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2015 End of Session Report
Legislative Consultants in Alaska (Wendy Chamberlain)

May 6, 2015

Today is May 6,  2015….. 16 days past the scheduled adjournment date and the Legislature remains in a special session.  Governor Walker wasted no time issuing a proclamation calling the Legislature back into a special after they failed to reach agreement to fully fund the FY 2016 operating budget.   The Governor listed three key issues he wants addressed; the operating budget, Medicaid expansion/reform and a bill dealing with sexual assault prevention and awareness in school (Erin’s law).    The Legislature recessed two days later announcing both bodies would return to Juneau May 12, 2015 to take up the budget and possibly Medicaid.  Meanwhile, the House and Senate Finance Committees continue working on the budget but no compromise has been reached at this time

The first session of the 29th Alaska Legislature adjourned at 7 PM on Monday, April 25, 2015, six days after the scheduled adjournment date of April 19th. The dramatic dropped in oil prices posed significant challenges for both Republicans and Democrats in the Legislature.  Facing a $3.9 billion shortfall for FY 15 and $3.2 billion for FY16, the Republican led Senate and House reduced the operating budget by approximately $850 million over current year spending.  Minority members in both bodies strongly objected to the size of the reductions to Education, Medicaid, union contracts, domestic violence, Alaska Marine highway system and the University of Alaska.   The state currently has approximately $12 billion in the Constitutional Budget Reserve (CBR); however accessing the CBR requires a 3/4 vote by the members of both bodies.  The Senate has that number in their majority, but the House is 4 members short. So far, the 13-member House Democratic minority remains steadfast in their demands to have funding restored to the operating budget and approval of Medicaid expansion before supporting the budget.

Alaska has not had an income or sales tax since the early 80’s and in fact we have a “negative tax”, giving each member of the public a dividend each year from oil royalties. The public also seems loath to accept any taxes or giving up their dividend until state government has been reduced to a more sustainable level. While the reductions this year are significant (over $850 million) most of those cuts are the “low-hanging fruit” that won’t cause much reaction.  Budget cuts will be MUCH more difficult when the legislature returns next year. Their challenge will be making reductions that don’t cause the state’s economy to go into a tail-spin.

The Governor introduced his budget with Medicaid Expansion funding included, however the Legislature removed this funding and inserted language stating the Administration cannot take action on Medicaid without full legislative approval.  The Legislature wants to see major reforms within the Medicaid program before looking at expansion.  Both the Legislature and Administration are procuring consultants to assist in the analysis of expansion and reform.

While much attention was devoted to the state’s fiscal crisis and reducing spending during the Session, both the Legislature and Governor will be looking at new or expanded revenue sources over the Interim.  The Governor has stated that there may likely be a Special Session devoted to this topic as well.

Operating Budget

In July, 2014 oil prices averaged $127/barrel, however prices plummeted to below $60/barrel this year (2015).  The State forecasts $2.2 billion in unrestricted general funds for both FY 15 and FY 16. That represents an approximate $4.0 billion dollar shortfall for the two fiscal years.

The Legislature made cuts in almost every department, some as much as 34%.  Among the largest cuts are Education, Health and Social Services, Community Jails, Revenue Sharing, Alaska Marine Highway, DOT maintenance and the University of Alaska.  The cuts represent approximately $830 million decrease in spending. At this level the Statutory Budget Reserve has been depleted and a draw from the Constitutional Budget Reserve (the State’s savings account) is required to balance the FY16 budget.

Municipal Revenue Sharing

Municipal Revenue Sharing was funded at approximately $53 million, however this amount did not capitalize the fund (essentially forward funding). Communities will see a reduction of approximately 7 percent in FY 2016 over their FY 2015 disbursement.  The bleak revenue picture is likely to continue to impact revenue sharing and without forward funding this account will be drawn down in 3 years.

Education Funding

The most controversial issue this session was education funding. 

The total reduction to the Education budget was significant – $49 million.  This translates to approximately $192 in the base student allocation (BSA).  In addition to the cuts primarily outside the foundation formula funding of $32 million proposed by the Governor (pre-kindergarten programs such as Best Beginnings, Parents-as-Teachers, and other programs like ANSWERS, the Online with Libraries, Live Homework Help, Statewide Literacy Program — $5 million dollar broadband expansion) the Legislature cut an additional $16 million from the Base Student Allocation.   To help offset the deficit the forward funding of education has also been discontinued in the current budget.

A Legislative report on school funding will be released in the coming months and will be the topic of future discussions on how the state funds education.

Ketchikan Gateway Borough Lawsuit on Local Contribution to Education Funding

Yet to be settled is the litigation brought by the Ketchikan Gateway Borough.  Fairbanks North Star Borough recently filed an amicus brief in support of Ketchikan.  The Ketchikan suit claims that the State unfairly discriminated against 1st Class cities and organized boroughs by requiring a local contribution to education funding.  Last year, the State appropriated $1.4 billion to fund education; $230 million of that amount came from the local contribution.  In January, 2015 the Superior Court agreed with the Ketchikan Gateway Borough – the state’s required local contribution for public education violates the Alaska Constitution – in essence a dedicated tax precluded by the Alaska Constitution.   Governor Walker is appealing the decision to the Supreme Court.  Should Ketchikan prevail, the Legislature will have to fill an approximate $230 million hole in funding.

