NWMLS and Compass Clash Over Private Listings

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NWMLS Clashes with Compass CEO Over Private Listings, as Dispute Escalates to Potential Legal Action

The debate over private listings in real estate escalated this week as Northwest Multiple Listing Service (NWMLS) responded to Compass CEO Robert Reffkin’s criticism. Reffkin argued that MLS policies prohibiting private listings are “restrictive,” but NWMLS President Justin Haag countered, stating these rules ensure a transparent and fair marketplace that benefits consumers, not just brokerages.

Haag took aim at Compass’ push for private listings, calling them “misguided” and “exclusionary.” He warned that such practices could hurt the real estate market and worsen existing inequities. The dispute intensified further when Compass launched a website called Washington Homeowner Rights, which seeks contact information for homeowners who may feel “damaged” by NWMLS rules. The site suggests these homeowners may be entitled to compensation, hinting at a possible class-action lawsuit against the MLS.

Haag criticized the push for private listings, claiming they’re not in the best interest of sellers and could restrict access to properties for many buyers. 

Source: Link

Bay Area and New York See Surge in Homes Selling Above Asking Price as Buyer Competition Rises

Homebuyer competition is heating up in major U.S. cities, with the Bay Area and New York leading the charge. According to a new report from Redfin, 57% of homes in San Francisco sold for above asking price in February, marking a 7.5 percentage point increase from the previous year, the largest jump among the top 50 metros. Other Bay Area cities like San Jose and Oakland are also seeing a surge, driven by strong demand from wealthy buyers and a shortage of homes for sale.

The rise in competition comes as homebuyer demand is bouncing back in these cities after a pandemic-driven exodus. While the market heated up in February due to pent-up demand, momentum has slowed slightly in March as buyers await more inventory. In San Jose, homes are routinely selling for 10% or more above asking, with some areas seeing bidding wars with as many as 22 offers on a single property.

Meanwhile, the national trend shows that 20.5% of homes sold for above asking price in February, slightly down from 22.8% last year, as higher mortgage rates and rising inventory have made the market more balanced. In contrast, metros in Florida and Texas, like West Palm Beach and San Antonio, are seeing an uptick in homes selling below list price, partly due to a larger inventory of homes for sale.

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US Consumers Cautious as Inflation Rises, Economic Growth Slows

US consumers remained cautious in February, as inflation edged higher, signaling a cooling economy. The Commerce Department reported that consumer prices rose 2.5% from last year, with core prices—excluding food and energy—up 2.8%, surpassing January’s figures. These rising costs are keeping inflation well above the Federal Reserve’s 2% target, making it unlikely the Fed will lower interest rates anytime soon.

Despite inflation, consumer spending increased by just 0.4%, with much of that boost driven by higher prices. Inflation-adjusted spending barely budged, reflecting a slowdown in the economy. Economists are forecasting zero growth in the first quarter, down from 2.4% last quarter.

Meanwhile, a new survey shows growing anxiety among Americans about inflation and job prospects, with the outlook for the economy hitting a 12-year low. Many retailers are already feeling the pinch, with brands like Lululemon and Nike warning of weaker sales as consumer confidence continues to falter.

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