The Latest news about what is effecting Society in North America, These PR articles, bring the newest technologies, initiatives and helpful tools to those who need them.
■Overview of the tree-planting project Date & Time: 10:00-14:00, Saturday, December 9, 2023 Address: 1305, Gushichan, Yaese-cho (Yaese-cho sports tourism exchange facility/ Yaese-cho Health Promotion Center) Tree-planting area: Total of 4000㎡ Trees planted: Total of 160 HIKANZAKURA (Taiwan Cherry) and Azalea trees
■Participants enjoying transcosmos Forest project
With a goal to expand its center network to include local areas, transcosmos opened MCM Center Okinawa, its first operations base in Okinawa prefecture in June 1999. The company chose Okinawa for its great hospitality and a pool of young talent. Since then, transcosmos has been increasing its presence in the prefecture, opening as many as 9 centers including its own building MCM Center Naha located in Omoromachi, Naha city which opened in March 2006. With around 3,400 employees, transcosmos offers a diverse range of services including contact centers, digital marketing, and business process outsourcing (BPO).
transcosmos is a certified Okinawa SDGs Partner Company and has been carrying out various initiatives to serve the community. In July 2007, transcosmos made a donation to help rebuild Okinawa’sShuri Castle that had burned down, and donated acrylic sheets as preventive measures against the novel coronavirus during the pandemic in May 2022. As a company committed to local communities, transcosmos will continue to contribute to the development of Okinawa prefecture.
[transcosmos Sustainability Initiatives] With the transcosmos SDGs Committee chaired by the Representative Director & Chairman in place, transcosmos has a framework specifically designed to execute its initiatives towards meeting social challenges and expectations with a focus on environmental, social and governance (ESG) criteria. In addition, with the aim of driving its ESG initiatives to create a sustainable society and enhance its long-term corporate value, transcosmos has set out its fundamental sustainability policy. Under the policy, transcosmos is committed to become a Sustainable Transformation (SX) Partner for all, and carries out a diverse range of activities with the purpose of boosting the well-being of society as a whole.
transcosmos is a trademark or registered trademark of transcosmos inc. in Japan and other countries.
Other company names and product or service names used here are trademarks or registered trademarks of respective companies.
About transcosmos inc. transcosmos launched its operations in 1966. Since then, we have combined superior “people” with up-to-date “technology” to enhance the competitive strength of our clients by providing them with superior and valuable services. transcosmos currently offers services that support clients’ business processes focusing on both sales expansion and cost optimization through our 166 bases across 27 countries/regions with a focus on Asia, while continuously pursuing Operational Excellence. Furthermore, following the expansion of e-commerce market on the global scale, transcosmos provides a comprehensive One-Stop Global E-Commerce Services to deliver our clients’ excellent products and services to consumers in 46 countries/regions around the globe. transcosmos aims to be the “Global Digital Transformation Partner” of our clients, supporting the clients’ transformation by leveraging digital technology, responding to the ever-changing business environment. Visit us here https://www.trans-cosmos.co.jp/english/
CTO Forum hosts a series of events for its members each year, gathering the brightest minds to connect, debate, and solve the big issues of our time. Through the concerted efforts of the dedicated Advisory Board, CTO Forum has delivered two certificate programs, RETHINK DIGITAL Six Series 1 & 2 – each a next-level tour de force – led by faculty from top universities and distinguished industry leaders. The integrated modules, focused on transformational business models and breakthrough technologies have delivered leaders custom, personalized digital transformation and emergent technologies playbooks.
“I am pleased to join the CTO Forum Advisory Board and, having long been a champion of its core focus on technology innovation and thought leadership, I value our enduring professional synergies. Furthermore, CTO Forum aligns well with key transformative business process and technology initiatives I lead involving AI, ML, and automation,” states Lovett. “Moving forward, I look forward to engaging in stimulating and compelling collaborations that will provide benefit to the CTO Forum membership at large.”
As VP & CIO, Supply Chain at VSP Vision, Lovett partners closely with presidents and executives across the enterprise to advance meaningful business outcomes through technological initiatives and help the nation’s largest not-for-profit eye health company continue to meet the needs of its stakeholders. Prior to joining VSP, she held executive leadership roles at Thermo Fisher Scientific, where she led global distribution channel technology and eCommerce digital operations teams. Prior to that, she spent 20 years at U.S. Steel in both domestic and international technology leadership, development and operations. Lovett received a Digital Transformation certification through the Massachusetts Institute of Technology, a BS in Computer Information Systems from Westminster College, and a dual MBA/Master of Information Science from the University of Pittsburgh’sKatz School of Business.
