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MoxiWorks continues to grow open platform through their partner program with new partners and deeper integrations
In an effort to build a faster and easier real estate experience, MoxiWorks continues to grow and evolve their MoxiCloud offering to help brokerages and their agents thrive
Seattle, WA (September 22, 2022) – MoxiWorks, the leading real estate technology platform, announced recent updates to their open platform, also known as the MoxiCloud, by welcoming a deeper integration with Union Street Media and MoveEasy and ushering in a new face to the partner network with Honely.
The MoxiCloud is the industry’s first and only truly open platform allowing brokerages to build the tech stack that is right for them. With more than 150 partners MoxiWorks is continuously working to bring more integrations and new partners to give brokerages choice when building their tech stack.
“We believe every brokerage should have the power to plug and play the solutions they want, to build the tech stack that will meet their needs and the needs of their agents,” said MoxiWorks COO, Jim Crisera. “We are thrilled to be deepening our integration with Union Street Media and MoveEasy, two long-time MoxiCloud partners, and we’re excited to welcome Honely into the fold. The more high-quality integrations and partners we can add to the mix, the better for the industry as a whole.”
Union Street Media provides full-service digital marketing and website solutions for real estate brokerages, teams and agents. They have been part of the MoxiCloud for more than 4 years and have worked to deepen their integration to offer MoxiWorks brokerages customized solutions that allow them to compete in an ever-changing market.
“We’ve found that brokerages and teams simply want more,” said Ted Adler, Founder & President. “Union Street Media and MoxiWorks’s reimagined partnership combines custom digital marketing solutions and award-winning websites with best-in-class tools for a true lead to close solution. When a brokerage really wants to stand out and be more profitable Union Street Media and MoxiWorks are a perfect match.”
MoveEasy’s mission is to take all the overwhelming and stressful moments of being a homeowner and make them easy through technology and the support of a personal assistant.
“As a long-standing partner, MoveEasy has a shared focus and vision with MoxiWorks around empowering real estate agents to build lifelong client relationships,” said MoveEasy CEO Venkatesh Ganapathy. “Now we’re thrilled to further expand on our partnership with one of the deepest integrations with MoxiEngage in the industry. Brokers who use MoxiWorks to nurture sales leads can now access MoveEasy’s industry-leading moving and home management platform. Agents can engage with their entire sphere of influence and deliver unprecedented value to current and past clients as well as prospects, creating stronger engagement, loyalty, and referrals.”
Honely harnesses the transformative power of predictive analytics to deliver real estate data analysis instantaneously to investors and home buyers alike.
“Honely is excited to partner with MoxiWorks and begin assisting their impressive network of agents. Honely offers a unique, effective, and low-cost tool for capturing buyer and seller leads organically rather than overpaying.”
To learn more about how the MoxiCloud can help your brokerage visit https://moxiworks.com/how-it-works. Interested in becoming part of the open network? Check out moxiworks.com.
About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and 400,000 agents nationwide, accounting for more than 20% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 97%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 100 partners that integrate to create unique brokerage solutions.
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Supply vs. Demand – August Home Sales Predictor
The dip we’ve been predicting has arrived. In July we predicted there would be a 7% decrease from June. We ended July with a 14% decrease from June with 506K home sales.
While historically the norm is for July to be lower, we haven’t had a dip of 14% between June and July since 2017. However, looking at the chart for sold listings for January through September from 2016 to 2022 we are still hovering right around/above 2019 numbers for this time of year meaning we are still holding steady.
Looking ahead to the rest of August and into September we expect to see a slight increase (4%) in the total number of homes sold with 525K and then dipping back down 4% to 506K.
While reviewing the data this month, MoxiWorks’ Director of Data Services, Cass Herrin shared, “With inventory starting to slow again, in an environment where it [inventory] was already pretty meager to begin with, that puts a hard cap ceiling on what can be sold. So, it feels like for the next few months, it would be unrealistic for us to expect home sales to go beyond (500k,510k).”
Cass added that while the market may be slowing down, and it may be more expensive to buy a home, none of the data is saying buying a home is a bad idea.
