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A real estate coalition made up of the Greater Boston Real Estate Board, Home Builders and Remodelers Association of Massachusetts, Massachusetts Association of Realtors®, NAIOP—The Commercial Real Estate Development Association, along with the Massachusetts Municipal Association announced today that they have issued a joint letter in support of An Act to promote housing choices. The groups have come together to back Governor Baker’s Housing Choice legislation because of the lack of housing available to meet current and future demand. 

Real Estate Coalition and Muncipalities Join to Support Baker Housing Bill
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THANK YOU FOR SUPPORTING THE 30TH ANNUAL REFA GALA!

Thank you to all who joined us and helped to support this year's REFA Gala! It was a wonderful evening honoring both David Manfredi and Elizabeth Lowrey of Elkus Manfredi Architects with the Robert S. Swain Jr. Distinguished Service Award! In honoring David Manfredi and Elizabeth Lowrey, REFA presented its first design firm with the Robert S. Swain Jr. Distinguished Service Award. In addition, REFA formally unveiled its new brand, as well as recognized the past REFA Gala honorees as part of its 30th Anniversary Celebration.

To view photos from the event, please click here

To watch the full 2018 REFA Gala honoree video, please click here.

To visit the REFA Gala website and for more information regarding the Annual REFA Gala, please visit www.annualrefagala.com
Thank You For Supporting the 30th Annual REFA Gala!
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BOMA UPDATE BANNER

Did you miss our October Newsletter? Find out what BOMA Boston is offering for upcoming events and education this Fall! 

Read the October 2018 ENews

October 2018 ENews
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Lapatin on the Law is a monthly legal update for RHA Members

Click Here for Lapatin on the Law
Lapatin on the Law - October 2018
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Lapatin on the Law is a monthly legal update for RHA Members

Click Here for Lapatin on the Law
Lapatin on the Law - September 2018
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BOMA UPDATE BANNER

Did you miss our September Newsletter? Find out what BOMA Boston is offering for upcoming events and education this Fall! 

Read The September ENews!

September E-News
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Increases in sales of single-family detached homes and condominiums kept the Greater Boston housing market red hot in July despite appreciating home prices and a short supply of homes for sale according to data released today by the Greater Boston Association of REALTORS® (GBAR).
 
Sales of single-family detached homes increased from 1,560 homes sold in July 2017 to 1,651 homes sold last month. This is a 5.8 percent increase in sales volume and ranks fifth best all-time for homes sold for the month of July in Greater Boston. The condo market also experienced a sales increase last month, rising to 1,250 units sold from the 1,168 units sold in July 2017. This 7.0 percent increase makes for the fifth most-active month of July for the condo market in Greater Boston. Additionally, this is the first time since April that both markets had a year-over-year increase in closed sales. 

“The market remains red hot and two of the key factors driving sales are the strong local economy and favorable demographics, including large numbers of millennials looking to entry the housing market for the first time after years of renting or living in the home they grew up in,” said GBAR President Marie Presti, broker/owner of The Presti Group in Newton and Stoneham. “Prices continue to meet new heights month after month, but that hasn’t slowed down buyers as many are eager to purchase a home while mortgage rates remain low.  We simply don’t have the inventory needed to satisfy demand, so it remains a great time to list your home for sale here in Greater Boston,” she added.  

In fact, median prices in Greater Boston reached record-high monthly figures in both markets. The single-family home median sales price rose 7.7 percent from $601,500 in July 2017 to a new record price for July of $647,680 this year. Likewise, the condo market saw a 13.2 percent increase to $600,000 last month, up from $530,000 in July 2017. 

“The Greater Boston housing market is among the most desirable in the country right now for buyers as well as investors, and that’s evident in the strong appreciation in home prices over the past year, and the fact that many are willing to pay top dollar to purchase a home here,” observed Presti. 

The inventory shortage has continued into July as active listings of single family homes fell 8.0 percent from 3,011 in July 2017 to 2,770 last month. Additionally, inventory of condos fell 1,723 units last month from 1,923 in July 2017, which is a 10.4 percent drop.  

For additional information regarding July 2018 Greater Boston Housing statistics, including our new interactive housing market data dashboard, visit the Monthly Housing Market Reports page.
Strong Demand Fuels Steady Gains in Boston Area Home Sales, Prices in July
GBAR
Fannie Mae and Freddie Mac announced new products for homebuyers on a budget. For just a 3 percent down payment, certain consumers can now get a loan from both government-sponsored lenders for a home purchase or refinance transaction, which means the agency will finance up to 97 percent loan-to-value. 

Freddie Mac's Home Possible mortgages are also available for as little as 3 percent to 5 percent down, targeting homebuyers in high-cost and undeserved communities. These new products are designed to compete with the low-down-payment options offered by the Federal Housing Administration (FHA), which offers loans for as little as 3.5 percent down for those with a credit score of at least 580. 

Housing prices are on the rise across the country, which has put a strain on first-time buyers. The National Association of REALTORS® (NAR) and Freddie Mac estimate that median price growth will accelerate by 3.5% in 2018, and in some cases will continue to rise faster than income gains over the coming years.

Additionally, Fannie Mae and Freddie Mac announced they are ending their single-family rental pilot program, a victory for NAR who had urged the Federal Housing Finance Agency (FHFA) to stop the program. Earlier this week, the FHFA ended the program which had provided liquidity to institutional investors to purchase single-family homes for rental housing. The action is consistent with NAR’s long-term position that the companies should maintain their focus on ensuring liquidity for home sales. 

"With inventory shortages facing housing markets across the country, the National Association of REALTORS® has long advocated for the Federal Housing Finance Agency to end its expansion into the single-family rental market and return its focus to promoting a liquid and efficient housing market, as Congress intended. By financing the purchase of thousands of single-family homes for institutional investors to use as rentals, Fannie Mae and Freddie Mac compounded on inventory shortages and affordability concerns, which are holding back prospective homebuyers across the country. NAR applauds today’s FHFA decision, and we look forward to continue working with Fannie Mae and Freddie Mac to help more Americans achieve homeownership going forward," said NAR President Elizabeth Mendenhall.
Fannie Mae, Freddie Mac Lower Down Payments, End Rental Pilot Program
GBAR
Earlier this month, the National Association of REALTORS® (NAR) announced its leadership team for 2019, which features two GBAR members who will service in committee leadership roles at the national level; Andrew Sarno of Medford and Craig Foley of Melrose.

Our 2015 President Andrew Sarno of Medford, was appointed as Vice Chair of NAR’s Membership Policy and Board Jurisdiction Committee. Andrew has served as a member of this committee since 2015 and has been a member of the NAR Board of Directors since 2016. Additionally, he serves as a member of NAR’s Professional Standard Committee and previously sat on the Advocacy Resources/Territorial Jurisdiction Work Group.

Craig Foley, of Melrose, who locally presents the NAR Green Designation courses, was fittingly named Chair of NAR’s Sustainability Advisory Group. Craig previously served as a member of this advisory and served as a member and regional representative for the Land Use Property Rights and Environment Committee. 

Congratulations to Andrew and Craig on these well-deserved assignments! 

Additionally, GBAR will be announcing our committee applications for 2019 in September.
GBAR Members Named as NAR Committee Leaders
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Calendar

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REFA Education: Alternative Debt
WilmerHale
7:45am
 
BOMA Behind The Scenes
The Innovation Design Building
3:00pm
 
Real Estate Professional Ethics (Webinar)
Webinar
9:00am
 
CBA Breakfast Program- Shared Space: Beyond The Office
Atlantic Wharf
9:00am
 
GBAR New Member Orientation (Natick, MA)
Crowne Plaza