About CTO Forum The CTO Forum is a non-profit organization dedicated to fostering a trusted, open and creative environment where the brightest minds of our times convene to address industry’s most important issues. The CTO Forum brings together the best minds in technology from different industries to define opportunities, and to collaborate in harnessing the extraordinary potential of technology. The CTO Forum’s mission is to deliver a Global Innovation Platform, where technology leaders collaborate and co-create the technology and solutions that will be critical to meeting tomorrow’s global opportunities and challenges. For more information, visit http://www.ctoforum.org.
The veterans of Ventura County, and those of us who work to support these veterans, want you to know that a real-life angel has just gotten his wings… a giant 190 pound, furry, white, tail-wagging angel named Leo, who has saved many more lives than any fictional movie character.
Leo was a homeless Alaskan Malamute dog that was adopted at a young age by Rafael Stoneman, an Army veteran who was living through periods of homelessness and personal difficulties himself. After Gold Coast Veterans Foundation helped Rafael get his life back on a positive path, he came back to help other veterans as a volunteer; he knew his own skills and life experience could help other at-risk and homeless veterans get their lives back on track.
Rafael soon realized that his buddy Leo was the “secret weapon” that would help him connect with the most difficult homeless veterans – the ones who usually wouldn’t talk to anybody. But the sight of a giant white dog, who looked like big friendly Polar Bear, could melt the heart of even the most isolated and anti-social veterans. Leo gave their partnership the incredible ability to make contact and establish a genuine rapport with veterans who had refused contact or help from everybody else.
GCVF’s leadership created a new program, “Mobile Veteran Outreach”, to support Rafael and Leo roaming the streets of Ventura County, bringing life-saving care and services directly to homeless veterans at their location. Leo’s big smile started literally hundreds of conversations with at-risk veterans, the very first step in rescuing them from the street, and the start of repairing broken lives.
When COVID caused most other social services to close their doors, leaving homeless veterans at the very highest possible risk of death… Leo and his partner Rafael were out on the streets, saving lives on the front lines of the battle, getting homeless veterans engaged into emergency services. The MVO program and its star players soon became famous for rescuing the most contact-resistant, hardest to serve veterans – the veterans that other agencies had ‘written off’ as unable to save. The all-important, make-or-break first contact with these veterans was only possible because of Leo, the secret weapon in the battle against veteran homelessness.
Since the launch of the MVO program in November 2019, Leo and his best friend Rafael have rescued over 250 American veterans and families from homelessness in Ventura County. The street outreach program they pioneered has now proven itself in battle, during a world health crisis and beyond, to be a primary component in the new national standard of care for high-risk American veterans.
Rest in Peace Leo. Your spirit, and the lives you helped save, changed the way we will care for our veterans forever. Congratulations on getting your wings, you’ve earned them.
“We believe that the overall success of our organization is measured through the individual experiences of every one of our VIPs,” said Danielle McCarthy, AMC President, referring to the residents of AMC communities. “We value the importance of bringing the community together and the positive impacts that this culture has on all of our lives. As such, we’re actively engaged in helping residents recognize they are an intrinsic part of our communities. Lending a hand when there’s a need is an important way of expressing our gratitude for them.”
One of the year’s biggest events occurred in November when AMC marked its 13th annual Thanksgiving Dinner Deliveries drive. Through the efforts of staff and some local sponsoring stores, the fixings for full Thanksgiving dinners were delivered to 416 AMC community members — a new high — at the kickoff of this holiday season.
This year’s backpack drive was a resounding success. Community Directors identified needs for VIPs in their communities, resulting in the assembly of 280 backpacks stuffed with age-appropriate school supplies that were delivered to students in 24 different communities.
AMC spearheads many charitable events during the holidays, including partnering with local police agencies to donate gifts and sponsoring adopt-a-family campaigns within their communities.
Additionally, with its strong belief in the importance of community, AMC purposefully fosters that culture by hosting events for its VIPs. Some of those events include the following:
For The Crossings at Chino Hills, a Paint and Sip event was held on June 8. One of AMC’s leasing consultants taught the class of 30 in the finer details of painting a beautiful sunset.
For Surf House Apartments in Huntington Beach, AMC hosted an In-N-Out event on September 28. Around 200 hungry residents picked up food, with many hanging around to socialize. Approximately 350 burgers were served.