Another important thing to look at is the data around mortgage rates. York Baur, MoxiWorks CEO, shared in our company Town Hall this week some perspectives, and a reminder about recency bias.
He shared that while rates have indeed gone through the roof compared to recent years which we can see below, it’s not all doom and gloom.
He reminded us that it’s also really important to zoom out.
Looking at rates back to the 1970s, we are still way below average historic interest rates. It’s a different picture today and we can’t let our recency bias get in the way.
York also shared another important perspective to help bring some calm among the chaos.
So while there are certainly some negative impacts hitting the housing market (inventory, interest rates, macroeconomic impacts) this continues to be nothing like ‘08,’09,’10.
While demand has decreased, what we’re really facing is a supply issue. So, what should you as a brokerage or agent be doing right now? It’s more important than ever to educate your current, past, and future clients on why now can still be a good time to buy or sell. It’s up to the industry professionals to help create more inventory. The best way to do this? Annual property reviews. Doing annual property reviews with your clients is an incredibly powerful lever to give the inside scoop on the value of your clients’ home and what the reality of their situation is.
Get consumers out of the news cycle and into their life’s goals and personal real estate situation. – York Baur, MoxiWorks CEO
You can check out our recent list of tips on how to present a valuable annual property review here.
With everything going on, your clients are likely not going to take action unless you show them what’s possible. You got this.
Until next month.
MoxiWorks Named one of America’s Fastest Growing Private Companies in the 2022 Inc. 5000
After exceptional growth, Seattle-based MoxiWorks ranks on the prestigious list
Seattle, WA. (August 16, 2022) – Inc. Magazine revealed today that MoxiWorks, the leading real estate technology platform, has been included on the most prestigious ranking of the nation’s fastest-growing private companies, the Inc. 5000. This marks the first year MoxiWorks has made the list.
For more than a decade MoxiWorks has been helping real estate brokerages and their agents sell more homes together with technology that makes their lives easier. MoxiWorks’ open platform integrates brokerage productivity software, MLS data, consumer data, and third-party real estate technology offerings from over 150 vendors to provide a unified, integrated technology solution for real estate professionals. Their product offerings include the industry’s leading CRM, CMA, advertising and automated marketing solutions, recruiting tools, and website builders.
“I’m so incredibly proud of our team. Their grit and hard work is what has propelled the growth we’ve seen over the last few years, and we’re honored for all that perseverance to be recognized,” said York Baur, CEO of MoxiWorks. “I’d also like to acknowledge our incredible customers and partners without whom we couldn’t possibly have achieved this success.”
The 2022 Inc. 5000 stands out from past lists, as it shows a staggering amount of growth from companies within very competitive markets during a year of uncertainty. The companies on the 2022 Inc. 5000 have not only been successful, but have also demonstrated resilience amid supply chain woes, labor shortages, and the ongoing impact of Covid-19.
“It’s an exciting time in the world of real estate technology and we’re thrilled to be along for the ride,” said Baur. “With our recent acquisitions, incredible clients, and increased number of partnerships, we are combining our efforts with some of the best companies in real estate and are looking forward to this next phase of growth.”
To see the full list visit Inc.com and to learn more about MoxiWorks visit moxiworks.com
About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and 400,000 agents nationwide, accounting for more than 20% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 97%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 100 partners that integrate to create unique brokerage solutions.
A reversion to the mean? — July Home Sales Predictor
It’s nearing the end of July and as I’m sure you’re witnessing every day, the market continues to cool. We’ve been paying close attention to the data and we are still feeling confident that this is just a cooling and a soft landing, and not a screeching halt.
Let’s take a look at the data.
In June, there were 572K home sales, which is 5% more than we predicted. This is the first time in 5 months the number of home sales has been higher than what we predicted. That was 19% fewer homes than were sold in June of 2021, but, as we’ll get into with this month’s data, we still believe this is just a reversion to the mean, and a cooling of the market, not a crash or any reason to panic.
“Looking at the data, nothing is indicating that the sky is falling,” said Ali Rae Lundberg, MoxiWorks Lead Data Scientist
In July we predict there will be 4% less homes sold than in June with 552K homes sold across the US. And finally, in August we expect to see a 1% increase from July with 559K home sales. These numbers we are seeing are bringing us much more in line with the pre-covid seasonality (see chart below for the comparison).
