- Monthly Market Statistics for June 2024 Available on TCSR Website
- PA Home Price Appreciation Lower Than U.S. Average
- Consumer Choice: The Key to a Post-NAR Settlement World
- Shape The Future of Real Estate: Applications Due August 1st for NAR Spire Program
- Bright MLS: Outlook for the U.S. Housing Market: 2024 Mid-Year Update
- SRA: Gov. Shapiro Signs Senate Bill 1173 Into Law
- Calendar of Events
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Monthly Market Statistics for June 2024 Available on TCSR Website |
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Tri-County Suburban REALTORS® continues to help members communicate the latest
real estate market conditions with a set of Monthly Residential Market Statistics for
area counties and their respective school districts. Note that these monthly statistics
cover all school districts in Chester, Delaware, and Montgomery counties.
Philadelphia and select Berks County school districts are also available. The
reports are updated between the 10th and the 12th of the month for the previous
month’s statistics. If you have questions or requests, please contact Tri-County
Suburban REALTORS® Director of Marketing and Communications, Lauren Davis.
An assortment of reports is also available to Bright MLS subscribers at BrightMLS.com
such as a monthly Market Report, and a Marketing ToolKit to coincide. Once logged
into their site, click the "Market" tab and choose the "Market Statistics Report" button
in the drop-down menu to access various reports.
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PA Home Price Appreciation Lower Than U.S. Average |
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Home prices have experienced a positive appreciation each quarter since the third quarter of 2012, with prices increasing significantly post-COVID.
From Q1 2020 to Q1 2024, homes across the country increased in price by 47.7% on average, according to a report by the National Association of Home Builders. Pennsylvania’s home price appreciation is slightly lower at 43.0%.
Comparatively, Florida had the highest price appreciation (67.0%,) and Washington, D.C., had the lowest (14.6%) in the same period.
The report also noted home price appreciation by metro area, which ranged widely from 12.2% to 81.1% nationwide. More than half of all metro areas saw prices rise by more than the national 47.7% average. Home prices in the South and West have increased faster than those in the Midwest and Northeast.
In Pennsylvania, the top five metros with the highest home price appreciations from Q1 2020 to Q1 2024 were:
Allentown-Bethlehem-Easton: 57.6%
East Stroudsburg: 57.5%
Lebanon: 54.3%
Reading: 53.8%
Lancaster: 53.5%
Despite having double-digit appreciation, these metros ranked lowest in Pennsylvania:
Altoona: 22.1%
Johnstown: 29.1%
Bloomsburg-Berwick: 29.6%
State College: 30.7%
Pittsburgh: 38.4%
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Consumer Choice: The Key to a Post-NAR Settlement World |
The NAR Settlement of seller’s lawsuits regarding compensation requires clear communication of the cost of professional representation. A primary objective is promoting consumer empowerment, consumer choice, and healthy competition.
The role of the REALTOR® in all parts of a real estate transaction is to communicate the choices available clearly and fully and pave the way for the consumer to make an informed decision. Real Estate forms have long served as the mechanism for conversations with consumers about the transaction, including the cost of representation.
The Pennsylvania Association of REALTORS® Standard Forms Committee has worked almost non-stop since the settlement was announced to revise its standard forms to be compliant with the Settlement and to serve as a guide for the required and necessary conversations.
Ahead of an August 1st release of the new and revised forms, PAR has made available sample forms and a comprehensive guideline to understanding and using them. For all REALTORS, the changes will require an adjustment in their practice and conversations with consumers. For many, it will require a more significant adaptation. Therefore, PAR strongly encourages individual members to study the forms now, before they go live on August 1st. PAR has also scheduled free member webinars to assist in understanding how, when, and why to use the revised forms.
The Settlement of these lawsuits requires specific action by the real estate industry. Now IS NOT the time for thinking about, or creating, workarounds. The entities overseeing the Settlement have made it clear there will be zero tolerance for attempts to circumvent the terms of the settlement. Now IS the time to learn the forms and study the user guides.