Uptown Fullerton Apartments in Fullerton created a series of events for Resident Appreciation Week preceding Thanksgiving. Events included Pie Day, Food Truck Friday and Sunday Football Funday.
AMC’s efforts to pay it forward to its VIPs have certainly been noticed, as the following resident reviews point out:
“We absolutely adore this place! It truly feels like home to us,” said Gift Koomprapun, a resident of Stadium House in Anaheim. “Our most cherished aspect of it all has to be the incredible staff team, and let’s not forget to mention the amazing and most kind Community Director, Ashley! She’s been incredibly supportive and is always there to lend a helping hand whenever we need it. We feel so very blessed to be part of such a welcoming and kind community!”
“I had lived here in 2022, then I had moved but now I’m coming back. This is, hands down, one of the best properties to live at!” said Memory Stafford, a resident of The 3900 in Riverside. “They have always responded fast with maintenance and have always helped out in any way they possibly can. These apartments truly did spoil me. The place I’m currently leaving is nothing compared to these! 10/10 recommend!”
“I don’t even know where to begin but let me just say that when they call these guys the Dream Team, they are all the way on point,” said Tanjy Hill, a resident of The James in Riverside. “Ethan and Ty are truly the definition of professionalism. . . . I want to thank you sincerely for me and Anthony. . . . You guys really saved us and helped us in our time of need and we truly appreciate it. If only everyone could embody professionalism the way you guys do, the world would be a better place. Thank you, guys, me and my family are grateful for both of you.”
Creating an atmosphere that promotes health and community remains at the heart of AMC’s overall mission. It’s why investing in amenities such as new pickleball courts at the Beachwood Apartment Homes in Anaheim and new windows throughout the Surf House Apartments is so valuable. Many other improvements are planned for 2024.
“We are committed to our communities, residents, teammates and partners for the long term,” said McCarthy. “Our Charitable Giving Team leads us on initiatives every year to support the livelihood of those in our communities. We want our VIPs to be able to enjoy a quality home for years to come. Our vision remains to make coming home the best part of every resident’s day.”
About AMC AMC is a subsidiary of Advanced Real Estate Services, Inc., a real estate investment company founded in 1982 by Richard Julian and Frank Holloway. AMC maintains and operates over 11,000 multifamily units in Southern California. Find out more at amcliving.com.
In the spirit of the season, ServiconCares donated more than 250 new toys and 100 gift cards of $25 each to HOLA; more than 25 Servicon employees volunteered to wrap the gifts for distribution to children and young adults ranging in age from six through high school affiliated with HOLA.
According to ServiconCares Chair Natalie Mahdesian, partnering with HOLA and TreePeople were both logical choices based on ServiconCares’ vision and mission. “Both HOLA and TreePeople do a lot locally at the grassroots level in underserved areas. The two organizations do fantastic work and prioritize education and social and environmental justice. That is what ServiconCares is about.”
Partnering and Planning for the Future
“We are very excited about our relatively new partnership with HOLA and ongoing collaborations with TreePeople,” says Natalie. “ServiconCares strives to be a resource to grassroots organizations that focus on social and environmental justice. We don’t want to write a check and then walk away. We want to form relationships and provide support to allow these great organizations to continue to thrive by providing them with our time, money, and resources to help them meet their goals.”
ServiconCares Director Gabby Mahdesian further explains why ServiconCares is excited about partnering with HOLA: “One of the main reasons we love the relationship we are forming with HOLA is that the organization works hard at the ground level to not only supply a safe place for children after school but also provides education, music, art, sports, and other programs. Government funding for these programs was cut at many schools, programs that families in more prosperous areas often take for granted. Educational opportunities are crucial for the individual and the community; communities thrive when the people within them thrive.”
Natalie adds: “Many HOLA children are first-generation immigrants, and their parents usually work two or three jobs just to pay the bills. HOLA gives them much-needed educational support and helps the students with the college application process, including requests for grants and scholarships. It wasn’t until after our affiliation with HOLA that we discovered a few of our employees had received support from HOLA in their time of need.”
Partnering and Planting for the Future
Earlier this holiday season, ServiconCares donated more than 35 trees through TreePeople to be planted in South Gate, California. More than 20 Servicon corporate and field employees participated in the event, which was organized and paid for by ServiconCares. To date, Servicon has funded planting more than 100 trees through TreePeople. All the trees were planted in shadeless urban “bright spots” in underserved communities where many Servicon employees live and work. The tree planting also reinforces Servicon’s ongoing commitment to sustainability.
