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REX, the real estate technology company connecting residential real estate buyers and sellers and offering the lowest transaction costs in the industry, released two new reports Wednesday analyzing housing market trends in New York<\/span> and New Jersey<\/span>.<\/p>\n Public data compiled and analyzed by REX’s data team, led by Chief Data Scientist Andy Terrel<\/span>, shows housing markets in both states experienced significant setbacks as COVID-19 impacted jobs, real estate activity, rent, and state revenue. However, some small metro areas – particularly in New Jersey<\/span> and high-end markets such as Nassau County<\/span> – showed signs of recovery throughout the summer months.<\/p>\n Download REX Analysis – The Impacts of COVID-19 On New York Housing Market, August 2020<\/span> New York Housing Market Setbacks Impacting State Revenue and Employment<\/strong><\/p>\n As of July 1, 2020<\/span>, closed home sales across New York state<\/span> were down by 34 percent compared to a year ago. Active listings declined 20 percent with days on market spiking 18% over the same period of time.<\/p>\n Exodus From New York City Continues<\/strong><\/p>\n Over the month of July 2020<\/span>, REX’s marketing and sales team discovered a significant spike in New York City<\/span> residents showing interest in REX listings located beyond Manhattan<\/span>. To test this activity, the marketing team decided to target homeowners in New York City<\/span> with a number of different messages about REX’s unique value to sellers. The results matched growing traffic on REX’s online platform showing a ‘list with REX and leave the city’ message was three times more likely to convert to seller leads than other value proposition statements.<\/p>\n New Jersey Still Experiencing COVID Impacts But Rebounding Faster Than New York<\/strong><\/p>\n As of July 1, 2020<\/span>, year over year pending residential home sales in New Jersey<\/span> were actually up 30 percent. Closed sales were down across the state and in some larger communities (down 27 percent in Bergen County<\/span>), but the June jump is a significant increase compared to historical YOY numbers and reflects pent up demand and long term growth in local markets.<\/p>\n Further encouragement can be found in housing values with the median sales price spiking 7 percent in June compared to the same period last year.<\/p>\n Despite these bright spots, housing affordability and short term unemployment continues to be an issue in New Jersey<\/span>:<\/p>\n REX’s Local Growth in Consumer-Driven Economy Tied To AI Technology and Online Platform<\/strong><\/p>\n The broader Tri-State region has consistently ranked among REX’s top performing markets in sales and seller leads. However, since the onset of the novel coronavirus pandemic, REX’s business has rapidly expanded across both New York<\/span> and New Jersey<\/span> as consumers and job seekers responded to the crisis seeking new opportunities and savings in real estate.<\/p>\n “From a policy standpoint, everyone wins with REX. By harnessing data to match home buyers and sellers in a safe and convenient way, REX is driving down real estate transaction costs by 60% to 70%,” said New Jersey’s<\/span> 55th Governor Chris Christie<\/span>.<\/p>\n “And by reducing transaction costs, REX is spurring home ownership by reducing the price of homes, boosting job mobility by reducing the costs to move, more easily allowing parents to move to the right school for their child, stimulating more jobs and higher wages for all of the building trades and service providers many of whose projects cluster around the construction and purchase and sale of existing homes–from painters and carpenters to electricians, landscapers, and contractors. The bottom line is that REX’s tremendous rise in New Jersey<\/span> is all good news.”<\/p>\n Data points to significant growth since the beginning of the COVID-19 pandemic:<\/p>\n “It is clear REX’s ability to help buyers and sellers find and tour a home online is an advantage for residents in New York City<\/span> and other large metro areas as they look to smaller metro areas,” said REX’s Chief Data Scientist Andy Terrel<\/span>. “COVID-19 has had profound impacts on our economy, but is also shifting how we view the communities we live and work in. REX is helping meet real estate consumers’ specific needs right now, but more broadly, the data is showing our tools and services continue to enhance job mobility during a unique moment in history.”<\/p>\n ABOUT REX (rexhomes.com)<\/p>\n REX, the company leading the digital real estate economy, was founded in Los Angeles<\/span> in 2016. The company has since expanded operations in Arizona<\/span>, California<\/span>, Colorado<\/span>, Florida<\/span>, Georgia<\/span>, Illinois<\/span>, Maryland<\/span>, Massachusetts<\/span>, Nevada<\/span>, New York<\/span>, New Jersey<\/span>, North Carolina<\/span>, Oregon<\/span>, Pennsylvania<\/span>, Texas<\/span>, Virginia<\/span> and Washington DC<\/span>.<\/p>\n REX is the only real estate company using AI and dedicated online tools to make purchasing a home straightforward. The company’s full-service online platform offers greater convenience to consumers looking to buy and sell real estate. This includes virtual tours, listing your home, title, escrow, mortgage, insurance, relocation and moving, landscaping, marketing, and photography.<\/p>\n REX delivers a full-service online platform for residential real estate buyers and sellers while offering the lowest transaction costs in the industry. For sellers, REX charges a total fee as low as 2 percent, instead of the 5-6 percent traditional fee. For buyers, the REX advantage is simple. A buyer’s agent typically receives around 2.5% – 3% of a home’s sale price directly from the seller. Instead of keeping that full commission, when buying a home using the REX buyer rebate, the company returns half the commission. This translates to tens of thousands of dollars saved for clients on both sides of the real estate transaction.<\/p>\n Early in 2020, REX began development of a new virtual showings tool – the first of its kind in the real estate industry. The feature is available on the REX platform and mobile app, allowing potential buyers an opportunity to immediately tour a home, connect with an agent, and schedule one-on-one tours all from the comfort of their home while sheltering in place due to COVID-19 related health and safety guidelines.<\/p>\n REX is a partner in the global fight against housing insecurity, and was built on the foundation of creating opportunities for others and giving back. For every 50 homes sold at REX, the company builds a home for a family that would otherwise be unable to realize the dream of homeownership.<\/p>\n Media Contact: Colin Maynard<\/span>, cmaynard@rexhomes.com, (916) 834-4274<\/p>\n Tags:<\/b> Media Contact:\u00a0Colin Maynard,\u00a0cmaynard@rexhomes.com, (916) 834-4274<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Download REX Analysis – The Impacts of COVID-19 On New Jersey Housing Market, August 2020<\/span><\/p>\n\n
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See Campaign: <\/strong>http:\/\/rexhomes.com<\/a>
Contact Information:<\/b>
Media Contact:Colin Maynard,cmaynard@rexhomes.com, (916) 834-4274<\/p>\n
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REX, the real estate technology company connecting residential real estate buyers and sellers and offering the lowest transaction costs in the industry, released two new reports Wednesday analyzing housing market trends in New York and New Jersey. Public data compiled and analyzed by REX’s data team, led by Chief Data Scientist Andy Terrel, shows housing markets in both states … Continue reading Real Estate Technology Helping New York and New Jersey Consumers Find Opportunity During COVID-19 Crisis<\/span><\/a> Continue Reading