Leader to Drive Next Phase of Company Growth

EDISON, N.J., Nov. 15, 2024 /PRNewswire/ — Orion Innovation (“Orion”), a leading digital transformation and product development services firm, today announced the appointment of Brian Bronson as Chief Executive Officer, effective immediately. With over 25 years of leadership experience across global technology sectors, Bronson will lead Orion’s next phase of growth and transformation, focusing on expanding the company’s digital capabilities and market presence. Brian succeeds Raj Patil, who will transition to an advisory role with the company and One Equity Partners.

“Brian’s impressive track record of driving profitable growth and leading large-scale organizational transformation makes him the ideal leader for Orion’s next chapter,” said Carlo Padovano, Partner at One Equity Partners and Lead Director of Orion Innovation. “His deep expertise in product engineering, GenAI adoption, and digital transformation perfectly aligns with our vision for Orion’s future.

On behalf of the Orion Board, I’d like to thank Raj for his leadership and dedication in helping develop Orion into a market leader. Raj will transition to an advisory role with the company and One Equity Partners.”

“I’m honored to take on this role and excited about the tremendous opportunities ahead for Orion,” said Bronson. “The company has built an impressive foundation with a blue-chip roster of clients, a global delivery platform, and a talented team with deep domain and engineering expertise. I look forward to working closely with our employees, clients, and partners as we deliver transformative solutions to our clients, drive innovation, and scale our capabilities.”

Before joining Orion, Brian served as EVP of US Telecom, Media, and Entertainment at Capgemini. Additionally, he led the integration and execution of Capgemini’s global engineering services business across the Americas and Asia. This included driving growth in many industries leveraging innovative capabilities tied to 5G, connectivity, and software product engineering. Previously, as President & CEO of Radisys, a leading provider of open telecom solutions, he led the company’s strategic transformation from a hardware company to a provider of cutting-edge software and enabling technologies for the telecom, technology, and medical industries. This transformation culminated in the sale of Radisys to Reliance Industries in 2018, marking a successful exit for the company.

About Orion Innovation

Orion Innovation (“Orion”) is a leading digital transformation and product development services firm. Rooted in engineering and design thinking, along with a unique combination of agility, scale, and maturity, its team of approximately 6,400 associates helps Fortune 1000 companies improve efficiencies, enhance customer experiences, and develop new digital offerings. Through its delivery centers in North America, EMEA, India and Latin America, Orion serves clients across Telecom, Media & Technology, Sports & Entertainment, Professional Services, Financial Services, and Healthcare industries. For more information, visit www.orioninc.com. 

About One Equity Partners

One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm seeks to build market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 400 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.

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Morrison Securities launches one of Australia’s first plug-and-play global trading to 15 countries with ViewTrade

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32 minutes ago

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November 15, 2024

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SYDNEY, Nov. 15, 2024 /PRNewswire/ — Equities clearing business Morrison Securities (“Morrison”) is launching one of Australia’s first plug-and-play global trading to 15 countries with trading technology provider ViewTrade.

This will mean Morrison’s 38,000+ active clients trading $30 billion annually will only need to go through KYC once and then will be provided unprecedented rapid global trading access.

Morrison will now also offer enhanced global equity and options trading, fixed income, ETFs, seamlessly integrate domestic and global trading, and choice between fully disclosed or omnibus operating models.

ViewTrade has calculated that implementation of solutions like this across all of Australia’s global trading could generate efficiencies of nearly $240 million annually.

A business the size of Morisson launching this solution is a watershed moment for enhancing global opportunities for Australia’s wealth management sector, according to ViewTrade.

Nigel Singh, CEO of ViewTrade International Australia, said: “We are excited to work with Morrison Securities. Together, we are unlocking a world of investment opportunities for Australians. By accessing global markets, firms can offer their clients more diversified portfolios, reducing risk and protecting wealth. This benefits both domestic and international clients. We invite other firms to join us in this partnership and unlock the potential of global market access.”

William Slack, CEO of Morrison Securities, said: “We’ve designed a solution that integrates global market access into our domestic offering for a superior customer experience. With our combined expertise, we’re confident in delivering an efficient, scalable solution tailored to the specific needs of our clients.”

Laksh Gangwani, Chief Revenue Officer – APAC and Middle East at ViewTrade, added: “We are thrilled about the partnership with Morrison Securities as they launch one of Australia’s first plug-and-play global trading solutions to 15 countries. Morrison’s integrated approach to technology, compliance, and operations is enabling investors to complete KYC once, while accessing multiple markets and asset classes with ease. This will ensure Australian investors can build diversified international portfolios with ease.”

ViewTrade (www.viewtrade.com) is a global leader in investment and trading infrastructure solutions that power cross-border investing for financial services firms throughout the world. ViewTrade provides the technology, support, and brokerage services that business innovators need to launch or enhance retail investing experiences. For more than 20 years, ViewTrade has partnered with over 300 clients – from technology startups to large banks, brokers and advisors – to deliver innovative investment solutions and exceptional customer service.

Morrison Securities (https://www.morrisonsecurities.com/) Established in 1985, Morrison Securities is an Australian Broking firm specialising in trading, execution, and clearing services tailored to advisory firms and wholesale clients. They partner with firms to navigate operational challenges and help them realise their full potential. Their comprehensive suite of solutions covers seamless international market access, advanced equities and options trading, capital raising and DVP settlement services, integrated APIs, and stock lending. With a platform-agnostic approach and enterprise-level client service, they prioritise operational excellence and long-term partnerships.