“It’s nice to plant trees in already beautiful areas, but we wanted to put them in areas where there is little to no shade or green space,” says Natalie. “The results won’t be immediate, but the trees will help these communities in the long run. The trees provide shade for houses, so people can use their air conditioners less. The trees also provide a canopy of shade for walkers and improve air quality, creating a healthier environment.”
Both Natalie and Gabby urge other companies to join the fight. “It won’t happen overnight,” Gabby says. “But if enough corporations team with and support some of these great, local organizations to help improve the lives of people in underserved areas, the results will benefit those individuals and their communities. It also will eventually help make the Los Angeles area a better place for all of us.”
About HOLA
Based on the belief that every child deserves access to learning, creativity, safety, and joy, HOLA provides 100% free after-school programs of the highest quality to families and students who need them the most. HOLA currently serves 3,100 children and young adults ages six to 24 in Central and South Central Los Angeles. Its offerings include programs in music/orchestra, visual arts, and leadership; sports leagues and clinics; science, technology, engineering, arts, and math (STEAM) classes; wraparound and counseling services; alum support and scholarships. HOLA also provides parent and family resources. For more information, visit heartofla.org.
About TreePeople
TreePeople is one of the largest environmental organizations headquartered in Southern California. Since its inception, the nonprofit has inspired, engaged, and supported more than three million people to take action for our environment by planting and caring for trees. TreePeople reforests after fires, creates greener schoolyards, and donates fruit trees to combat food insecurity and solutions to capture rainwater. As the world faces increasing threats from a more hostile climate, TreePeople helps create actionable solutions to encourage people to take personal responsibility for the urban environment. For more information, visit treepeople.com.
About ServiconCares
The philanthropic arm of Servicon, ServiconCares, was born through an initiative to invest in our people and the underserved communities where Servicon employees and their families live. We look to inspire systemic change and foster community development through skill-building, volunteering/participation, and funding. We align with grassroots organizations focused on education, community engagement, and environmental, health, and social justice. We aim to stabilize and elevate these communities while encouraging other community leaders to join us to create a better, more just environment for all.
At Servicon, we live by our purpose to elevate the industry and provide healthy environments for people to thrive. We work and live by our vision of creating a better working future. We do well by doing right by our people and the communities in which we and our employees work and live. Servicon is privately held and certified by the Women’s Business Enterprise National Council (WBENC) as a women-owned and operated company. To learn more about Servicon, visit servicon.com or contact us.
Chase Plastics is awarding donations totaling $10,000 to four different charities as part of their annual Chase Plastics Giving Card Campaign.
CLARKSTON, Mich., Dec. 21, 2023 /PRNewswire-PRWeb/ — Now in its eighth year, the much-anticipated campaign is awarding $2,500 to four winning charities. This year’s winners were all nominated by customers of Chase Plastics. They include:
Give Kids The World Village: This 89-acre “storybook” resort in Central Florida treats children with critical illnesses and their families to weeklong, cost-free vacations. https://gktw.org
Gillette Children’s: A nonprofit hospital in St. Paul, Minnesota, that treats patients with brain, bone and movement conditions needing specialized expertise. https://gillettechildrens.org
Angels of Action: Located in Big Rapids, Michigan, Angels of Action’s mission is to provide children and their families access to food, essential needs and community resources with love, respect and understanding. https://www.angelsofaction.org
Rustic Hope: This non-profit organization in Russia, Ohio, offers physical, emotional and spiritual support to parents in need. https://rustichope.org
The Chase Giving Campaign started in 2016 to highlight charities that Chase Plastics’ customers and suppliers were most passionate about. Their generosity has not only led to a total of $57,000 being donated to charities across the country through the campaign, but
it has also perpetuated the spirit of giving — something in which Chase Plastics strongly believes.
Chase Plastics has made it an initiative to encourage volunteerism and increase awareness of charitable organizations by spotlighting various nominated charities on their social media channels throughout the campaign. As a result, they hope to inspire others to donate time or money to the featured charities or use it as a resource themselves. “This was our best year yet with a record 305 nominations,” said Chase Plastics’ CEO, Kevin Chase. “There are so many ways to spread hope this holiday season.”