Sold listings 2016-2022 (Jan – Aug). Source: MoxiWorks
Looking at the chart, we are currently hovering right around where we were in 2018/2019 for total number of sold listings in Q3, but still well above 2016/2017. We’ll keep an eye on this, but it’s no surprise to see that we’ve dipped so much for 2020/2021 since those years were the exception not the norm.
“The biggest question that still remains in our minds is if we are the top of inflation & mortgage rate hikes, or if there is a little more to go before we hit that ceiling,” said Cass Herrin, Director of Data Services, MoxiWorks. “The housing market doesn’t like uncertainty just like most markets don’t like uncertainty, but looking at the data there is no need to panic.”
We’ve been saying it for months, but while the national headlines are important to be aware of, what really matters is what’s happening in your local market. That’s what your clients need to be focused on. Remain the expert in your local market. Are prices dropping? Is there more room for negotiation? Help them navigate the climate in their market.
Yes the days of insanely quick sales may be gone, but the market has not dried up and people still need to buy and sell their homes. Stick to your fundamentals. Be the expert and you will make it through this cooling period and come out better on the other side.
See you next month!
The Home Sales Predictor is a set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
Get our Home Sales Predictor Monthly Report delivered to your inbox!
June Home Sales Predictor
We are halfway through 2022. It’s kind of hard to believe, but also not surprising given the rollercoaster of a year it has already been.
We knew going into this year there was no chance it would be like the two previous years when it came to home sales. There simply are not enough homes to keep the same scalding hot demand we have seen since the start of the pandemic. Instead, we are starting to see what we expected would happen this year — a consistent decrease in year-over-year sold listings each month. And now, the state of the economy is exacerbating that decrease.
As we look ahead to our predictions for June and July, our model says we should expect to see 543K closed listings in June and 524k closed listings in July. That’s a 21 and 23% decrease YOY, respectively. July is historically a slower time for home sales, but with inflation, rising interest rates, home prices and lack of inventory we expect to see even fewer homes sold than our model is predicting as factoring uncertainty into a prediction model is rather difficult.
“The banner year agents saw last year isn’t going to continue. But, we also still do not expect to see anything like ‘08, ‘09. Right now is the time for agents to double down on their systems and processes to nurture their sphere and find listings. Going back to basics and making sure your foundation is solid is going to be critical. We‘ve seen this movie before. We know how resilient the housing industry is and we expect it to remain that way through this potential downturn.”
– York Baur, MoxiWorks CEO
There may be more uncertainty ahead, but as York said, this industry is resilient. Brokerages and their agents are equipped to handle whatever comes their way as long as they stick to their foundation and focus on sphere.
Until next month.
The Home Sales Predictor is a set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
Get our Home Sales Predictor Monthly Report delivered to your inbox!
Allison Gaddy of International Association of Expert Partners teams up with MoxiWorks to offer eXp agents access to leading technology
Exclusive new deal will power agent productivity through a suite of technology products
SEATTLE, Wa. (June 21, 2022) – MoxiWorks, the leading real estate technology platform, announced today a new deal with Allison Gaddy and International Association of Expert Partners. Through this collaboration, eXp Realty agents will now have access to the best-in-class suite of solutions MoxiWorks offers.
MoxiWorks currently serves more than 800 brokerages representing more than 400,000 agents across the globe. Their suite of solutions, focused on helping brokerages and their agents increase productivity and sell more homes, was built around the sphere methodology. It’s all about nurturing the people who know, like and trust you, instead of focusing on cold leads. This deal opens the door for eXp agents to leverage MoxiWorks’ technology to power their businesses for the first time.
“I’m ecstatic about this alignment with MoxiWorks,” said Allison Gaddy, Founding Partner of International Association of Expert Partners. “MoxiWorks is the crème de la crème of real estate CRMs today, especially when it comes to Ninja Selling. It has the undeniable power to level up agents’ businesses in every area from marketing and AI-driven lead follow up, to agents who are focused on recruiting and retention. This is a game-changing technology for agents.”
