Archives August 2020

Here’s how to use passive real estate investing in your portfolio.

Investing in real estate can be a smart move if you’re interested in creating new income streams. “Real estate can be a great way to generate passive income that’s not dependent on your principal employment,” says Rick Myers, founder and president of Integrated Financial Services in Grand Rapids, Michigan. As a landlord, you can reap the dual benefits of appreciation from your investment and ongoing rental income. That can help to ensure a more comfortable retirement or help to keep you afloat if an economic downturn results in the loss of your primary job. If you’re interested in using passive real estate investing strategies in your portfolio, here are seven rules to follow.

Pick your game plan.

Investing in real estate for passive income isn’t one-size-fits-all. Before wading in, first figure out what strategy fits best, says Colton Brausen, commercial broker for Kris Lindahl Real Estate in Minneapolis. For example, consider whether you’re more interested in owning an apartment building or multifamily home to generate real estate passive income versus a commercial building in which you’re dealing with business tenants. Also think about how involved you want to be when it comes to things like collecting rent or handling repairs, and whether you’d prefer to hand off those duties to a property management company. “There is no right answer,” Brausen says. “It depends on you as the investor and where your comfort lies.”

Passive doesn’t mean hands off.

Generating real estate income passively can help you make money in your sleep, but it requires putting in some work up front to get that income flowing. “Too many people are passive about the investment decisions themselves, and that can lead to very active headaches,” says Adam Kaufman, co-founder and chief operating officer of ArborCrowd, a real estate investment firm. While there are plenty of opportunities to create passive income, rental property investors can’t skip out on due diligence. Kaufman says investors should be proactive in thoroughly researching investment properties. That means asking questions about the property and the seller before committing to the purchase. And if the answers you get leave you with even more questions, you should probably move on, he says.

Diversification matters as much as location.

When using real estate for passive income, it’s important to consider the level of diversification in your portfolio. “Investing in a portfolio that’s diversified by property type, tenant mix and geography will greatly increase the probability that it will provide a stable and predictable stream of income over the long term,” says Scott Bennett, a real estate advisor with Wells Fargo Private Bank. Depending on how much you have available to invest in passive real estate, that may mean owning multiple rental properties. Or you could choose to spread your investment dollars across different real estate mutual funds, real estate investment trusts or crowdfunded rental properties. Diversifying real estate income streams is key to balancing risk and reward.

Pay attention to real estate market trends.

Certain segments of the real estate market may perform better than others during periods of market volatility or broader economic shifts, such as a recession. For instance, Jeff Holzmann, CEO of IIRR Management Services, points to the multifamily sector as potentially being more resilient than commercial properties such as hotels or office buildings during challenging economic environments. While multifamily housing isn’t completely risk-free, it may offer better opportunities for returns if demand for residential rental units remains high. Learning how various parts of the real estate market react to changing economic conditions can help you find the best opportunities to keep passive real estate income coming in consistently when the country is experiencing a downturn.

Choose the right capital sources.

When buying real estate for passive income, taking out a loan is an obvious choice — but don’t overlook the benefits of leveraging retirement assets to create rental income. “A self-directed IRA gives you the opportunity to make investment decisions in areas based on your knowledge and expertise,” says Kelli Click, president of Strata Trust. You can use a self-directed individual retirement accountto purchase residential rental properties, commercial rentals or even land to generate passive income. Leveraging IRA assets can help you avoid taking on debt and having interest payments on a loan detract from your returns. There are certain IRS rules you need to follow when taking this route, so Click suggests bringing a third-party property manager on board to avoid overstepping.

Know your time horizon.

Passive real estate investing is something you could include in your portfolio for years to come, but it’s important to know your time horizon when deciding which properties to invest in. “High-quality real estate is more illiquid in nature and designed for the long term,” says Peter Brunton, chief investment officer at Strategic Wealth Partners. That means if you anticipate needing the cash you’re planning to invest in a rental property in the next five to 10 years, you’ll need to think ahead about how easy it will be to eventually offload that asset. Again, that goes back to performing due diligence and studying market trends so you have an idea of what demand for the property will be like down the line.

Professional help can make passive real estate investing easier.

