Lot Lines: NAR commercial membership jumps

The median annual income and number of sales transactions of National Association of Realtors commercial members decreased slightly as the number of new members significantly increased in 2015, according to the 2016 NAR Commercial Member Profile.

The number of commercial members with less than two years of experience nearly doubled to 9 percent in 2016, from 5 percent in 2015. The annual study’s results represent Realtors, members of NAR, who conduct all or part of their business in commercial sales, leasing, brokerage and development for land, office and industrial space, multifamily and retail buildings, as well as property management.

The median annual income and number of sales transactions of National Association of Realtors commercial members decreased slightly as the number of new commercial members significantly increased in 2015, according to the 2016 NAR Commercial Member Profile.

“As the U.S. economy continues to experience strong, steady recovery, NAR has seen more and more members choose to specialize in commercial real estate,” said NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. “Realtors who practice commercial real estate help build and improve the economies of our local communities, so as a community’s commercial real estate market grows and improves, so does the local economy.”

The median years of experience in real estate dropped to 15 years in 2016 from 20 years in 2015, as did the median years of experience in commercial real estate, down from 25 years to 20 years.

The median gross annual income for commercial members in 2015 was $108,800, down from $126,900 in 2014. Brokers and appraisers reported the highest annual gross income at $145,800 and $130,800 respectively while sales agents reported the lowest at $$67,300, which is in line with last year’s results. Those with less than two years of experience reported a median annual income of $43,400 in 2015, down from $67,200 in 2014; and those with more than 26 years of experience reported a median annual income of $165,385 in 2015, up from $162,800 in 2014.

“The slight drop in annual income appears to be associated with a substantial number of new commercial members entering the industry,” said Lawrence Yun, NAR chief economist. “The report tells us that the more years of experience in commercial real estate a member has, the more revenue they take in.”

NAR: Proposed TRID changes a "significant victory"

The National Association of Realtors secured a victory in the changes announced Friday to the much-anticipated Consumer Financial Protection Bureau Know Before You Owe rule.

NAR first reached out to the bureau in a letter at the beginning of June that identified three issues its members were experiencing with TRID, along with suggestions to fix those issues that could be included in the coming rule adjustments.

One of those issues was on the rules around allowing lenders to share the Closing Disclosure form with “third parties” after receiving consent from the consumer.

In the letter, NAR explained that prior to the implementation of TRID, real estate agents helped their clients by answering questions about the HUD-1 form and reviewing terms agreed to in the sales contract including concessions, escrows, commissions and shares of prorated taxes.

While the form was routinely shared with agents in nearly all transactions before TRID, more than half of real estate agents surveyed said they have had “problems” getting access to the Closing Disclosure form since the implementation of TRID in October.

As a result, National Association of Realtors President Tom Salomone said that real estate professionals are even more likely to have issues getting access to the Closing Disclosure when settlement is delayed.

“This is an unintended consequence of the rule that needs clarification from the CFPB,” Salomone wrote in the letter. “NAR urges the CFPB to include language in the proposed rule stating that it is just as acceptable now as it was before Know Before You Owe for a lender to share the CD with third parties if the lender receives a consent form from the consumer.”

Today the bureau made public the changes it is proposing to the rule, and those show that the bureau listened to NAR’s request, as seen in this change:

Privacy and sharing of information:

The rule requires creditors to provide certain mortgage disclosures to the consumer. The bureau has received many questions about sharing the disclosures provided to consumers with third parties to the transaction, including the seller and real estate brokers. The bureau understands that it is usual, accepted, and appropriate for creditors and settlement agents to provide a closing disclosure to consumers, sellers, and their real estate brokers or other agents.

What this means:

The bureau is proposing additional commentary to clarify how a creditor may provide separate disclosure forms to the consumer and the seller.

Commenting on the new proposal, Salomone said, “Realtors have reported challenges gaining access to the Closing Disclosure ever since TRID went into effect, despite a long history of access to the substantively similar HUD-1. Today the CFPB acknowledged that concern by making it clear that it is appropriate and accepted for creditors and settlement agents to share the CD with consumers, sellers, and their agents.”

