Compass CEO Robert Reffkin: There's more inventory than any time in the last six years

Market Trends & Inventory - Nationwide, single-family home inventory is up 27%, and total inventory (including condos) is up 16% [3] - 42% of homes on the market have experienced a price drop, the highest in 12 years, indicating increased negotiability for buyers [3] - Northeast market is performing better due to lower supply, while Florida is experiencing a significant shift with 8% fewer transactions year-over-year [6] - Nine states have seen year-over-year price decreases, including Texas, reflecting a shift from COVID-era migration patterns [6] Rental Market - Overall, rental prices are performing better, with year-over-year decreases in some areas [7] - New York City rentals are up 7% year-over-year due to the fair act shifting rental commissions to landlords [7] Affordability & Policy - The discussion revolves around increasing affordability in New York City, with the CEO advocating for increased supply through incentivizing developers and landlords to build more [8][10] - Austin's example is cited, where increased inventory led to a 15% decrease in prices year-over-year [11] - Converting commercial properties to residential and easing building restrictions are proposed solutions for New York City [12] - A mayoral candidate's policies are perceived to have a modest negative impact on market sentiment and sales [14] Compass's Performance - Compass reported record earnings, including record EBITDA, free cash flow, EBITDA margin, market share, revenue, agent recruiting, and platform usage [2] - The company has experienced 17 consecutive quarters of organic growth faster than the market [2] Legal & Competitive Landscape - Compass is suing Zillow on behalf of agents and home sellers, alleging monopolistic practices related to listing requirements and referral fees [16][17]