Whether you’re investing in real estate for passive income for the first time or you have several years of experience owning rental properties, consider calling in the professionals for help. That starts with connecting with an experienced agent who can walk you through the pros and cons of various investment options, Brausen says. Once you find a rental property for passive income, your team may expand to include a property manager, real estate attorney and contractors to get the property in shape or keep it maintained. Some of your profits will go toward paying them, but it can be well worth it if you’re able to generate real estate income without doing any heavy lifting yourself.

Seven rules for using real estate investments for passive income:

— Pick your game plan.

— Passive doesn’t mean hands off.

— Diversification matters as much as location.

— Pay attention to real estate market trends.

— Choose the right capital sources.

— Know your time horizon.

— Professional help can make passive real estate investing easier.

https://www.yahoo.com/news/7-rules-using-real-estate-195857647.html

If you’re an aspiring real estate investor, building good habits will be the core foundation to your success.

From the moment you rise to the time you go to bed, outlining your day will make you more efficient and more effective at your job.

Here is a game plan to implementing habits to develop to put you on your path to achieve your real estate investment goals.

HAVING A SCHEDULE

Having a daily routine of planned activities will help you get into a rhythm.

Waking up at the same time, going to the gym daily and even planning your meals are great for building structure.

Setting a schedule will help you clear your mind, giving you laser focus.

The side benefit of such a structure is you will not be worrying about whether you forgot to do something.

There are many scheduling, CRM and organization tools you can install on your phone and computer, making it easier than ever to stay organized.

These tools will send you reminder messages so you don’t miss an important meeting or appointment.

FIND A NICHE

There is an ocean of property types and investment strategies out there.

The world is a complicated place, finding a niche helps simplify life.

Pick one type of property or strategy to invest in; this will give you an identity and make you an expert in the niche you choose.

For example, if you work in rehabbing single family homes in a certain area, over time you will become an expert in this industry and will know what to look for in regards to the local market.

Developing strong relationships with property brokers, contractors and lenders will be beneficial to your success.

For example, a great relationship with a property broker may result in access to insider pocket listings unavailable on the MLS.

Go with what you know! Try to stay away from projects outside your niche as this can become time consuming and bring on unnecessary risk.

SETTINGS GOALS

Great real estate investors set short and long term goals.

For instance, a long term goal might be turning over 1 fix and flip every month or earning $200K profit per year.

A short term goal might be going to the gym every 2 days for a month.

Humans thrive with goals, having a target to aim for will help you orientate yourself towards a brighter future and help you avoid complacency.

PERSEVERE THROUGH DOWN MARKETS

Real estate markets, like all markets, are cyclical.

Like a surfer, learn to ride the highs as well as the lows.

Position yourself to withstand an unexpected downturn in the real estate market as it is inevitable.

And don’t be discouraged if you have a few bad years, stay positive and find ways to persevere.

GO TO SCHOOL

Getting higher education is a valuable tool. Becoming more knowledgeable could open up various job opportunities throughout the real estate industry.

People with degrees often get promoted and have higher incomes than those without.

According to APLU.org, high school grads earn 62% of what a college graduate earns.

DIVERSIFY

Rule No. 1: Never lose money.
Rule No. 2: Never forget rule No. 1.

– Warren Buffet

The number one rule of investing is preservation of capital. The easiest way to achieve this is through diversification.

Don’t put all your eggs in one basket and consider partnerships if necessary to diversify into multiple projects.

This will balance out your portfolio in the case one of your assets is underperforming.

PATIENCE

Patience is a virtue. Real estate markets have been around for eons and will always be cyclical.

What is valuable today is worthless tomorrow. Avoid buying at the top of the market, and try getting into up-and-coming neighborhoods, or buying when you think a recession is at the bottom.

Therefore, don’t chase deals. Have cash reserves ready for a drop in the market, in order to capitalize on bargain deals.

WORK SMARTER NOT HARDER

Know your priorities and limitations. Be efficient and do one thing well, outsource the tasks you struggle with.

Don’t scoff at the idea of getting some outside help. When blocked on something ask for feedback.

Not a web developer? Don’t try to build everything yourself. Trim the fat and focus on your money makers.

CREATE PASSIVE INCOME

Creating passive income helps you leverage your time and is one of the most powerful income generating strategies in the world.

If you have a solid rental business setup and organized, you will have a lot more time to focus on developing other businesses or living a more fulfilling life.

HIRE THE RIGHT TEAM

Paying employees a little more than competitors can be beneficial in the long run.

Hiring competent people to make difficult decisions on your behalf will not only benefit your business but also give you more time to do the things you love.