“That’s a significant victory that will help Realtors continue to provide the expert service their clients have come to expect. We appreciate the CFPB’s willingness to reconsider the TRID-related challenges our members face and will continue to monitor the progress on this important issue in the months ahead,” he continued.

Since the proposal is fresh, NAR noted that they “are continuing to review the proposed rule and will work with the CFPB to see these issues addressed when the rule comes out later this year.”

Business Briefs: West to speak at National Realtors Conference

Click photo to enlarge

ADAMS
West to speak at National Realtors Conference

Peter West, broker and partner of Bishop West Real Estate, will be a featured speaker at the 2016 Realtors Conference Expo, an annual conference produced by the National Association of Realtors.

The Realtors Conference Expo takes place Nov. 4-7 at the Orange County Convention Center West in Orlando, Fla.

West will present a session titled “Basic Principles to Equity Marketing.” It will focus on players, methods of acquisition and disposition, building and presenting a marketing package, counseling, and the use of real estate formulas to close transactions.

PITTSFIELD

New dentist joins family dentistry practice

Dr. Tina Zeng has joined the family dentistry practice of Dr. Natalya Yantovsky as an associate where she will be providing comprehensive dental care to children and adults.

Zeng earned her doctorate in dental medicine from Tufts University School of Medicine. She holds a Bachelor of Science degree in biology and neuroscience from Williams College and was involved in multiple research programs at the Harvard School of Public Health, Dana Farber Cancer Institute and Marine Biology Laboratory in Woods Hole.

ADAMS
Cataract and Laser Center achieves accreditation

Cataract and Laser Center Associates has achieved accreditation by the Accreditation Association for Ambulatory Health Care (AAAHC).

Status as an accredited organization means Cataract and Laser Center has met nationally recognized standards for the provision of health care set by AAAHC.

Not all ambulatory health care organizations seek accreditation; not all that undergo the rigorous on-site survey process are granted accreditation.

Founded in 1997, Cataract and Laser Center Associates is an outpatient surgical center specializing in ophthalmology.

LENOX
Cranwell names Rankin new executive chef

James Rankin has been named the new executive chef at Cranwell Spa Golf Resort.

A native of the United Kingdom, Rankin relocated to the United States at age 19. In the past 20 years he has accumulated executive and sous chef experience at different resorts in both America and England.

Special Report: Do Realtor associations offer more than just a bill?

Recent observers have noted the often-coercive nature of membership in a Realtor association.

Real estate agents and brokers want to do business, and in order to do that, most need access to their local MLS. Most of the nation’s 800 or so MLSs are operated by Realtor associations, and association membership is often required for MLS access.

The three-tiered structure of the Realtor organization usually means real estate professionals then pay dues to three Realtor associations: local, state, and national. MLS dues are usually charged on top of association dues.

There are 1.2 million Realtors nationwide. How does this lack of choice affect how agents and brokers feel about their Realtor associations?

How many don’t actually have a choice?

What would agents and brokers chang…

NAR’s Second Century Ventures Adds Top Industry Strategist Dave …

CHICAGO, July 28, 2016 /PRNewswire/ – Second Century Ventures, the strategic investment arm of the National Association of Realtors®, has selected Dave Garland – a respected industry consultant and investor – to join the firm. Garland will help set a forward looking direction for the venture capital fund, which develops early-stage technology companies, and guide its technology accelerator program, REach.

In this new role, Garland will search out and evaluate investment opportunities that promise to improve the global residential and commercial real estate industries. Under his guidance, SCV and REach will fund and nurture innovation that will make a positive impact on the day-to-day activities of NAR members.

“Partnering with a real estate executive who has practical brokerage, development and technology experience is a true win for NAR and the industry as a whole,” said Dale Stinton, CEO of NAR. “This is by far the strongest team we’ve ever put together at SCV and REach. Combined with the Realtor® brand, SCV continues to be the number one incubator of ideas and technologies in the real estate space.”

