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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.
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 – Spring season of selling
It’s officially Spring!
Hopefully your allergies aren’t as painful as your busted March Madness bracket. Do you know what’s not busted? The housing market. At least for now.
Despite the daily news articles making it sound like the housing market is doomed, people still bought and sold a lot of homes last month. 414K in fact. This was 3% fewer homes than we predicted, however with the seasonality prior to the pandemic we used to see on average 300K home sales in February, so things are still looking pretty bright.
What’s even brighter? March and April.
We expect to see a 31% increase in home sales in March with 543K and an additional 4% increase in April with 567K homes sold across the U.S.
Now while March and April look bright, we aren’t ready to make any strong claims for the rest of the year. There are so many factors at play here, it’s truly hard to predict if we will continue on this path, or if outside forces will cause things to dip. Based on the data we are seeing now, our data analysts predict it will be more of a soft landing as we finally settle into a new normal.
No matter what the future holds, what remains constant is the critical role brokers and agents play for consumers. Mortgage rates, inflation, the war on Ukraine, all of these pieces of uncertainty are scary. But trusted advisors like you can take the headlines and can truly drill down on what it’s like, right now, in your corner of the world.
You’re the expert who can guide your clients to know if it’s the right time to buy or sell. Bring them comfort in the fact that yes, mortgage rates are rising, but as our friend and economist Matthew Gardner shared last week, the financial experts are predicting that even with inflation, and everything else happening right now, that by the end of the year mortgage rates will hover just around 4%, which is still historically low.
It’s vital to remember (and remind your clients) that every market is different right now. Some markets have really benefited from the Great Relocation. Others are finally getting some new construction to add to their inventory. You are the expert on the ground. Be the expert and the mentor for your clients in your area. You know more than anyone else around.
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 Home Sales Predictor Proves Strong Accuracy for First Year
The technology company shares the accuracy of its first full year of data, looks ahead to next year
Seattle, WA (November 11, 2021) – MoxiWorks, the leading real estate technology platform, announced today the results from the first year of data for its Home Sales Predictor. The Home Sales Predictor, which launched in October of 2020, correlates agent activity inside the MoxiWorks suite of solutions to closed listings nationwide, two months in the future. Unlike traditional home sales reports which use lagging indicators such as past sales data and consumer behavior for their reporting, the Home Sales Predictor uses leading indicator data focused on the productivity of agents to deliver their two-month projections.
The first year of predications resulted in an average accuracy within 6% of closed listings across the US. For example, in September MoxiWorks predicted 564k home sales, while the actual was 572k making for an only 1% difference. Throughout the year every month’s prediction was within 6% or lower, with many months within 1% or less of the actual number of sales. The two exceptions they saw were in January and June, which MoxiWorks attributes to national events that interrupted the normal flow of sales during those months that threw off the predictions.
“It’s been such an insightful first year of our Home Sales Predictor,” said MoxiWorks CEO, York Baur. “We launched this predictor during a pandemic as we noticed the productivity of our agents directly correlated with closed listings across the US. It has helped us and our clients make sense of the wild last 18 months in the real estate industry and we look forward to continuing to become more and more accurate with our predictions. And to work to add additional insights over time.”
With over 95% of the U.S. real estate data in the MoxiCloud, the predictions give a clear, unique picture of the future. The Home Sales Predictor leverages data from agent activity inside the MoxiWorks suite of products. MoxiWorks’ data team analyzes this data and is able to correlate the activity to closed listings two months into the future.
“What’s unique about MoxiWorks is our ability to tie customer transaction data to product usage. It’s a Data Scientist’s dream,” said Ali Lundberg, Lead Data Scientist, MoxiWorks. “Lots of software companies gather data on the usage of their products but they can’t compare it to the work of their customers. This ability has been the key to making our products more beneficial to agents, giving our customers insights on how to better their business, and now, with the Home Sales Predictor, we are able to give our customers insights to their market. This is just the beginning of what MoxiWorks is hoping to predict.”
The MoxiWorks Home Sales Predictor is published for free to subscribers every month. To learn more about the predictor, or to subscribe, 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. Find more information at moxiworks.com.
*Press release originally appeared on PRNewswire.
MoxiWorks adds to leading suite of technology, acquires reeazily
The enterprise back-office solution will become part of the MoxiWorks slate of products driving brokerage profitability through higher productivity
SEATTLE, Wa. (Oct 22, 2021) – MoxiWorks, the leading real estate technology platform, announced today they have acquired reeazily, an enterprise back-office solution that helps manage real estate transactions across the entire real estate organization. The financial terms of the deal were not disclosed.
Reeazily, like MoxiWorks, was born out of real estate for real estate. The company was founded in 2005 out of the need to develop a better system for franchise membership management, billing, and reporting for their clients at RE/MAX Northern Illinois. Over the last 16 years they have continued to evolve and enhance their products. Now, on its fourth generation, reeazily includes a complete brokerage back-office solution, broker.ez®, which integrates QuickBooks Online for accounting. Reeazily also integrates with DocuSign, SkySlope and Dotloop for transaction document management, all of which are existing partners in MoxiWorks’ MoxiCloud Partner Program.
“We are so thrilled to welcome not only the reeazily products into the MoxiWorks universe, but the whole reeazily community,” said York Baur, CEO MoxiWorks. “reeazily has been a partner in our MoxiCloud partner program for over three years and we’re excited to expand our product offering as we integrate them fully into our products.”
The entire reeazily team will be joining MoxiWorks and will become Moxians. reeazily CSO and co-founder Casey Reagan, will stay on board as MoxiWorks’ Director of Product Management for back-office solutions, helping to drive innovation.
“We recognized a common focus on client service and drive to get things done at MoxiWorks,” said Reagan. “That drive made it clear there is amazing synergy and that the Moxi culture was an amazing fit for us. We are excited to join the team.”
Reeazily products will add to MoxiWorks’ array of solutions including MoxiWorks’ sphere-based CRM, MoxiEngage, leading CMA interactive presentation product, MoxiPresent, as well as their recruiting system, MoxiTalent, marketing suite, MoxiImpress and websites platform, MoxiWebsites alongside their renowned MoxiCloud open platform.
MoxiWorks acquired marketing automation platform, Imprev in November of 2019 which has expanded MoxiWorks’ marketing offering, MoxiImpress, powering agent marketing efforts though the complete automation of listing materials.
As for future acquisitions, Baur shared, “We plan to continue to help consolidate the highly fragmented real estate tech market as the industry matures. We are highly selective and believe it’s important to keep the long-term interests of the residential real estate brokerage to heart. We will look for acquisitions that help further that cause and reinforce the amazing customer loyalty that MoxiWorks enjoys as a result of great products on an open platform, backed up by great support.”
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.
About reeazily
Created as a solution for RE/MAX Northern Illinois in 2005 to manage their franchisor operation, it supported a network of independent offices closing with as much as $380 million in commission. reeazily was spun off in 2018 to focus on delivering better brokerage and franchise systems. reeazily is closing thousands of transactions monthly from coast to coast.
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.
*Press release originally appeared on PRNewswire.
Back to School, Back to Business, Back to…Normal?
September 2021 – The MoxiWorks Home Sales Predictor delivers monthly predictions based on agents’ activity inside our suite of products
The first day of Fall isn’t until next week on the 22nd, but in many parts of the country it’s already starting to feel like the autumnal months have begun with kids going back to school (either in person or via the web), getting back to the grind ourselves, and for me personally, the start of football season.
It’s been a really strong Summer of home sales and while a bit of a seasonal slowdown is ahead, it’s not as much as you might think. 2021 continues to keep us on our toes.
For a quick review of the past few months, you can read July and August’s reports here and here.
August Home Sales
August, the month of last-minute vacations and usually less time spent staring at our screens, still resulted in almost 600K home sales across the country, which means we were within 1% of our prediction at 594K home sales. That’s a 3% decrease in home sales from July and no change year-over-year.
Now, historically speaking, the change of the season usually means we see a change in the amount of monthly home sales. On average we’ve seen a 14% decrease in home sales month over month when the calendar rolls over from August to September (2020 was of course an exception when home sales stayed the same at 595K between August and September). This year we are expecting to see only a 5% decrease in home sales month over month from the 594K home sales we saw in August this year.
September/October Prediction
Source: MoxiWorks Home Sales Predictor – SEP 2021
So as you can see, September will drop only marginally compared to previous years. We should see a 5% decrease both month over month and year over year. Looking to October we expect to see the number of home sales creep back up with a 1% increase from September with 569K home sales.
There are quite a few theories about why we don’t expect this seasonality to behave as it normally does for both September and October including the following:
- While home price appreciation isn’t expected to drastically drop anytime soon, according to Mike DelPrete’s most recent report, it is definitely going to start decelerate. NAR, also reported this week that they are starting to see housing affordability increase which means both of these impacts will start to (slowly) swing the market back more towards a buyer’s market.
- Inman is reporting homebuyer sentiment ticking back up for the first time this year since March which could be interesting for how that effects any inventory coming on the market.
- On the more somber side, Fortune reported this week, the mortgage forbearance program is ending September 30th and Zillow says, “25% of the 1.7 million borrowers still in forbearance are likely to list their home for sale.” While that isn’t a number that will solve the inventory shortage, it will add a decent amount of homes on the market for September and October.
What about the remainder of 2021?
Based on everything we have seen this year, we predict there will be 6.8 million home sales in 2021 almost equalling the all-time peak of 7 million home sales in 2005. While time will of course tell if this pace will truly continue, it appears there are many homes still to be bought and sold this year. What are you and your agents doing to take advantage?
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.