 

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SOURCE ViewTrade

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Australia’s least-favourite chores just got easier with Roborock’s Black Friday & Cyber Monday deals

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32 minutes ago

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November 15, 2024

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SYDNEY, Nov. 15, 2024 /PRNewswire/ — Roborock, the global best-selling robot vacuum brand[i], is thrilled to announce its exclusive deals for Black Friday and Cyber Monday 2024.

Starting from 21 November to 4 December 2024, Roborock is offering significant discounts on a wide range of popular models, with savings of up to $700 – including popular models such as the S8 MaxV Ultra, Qrevo MaxV, Q8 Max+, Qrevo Master, Qrevo S, and Flexi Pro.

In a recent survey conducted across Australia, Roborock found that 27% of Australians would happily skip cleaning their floors forever, with many Aussies also admitting to neglecting high-maintenance tasks such as vacuuming, mopping, and appliance cleaning. With these cleaning challenges in mind, Roborock is offering unbeatable savings on popular models across Black Friday and Cyber Monday, with savings of up to $700.

The deals are available at Robrock Australia’s Official Online Store, Roborock’s Amazon storefront and all authorised retailers.

 Black Friday & Cyber Monday Deals

S8 MaxV Ultra – (SAVE $700) – MSRP $2,999 / Promo: $2,299The S8 MaxV Ultra is the company’s most powerful one-stop cleaning solution, combining the company’s most sophisticated deep cleaning technology with user-friendly features. The model introduces a unique robotic arm and an extra mop that efficiently cleans challenging areas with complete corner cleaning capabilities. Newly launched.Qrevo Master – (SAVE $700) – MSRP $2,699 / Promo: $1,999Newly launched and the most advanced model in the mid-range Qrevo series, the Qrevo Master is built for those who seek top-of-the-line cleaning technology at a mid-range price point. With high-powered suction, deep corner cleaning capabilities, and complete self-maintenance features, it’s designed to tackle the toughest cleaning challenges effortlessly.

Qrevo MaxV – (SAVE $700) – MSRP $2,199 / Promo: $1,499Offers users a complete hands-free floor cleaning experience at the mid-range price point, taking both vacuuming and mopping off your plate while combining powerful cleaning functions, self-maintenance capabilities, and intelligent features such – as pet recognition from flagship models – into one convenient cleaning package.

Qrevo S – (SAVE $400) – MSRP $1,499 / Promo: $1,099Newly launched, the Qrevo S is ideal for those looking for their first robot vacuum that excels at both vacuuming and mopping with self-maintenance features. It blends cleaning performance with a streamlined design for everyday cleaning.

Q8 Max+ – (SAVE $500) – MSRP $1,299 / Promo: $799The Q8 Max+ delivers high-performance cleaning with enhanced navigation and automatic dirt disposal. It’s equipped with powerful suction and a flagship roller brush system making it perfect for homes with mainly hard floors, ensuring a deep and thorough clean.

Flexi Pro – (SAVE $300) – MSRP $999 / Promo: $699 (Available starting 14th November)The Flexi Pro is a versatile handheld vacuum option designed for deep floor cleaning and tight spaces. Capable of handling both wet and dry messes, and the ability to clean itself after every clean-up, the Flexi Pro tackles all types of messes with ease.

According to Roborock’s recent survey, garages are the dirtiest spaces in Australian homes, with 46% of respondents admitting they need more attention. Other problem areas include bathrooms (41%), kitchens (38%), and even kids’ playrooms (32%). Given the demands of busy lives, it’s easy to see why some chores fall through the cracks.

With these exclusive Black Friday and Cyber Monday offers, Roborock makes it easier than ever for Aussies to maintain a clean and comfortable home – without the hassle. Whether it’s tackling neglected garages, high-traffic kitchens, or hard-to-reach corners in the bathroom, Roborock’s innovative products are ready to take on the task.

For more information on Roborock products, please visit https://au.roborock.com  

-ENDS-

Notes to Editors: 

The Roborock survey was conducted by TGM Research and involved 1,028 nationally representative respondents across Australia. The survey aimed to understand the cleaning habits, preferences, and challenges faced by Australians ahead of the launch of Roborock’s Qrevo Master, Qrevo S and H5. 

About Roborock     

Roborock is a leading smart cleaning brand renowned for its intelligent cleaning solutions. With a steadfast dedication to becoming a global leading smart appliance player, Roborock enriches liveswith its innovative line of robotic, cordless, wet/dry vacuum cleaners, and washer-dryers. Rooted in a user-centric approach, our R&D-driven solutions cater to diverse cleaning needs in over 15 million homes across 170+ countries.  Headquartered in Beijing and with strategic subsidiaries in key markets, including the United States, Japan, the Netherlands, Poland, Germany, and South Korea, Roborock is dedicated to elevating its market presence worldwide. For more information, visit https://au.roborock.com/.    

[i] [1] The data comes from Euromonitor International (Shanghai) Co., Ltd. The sales figures of robotic vacuum cleaners worldwide in the first three quarters of 2023 (in RMB hundred million) were used for calculation. Roborock ranks first in the industry. Robotic vacuum cleaner refers to vacuum cleaners that automatically move around rooms using sensors to clean floors. The research was completed in February 2024.

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SOURCE Roborock

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