Garland will continue his work from his Silicon Valley office in Menlo Park, Calif., and report to SCV Managing Director Mark Birschbach. “As a mentor for REach®, Dave has already been playing an active role in the success of our companies, and behind the scenes, he has driven many of the industry’s biggest deals. We are fortunate to have him as part of our team,” said Birschbach.

Garland brings over 16 years of strategic advisory experience to numerous venture-backed, public and private real estate companies – bridging these entities with established brokerages and technology firms. As a startup investor, he sits on the boards of growing organizations in Silicon Valley. 

“Dave is an accomplished professional. He knows our industry from the street up to the very highest levels,” said Mike Ryan, RE/MAX, LLC executive vice president.  “He is a seasoned, knowledgeable broker with a stellar track record for identifying promising technologies and startups with a real future.” 

As an industry practitioner, Garland has acquired, owned and managed portfolios of single-family residential, commercial and development properties in 30 states.  During the housing crisis, he worked with several key organizations to create practical solutions for thousands of real estate professionals, including critical short sale programs instrumental in helping homeowners survive the great recession.

Garland holds an MBA from the Melbourne Business School and graduated Summa Cum Laude from Notre Dame.  He has also attended advanced programs at Oxford and Stanford and is a licensed real estate broker.

Over the past nine years, NAR and SCV have invested in and cultivated dozens of innovative technology companies, including well-known names: DocuSign, Xceligent, SentriLock and zipLogix, and past companies, ePropertyData and ifbyphone. 

REach is among the largest tech accelerators in the industry with a network of experts that includes over 300 executive level mentors and more than 4,000 Realtors.  Past participant companies include well-known names: Updater, BombBomb, and SmartZip.

About Second Century Ventures
Second Century Ventures (SCV) is an early-stage technology fund, backed by the National Association of Realtors®, which leverages the association’s 1.1 million members and an unparalleled network of executives within real estate and adjacent industries.  SCV systematically launches its portfolio companies into the world’s largest industries including real estate, financial services, banking, home services, and insurance. SCV seeks to define and deliver the future of the world’s largest industries by being a catalyst for new technologies, new opportunities, and new talent. Learn more at www.secondcenturyventures.com

About REach
REach® is a unique strategic accelerator created by Second Century Ventures, the investment arm of the National Association of Realtors®, which helps technology companies launch into the real estate vertical and its adjacent markets. REach® is a 9-month program that provides education, mentorship and market exposure to help its portfolio companies access the trillion-dollar real estate market and leverage NAR’s strategic expertise. REach® accepts fewer than a dozen companies each year to access one of the world’s largest industries. Learn more at www.narreach.com.

About National Association of Realtors®
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing over 1 million members involved in all aspects of the residential and commercial real estate industries. 

Information about NAR is available at www.realtor.org. This and other news releases are posted in the “News, Blogs and Video” tab on the website. 

Logo – http://photos.prnewswire.com/prnh/20150210/174673LOGO

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nars-second-century-ventures-adds-top-industry-strategist-dave-garland-to-investment-team-300305669.html

SOURCE National Association of Realtors

Related Links

http://www.realtor.org

Crye-Leike’s Dixon recognized nationally

Margaret Dixon, vice president and affiliate broker of Crye-Leike, Realtors, was recently inducted into the Hall of Fame of the Realtors Political Action Committee (RPAC) of the National Association of Realtors. She was recognized for her longtime commitment to RPAC and the Realtor party as well as to investing to protect the real estate industry and the dream of homeownership.

RPAC, a national bipartisan grassroots-based political advocacy organization, is a voluntary political action committee of the National Association of Realtors whose membership consists of Realtors and affiliates interested in actively and effectively protecting the real estate industry and the dream of homeownership by participating in government affairs at the local, state and federal levels.

The RPAC Hall of Fame recognizes dedicated members whose investments total an aggregate of at least $25,000. Across the United States, close to 700 individuals have been inducted into the RPAC Hall of Fame; Dixon is the 11th Tennessean to join the ranks. She has supported RPAC for over 38 years and has been a member of the National Association of Realtors since 1978.

