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June 2022

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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June 2022
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Inside one MLS’s expansion push

MLSs and brokers are also collaborating in new ways to advance MLS service into a modern business that consumers need and want. This article dives into one strategy unfolding in Tennessee.
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June 2022
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The present and future of real estate data standards

Real estate data standards play a key role in helping push the industry data and technology forward. This article highlights where it is in its effort to provide and implement data standards across the industry.
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June 2022
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Diving into a leading indicator of homebuyer demand

As the market swirls with seemingly conflicting trend lines of increased prices, low inventory and low days on market, this article explores a leading indicator of homebuyer demand in three markets.
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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.

Redfin, Compass announce layoffs

  • Article available on CNBC
Citing a slowing economy, Redfin and Compass announced layoffs of approximately 8 percent and 10 percent, respectively. In addition, Compass announced the closing of eight offices and plans to shutter Modus, the title company the firm acquired in 2020. Many real estate companies are reading the inflation and rising interest rate tea leaves, and preparing their businesses for a cooler real estate market. These types of changes at public companies such as Redfin and Compass provide a window into the kinds of adjustments many real estate companies are now faced with.
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Lumber prices drop

  • Article available on Fortune
After great demand and supply-chain issues pushed lumber prices very high since the pandemic emerged, the last few months have seen prices drop, according to Nasdaq data. In January, lumber prices reached a height of $1,329 per thousand board feet but had fallen by over 50 percent in late May. The increased price of building materials due to imbalanced supply-demand metric of homes has been one big factor in stymying building, a critical relief valve in increasing the nation’s housing inventory.
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More sellers lowering prices, as interest rates impact prices, buyer demand

  • Article available on Redfin
In the four weeks through May 29, over a fifth of sellers dropped their list price, a 2022 high and the highest percentage in any four-week period since October 2019, according to Redfin data. While the supply-demand curve is shifting slightly more in favor of buyers, buyers are contending with rising interest rates and, still, a relative dearth of homes for sale.
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A review of NIMBY-ism

  • Article available on New York Times
A trend of local communities pushing for slow growth and burdensome building and development protocols – known as the Not In My Backyard (NIMBY) movement – has played a significant role in the way many towns and cities manage growth and how, where and how much it costs for homebuilders to build homes. This article provides a deep first-person reported view of the NIMBY perspective, which provides insight into the passions behind the movement, and how it may evolve.
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Home sales fall, while prices continue to rise

  • Article available on NAR
The median existing-home price was $391,200 in April, up 14.8 percent from April 2021, marking 122 consecutive months of annual home price increases, the longest on record, according to NAR’s recent existing home sales report. April home sales, however, dropped 2.4 percent in April from March, and 5.9 percent from the previous year, a slowdown NAR attributes to increasing interest rates. The market remains in flux, however, as listed homes still sell quickly, with April average days on market standing at 17 days, the same as March and April 2021.
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