WELCOME

It may be Friday the 13th, but you’re in luck—new listings are up 3% and the fall housing market is handing out more treats than tricks.

With purchase applications dropping to a near 30-year low, today’s buyers and investors practically have their pick of the neighborhood, especially in high-inventory cities like Orlando, Jacksonville, and San Jose. If you’re an agent or real estate pro ready to end 2023 on a sweet note, this market shift might just be the golden opportunity you need to seize the season.

Keep reading for:

• Supply surge. Why rental rates are reversing.

• Beautiful and bizarre. The wild side of Zillow.

• Court cases. How agent commission lawsuits may impact you.

SHARPEN YOUR SKILLS

TRACK THE TRENDS

MARKETS

Plateauing prices

After two straight years of steady rent growth, prices have finally stabilized, giving renters a chance to catch their breath—and balance their budget.

• The median rental rate dropped 2% month-over-month, to $2,011 in September.

• That marks the sixth consecutive month of nearly flat rental rate growth.

• A boom in multi-family construction and development has increased the number of completed apartment buildings by 32% since last year, lowering competition and prices.

The pandemic triggered a nationwide surge in rent prices, especially in the West and South. But today, between increased apartment construction and layoffs in major high-rent cities, costs are becoming just a bit more affordable for renters on the hunt.

WHAT’S NEW FROM ESTATE MEDIA:

REC ROUNDUP

The Friday Five

📖 Connections count. Glennda’s actionable advice for growing your network.

👀 Horsing around. Tour a $9M horse-happy home, tucked in the rolling hills of Ontario.

👀 Welcome to New York. Luxury real estate (Taylor’s Version).

💡The power of pre-approval. 3 places lenders look before pre-approving your home loan.

💡Law of the land. How the ‌latest commission lawsuits may reshape the real estate industry.

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