“Although RPAC does not back political parties and does not get involved in presidential politics, it does back congressional candidates who have strong records of supporting homeownership and private property rights,” Dixon said. “RPAC is there to help shape the future of the real estate industry, and I am proud to be a longstanding supporter of these initiatives.”

RPAC is the only political group in the country organized for Realtors and run by Realtors. From 2004 to 2012, RPAC raised over $45 million to support pro-Realtor Party candidates running for Congress. The amount of money RPAC spends to support candidates makes it one of the top three trade association PACs in the nation.

Dixon of Mt. Juliet specializes in assisting her clients primarily in Davidson and Wilson counties. She is Crye-Leike’s Lifetime No. 1 Agent for Middle Tennessee, a distinction attained in 2004 for consistently being named the company’s top sales producer for 10 consecutive years. She was named “Realtor of the Year” in 2010 by the Tennessee Association of Realtors and in 1991, 1996 and 2001 by the Eastern Middle Tennessee Association of Realtors (EMTAR). She currently serves as a director of the National and Tennessee Association of Realtors. She is a certified residential specialist (CRS) and a graduate of the Realtors Institute.

“Realtors are a key part of the American Dream: homeownership. But now, more than ever, Realtors are facing forces from many directions that threaten our profession,” Dixon said. “Property tax burdens, lack of available financing and difficulties in short sales transactions are only a few of the issues that somewhere, every day, Realtors confront when selling a home. RPAC allows Realtors to make sure our concerns about these issues are heard and understood by public officials.

“Now more than ever, it is critical for Realtors across America to come together and speak with one voice about the stability a sound and dynamic real estate market brings to our communities,” she continued. “From city hall to the state house to the U.S. Capitol, our elected officials are making decisions that have a huge impact on the bottom line of Realtors and their customers.”

Dixon is affiliated with Crye-Leike’s Mt. Juliet branch office, located at 1285 North Mt. Juliet Road.

NAR: Housing Market Continues Full Force Into Summer

Pending Home Sales Index June 2016

Pending Home Sales Index Shows Summer Increase

Home buyers are out in force, buying up homes just as fast as they come on-market.

According to the National Association of REALTORS®, the June 2016 Pending Home Sales Index posted above its year-ago levels; and the index continues to read above its benchmark value of 100.

A home sale is “pending” once it’s under contract between a buyer and a seller.

It’s not surprising that contract signings are up. With today’s mortgage rates lingering near 3.5%, U.S. rents rising, and lenders offering mortgage guidelines, today’s housing market favors home buyers in a big way.

Low- and no-down payments remain popular, and new programs such as the HomeReady™ mortgage make it even easier to get mortgage-qualified.

Given today’s market conditions, the best deals in housing may be the ones you find today. By this time next year, home prices and interest rates may be higher — and so might your rent.

Click to see today’s rates (Jul 28th, 2016)

Pending Home Sales Index: A Different Indicator Type

The Pending Home Sales Index (PHSI) is a monthly report, published by the National Association of Realtors® (NAR). It measures homes under contract, and not yet closed.

The Pending Home Sales Index is different from most housing market metrics.

Unlike traditional metrics which measure how housing performed in the past, the Pending Home Sales Index forecasts how housing will perform in the future.

The Pending Home Sales Index is forward-looking.

The index tallies U.S. homes recently under contract to project future, closed home sales. This is possible because the National Association of REALTORS® knows that 80% of homes under contract “close” within 2 months of contract.

In June, the Pending Home Sales Index read 111 — up from May’s reading, and the index’s 26th straight month above its baseline reading of 100.

Beating the baseline is a big deal.

When the Pending Home Sales Index crosses 100, it’s an indication that U.S. homes are going to contract at a faster pace than during 2001, the first year in which the index was published.

2001 is generally considered a good year for U.S. housing. The current market, then, by comparison, is exceptional.