International Association of Expert Partners, founded in 2020 by Don Hobbs and Allison Gaddy is dedicated to empowering real estate agents by helping team leaders, brokers and budding agent leaders create more time and money freedom through identifying, nurturing, building and retaining talent. Their focus is to elevate agents from the mindset of a transactionally based sales role to the status of true business owner. Expert Partners is devoted to working with industry technology partners who are dedicated to delivering the most modern, best-in-class technologies and processes to help agents achieve exponential growth and peak performance. Through these partnerships, Expert Partners serves as a trusted advisor to agents seeking to advance their technology. They are successfully accomplishing this by creating and training other influential industry leaders and this new collaboration with MoxiWorks is going to help them continue to accomplish this mission.
“This is such a unique time to be in the real estate industry,” said Georgia Perez, EVP Strategic Growth & Emerging Markets, MoxiWorks. “Technology has brought us to a place of great growth, abundance and knowledge, and it’s only going to get better and more sophisticated from here. The work Allison and her team at Expert Partners are doing is helping propel this industry forward and we’re excited to be able to work with them firsthand to give eXp agents access to our robust technology and the best recruiting and productivity platform in the industry.”
Expert Partners will give eXp agents interested in the MoxiWorks products access to MoxiWorks’ CMA — MoxiPresent, their CRM — MoxiEngage, and their robust marketing and email marketing products through MoxiImpress and ActivePipe, now powered by MoxiWorks. The whole suite works together to help agents be more productive and give them back precious time to really focus on building the relationships within their sphere that will produce repeat and referral business for years to come.
To learn about how you can gain access to MoxiWorks through Expert Partners, visit expertpartnerstechsuite.com.
About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and 400,000 agents nationwide, accounting for more than 20% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 97%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 100 partners that integrate to create unique brokerage solutions. Find more information at moxiworks.com.
MoxiWorks – Let’s sell more homes together
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For more information on this topic and other press inquiries at MoxiWorks, please contact Jordan Barrish at Jordan.barrish@moxiworks.com.
Home Sales Predictor – Will Summer bring a cool down?
In parts of the world, Summer is starting to really heat up, while it seems the housing market might be cooling. Or, at least, starting to cool.
In April we predicted there would be 564k home sales, but we ended up with 4.5% less with 538k home sales. That’s a 1% decrease in the number of homes sold in March and a 12% decrease from the same time the year before.
Source: MoxiWorks Home Sales Predictor May-Jun ’22
In May we predict there will be 594k home sales which would be a 10% increase from May (albeit a 3% decrease from 2021).
In June we expect another 4% increase in home sales with 620k home sales. While that’s a pretty decent jump back up from April, it’s actually a 12% decrease from June 2021. Even with that decrease, pre-pandemic we historically averaged 557k home sales in June so that’s an 11% increase over historic rates. So what does all of this mean amidst continued synching of the inventory belt, rising inflation and overall concerns of a recession?
“Inventory will continue to be a problem. Construction has not kept up in the last decade which means supply & demand will remain out of balance. Even with interest rates and other effects from the economy dampening demand, it will not dampen it enough for supply to beat out demand because we’ve underbuilt for a decade. Ultimately, we’re not going to have another ‘08, ‘09, ‘10.” — York Baur, MoxiWorks CEO
“2022 won’t bring us a 2008, but it won’t be 2021 either. Transactions might be slowing down, but home prices are not. And inventory remains tight. Since interest rates have gone up, many homeowners are sitting on houses that are worth way more than when they bought them. They also have incredibly low loans so the incentive to sell and move up isn’t there because they would lose out on the historically low interest rates they currently have. So it’s both creation of housing, and also people deciding to sell that will continue to impact inventory.” — Cass Herrin, MoxiWorks Director of Data Services
So what’s the advice for agents right now? Now is the time to nurture your sphere. With all of this impending it will likely become increasingly difficult to find new listings, and buyers for those new listings, while the market shakes itself back out. If your clients are in a good place to sell, tell them. Are your clients in a place where they can afford some investment properties elsewhere? Tell them. Be their guide and help them not miss out on a good opportunity.
Tell us, what’s it like in your market. Are things starting to cool or is it still blazing?