About Chase Plastics
Chase Plastic Services, Inc., is a stocking distributor with a portfolio that offers more than 35,000 varieties of specialty, engineering, and commodity thermoplastics from the industry’s leading manufacturers and global suppliers. As a top-ten North American specialty and engineering plastics distributor, Chase Plastics is committed to helping their customers turn resin into reality by Redefining Resin Distribution.®
The Company, formed in 1992, provides customers with an industry-leading portfolio of value-added services delivered by skilled sales professionals and dedicated teams of technical process engineers, market development engineers, and more – all of whom guide the material selection, application development, and manufacturing processes. The Company’s unmatched level of dedicated support, together with blending, repacking, inventory management, and logistics services via a network of distribution and sales locations throughout North America, is singularly focused on helping customers boost efficiencies and profitability.
Based in Clarkston, Michigan, Chase Plastics was founded by Kevin and Carole Chase, who serve as the Company’s CEO and Vice President, respectively. Learn more about Chase Plastics and its commitment to providing outrageous customer service at www.chaseplastics.com
Zonda’s new home sales metric captured 650,890 new homes sold in November on a seasonally adjusted annualized rate, up 2.8% month-over-month and 29.2% year-over-year. The Zonda Market Ranking classified national new home sales as “slightly overperforming” in November. Today’s sales are supported by incentives, with nearly 60% of new home projects offering some kind of seller concession.
“What has been reinforced over the past few months is that rising mortgage rates, higher home prices, and the news cycle can prompt consumers to put homebuying plans on hold,” said Ali Wolf, chief economist for Zonda. “For many, this isn’t a permanent hold, though, as even slight improvements in affordability can help reignite demand.”
Sales outpace seasonality in November
Zonda’s new home sales metric counts the number of new home contract sales each month and accounts for both cancellations and seasonality. This metric shows there were 650,890 new homes sold in November on a seasonally adjusted annualized rate. This was a gain of 2.8% from last month and an increase of 29.2% from a year ago. On a non-seasonally adjusted basis, 48,034 homes were sold, 29.6% higher than last year and 0.2% above the same month in 2019.
New home sales volume is now 12% below the recent peak seen in July 2023.
The New Home PSI climbed following recent declines
Total sales volume is influenced by both supply and demand. Zonda’s New Home Pending Sales Index (PSI) was created to help account for fluctuations in supply by combining both total sales volume with the average sales rate per month per community. The November PSI came in at 132.6, representing a 42.6% rise from the same month last year. The index is currently 23.8% below cycle highs. On a month-over-month basis, seasonally adjusted new home sales increased 2.4%.
The markets that posted the best numbers relative to last year were Phoenix (+158.9%), Riverside/San Bernardino (+106.8%), and Denver (+103.9%). These markets slowed dramatically last year but have since stabilized. The base effect of last year’s low levels contributed to the large YOY percentages.
While no markets were down year-over-year, the metros that posted the smallest gains were New York (+4.1%), Baltimore (+5.1%), and Charlotte (+13.2%).
On a monthly basis, Cincinnati, Los Angeles/OC, and San Antonio performed best.
50% of new home markets over-performed in November
In order to add further context on the metro level, we created the Zonda Market Ranking (ZMR). The ZMR accounts for both sales pace and volume, is seasonally adjusted, and is taken as a percentage relative to a baseline market average. Based on the percentage above or below baseline, markets are bucketed into performance groups ranging from significantly underperforming to significantly overperforming relative to historical activity.
The National ZMR index came in at 110.7 in November, indicating a slightly overperforming market.
The major metros overperforming their historical averages most in November 2023 were Port St. Lucie, Chicago, and Tampa.
Colorado Springs, Portland, and Denver were significantly underperforming. Salt Lake City, Cape Coral, Seattle, Reno, San Jose, Phoenix, New York, and Richmond were slightly underperforming.
Among our top fifty markets, 50% were overperforming, 28% were average, and 22% were underperforming. Last month, 54% were overperforming, 30% were average, and 16% were underperforming.
Importantly, the ZMR does not account for what it takes to sell a home. For example, securing a sale might still feel difficult in a “significantly overperforming” market, but if incentives offered result in a sale, we count the sale.
Entry-level pricing flattened out
National home prices flattened year-over-year in the entry-level market but rose for move-up and high-end homes. Entry-level prices flattened at $339,000 but rose 0.6% for the move-up market to $529,670 and 3.1% for high-end homes to $924,725.
