HAR Makes Headlines Again Bidding wars and cash offers have practically become a fixture of today’s active Houston real estate market. KTRK-TV/13 Eyewitness News consumer reporter Jeff Ehling spoke to HAR Chair-elect Chaille Ralph and HAR Board member Tim Surratt about some transactions that are being conducted outside the MLS, commonly known as “pocket listings,” and what they mean for consumers. The story aired in the 10 p.m. newscast last Friday and is available online here: http://bit.ly/14sUx5o Growing activity in Houston’s luxury market sparked interest among two at least local real estate reporters who reached out to HAR for data on that housing segment. The Houston Chronicle’s Nancy Sarnoff covered the story in her Sunday column on May 26 (see here: http://bit.ly/155ie4V), and CultureMap’s Ralph Bivins provided some national perspective in his story on June 17 (see here: http://bit.ly/ZXYJdy).

Home Builder Confidence Grows A gauge of confidence among home builders jumped in June, hitting the highest level since 2006, on more optimism about future and current sales, according to data released since the last edition of The EDGE. The National Association of Home Builders (NAHB)/Wells Fargo housing- market index rose to 52 in June — the first time the index has reached above a key reading of 50 since 2006 — from 44 in May. Readings above 50 signal that builders, generally, are optimistic about sales trends. “Builders are seeing better market conditions as demand for new homes increases,” said Rick Judson, NAHB’s chairman. “With the low inventory of existing homes, an increasing number of buyers are gravitating toward new homes.” Economists polled by MarketWatch had expected the overall builder- sentiment index to rise to 45 in June. The sentiment level among builders is up 79 percent from a year ago, supported by low interest rates and home inventories. While recent weeks have seen interest rates rising, they still remain relatively low.

Weekly HAR Market Stat The national mortgage rate encouragingly remains low at 4.0 percent, leaving buyers plenty of wiggle room before the 7.0 percent mark where the ratio of monthly housing costs to family incomes falls slightly out of favor. Meanwhile, the Federal Reserve has delicately tried to explain the difference between easing off the gas pedal and applying the brakes. Markets are certainly capable of overreaction, as are consumers, but the housing scene has grown stable enough to absorb slight upticks in rates. In the Houston region, for the week ending June 16: • New Listings increased 2.6% to 2,510 • Pending Sales increased 44.4% to 2,170 • Closed Sales increased 12.4% to 1,718

Open Your Mind to Learning Broker Responsibility The purpose of this course is to address the regulatory aspects of the management, operation and supervision of a real estate brokerage firm in Texas. This course provides an understanding and working knowledge of the law of agency, planning and organization of business entities, requirements for written policies and procedures, records retention and control, advertising, recruitment and training of agents, and the anatomy of a complaint filed with Texas Real Estate Commission (TREC). Date: Wednesday, July 17 Time: 8:30 a.m. – 3:30 p.m. Location: HAR Fort Bend Investment: $50 Questions? 713-629-1900 ext. 6 Register at www.har.com/edu