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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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PURE POWER FOR ALL–VAPORESSO’s Global Movement to Drive Clean Energy Solutions and Sustainable Living

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SHENZHEN, China, Dec. 24, 2024 /PRNewswire/ — On December 2nd, VAPORESSO proudly launched its PURE POWER FOR ALL global ECO-Empowerment initiative—a powerful testament to its commitment to advancing clean energy solutions and promoting sustainable lifestyles worldwide. Anchored by the revolutionary ECO NANO SOLAR and the forward-thinking PURE POWER ACTION movement, this initiative seamlessly integrates cutting-edge technological innovation with impactful social action. Together, these efforts mark a pivotal step in the global transition toward clean energy and a more sustainable future.

ECO NANO SOLAR—Revolutionizing Sustainable Vaping in the Industry

At the heart of this initiative lies the industry’s first solar-powered open-system vape—ECO NANO SOLAR. Crafted from 70% eco-conscious materials, this innovative device features a modular structure with interchangeable components, extending product life while promoting resource efficiency and long-term sustainability.

This pioneering ECO innovation combines degradable photovoltaic technology with a recyclable modular design. Its solar panel achieves remarkable light-to-electricity efficiency and is over 80% biodegradable, advancing clean energy adoption while significantly reducing environmental impact. With the ECO NANO SOLAR, VAPORESSO sets a new standard for sustainability in the vaping industry, inspiring a broader shift toward eco-conscious practices and paving the way for a greener future in vaping and beyond.

PURE POWER ACTION: Bridging Online Engagement with Real-World Impact

The PURE POWER ACTION movement, as a key part of the PURE POWER FOR ALL initiative, engages participants worldwide through a series of interactive online activities designed to build momentum for clean energy advocacy. From simple actions like clicking to show support to vibrant community discussions on sustainable living, each activity amplifies the reach of this global movement. Together, these efforts inspire eco-friendly habits, encourage the exchange of ideas, and foster collective commitment through initiatives like the Pure Living Proposal. By empowering individuals to take small, meaningful steps, the movement unites participants in creating a ripple effect of change that transcends geographic boundaries, all while boosting the Pure Power Level—a key measure of progress.

As the Pure Power Level reaches new milestones, the initiative transitions from online engagement to tangible offline impact. Clean energy solutions, including solar-powered innovations, are introduced into vape stores worldwide, offering users hands-on opportunities to experience the convenience and benefits of renewable power sources. These offline activities, supported by the collective efforts of participants, not only bring sustainability to the forefront of the vaping industry but also demonstrate how individual contributions can culminate in meaningful, real-world changes. Through this seamless integration of online and offline efforts, VAPORESSO underscores the importance of unified action in driving the global transition toward a brighter tomorrow.

A Greener Tomorrow Begins Today

With PURE POWER FOR ALL, VAPORESSO demonstrates how ECO innovation and forward-thinking movement can lead to meaningful global impact. The groundbreaking ECO NANO SOLAR stands as a powerful benchmark for ECO innovation, inspiring the adoption of cleaner, more responsible practices in the vaping industry. At the same time, the PURE POWER ACTION initiative fosters a ripple effect of positive change, uniting individuals and communities in a shared mission to embrace sustainable living and advance clean energy solutions. Together, through collective effort and shared commitment, VAPORESSO is not only shaping the future of the vaping industry but also contributing to a healthier, more sustainable world.

For more details about the PURE POWER FOR ALL movement and ECO NANO SOLAR, please visit: https://www.vaporesso.com/activity/pure_power_for_all. Together, we create a brighter, cleaner future for all.

About VAPORESSO

VAPORESSO was founded on the belief that each action is an endeavor to achieve excellence. Our unwavering commitment to surpassing the ordinary has propelled us to become the leading vaping brand globally. We embody a vision where our technology and values merge, crafting a better, cleaner, and more enjoyable life for all.

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SWAG, Asia’s Largest Adult Content Platform, Releases 2024 Annual Report

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Revealing the Top 15 Searched Keywords in Asia

TAIPEI, Dec. 24, 2024 /PRNewswire/ — SWAG, Taiwan’s largest adult livestreaming platform, often known as the “Pornhub of Asia,” has released the 2024 SWAG Recap today. The report dives into the world of trending adult content, the year’s top searched keywords, and even the income of creators, sparing no details. According to the data, the top searched keyword on SWAG in 2024 was “Vietnam.” Meanwhile, two Taiwanese creators—former Army Chief Counselor “Neinei” and former Sea Dragon Frogman 177—landed in the 3rd and 6th positions as the most searched keywords thanks to their enormous social media buzz. The hashtag with the most clicks went to “Big Boobs.”

In this year’s top searched keyword ranking, “Vietnam” and Vietnamese creator Rosa (@rosababyvip) dominated the top two spots with overwhelming search volume, highlighting the loyalty of Vietnamese enjoyers of SWAG. Meanwhile, keywords like “Ex-Army Chief Counselor Neinei” and “Sea Dragon Frogman 177” maintained high visibility throughout the year, landing them in 3rd and 6th places, respectively.