Supplementing our data with a monthly survey Zonda conducts, 10% of builders reported raising prices in November, down from 16% in October. Further, 75% reported holding prices flat, up from 71% last month. The percentage of builders who reported price increases has slowed as seasonality kicked in and builders further evaluate the affordability backdrop.
Incentives are still common in today’s housing market to help address the affordability constraints for buyers. 57% of new home communities across the country offered incentives in November, flat month-over-month. Many builders find incentives are necessary to help seal the deal with consumers.
Community count remained low
There are currently 13,896 actively selling communities tracked by Zonda, up 1.1% from last year. On a month-over-month basis, the national figure slipped 2.0%. Total community count is 27.5% below the same month in 2019. The lack of competition from other new home communities has allowed for some upward pressure on the average sales rate per month per community. Zonda defines a community as anywhere where five or more units are for sale.
Austin (+17.7%), Minneapolis (+13.5%), and Salt Lake City (+12.7%) grew community count the most year-over-year. Relative to 2019, community count is down 13%, 2%, and 18%, respectively.
The biggest community count declines were in San Francisco (-17.1%), Tampa (-13.9%), and Seattle (-12.7%).
Community count in 8% of our select markets rose month-over-month, 4% were flat, and 88% fell.
National quick move-ins (QMIs) totaled 28,287, down 18.9% compared to last year and 5.9% lower month-over-month. Total QMIs are 107.9% above 2019 levels. QMIs are homes that can likely be occupied within 90 days.
QMIs sell out quicker than they can be replaced in many markets as consumers view these homes as a great alternative to the resale market given the dearth of supply. The quick rise in QMIs last year led to price drops at many new home communities. We aren’t seeing the same build-up today.
The markets that grew the most year-over-year were Salt Lake City (+23.4%), Cincinnati (+22.9%), and Riverside/San Bernardino (+22.5%).
Salt Lake City, Las Vegas, and Cincinnati have seen the most growth in QMIs compared to the same time in 2019, up 255.8%, 212.5%, and 147.1%, respectively.
QMIs are down the most compared to 2019 in Baltimore (-62%), San Francisco (-52%), and Atlanta (-52%).
Methodology
The Zonda New Home Pending Sales Index (PSI) is built on proprietary, industry-leading data that covers 60% of the production new home market across the United States. Reported number of new home pending contracts are gathered and analyzed each month. Released on the 15th business day of each month, the New Home PSI is a leading indicator of housing demand compared to closings because it is based on the number of signed contracts at a new home community. Zonda monitors 18,000 active communities in the country and the homes tracked can be in any stage of construction.
The new home market represents roughly 10% of all transactions, allowing little movements in supply to cause outsized swings in market activity. As a result, the New Home PSI blends the cumulative sales of activity recently sold-out projects with the average sales rate per community, which adjusts for fluctuations in supply. Furthermore, the New Home PSI is seasonally adjusted based on each markets’ specific seasonality, removes outliers, and uses June 2016 as the base month. The foundation of the index is a monthly survey conducted by Zonda. It is necessary to monitor both new and existing home sales to establish an accurate picture of the relative health of the residential real estate market.
Visit ZondaHome.com or follow us on LinkedIn and Facebook for more information.
About Zonda
Zonda provides data-driven housing market solutions to the homebuilding industry. From builders to building product manufacturers, mortgage clients, and multifamily executives, we work hand-in-hand with our customers to streamline access to housing data to empower smarter decisions. As a leading brand in residential construction, our mission is to advance the home building industry, because we believe better homes mean better lives and stronger communities. Together, we are building the future of housing.
Thomas Brandt, spokesperson of IAA stated, “We are immensely proud to honor incredible women, such as Vanessa Fukunaga, who are not only shaping their industries but are also creating a ripple effect, inspiring countless others with their journey.” At the helm of it all and bringing a stroke of brilliance, talent and creativity to the property industry, Fukunaga continues to make her mark in the global business landscape with this latest award for Female Executive of the Year, CEO of the Year 2023. #titanwomeninbusinessawards. Explore Fukunaga’s award-winning contributions to the 2023 TITAN Women In Business Awards.
“Mortgage rates falling more than 1% since October’s peak is major news for a high-demand real estate market like Miami,” MIAMI Chairman of the Board Ines Hegedus Garcia said. “We should begin to see the impact in sales numbers in early 2024. Low inventory in key price points has impacted home sales, but we are beginning to see that change. New listings have risen for three consecutive months.”