Additionally, turnover in any business can be costly due to the training time for new employees, so it’s best to find great employees and stick with them.

10 Habits of Successful Real Estate Investors

Our research team releases regular monthly housing trends reports. These reports break down inventory metrics like the number of active listings and the pace of the market. In light of the developing COVID-19 situation affecting the industry, we want to give readers more timely weekly updates. You can look forward to a Weekly Housing Trends View near the end of each week along with weekly coverage from our Housing Market Recovery Index and a weekly video update from our economists. Here’s what the housing market looked like last week.

Weekly Housing Trends Key Findings

• Median listing prices grew at 10.1 percent over last year, the fastest pace of growth since January 2018. After yet another tick up, home asking price growth continues to surprise on the high side. Sustained price gains come as a result of still highly constricted levels of supply and unwavering demand. With sellers gaining leverage, buyers are now contending with rapidly accelerating competition. 
• New listings were down 11 percent. Improvement to new listings lost some momentum this week but the overall four week trend points to improvement in the horizon. The small number of homes for sale has been a key limiting factor for buyers in the market, so continued recovery in new listings is key for home sales in the coming months. 

• Total inventory was down 36 percent. With the number of active buyers growing rapidly and beyond seasonal normals, more deals are taking place late in the summer. That continues to put a dent on overall inventory volumes. 
• Time on market is still 4 days faster than last year. In addition to the sellers’ market pressures, in which homes sell quickly after listing, measured time on market is also dropping as the share of fresh listings rises Traditionally, market velocity peaks in May, but this year we’re seeing that peak evolve during August.

Data Summary

	Week ending Aug 15	Week ending Aug 8	Week ending Aug 1	First Two Weeks March
Total Listings	-36% YOY	-36% YOY	-35% YOY	-16% YOY
Time on Market	4 days faster YOY	4 days faster YOY	4 days faster YOY	4 days faster YOY
Median Listing Prices	+10.1% YOY	+9.9% YOY	+9.4% YOY	+4.5% YOY
New Listings	-11% YOY	-6% YOY	-11% YOY	+5% YOY

Weekly Housing Trends View — Data Week August 15, 2020

With mortgage rates hovering around historic lows, now is a great time for many people to become first-time homebuyers.

But, if you don’t have healthy savings built up in your bank account, you may be thinking about tapping your 401(k) balance to make a down payment. You are, technically, allowed to do that, but experts generally agree that drawing from your retirement savings is not the best way to achieve homeownership.

If you’re thinking of going down that path, here are some considerations, and a few alternatives.

What’s involved in dipping into your 401(k) to buy a house

Federal rules allow you to borrow up to $50,000 or half the value of the account, whichever is less, to use the money for a home purchase. You won’t owe a 10 percent penalty on the withdrawal if you’re under 59.5 years of age. You can repay the money without having to pay taxes.

However, if you lose your job the money will have to be repaid by your next federal tax return or it will be considered a withdrawal and you’ll be taxed on the sum at your full rate, plus that penalty. In addition, many plans won’t let you make new contributions until you repay the loan.

So this loan can be costly in terms of what you won’t be saving, as well as possibly forgoing a company match on your contributions.

Why borrowing from a 401(k) is a bad idea

“Leave retirement money for retirement,” said Greg McBride, Bankrate’s chief financial analyst.  “There are plenty of other low down payment options, particularly for first-time homebuyers.”

Drawing funds from your 401(k) account is essentially a permanent setback to your retirement finances. “The money you take out, even if you later put it back in, that’s just money you’re replacing,” he said. “You’re always going to be behind where you could have been.”

Cathy Pareto, president of Cathy Pareto and Associates, a Coral Gables, Florida-based financial advising firm, agrees that using 401(k) money toward purchasing a house is ““probably not the best use of those dollars.” She also underscored the logic that that money, once spent, can never fully be recouped.

‘The time value of money is critical to the growth of a portfolio,” she said. Taking money out of a retirement account prevents it from compounding interest. The 401(k) allows employed people to set aside part of their salary tax-free and let that money grow tax-free until it’s withdrawn at retirement. As of June 2020, some $28 trillion is salted away in these accounts.

Plus, Pareto added, some 401(k) plans won’t let you borrow money anyway.