Analyzing average daily login time by users from different countries, SWAG users spent 15 minutes and 56 seconds per session on average globally, 49 seconds longer than last year. Taiwan emerged as the undisputed champion with an average daily login time of 16 minutes and 21 seconds, the only country above the platform average. On the flip side, Japanese users clocked in at just 11 minutes and 25 seconds, becoming the quickest to reach post-nut clarity. Notably, Vietnamese users soared from last year’s last place to the 4th longest with their online duration time, surpassing users from Singapore and the U.S.

Among SWAG’s nearly 200 hashtags, “Big Boobs” reclaimed its crown from last year’s champion, “Schoolgirl,” becoming the most searched hashtag of the year. “Schoolgirl” fell to 4th, edged out by “Gangbang.” Surprisingly, the long-beloved tag “Creampie” dropped to its record-low position, only ranking 9th.

SWAG noted that nearly 5,000 new creators joined this year, with 40% hailing from Vietnam, making it the country with the most new creators, followed by Taiwan. Among the talents, luna (@rouav) and Jolly (@jollyntr) were crowned as the most popular creator and best newcomer respectively! After a brief hiatus, Luna made a strong comeback by captivating fans with her “natural melons,” “S-line waist,” “perky booties,” and “flawless legs.” Her popularity skyrocketed by 891 spots, earning her the title of SWAG’s Most Popular Creator 2024. The best newcomer, Jolly, who only joined SWAG less than a year ago, gained immense popularity for her housewife aesthetic and NTR-themed content. Fans of the married lady buzzed over her livestreams and videos, where her husband reportedly has been watching helplessly behind the camera, further fueling her meteoric rise.

In other creator data, SWAG’s “Fan Following Clock” is ticking faster than ever! On average, a creator gains a new follower every 5.7 seconds on the platform. Additionally, 8.8% of new creators earn USD 30,000 in less than four months, with Betty (@bettyqueen) achieving this milestone in just three weeks, making her the fastest-earning newcomer of 2024.

Does SWAG make creators rich? The numbers prove everything. This year,  Shirley (@shirleybebe) posted a story, which was unlocked by over 3,000 users within 48 hours, earning her approximately $1,500 instantly as the post became the most profitable story of 2024. Best Newcomer Jolly also delivered impressive results. After debuting in May, one of her long videos attracted over 2,000 viewers, earning her $17,000 just from that one single upload.

When it comes to SWAG’s most lucrative money-making features, livestreaming and private messaging definitely top the list. For example, when Grape (@stellajs) hosted her birthday livestream this year, she generated USD 37,000 in just three hours. Meanwhile, Nini Baby (@ninibaby), well-known for her private chats, sent 380,000 text messages to users this year, receiving 85,000 replies and countless chat gifts. Her private messaging income alone earned a staggering USD 490,000 in revenue, a 17% increase from last year, securing her throne as SWAG’s Queen of private chat.

《2024 SWAG Recap》: https://swag.live/blog/en/swag_2024_recap/

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Higer New V Series, Leading Bus New Trend

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SUZHOU, China, Dec. 24, 2024 /CNW/ — In November 2024, Higer New V Series buses officially launched in the Philippines, this batch of electric buses was the first batch of new energy buses introduced by the Philippines and put into commercial operation. And it has aroused extensive attentions and heated discussions from the Philippines local government, media and people.

Higer New V Series products were launched globally in March 2024, and then made a stunning debut at the Higer Global Partners Conference. The New V-series products with a new shape and a new platform are committed to creating new classic models with high quality, high safety and high intelligence.

In 3 years, more than 1000 people participated in the process of R&D, a one-time investment of more than 100 million yuan was made in the R&D and manufacturing of key components, equipment, tooling, molds, inspection tools, verification of components and vehicle, achieving comprehensive innovation, realizing a significant improvement in product quality and reliability, maintenance convenience and customer experience. Measuring from 8 to 13 meters in length, they can be powered by fossil fuels, electricity, hydrogen, etc. and are readily adaptable for the tourist transportation market, urban public transportation market, etc. The luggage compartment volume is 21.6% greater than similar products, the seating space is 50mm larger, and the middle aisle is 30mm wider. The overall component universality rate was greatly improved by the platform, modular, and universal design concept, and the number of component types decreased by 58%.

It is worth mentioning that Higer is committed to creating a technological experience, redefining the domain-centralized electronic and electrical architecture, and Higer launched the industry’s first mass-produced intelligent cabin. It will help the driver concentrate on driving. The new model provides a mobile phone control interface, drivers and tour guides can control lighting, multimedia, air conditioning, etc. through app. In addition, the intelligent cabin can be customized according to the operational needs of the transport company, realizing intelligent dispatching, intelligent charging, intelligent maintenance, AI interaction, and human-computer interaction.

So far, Higer new V series coaches have already received orders from more than 20 countries like Italy, Qatar, UAE, Saudi Arabia, Algeria and etc., showing a fast rising popularity in the international market.

Higer new V series are committed to providing customers with new “classic models” with better quality, higher efficiency, achieving sustainable development and exploring more possibilities.

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