April 2014 MLS Sales Statistics HAR released the April 2014 MLS statistics last Wednesday, and here are highlights in case you missed the report: April brought an end to Houston’s 34-month positive sales streak as a result of the extremely tight supply of housing inventory. Contracts closed on 6,438 homes, statistically flat versus April Inventory levels held at a 2.6-month supply – unchanged from December, but down from the 3.4-month supply recorded in April Prices reached all-time highs: the single-family home median price was $195,000 while the average price was $270,505. Total dollar volume was $2 billion, up 6.6 percent from $1.8 billion one year earlier. For more detailed information, please visit the HAR Online Newsroom for this and all other news releases.HAR Online Newsroom

Realtor-Affiliated MLSs Must Furnish Listing Data for AVMs The NAR board of directors has approved an amendment requiring MLSs to make it easier for brokers to use listing data to produce automated valuation models for their clients, after a push by some members to restructure the amendment failed. Before voting on the amendment, members first tacked on a provision that requires NAR to help the MLSs ensure that MLS data “is used by MLS participants and their third-party technology providers only for specified, authorized users.” The provision, like clarifications added to the proposed amendment last week, was designed to ease concerns that the amendment could spur MLSs to lose control of their data. It requires NAR staff and counsel to develop information and resources including model third-party license agreements, checklists of key issues and concerns and educational materials.

Houston’s Unemployment Rate Lowest in 6 Years Houston’s unemployment rate plummeted to 4.6 percent in April — the area’s lowest rate since May 2008, according to new figures from the Texas Workforce Commission (TWC). That is down from 5.2 percent in March and 5.9 percent in April However, all metropolitan rates reported by TWC are not adjusted for seasonal employment trends. For comparison, Texas recorded a 4.7 percent unemployment rate, not adjusted, which dropped from 5.3 percent in March and 6 percent a year ago. When seasonally adjusted, the state’s unemployment rate was 5.2 percent in April, down from 5.5 percent in March and from 6.4 percent a year ago. Both the state’s and the Houston area’s rates remain well below the national unemployment rate, which was 6.3 percent seasonally adjusted and 5.9 percent not adjusted.

Weekly HAR Market Stat Mortgage rates appear to be staying low, but Houston continues to experience a deficit of housing inventory, which slowed sales and boosted prices to record highs in April. With a flurry of home construction under way throughout the greater Houston area and more For Sale signs starting to go up, it’s hoped that the market will begin to tilt in favor of the buyer for the first time in more than a year. In the Houston region, for the week ending May 11: New Listings increased 3.1% to 2,603 Pending Sales increased 20.4% to 2,281 Closed Sales decreased 9.4% to 1,287

Questions? ext. 6 Designate Yourself for Success Register at Senior Real Estate Specialist (SRES) Completion of the Seniors Real Estate Specialist (SRES) designation course is an essential step for REALTORS® to understand the distinct real estate goals, concerns, and needs of seniors today. This course looks at key differences in housing options, from age-restricted communities to age-in-place design to assisted living; applications of the Housing for Older Persons Act (HOPA); the ins and outs of reverse mortgages; the use of pensions, 401(k) accounts, and IRAs in real estate transactions; and developing a team of senior specialists, including estate planners, reverse mortgages lenders, clutter and staging specialists and more. THIS COURSE FEE INCLUDES YOUR $99 FIRST-YEAR DUES FOR SRES. Date: Thursday & Friday, June 5 & 6 Time: 8:30 a.m. – 4:30 p.m. Location: HAR Central Investment: $179