Pittsburgh, PA (August 24, 2020) – Howard Hanna Real Estate Services, the largest privately owned real estate company in America, achieved an all-time monthly high in July 2020 with $5.694 billion in total closed and new written sales units.
“We just finished the month of July, and this company, founded by my parents over 63 years ago, has had many great months,” said Howard W. “Hoddy” Hanna, III, Chairman of Hanna Holdings, Inc. “We’ve had many great successes, sometimes month-in and month-out. But never have we had the success overall as a real estate company, mortgage company, title company, and insurance company that we did during the month of July. That’s a tribute to the hard work, the effort, the ingenuity, and the creativity of each and every person within the company.”
This achievement is one in a series of accomplishments Howard Hanna Real Estate Services has attained this year, from making the news in leading Cleveland in sales and being named the #1 family-owned and -operated broker in the nation to experiencing a record-breaking mortgage month in June and July.
“During quarantine, people were saying, ‘I don’t like this or that about my house, I don’t have a home office, etc.’ and looking online at new houses. The pent-up demand and historic low interest rates have combined to make lots of buyers that are ready to buy now,” F. Duffy Hanna, Esquire, President of Howard Hanna Financial Services, previously said concerning the record-breaking mortgage months.
Multiple factors contributed to this record-breaking month for Howard Hanna Real Estate Services and to motivating homebuyers and sellers to move and buy now. With mortgage interest rates at the lowest in history at under 3%, buyers are able to get more home and, with the exclusive Howard Hanna Buy Before You Sell program, leverage the equity in their existing homes to make strong offers in today’s competitive bidding battles.
In addition, the pandemic created new, pent-up demands and needs such as a need to move from apartments to homes and to have larger homes that meet work-from-home requirements. There’s also been growth in the market for second homes within a two-hour drive of metro markets to mountain, lake, and seashore locations.
The increase in listing units available during July created more opportunities for buyers, raising home prices nationally and locally by 8.98%.
Of the HannaFinancial companies, Howard Hanna Mortgage Services committed and closed $322 billion in new loans, Barristers Title and Escrow closed 1,027 properties, and Howard Hanna Insurances Services insured over $218 billion in new properties.
In late March, Howard Hanna Real Estate Services acted swiftly to adjust business practices to allow for virtual showings, remote work arrangements, and other safe strategies that adhered to shelter-in-place restrictions in our markets. In addition to these business changes, the company launched and released new programs, such as Buyside, to help homebuyers and sellers find the home of their dreams. These adaptations and changes helped set the company for a series of recording-breaking months.
“It is truly a great effort by so many people to achieve these numbers,” Howard W. “Hoddy” Hanna, III added. “The change and diversity of what we’ve had to do in the last six months has really been a tribute to each of our agents, managers, and employees and all that they can accomplish.”
About Howard Hanna: Howard Hanna Real Estate Services is the #1 family-owned and -operated independent broker in the U.S.A. The full-service real estate company has 325 real estate, mortgage, insurance, title and escrow service offices across 10 states, including Allen Tate Realtors in the Carolinas, with more than 11,000 sales associates and staff, including many of the industry’s top-producing real estate agents. For more information, visit www.HowardHanna.com.
Contact: Hoby Hanna, firstname.lastname@example.org, (216) 447-4477