Southeast Florida Home Sales Forecasted to Expand by 7% Year-over-Year by End of 2024 MIAMI REALTORS® Chief Economist Gay Cororaton forecasts mortgage rates to fall to 5.25% by the end of 2024 given the overall effect of the Fed’s planned cumulative rate cut of 0.75% and cooling inflation. Mortgage rates hit a 23-year high of 7.8% in October 2023, impacting November 2023 sales numbers across the nation.
“Southeast Florida’s home sales could expand by about 7% year-over-year by the end of 2024 while prices will continue to appreciate at a modest pace of 5%,” Cororaton said. “In the low to mid-price segment of the market, the lower mortgage rates will drive up demand from first-time buyers and renter households. In the high-price and luxury segment, the wealth effect from rising stock prices, a pickup in economic growth in 2024, and sustained migration of high-income households into Southeast Florida will push up demand.”
Total Miami-Dade sales decreased 7.8% in November 2023, from 1,791 to 1,651, due to elevated mortgage rates and low inventory in key price points. November home transactions came to terms in October, which saw rates peak at 7.8%. The statistics don’t include South Florida’s robust developer new construction market and volume.
Miami single-family home sales decreased 1.5% year-over-year, from 718 in November 2022 to 707 in November 2023. Miami single-family home sales, which saw an increase in transactions in September 2023, still has a lack of inventory in key price points as elevated mortgage rates have impacted buyers looking to finance.
Miami existing condo sales decreased 12% year-over-year, from 1,073 in November 2022 to 944 in November 2023. The condo market has been more impacted by lack of inventory at key price points and elevated mortgage rates.
Total Miami New Listings Increase for Third Consecutive Month Miami new listings increased 7.7% year-over-year in November 2023, from 2,982 to 3,211. The Miami-Dade market remains in a seller’s market but the fresh supply of listings will give buyers more options.
Miami single-family homes new listings increased 0.97% while Miami condo new listings jumped 11.93% year-over-year.
Mortgage Rates at Near Lowest Levels Since May 2023 According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.95% as of December 14, falling below 7% for the first time since August 10. That’s down from 7.03% the previous week but up from 6.31% one year ago.
Another leading indicator for sales are showing appointments. South Florida showing appointments declined 1% year-over-year in November 2023 to 157,242 appointments. South Florida showing appointments increased five consecutive months year-over-year before October 2023.
Miami-Dade Inventory is Still Down 42.9% From Historical Average Total inventory is down 42.9% from the historical average for Miami. The monthly historical average for Miami-Dade existing inventory is 20,302 and current inventory is at 11,576.
Total active listings at the end of November increased 3.6% year-over-year, from 11,178 to 11,576.
Inventory of single-family homes decreased 10.1% year-over-year in November 2023 from 4,288 active listings last year to 3,856 last month. Condominium inventory increased 12% year-over-year from 6,890 to 7,720 listings during the same period in 2022.
Months’ supply of inventory for single-family homes is 4.4 months, which indicates a seller’s market. Inventory for existing condominiums is 6.8 months, which indicates a balanced market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Nationally, total housing inventory registered at the end of November was 1.13 million units, down 1.7% from October but up 0.9% from one year ago (1.12 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, down from 3.6 months in October but up from 3.3 months in November 2022.
Miami Real Estate Hits 12 Years of Consecutive Home Price Appreciation Miami-Dade County single-family home median prices increased 11.8% year-over-year in November 2023, increasing from $550,000 to $615,000. Miami single-family median prices have risen for 144 consecutive months (12 years), the longest running-streak on record. Existing condo median prices increased 6.3% year-over-year from $395,000 to $420,000. Condo median prices have stayed even or increased in 144 of the last 150 months.
Miami is tied for No. 3 in the U.S. for annual home price appreciation, according to the latest US CoreLogic S&P Case-Shiller Index.
South Florida’s Incredible Wealth Migration Local home prices have risen with South Florida’s wealth migration. In-migration boosted South Florida household income by $16 Billion in 2021, according to MIAMI REALTORS® analysis of the 2020-2021 migration data released by the Internal Revenue Service.
New households moving into Miami-Dade in 2021 had an average adjusted gross income of $229,300. New households moving into Broward County had an average adjusted gross income of $102,600. New households moving into Palm Beach County had an average adjusted gross income of $242,200.
Miami Real Estate Posts $201 Million Local Economic Impact in November 2023 Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).