Results for the Pending Home Sales Index, mixed by region:

  • Northeast Region : +3% from the year prior
  • Midwest Region : +1% from the year prior
  • South Region : -1% from the year prior
  • West Region : -1% from the year prior

For today’s renters, it’s an excellent time to consider buying a home.

Click to see today’s rates (Jul 28th, 2016)

Two Popular Loan Types That Help Buyers

Today’s housing market is getting a nice boost from more home buyers who are getting mortgage-approved.

According to a recent report from loan software company Ellie Mae, about 3-in-4 home purchase loan applications were approved and ”closed” in June. This means the applicant successfully completed the loan process and purchased a home.

In 2014, only sixty percent of applications made it to closing.

Two major loan programs contributed to the high numbers: conventional and FHA.

FHA loans

The same report showed that buyers used FHA for nearly a quarter of all home purchases.

FHA is even more popular among younger home buyers. A related Ellie Mae study showed that loan applicants born between 1980 and 1999 use an FHA loan 37 percent of the time.

First-time home buyers and repeat buyers alike gravitate toward FHA because of its flexibility. It requires just 3.5 percent down and accommodates buyers who have credit scores down to 580.

One of the lesser-known facts about FHA is that home buyers can use it as a 100% loan, if they can secure a downpayment gift. The program allows the applicant to cover the entire downpayment and closing cost amount with a gift.

FHA requires modest mortgage insurance premiums (MIP) that total about $70 per month for every $100,000 borrowed. FHA MIP cost does not rise with lower credit scores, as does conventional mortgage insurance.

Applicants with a credit score below 660 may find that FHA yields a cheaper monthly payment. And, home buyers can cancel their FHA mortgage insurance premium via a refinance when their home gains adequate equity.

Conventional loans

A conventional loan is one that is approved to guidelines set forth by mortgage agencies Fannie Mae and Freddie Mac.

This loan type makes up 64 percent of the market according to Ellie Mae.

Conventional mortgages do not require a 20 percent downpayment, as many home buyers assume. Buyers can put as little as three percent down with the Conventional 97 program or the newer HomeReadyTM loan.

Buyers with larger downpayments often choose an 80/10/10 piggyback loan. The home buyer opens a primary mortgage for 80 percent of the purchase price, a ten percent second mortgage, the puts ten percent down.

This loan structure allows the buyer to avoid private mortgage insurance (PMI) while making a reduced downpayment.

Conventional loans are the first choice among many home buyers because they come with low rates and can beat FHA in monthly cost for well-qualified applicants.

What Are Today’s Mortgage Rates?

Across the country, homes are going to contract quickly. Demand from buyers is huge and, because of today’s low rates and rising rents, the pool of potential buyers has stayed strong.

Take a look at today’s real mortgage rates. Your social security number is not required to get started, and all quotes come with instant access to your live credit scores.

Click to see today’s rates (Jul 28th, 2016)

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.

Try the Mortgage Calculator

Fewer Young People Buying Houses, But Why?

First-time home buyers participating at lower rates in the otherwise booming housing market, and experts offer differing opinions on whether, or when, younger buyers are likely to return.i

First-time home buyers participating at lower rates in the otherwise booming housing market, and experts offer differing opinions on whether, or when, younger buyers are likely to return.

Trevor Burbank is single, 27 years old, and has been house hunting in Nashville for the last year.

“My rent’s going up in August, so I have to figure out what I’m doing,” he says.

The last time Burbank looked for a place was five years ago. He decided to use his down payment to start a business instead.

“There was a house that I really liked that was going for $60,000, and I saw the house being sold in the past few months for just shy of $300,000,” Burbank says.

There’s a big debate in real estate over where home ownership rates are headed, and whether Millennials — people who came of age around 2000 — will get into the housing market the way generations before them did.

Millennials are the single biggest group of homebuyers in the U.S.

The percentage of people younger than age 35 who are homeowners went from 42 percent a decade ago to just a little more than a third now.

Lawrence Yun, chief economist for the National Association of Realtors, says young people are squeezed from both sides. Rents are increasing even faster than home prices.

