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While National Association of REALTORS® members were meeting with their congressional representatives in Washington, D.C., earlier this month, 31 of the organization’s leaders were traveling the country—not literally, but virtually.
The NAR media tour, dubbed “Real Estate and Housing Market Trends for the Summer and Beyond,” matched NAR Leadership Team members, regional vice presidents, and state and local presidents with television and radio reporters from around the country.
The one-day tour, conducted from the Walter E. Washington Convention Center—using virtual connections to stations, satellite connectivity, and on-location camera, lighting, and audio production capabilities—generated 332 airings and an audience of nearly 11 million, according to NAR Vice President of PR and Communications Mantill Williams. More important, it gave local, state and national leaders a chance to talk about NAR’s latest Metro Home Price Report, which tracks median prices in 221 metro areas, and to reinforce the value of working with an agent who is a REALTOR®. The tour was part of NAR’s proactive surrogate campaign, which gives NAR members the content and context to highlight the REALTOR® difference in their local markets and nationally.
“Memphis looks good,” Tennessee REALTORS® President Regina Hubbard told Andrew Douglas, with WMC-TV’s Action News 5, the NBC station in that city. “We expect to see sales increase over the spring and summer. The median sales price is $272,400, up about 1.4% [year over year].”
Hubbard, ABR, RENE, a Memphis broker, reminded Action News viewers that a real estate transaction has “a lot of moving parts.” Working with an agent gives buyers an advantage. “We know what’s going on in that market. We know the processes. We know the forms and disclosures,” she said. “We want to make sure our clients know about them and get things taken care of in a timely manner. If they fail to do so, it could be quite costly for them.”
Reporting from the New York metro area where the median price is $663,000, up more than 18% from a year ago, Bronx.net’s Kibin Alleyne asked NAR Regional Vice President Jennifer Stevenson about the feeling among some younger people that buying just isn’t for them.
“I work primarily with first-time buyers in my market,” said Stevenson, ABR, PSA, a broker from Ogdensburg, N.Y. “What I tell them is whether the interest rate is a little higher or the home price is a little higher ... when you buy a home, it’s yours, and every time you make a payment, you’re putting some money in the bank for yourself. You’re building equity in that home. And I’m seeing that many of our younger buyers are actually sharing a home. They’re getting roommates to lessen the impact on their paycheck. They’re still navigating it, and it’s still working. It’s just a different way.”
At about the same time, some 1,700 miles southwest of New York and 645 miles southwest of Memphis, “We Are Austin” host Trevor Scott with KEYE-TV, the CBS affiliate in Austin, Texas, was talking with Jef Conn, chairman of the board for Texas REALTORS®.
“Our local real estate market has been a roller coaster ride over the last few years,” Scott said. “What are the trends we’re seeing this spring, and what are you expecting for the second half of the year?”
“This spring, we are seeing more homes on the market than we did last year,” said Conn, CCIM, C2EX, a commercial practitioner from Houston. “For anyone in the Austin area who tried buy a home, it was kind of tough the past couple of years. But we have more inventory on the market, and in fact, for the first time in 10 years, we have an available inventory supply of four months. … That means consumers, just like you, have more choice when it comes to looking for a home.
“The median price is $467,000, very similar to what we saw in 2022,” Conn added. “But if your viewers remember, in 2020 through 2022, prices rose very rapidly. So, it’s good that has slowed down. We still have higher interest rates to deal with, but it’s good to see that prices aren’t jumping so fast while they’re trying to buy their next home.”
“I don’t care who you are,” Scott said. “This is not the kind of climate you can navigate on your own.”
“You hit the nail on the head,” said Conn. “It doesn’t have to be completely stressful. Find a trusted real estate agent who’s a REALTOR® to help you get through the process.”