If you have to rely on your 401(k) money, save more before becoming a homeowner

“The ability to save consistently is an important determinant of success as a homeowner,” McBride said. “If you haven’t figured out how to save money before you buy the house, you are not going to figure out afterwards.”

Owning your own home requires financial discipline beyond just saving enough for a down payment.

Unexpected repairs can pop up at any time when you are your own landlord, and you’ll also have to pay for property taxes and other expenses, including possible HOA fees on top of your monthly mortgage payments.

“If you’re having to stretch to buy the house, you have to do a cost-benefit analysis.” Pareto said. “If you’re going to have to commit financial suicide for that, I’m not sure that’s the best decision.”

Alternatives to drawing from your 401(k) to buy a house

“If you’re stretching to buy a house and you don’t have the capital outside of a retirement plan, it begs the question: can you afford to buy the house?” Pareto said. It’s best to build up your other savings accounts before you buy a house. “Maybe minimize what they’re contributing to the 401(k) until they can sure up capital.”

McBride agrees. “If you don’t have a demonstrated track record of saving money, that’s something you want to establish before you take the plunge into homeownership,” he said. “Buying before you’re financially ready can really limit your financial capabilities. Everything about owning a home costs money.”

But, he said, even if you have small balances in your savings accounts, you may still be eligible to buy a home with a down payment smaller than the standard 20 percent.

Especially for first time homebuyers and other qualified applicants, there are a number of federally-subsidized programs that can help you realize that goal, including FHA and VA loans.

Bottom line

Relying on your 401(k) to finance a home purchase is almost never the right decision for most homebuyers. Instead, you’re better off focusing on growing the rest of your portfolio, and earmarking a regular savings account for a downpayment in the future.

https://www.bankrate.com/mortgages/401k-to-buy-a-house/?pid=email&utm_campaign=ed_ho_wkn&utm_medium=email&utm_source=email&utm_adgid=1459842&brid=dd1107ed59d256c8337ffacce2acdbc9136d83ef66208311fa6ce29c124ce2d4

The average closing costs for a mortgage refinance are about $5,000, though costs vary according to the size of your loan and the state and county where you live, according to data from Freddie Mac. Generally, you can expect to pay 2 percent to 5 percent of the loan principal amount in closing costs. For a $200,000 mortgage refinance, for example, your closing costs could run $4,000 to $10,000.

CLOSING COSTS	FEE
Application fee	$75-$300 or more
Origination and/or underwriting fee	0.5%-1.5% of loan principal
Recording fee	Cost depends on location
Appraisal fee	$300-$400 or more
Credit check fee	$25 or more
Title services	$700-$900
Survey fee	$150-$400
Attorney/closing fee	$500-$1,000

How to lower the cost to refinance

There are many ways you can keep costs down when you refinance your mortgage.

1. Boost your credit score

The better your credit, the lower the interest rate you’ll qualify for when refinancing. To get the best rate you can, work on improving your credit before you start applying to refinance. Check your credit report at AnnualCreditReport.com and review it for errors. If you spot a mistake, you can dispute it by contacting the credit reporting agencies (Equifax, Experian or TransUnion). Maintain your credit by paying all of your bills on time, keeping your credit card balances well below the limit and paying more than the minimum amount, if possible.

2. Compare mortgage offers and rates

Shop around to compare refinance rates and terms from several banks and mortgage companies. You can work with a mortgage broker to get a range of offers. Don’t skip consulting with your existing mortgage lender, either — as a repeat customer, you may be eligible for discounts or special deals that could substantially lower your overall costs.

3. Negotiate closing costs

As with your first mortgage, look closely at the loan estimate from your lender to see the breakdown of costs. You may save yourself some money by negotiating closing costs, especially if you’ve shopped around and have more than one refinance offer in hand. If some fees seem unusually high, including the application fee, underwriting fee or rate-lock fee, it’s worth questioning the lender to see if these can be lowered.

“Your best course of action is to do some comparison shopping,” says Kim Bragman, chairman of the San Antonio Board of Realtors. “It’s not so much about negotiating as it is shopping around for the best prices, both in terms of interest rates and closing costs.”

4. Ask for fee waivers

In the same vein, ask your bank or lender if it will waive or lower the application fee or credit check fee. You can also see if it will let you forgo a new home appraisal or survey if you’ve recently had one done. Your lender may be willing to work with you, particularly if you’re an existing customer.