The total economic impact of a typical Florida home sale is $122,000, according to NAR. Miami-Dade sold 1,651 homes in November 2023 for a local economic impact of $201 million.
Miami total dollar volume totaled $1.33 billion in November 2023. Single-family home dollar volume increased 8.8% year-over-year to $698 million. Condo dollar volume decreased 9.7% year-over-year to $637 million.
Miami Distressed Sales Remain Low, Reflecting Healthy Market Only 0.9% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, lower than 1.6% in November 2022. In 2009, distressed sales comprised 70% of Miami sales.
Short sales and REOs accounted for 0% and 0.9% year-over-year, respectively, of total Miami sales in November 2023.
Miami’s percentage of distressed sales are lower than the national figure. Nationally, distressed sales represented 1% of sales in November 2023, virtually unchanged from last month and the prior year.
Miami Median Price Appreciation Outperforming Nation, State In Florida, closed sales of single-family homes statewide totaled 17,722 in November 2023, up 4.2% year-over-year, while existing condo-townhouse sales totaled 7,108, up 0.3%. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
Nationally, total existing-home sales transactions elevated 0.8% from October to a seasonally adjusted annual rate of 3.82 million in November. Year-over-year, sales fell 7.3% (down from 4.12 million in November 2022).
The statewide median sales price for single-family existing homes was $413,000, up 3.3% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $321,990, up 3.9% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
Nationally, the median existing-home price for all housing types in November was $387,600, an increase of 4.0% from November 2022($372,700). All four U.S. regions posted price increases.
Miami Real Estate Attracting Near List Price The median percent of original list price received for single-family homes was 97% in November 2023. The median percent of original list price received for existing condominiums was 96%.
The median number of days between listing and contract dates for Miami single-family home sales was 23 days, down from 31 days last year. The median time to sale for single-family homes was 64 days, down from 74 days last year.
The median number of days between the listing date and contract date for condos was 32 days, up from 35 days. The median number of days to sale for condos was 72 days, up from 74 days.
Miami Cash Sales 51.5% More than National Figure Cash sales represented 40.9% of Miami closed sales in November 2023, compared to 42.3% in November 2022. About 27% of U.S. home sales are made in cash, according to the latest NAR statistics.
Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects Miami’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.
Cash sales accounted for 50.2% of all Miami existing condo sales and 28.4% of single-family transactions.
Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of Realtors® The MIAMI Association of Realtors (MIAMI) was chartered by the National Association of Realtors in 1920 and is celebrating 103 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD–MIAMI, a division of MIAMI Realtors; JTHS-MIAMI, a division of MIAMI Realtors in the Jupiter–Tequesta–Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the award-winning MIAMI Global Council. MIAMI REALTORS represents nearly 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 260 international organizations worldwide. MIAMI’s official website is http://www.MiamiRealtors.com
“She’s EmPOWERed serves as a platform to amplify the voices of young visionaries and inspire others to make a difference,” said Rasheda Kamaria Williams, youth empowerment speaker, author and founder/chief empowering officer for Empowered Flower Girl. “We are inspired by 21st century teens and tweens who are challenging stereotypes, breaking down barriers, standing up and using their power for good.”
In addition to the She’s EmPOWERed program, Empowered Flower Girl has facilitated youth empowerment initiatives like the Be the Impact Virtual Summit, which showcases and celebrates young people making or aspiring to make positive contributions to society as well as helps them discover their passion for community service.
She’s EmPOWERed nominations are accepted year-round from those residing in the United States and Canada. Youth selected receive recognition via social media, empowering swag and an opportunity to join Empowered Flower Girl’s alumni network.
Interested in being featured or know someone who should? Email [email protected] or complete the questionnaire at https://bit.ly/shesempoweredform. Parental consent is required for individuals under the age of 18. Empowered Flower Girl reserves the right to reject incomplete or irrelevant submissions. Companies interested in sponsoring swag bag items are encouraged to email us.
About Empowered Flower Girl
Empowered Flower Girl is a social enterprise on a mission to transform the way young people relate to one another and themselves. From workshops that combat bullying and increase empathy to events that inspire intergenerational collaboration, Empowered Flower Girl helps youth and youth advocates discover their power and purpose. We offer programs for tweens/teens, like our signature Chica Chat workshop as well as Girl World Peace Academy – our virtual course and coaching program for adults passionate about making a positive impact in the lives of young people in their communities and schools. Visit www.empoweredflowergirl.com for more information.
