Experience pays off: Veteran realtors see income rise amid tough market conditions

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1. Experience pays off: Veteran realtors see income rise amid tough market conditions

In a challenging housing market, experienced Realtors are seeing higher incomes compared to their less experienced colleagues.

According to the National Association of Realtors (NAR) 2024 Member Profile poll:

• Real estate pros with 16 years of experience or more tended to earn the highest incomes, with a median gross income of $92,500, up from $80,700.

• Sixty-two percent of agents with two years or less of experience earned less than $10,000 in 2023.

More experienced agents benefit from repeat clients. The typical Realtor earned 20% of their business from repeat clients in 2023, down from 27% in 2022. But agents with at least 16 years of experience got 42% of their business from repeat clients in 2023.

2. Charted: Percentage of home sales made by the top 1% of real estate agents

According to an analysis by BatchService, a fast-growing property intelligence and technology company, the top 1% of real estate agents over the past 12 months made up 15% of U.S. home sales.

In Florida and Texas, the top 1% of real estate agents made up 23% and 19%, respectively, of home sales, according to BatchService.

3. More Nuggets

🌊 U.S. cities are sinking. Here’s what that means for homeowners. (CNBC)

🏘️ CFPB proposes new servicing rules that would focus on foreclosure assistance. (CFPB)

💸 Citi to pay $135.6M in new penalties over 2020 orders. (BankingDive)

4. Inflation eased further in June, helping cement path to rate cuts

Inflation eased further in June, handing Federal Reserve officials another dose of encouraging data as they inch closer to cutting interest rates and taking pressure off the economy.

The consumer price index, a broad measure of costs for goods and services across the U.S. economy, declined 0.1% from May, putting the 12-month rate at 3%, around its lowest level in more than three years, the Labor Department reported Thursday.

5. Single-family rents rise

The months-long slowdown in the rental market appears to be leveling off as the busy summer season kicks off. Rents are growing at their fastest annual pace in nearly a year.

According to Zillow, rent growth accelerated in June, with a 4.7% year-over-year increase and a 0.4% rise from May. Rents climbed in 49 of the 50 largest metro areas, except Austin, which saw a slight 0.6% decline.

Cleveland experienced the highest year-over-year rent growth at 8.9%. The typical single-family home rent in June was $2,288.

☀️ You’re all caught up. See you on Monday!

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