Members are encouraged to visit the Association’s NAR Litigation Settlement page for more information on the proposed settlement from NAR, PAR and BRIGHT MLS.
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Shape The Future of Real Estate: Applications Due August 1st for NAR Spire Program |
Tri-County Suburban REALTORS® is excited to be a participating association in NAR's 2024 Spire program, offering mentorship opportunities to members. NAR Spire is an initiative designed to empower individuals to pursue careers in real estate, enhance the education of new REALTORS® through real-world experience, and facilitate networking across the industry. The program connects mentees with industry experts in residential and commercial real estate, property management, and more.
As a mentor, you can significantly impact aspiring REALTORS® while enhancing your own expertise. Mentoring a new REALTOR® allows you to leverage your industry expertise, enhancing your leadership skills while fostering the next generation of real estate professionals. This symbiotic relationship not only strengthens the overall market but also expands your professional network and opens doors to new opportunities. Help mentees navigate real estate fundamentals, explore various career paths, and expand their professional networks. To apply as a mentor, visit mentor.apps.realtor/mentor.
Mentees in the Spire program receive one-on-one guidance from experienced mentors, gaining invaluable advice and perspectives to develop their skills and achieve their goals. Newcomers and those within their first two years of licensure, especially from multi-cultural and minority backgrounds, are encouraged to apply. To apply as a mentee, visit mentor.apps.realtor/mentee.
For questions about the NAR Spire program, please contact Director of Professional Development, Paula Tansey, or call 610-560-4800.
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Bright MLS: Outlook for the U.S. Housing Market: 2024 Mid-Year Update |
Housing market conditions across the Bright MLS service area have been surprisingly resilient, despite elevated mortgage rates and rising home prices. A strong labor market and record levels of housing equity have fueled buyer demand and robust price growth. Home sales were at a more than two-decade low in 2023, with the primary constraint on market activity being a lack of inventory. As we head into the second half of 2024, affordability is now the biggest challenge in much of the Mid-Atlantic housing market.
Through the middle of 2024, home prices in the Bright MLS service are up 6.7% over 2023. Since 2019, the median sold price in the region has risen by more than 40%. And prices have risen even faster in some local markets.
There are no signs of a major housing market correction; however, affordability has become a major constraint on the housing market. In 2019, a homebuyer needed an income of about $75,000 to qualify to purchase the median-priced home in the Mid-Atlantic region. In 2024, with rising home prices and mortgage rates stuck near 7%, a homebuyer now needs an income of more than $130,000 to afford to buy the median-priced home in the region.
For more insight, access Bright MLS' Mid-Year Market Report.
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SRA: Gov. Shapiro Signs Senate Bill 1173 Into Law |
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Senate Bill 1173 was signed into law by Gov. Josh Shapiro, making it Act 52 of 2024. A priority piece of legislation of the Pennsylvania Association of REALTORS® (PAR), SB 1173 was overwhelmingly approved by the state Senate and unanimously approved by the House. The law, which goes into effect on Jan. 9, 2025, requires a real estate salesperson license to conduct residential wholesale transactions in the commonwealth, and ensures that consumers are made aware they are engaging in a wholesale transaction by receiving proper disclosures. The bill’s passage comes just weeks after hundreds of Pennsylvania REALTORS® visited the state Capitol to advocate for SB 1173 as part of PAR’s annual REALTOR® Day on the Hill. Read more and watch for updates at the PAR website.
Source: PAR JustListed; 7/8/2024
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August 7th, August 14th, August 21st, August 28th (four-day course) | 9:00am-4:30pm
Real Estate Law
Association of REALTORS® School, Malvern
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August 20th & August 23rd (two-day course) | 9:00am-4:30pm
GREEN Designation
Association of REALTORS® School, Malvern
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1 Country View Road
Suite 201
Malvern, PA 19355
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