And, he says, city politicians aren’t making it easy for developers to build condominiums that would be good starter homes.

“We are creating this divide because of the ongoing housing shortage,” Yun says.

There are other factors everyone agrees are making it harder for today’s younger home buyers. They’re delaying marriage, mortgages are harder to get, and people are staying in school longer, taking larger loans.

Which has the biggest effect, though? Is home ownership on a permanent decline because of high costs, changing demographics or new attitudes about home ownership?

“That’s the million-dollar question,” says Jonathan Spader, senior researcher at Harvard’s Joint Center for Housing.

He takes the view that ownership may stay the same, just delayed for the younger generation.

“We really haven’t seen a shift in interest in home ownership among younger households,” Spader says.

In surveys, a huge majority — 90 percent — of those younger than age 30 expect to eventually own, he says, but their earnings took a hit in the recession eight years ago and it’s taking them longer to save up a down payment.

Laurie Goodman, co-director of the Housing Finance Policy Center at the Urban Institute, takes a different view: she thinks the younger generation is simply less interested in home ownership.

“This is a permanent shift,” Goodman says.

She cites a 2014 study by Fannie Mae of “prime” home buyers. It found that among young, college educated, upper-income, white families, home ownership fell 6 percent from 2000.

“And that sort of best captures the subtle change in attitudes towards home ownership, because this is a group for whom there’s no reason not to be homeowners,” Goodman says.

Of course more than 80 percent of them eventually buy, but, she says, “they’re doing it later, and a lower percentage of them are eventually doing it.”

And then there are the views of Ted Gayer, an economist at the Brookings Institution.

“I actually think home ownership rates are likely to increase,” he says.

Melanie Vega (left) with her husband Daniel, and their two children, at their home in New York.

Gayer says many young adults lived with their parents to weather the post-recession years, but as they age, more will start new households and that trend will increase.

An illustration depicting college graduates drowning in a mortarboard cap full of water.

“This Millennial generation is actually a rather large generation,” he says.

At 82 million people, he says, it outranks the Baby Boomers in size. And Gayer expects that means a bigger housing boom is around the corner.

As for Burbank, his startup isn’t generating much salary yet. Qualifying for a mortgage took some finagling.

He’s looking for a fixer-upper, but sellers are driving hard bargains on those, too.

“In some cases, there’s not even photos online,” Burbank says. “So you don’t get a tour, you don’t get photos.”

He’s losing out to investors buying sight unseen.

That’s a bridge too far for Burbank, so for now, he remains on the sidelines.

US New-Home Sales Posted Solid Gain in First Half of 2016

By Ben Leubsdorf and Eric Morath 

WASHINGTON — Sales of newly built homes rose solidly in the first half of 2016 including an increase in June, a sign of healthy momentum in the U.S. housing market aided by low interest rates.

Purchases of new single-family homes rose 3.5% in June from a month earlier to a seasonally adjusted annual rate of 592,000, the Commerce Department said Tuesday. That was the strongest monthly sales pace since February 2008.

Economists surveyed by The Wall Street Journal had expected a June sales pace of 559,000. May sales were revised up to a 572,000 annual rate from an earlier estimate of 551,000.

Sales in June were up 25.4% compared with a year earlier. More broadly, new-home sales rose a healthy 10.1% in the first six months of 2016 compared with the same period a year earlier.

Sales of newly built homes account for less than a 10th of total U.S. homebuying activity. Data on purchases of new homes are volatile from month to month and subject to later revision. The estimate that sales rose 3.5% in June from the prior month came with a sizable margin of error–23.9 percentage points, according to Tuesday’s report.

While the pace of home construction and purchases of new homes remain depressed compared with levels seen during past economic expansions, the market for newly built homes has gained strength in recent years. New-home sales were up 14.6% in 2015 compared with the prior year after rising 1.9% in 2014, 16.6% in 2013 and 20.3% in 2012.

The housing sector has offered a steady tailwind for overall U.S. economic growth over the past few years. Fixed residential investment contributed 0.52 percentage point to the first quarter’s 1.1% growth rate for gross domestic product, the broadest measure of goods and services produced across the U.S. economy, according to Commerce Department data.