5. Assess whether to buy mortgage points

If you want to lower your closing costs, consider whether buying mortgage or discount points is worth it. While buying points lowers your interest rate, it’s usually best only when you expect to own the home for a long time. You can use Bankrate’s mortgage refinance calculator to help determine whether it’s worthwhile to buy points when refinancing.

6. Go with your original title insurer

You can try to cut down your title services costs by asking your current title insurance company how much it would charge to reissue the policy for your refinanced loan. Doing this may cost less than starting over with a new company or policy.

7. Consider a no-closing cost refinance

If you’re low on cash, consider a no-closing-cost refinance. It isn’t free, but it means you won’t have to pay fees at closing. Instead, the lender will either raise your interest rate or fold the closing costs into the new loan.

The advantage of a no-closing-cost refinance is that you don’t have to come up with thousands of dollars to pay the fees at the loan signing. The downside, however, is that you may end up paying more over the life of the loan.

“It really depends on how long you plan on being in the house,” Bragman says. “If you choose to forgo closing costs but have a high interest rate on the loan, this can add up and you could end up paying more in the long run.”

Bottom line

Closing costs on a refinance can be substantial, so take time to shop around for a favorable offer and compare loan estimates to understand all of costs involved. It’s worth trying to negotiate with the lender, as well, as sometimes closing costs can be waived or lowered.

https://www.bankrate.com/mortgages/how-much-it-costs-to-refinance/?pid=email&utm_campaign=ed_ho_wkn&utm_medium=email&utm_source=email&utm_adgid=1422346

The COVID-19 pandemic has had a massive impact on the U.S. economy, from healthcare costs to the job market. After the initial lockdowns in March, even the housing market, which had been on a pronounced upswing for several years, looked to be trending downward. After a brief plunge, the housing market has come roaring back nationally; pending sales plunged in April to rock-bottom levels, but they rebounded to exceed last year’s levels. Studies have shown that, during the downturn, the market didn’t necessarily suffer any fundamental damage; buyers and sellers had simply withdrawn from the market to wait out the uncertainty. When listings began increasing again, the market rebounded, and the checkmark-shaped recovery many experts predicted is fully underway.

A new study from Clever Real Estate looks at how the recovery is affecting different U.S. markets and finds some striking divergences. Despite the pandemic economy, many markets still have fundamental conditions — very high demand and very low inventory — that are favorable to growth, and a lot of those markets have set record-high prices in recent months, too.

But that’s not the story everywhere. Some cities are seeing the opposite situation: higher inventory and low demand. And, predictably, prices in those markets are dropping. This creates a rare and valuable opportunity for investors and aspiring landlords who are willing to put money into a shaky market.

So, what are these cities, and just how much profit potential do they have? Let’s run down the top five cities that have seen the biggest drops in demand as a result of the COVID-19 lockdowns and why they’re such great investment opportunities.

How Were These Markets Measured?

Our basic metric for looking at the following markets combines three main factors: the percentage of homes that sell within two weeks of being listed, median days on the market, and the contract ratio, which is the ratio of pending sales to active listings. If there are significantly more listings than sales in a market, we can assume there’s low demand relative to supply. A higher ratio, where there’s closer to one home going under contract for every one listing, implies high demand.

In a typical year — 2019, for example — the contract ratio increases as the market heats up in the spring and summer months and home buyers are prevalent. As demand increases, homes sell rapidly, lowering the median days on the market. This year was following that pattern until March, when the contract ratio plummeted at the beginning of lockdown. The market has since recovered to exceed 2019 levels, and then some — the percentage of houses on the market for fewer than two weeks is significantly greater than last year, with quick sales during the week of June 15 exceeding last year’s levels by a staggering 34%. Brisk sales equals higher demand — and happier buyers, sellers, and brokers.

But while the overall picture is rosy, some markets are lagging. These represent the biggest opportunities for investors.

1. Tulsa, OK

Tulsa’s seen the biggest drop in demand of any metro market that was studied and was the only market that saw a decrease in every metric examined.

Tulsa’s contract ratio (pending sales to active listings) decreased by 80% since mid-April, and the proportion of homes sold within two weeks dropped by more than 50% between April and June; this is a market in extreme slowdown.

And because Oklahoma’s coronavirus numbers have only recently begun to peak, Tulsa’s contract ratio is plummeting, while most of the rest of the country is heading up. This is a buyer’s market, with sales way down and homes languishing on the market. A savvy negotiator could come away with a rare deal.

2. Salt Lake City, UT

Utah’s capital had one of its best years ever in 2019 but, like Oklahoma, has been hit hard by a late surge of coronavirus cases. Salt Lake City’s contract ratio has fallen off a cliff, worsening by 40%, with pending sales declining by almost two-thirds between May and June. The number of homes sold within two weeks has also decreased by 57%.

But, like a lot of real estate markets — hot and cold alike — prices haven’t yet declined. Median listing prices were up almost $30,000 in June compared to April, and the percentage of sellers who are dropping their prices has decreased. But with a paralyzed market and coronavirus numbers trending upward, it’s unlikely that prices will stay high for long, especially when you consider that SLC homes are already lingering on the market longer.

3. Tucson, AZ

Tucson’s a unique case; while housing supply there has decreased year-over-year by more than 25%, demand has also dropped by a comparable amount. The decline in demand started in April and picked up speed in June, when coronavirus cases in Arizona began increasing exponentially. Sales are way down, and homes are sitting on the market for 4 days longer, on average — a nearly 9% increase in a very short period of time.

Like a lot of other cities on this list, prices are up slightly, with median listing prices increasing by just over $10,000, but the underlying market conditions don’t support sustained gains.

4. Virginia Beach, VA

Virginia Beach has long been known as a great city for first-time home buyers, with great livability and affordability, but the Virginia Beach market looks primed for a slowdown. Demand is down, prices are up, and the percentage of active listings pulled off the market shot up by a staggering 137% between late March and mid-June. While the national market is emerging from its slumber, Virginia Beach sellers seem to be pulling back.

Median listing prices for Virginia Beach are up $13,900, and the percentage of sellers who are cutting their list price has decreased by just over 24%. The patience of Virginia Beach sellers is paying off, for now, but can it last?

5. Cincinnati, OH

Cincinnati is another unique case. Home values in the city have rocketed up in the past few months, from just over $180,000 in April to over $215,500 in mid-June. According to Business Inside, Cincinnati is in the top five U.S. cities for price recovery.

But by other measures, the Cincinnati market is looking quite weak. Homes are spending about 29 days longer on the market, on average, and the percentage of homes that sell within two weeks has dropped by nearly 61%. If demand continues to slide, and prices continue to shoot up, Cincinnati could find itself in a malaise — and then a downturn.

https://thinkrealty.com/5-markets-killer-deals-covid/?vgo_ee=C4rCwPyiSArJ%2B1aif%2BND9bg2ZiOyuR5N90G0YlW39rQ%3D

Our research team releases regular monthly housing trends reports. These reports break down inventory metrics like the number of active listings and the pace of the market. In light of the developing COVID-19 situation affecting the industry, we want to give readers more timely weekly updates. You can look forward to a Weekly Housing Trends View near the end of each week along with weekly coverage from our Housing Market Recovery Index and a weekly video update from our economists. Here’s what the housing market looked like last week.

Weekly Housing Trends Key Findings

• New listings were down 11 percent. The gradual improvement in the trend of new sellers listing homes continues as homeowners see price gains and fast selling properties. Despite most owner expectations to the contrary, the data suggest now is a fine time to sell because buyer confidence is high and mortgage rates are low which will help drive continued price increases. 
• Total inventory was down 34 percent. Home buyers continue to take advantage of record-low mortgage rates, even in a challenging economic environment. That’s leading to a smaller number of for-sale homes despite improvements in the new listings trend. 
• Median listing prices grew at 9.1 percent over last year for the second week in a row, as the number of buyers pushes prices up faster than the pre-COVID pace.
• Time on market is now 4 days faster than last year. With mortgage rates still low and for-sale homes limited, buyers are shopping with a sense of urgency that propels a quick pace–faster than a year ago and back to the pre-COVID trend–nationwide and in many metros.

Data Summary

	Week ending July 25	Week ending July 18	Week ending July 11	First Two Weeks March
Total Listings	-34% YOY	-33% YOY	-32% YOY	-16% YOY
Time on Market	4 days faster YOY	1 day faster YOY	1 day slower YOY	4 days faster YOY
Median Listing Prices	+9.1% YOY	+9.1% YOY	+7.9% YOY	+4.5% YOY
New Listings	-11% YOY	-15% YOY	-19% YOY	+5% YOY

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Weekly Housing Trends View — Data Week July 25, 2020