See you next month!
The Home Sales Predictor is a set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
Get our Home Sales Predictor Monthly Report delivered to your inbox!
MoxiWorks Announces New Homeownership Portal Aimed to Help Real Estate Professionals Boost Loyalty and Win Customers for Life
The portal will empower agents to stay in flow with clients throughout the entirety of their homeownership lifecycle with real-time guidance, relevant advice, and local resources; curated by each brokerage and personalized by agents
SEATTLE, WA (May 4, 2022) — MoxiWorks, the real estate industry’s leading technology platform for real estate brokerages, announced today a homeownership portal that will complement their robust suite of solutions to help brokers and their agents sell more homes. The portal will be a one-stop shop for homeowners.
Real estate professionals will be able to guide their clients to buy, sell, move and manage their home throughout the lifetime of their homeownership. This will include dedicated transaction portals where a buyer or seller can collaborate with their real estate agent, mortgage broker, insurance agent, and anyone else supporting the transaction process. The portal will also connect directly to a brokerage’s existing tech stack and is designed to provide a comprehensive and personalized customer experience throughout the transaction and homeownership journey for everyone involved.
“We built the MoxiWorks suite of products around sphere methodology,” said York Baur, MoxiWorks CEO. “The power of your sphere over cold leads is unmatched. The industry has been asking for a one-stop-shop and we’re excited to create something that will make it easy, automated, and accessible for both the real estate professionals using it as well as their clients.”
With the MoxiWorks homeownership portal, agents can collaborate with clients in a personalized space and connect them with other expert resources in their communities like loan officers, inspectors, or other services.
“This offering not only preserves the relationships between brokers and agents, and agents and clients, but it also helps maintain those relationships at scale,” said Baur. “The average real estate agent on MoxiWorks’ platform has 400 relationships they continuously nurture. Being able to have close, personalized interactions with that many contacts, over the lifetime of homeownership, will be a game-changer.”
The homeowner portal will be powered by Milestones Labs, a pioneer in digital customer experience. This portal will bring together a team of experts, from brokers and agents to ancillary services like title and mortgage. These custom portals are tailored specifically to the customer and nudge them through the necessary tasks while eliminating all the noise from others in our industry. A portal can be automatically spun up for a buyer client, sellers, or just contacts wanting to maintain their property for the long haul.
“We are thrilled to partner with MoxiWorks to serve the evolving needs of the real estate community,” said Dustin Gray, Milestones CEO. “MoxiWorks has a proven track record delivering powerful technology at scale while remaining steadfast in its mission to help industry professionals thrive. Together, we will help brokerages serve the next generation of homeowners – by leveraging technology to deliver personalized client service before, during, and after the transaction.”
To learn more and join the waitlist, visit moxiworks.com.
About MoxiWorks
MoxiWorks is a comprehensive open platform system for residential real estate brokerages that serves over 800 brokerages and 400,000 agents nationwide, accounting for more than 20% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 97%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54% while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 150 partners that integrate to create unique brokerage solutions.
MoxiWorks – Let’s sell more homes together
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MoxiWorks continues expansion into MLS space, welcomes industry veteran Troy Rech as VP of MLS Sales
Rech brings 20+ years of experience in MLS Real Estate PropTech Industry to his new role
Seattle, WA (April 28, 2022) — MoxiWorks, the industry-leading real estate technology platform, announced today their new VP of MLS Sales, Troy Rech. Rech will head up the MLS sales arm of MoxiWorks which will also include working with local & state Realtor associations. Prior to joining MoxiWorks, Rech was Chief Growth Officer for Bright MLS, the senior sales leader for CoreLogic’s Real Estate Solutions Group, and was also co-founder of Clareity.
Rech brings a wealth of knowledge from his 20+ years in the MLS space and plans to use that knowledge base to help MoxiWorks continue to help better the relationship between MLSs and their broker partners.
Troy Rech, VP of MLS Sales
“I’m thrilled to be joining such a well-known and well-established company,” said Troy Rech, VP of MLS Sales, MoxiWorks. ”This is a great opportunity to expand MoxiWorks’ award-winning technology in the MLS space as we work cooperatively to better serve brokers and agents across North America.”
This new initiative comes as MoxiWorks has been working alongside Stellar MLS, which serves over 70,000 real estate professionals across Florida and Puerto Rico, to help create singular workflows between the brokerage technology and the MLS technology. Their goal is to eliminate the feeling that brokers are in competition with their MLS when instead they can work seamlessly together.
Georgia Perez, EVP Strategic Growth & Emerging Markets
“MoxiWorks has had a long and wonderful relationship with the MLS world, and we’re excited about this opportunity ahead of us,” said Georgia Perez, EVP, Strategic Growth & Emerging Markets. “With Troy‘s relationships and knowledge of the space, we know he will lead us to immediate and long-term success. I couldn’t imagine a better person than Troy to come in and help us navigate this expansion.”
In addition to their work with Stellar MLS, MoxiWorks works with 450+ MLS’s across the country to power brokerage and agent productivity through their open platform, the MoxiCloud. MoxiWorks additionally was a founding member of the Real Estate Standards Organization (RESO) which provides the foundation for streamlined real estate technology through the creation and certification of standards.
York Baur, CEO
“There’s an opportunity here to bring together the brokerage and MLS world that’s never been done before, and Troy is the best person for the job as we expand into this space,” said York Baur, CEO MoxiWorks. ”We’re opening the doorway for true collaboration between brokerages and MLSs, and it couldn’t come at a more important time for the traditional real estate industry.”
About MoxiWorks
MoxiWorks is a comprehensive open platform system for residential real estate brokerages that serves over 800 brokerages and 400,000 agents nationwide, accounting for more than 20% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 97%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 150 partners that integrate to create unique brokerage solutions.
MoxiWorks – Let’s sell more homes together
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For more information on this topic and other press inquiries at MoxiWorks, please contact Jordan Barrish at Jordan.barrish@moxiworks.com.
Home Sales Predictor – April showers bring May flowers
It feels like every day there are contradictory reports in the media about the current housing market.
‘It’s too hot, the bubble’s going to burst’
‘The market’s cooling, but prices are high’
‘Inventory is up’
‘Inventory is still synched’
Which way is up? It likely depends on your market. But this continued uncertainty is exhausting consumers. According to Fannie Mae’s March edition of their Home Purchase Sentiment Index® (HPSI), “Only 24% of consumers think now is a good time to buy a home — the lowest reading ever recorded in a monthly survey conducted by Fannie Mae since 2010.” Additionally, according to the survey, “73 percent of Americans think the economy is on the wrong track.”
On the other hand, a Redfin survey from February said 1 in 3 people were looking to relocate. So which is it? Are people moving or staying put?
Only time will tell what actions our will clients take, but based on our data, we predict home sales will slow from what we’ve been used to over the last two years, but even that pessimistic attitude reported of buyers won’t stop the continued sales.
The Home Sales Predictor
Here’s a look at our most recent data:
Our March prediction was just 1% off with 536K home sales. That was a 28% increase in home sales from February, but a 6% decrease year-over-year.
Based on the activity of agents in our products we predict there will be a 5% increase from March 564K home sales in April and then another 10% increase in May with 620K home sales. That’s a 7% decrease year over year for April, but a 2% increase YOY for May.
So while the market may be cooling compared to 2020/2021 standards we are still expecting to see 620K home sales next month which means it’s not cooling down all that much, at least not yet.
We of course know that continued inflation and interest rate hikes are going to impact the market, time will tell how much.
At the end of the day, homes are still going to be bought and sold. The question really lies in whether or not the market will stabilize enough for it to become affordable again for first time homebuyers to enter the market. Or, if the barrier to entry will continue to get tighter. It’s Fair Housing Month which means this is a great time to take a step back and see how you are helping your community. NAR has a ton of resources to help you assess and see what more you can do to help combat the barrier to entry.
The dream of homeownership should be able to belong to anyone. As brokers and agents you have the power to help make those dreams come true. You also have the most insight into how your market is performing and how your buyers and sellers can get the most bang for their buck. Make sure your systems and processes are top notch in order to help your clients make the right decision for their market.
The Home Sales Predictor is a set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