Sales of previously owned homes, which make up the bulk of U.S. home purchases, rose 1.1% in June from the prior month to a seasonally adjusted annual rate of 5.57 million, the strongest pace since February 2007, according to the National Association of Realtors. Sales of existing homes were up 3% compared with June 2015.

News Corp, owner of The Wall Street Journal, also owns Move Inc., which operates a website and mobile products for the National Association of Realtors.

U.S. home sales have been bolstered by historically low interest rates. The average rate for a 30-year fixed-rate mortgage was 3.57% in June, down from 3.98% in June 2015, according to Freddie Mac.

“Both home sales and construction have been gradually improving, and residential investment made a noticeable contribution to GDP growth over the past year,” Federal Reserve Chairwoman Janet Yellen said in a June speech. “Housing has been supported by low mortgage rates, and while mortgage credit is still difficult to obtain for households with low credit scores or hard-to-document income, those with good credit histories are generally able to borrow at very favorable terms.”

Still, inventories have been tight, putting upward pressure on home prices. There was a 4.6-month supply of existing homes available for sale at the end of June at the current sales pace, the Realtors group said last week.

There was a 4.9-month supply of newly built homes available at the end of June, according to Tuesday’s report. That was the smallest supply in more than a year.

The median sale price of a new home sold in June was $306,700, up 6.1% from a year earlier.

Write to Ben Leubsdorf at ben.leubsdorf@wsj.com and Eric Morath at eric.morath@wsj.com

 

(END) Dow Jones Newswires

July 26, 2016 10:21 ET (14:21 GMT)

Copyright (c) 2016 Dow Jones Company, Inc.

Williamson County Association of Realtors names Leadership Academy participants

The Williamson County Association of Realtors® (WCAR) announced the participants in the inaugural class of the WCAR Leadership Academy, according to WCAR President David Logan.

“It is an exceptional pleasure to be able to announce both the initiation of the WCAR Leadership Academy program and the list of association members who will be participating in that experience,” Logan said. “We have talked about starting a program like this for several years, and it is truly exciting to see the fruition of a great deal of planning and hard work invested by many WCAR leaders.”

The list of participants includes the following WCAR members:

  • Bobbi Jo Astorga, Reliant Realty ERA Powered

  • Christopher Close, Parks – Franklin

  • Dawne Davis, Parks – Cool Springs

  • Stacy DeSoto, Reliant Realty ERA Powered

  • Chris Elrod, Benchmark Realty

  • Gabrielle Hanson, Williamson Real Estate

  • Kim Henderson, Parks – Franklin

  • Jack Jernigan, Benchmark Realty

  • Tina Majors, Re/Max Fine Homes

  • Mona Martin, SilverPointe Properties

  • Charlie Peterson, Realty Trust Residential LLC

  • Kymberly Petty, Parks – Franklin

  • Tina Pierret, Fridrich Clark Realty

  • Amy Tarter, Parks – Franklin

  • Renae Voda, Coldwell Banker Barnes

  • Julia Wood, Benchmark Realty

  • Misty Woodford, Benchmark Realty

The WCAR Leadership Academy course includes four separate four-hour sessions over five weeks. Subjects include explanations of the national and state association relationships, the role of the Tennessee Real Estate Commission, the political and community service involvements of the association, the work of the various WCAR committees, the REALTOR® Code of Ethics and its enforcement and a host of additional information. A variety of speakers and expert presenters will help make the experience informative, memorable and motivating.

“All of us on the board of directors are thankful for their interest in the association and we are proud of their willingness to invest themselves in the WCAR Leadership Academy experience,” said WCAR President Elect Lisa Wurth. “It will be a pleasure to shake the hand of each of these members when they graduate from this course.”

With 2,200 members, the Williamson County Association of REALTORS® provides support and services for area real estate professionals and is the leading voice in the community for its members, as well as residential and commercial property owners.

REALTOR® is a registered trademark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics.