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April 2023

T3 Insight Monthly Executive Brief

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The industry has so many stories, blogs, press releases and announcements each month that we all struggle to digest the information and distinguish between truly meaningful developments and hype or advertisement. Here are this month’s articles.

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April 2023
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VIDEO: Inside the 2023 Mega 1000

The Mega 1000 provides countless data and information to help industry leaders digest where the industry is and is heading. In this video presentation, T3 Sixty provides an overview of the 2023 report and dives into some of the key takeaways from the sixth annual release.
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April 2023
]

A digest of the trend of brokerage concentration

The 2023 Mega 1000 reveals how production continues to concentrate among the nation’s largest brokerages. This article presents a digest of the data behind that trend.
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April 2023
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Rethinking the term ‘independent brokerage’

T3 Sixty does not identify independent brokerages in its Real Estate Almanac rankings or consider them separately for its industry research and analysis. Here’s why.
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In addition to the three deep-dive articles above, T3 Sixty has, in addition, identified a collection of noteworthy articles from various news sources. Here are those honorable mentions.

A tumultuous time for buyers – and sellers

  • Article available on New York Times
Buyers are grappling with high prices, rising interest rates and low inventory, while sellers face price peaks and the prospect of higher mortgage rates on their next home. The effect is a topsy-turvy market in which both buyers and sellers face significant hurdles to meet their real estate needs. In times like these, brokers and agents need to provide savvy advice and insight to clients to successfully realize their real estate goals.
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CoStar Group reports 1Q revenue growth

  • Article available on Real Estate News
CoStar Group, which owns real estate portal Homes.com and real estate agent marketing tool Homesnap, reported first quarter revenue of $584 million, a 13% increase from the same period in 2022. Its net income of $87 million in the quarter represented a slight decrease from $89 million in first quarter 2022. The company, which acquired Homes.com in May 2021, reported that Homes.com achieved 27 million unique visitors in March, more than 4X the 6 million it had when it acquired the portal. The company has expressed big plans for the portal as it reworks the product into its well-established advertising-based portal playbook. https://www.realestatenews.com/2023/04/25/costar-beats-expectations-increases-revenue-by-13
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Homeownership builds wealth, but not all groups benefit equally

  • Article available on NAR
Homeownership rates closely track with income but the benefits differ by race, according to a recently released NAR study. Just 47% of low-income households (defined as income no greater than 80% of area median income) own their home. That number rises to 69% for middle-income households and 87% for those at the upper-income level. With homeownership rates of just 44.9% and 48.5% respectively, Black and Hispanic households continue to significantly trail the rates of white and Asian households, which are currently at 74.5% and 61.9%, respectively.
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Opendoor cuts 22% of staff

  • Article available on Real Estate News
Opendoor announced a cut of 560 employees, about 22% of its staff, in mid-April. It had already cut 550 employees in November. The pioneer iBuyer is attempting to find its footing as it works to reorient its company around a new marketplace initiative and leans into its Exclusives strategy, in which it lists homes it owns on its site first before listing in the MLS.
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FTC works to block acquisition of MLS tech provider Black Knight

  • Article available on Inman
The U.S. Federal Trade Commission seek a preliminary injunction to stop the $11.7 billion acquisition of mortgage tech provider Black Knight by Intercontinental Exchange. The FTC wants more time to investigate acquisition – it is planning to begin review of combination on July 12. The investigation centers on Black Knight’s loan origination system and the potential reduction in competition if ICE completes the acquisition. Black Knight, a public company traded on the New York Stock Exchange under the BKI ticker, makes the popular Paragon MLS system.
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