Capital Budget

Capital spending was reduced considerably from last year.  The $1.5 billion Capital Budget contains approximately $122 million in unrestricted general funds, $117 million in other and designated general funds, and $1.3 billion of federal funds.  Of note, the last school construction project required under the Kasayulie Settlement was included by the Legislature for Kivalina in the amount of $43 million. School Major maintenance funding was added at $2.6 million.

Renewable Energy Project Grants through AEA for Round 8 projects were funded at $11.5 million. Village Safe water and wastewater infrastructure projects were funded at $51.5 million state and federal funds.  Ambler Airport Improvements project received $2.5 million

Federal receipt authority for the Juneau Access and Knik Arm Bridge Crossing projects was added back in the budget.  Earlier this year the Walker Administration issued an Administrative order halting six mega projects from making any new expenditures. This federal receipt authority allows these two projects to continue…for now.  Kotzebue Cape Blossom Road was appropriated $33 million.

New Revenue Measures:

While the Session primarily focused on reducing spending, both the Governor and the Legislature stated they intend to devote a considerable amount of time during the interim to looking at expanding new and existing revenue sources. Several pieces of legislation have already been introduced and could become part of the conversation:

  • HB 174 Oil and Gas Production Taxes; Credits (SB 96)
  • HB 182 Individual Income Tax and Tax Credits
  • HB 191 Oil and Gas Corporate Taxes
  • HB 208 Community Revenue Sharing
  • SB 97 Employment Tax for Education

In addition to the tax legislation already introduced, two separate measures have been offered to begin the discussion of using Permanent Fund Earnings for state operating expenses.

  • HJR 2 Constitutional Amendment: Permanent Fund Percent of Market Value (POMV)
  • SB 114 Deposits into the Dividend Fund

Legislation

Out of the 329 bills introduced  –43 passed and are awaiting action by the Governor. Of some note were:

HB 123 Marijuana Control Board

  • The bill creates the Board to regulate and enforce commercial or retail marijuana operations in Alaska as provided in the Citizen’s Initiative.

HB 146 Municipal Tax Exemptions

  • Allows a local government to adopt an optional abatement for all or a portion of a subdivided portion or property and set the terms of paying the tax abatement.
  • Allows for a tax deferral on certain residential property deemed to be deteriorating to be determined by the municipality. Current statute allows for tax deferrals on non-residential commercial property and is unclear as to multiple unit complexes.
  • The intent is to incentivize rehabilitation and redevelopment of deteriorated properties.

HB 105 – AIDEA Interior Energy

  • Changes existing state law to allow the Interior Energy Project to purchase LNG from any region, including Southcentral Alaska, repealing limitation to purchases from the North Slope.
  • Expands and updates AIDEA’s limits for all of its’ project and program financing.

HB 158 Refined Fuel/Motor Fuel Tax

  • Creates a $.0095 cent surcharge per gallon of refined fuel accessed at wholesale distribution level.
  • Establishes a viable long-term funding source for spill prevention services.
  • Uses existing departmental resources (motor fuel, and av gas tax structures) to implement.
  • Exemptions include:
    • state agencies
    • fuel sold for use in jet propulsion aircraft operating in flights to foreign countries or that continue from foreign countries
    • liquefied petroleum gas
    • aviation fuel
    • fuel sold between qualified dealers.
  • Adds the refined fuel surcharge to AS 43.40.010(e) that directs 60% of the proceeds of revenue from the refined fuel surcharge and motor fuel tax back to the municipalities who own, operate, or lease an airport.

HB 176 Repeal State Employees Salary Increase

  • Denys increases that were to take affect in the next fiscal year for employees not covered by bargaining contracts. Language was also passed in the budget to remove salary increases for covered state employees.

SB 34 PCE Endowment Fund Investment

  • Allows the Fund to be managed with and investment strategy to better protect the Fund with a less riskier investment mandate (removing the 7% required return).

SB 39 Repeal Film Production Tax Credit

  • Repeals the film production tax credit program for any new applicants as of June 30, 2015.

SB 43 Immunity for Fire Department & Members

  • Provides that departments or employees may not be civilly liable for an act or omission unless intentional misconduct or gross negligence.

SB 46 Muni Bond Bank; Regional Health Organizations

  • Authorizes the Alaska Municipal Bond Bank to finance up to $250 million for regional non- profit health organizations construction project. Last year the Legislature authorized the bond bank to participate in University of Alaska facilities. SB 46 would expand this authorization to nonprofit health facilities to assist in providing new health care facilities. SB 46 was expanded to include joint action agencies to provide public utilities including hydro power projects.

SB 63 Naming the State Library (Richard Foster Reading Room)

  • Names the new state library in Juneau after Father Andrew P. Kashevaroff. The public reading room will be named the “Representative Richard Foster Reading Room.”

SB 64 School Bond Debt Reimbursement (allowed to become Law Without Signature)

  • The bill suspends the school bond debt reimbursement program for 5 years from January 1, 2015 to July 1, 2020. The retroactive date of January 1, 2015 failed to be adopted.   SB 64 will become effective 90 days

SB 71 Vaccine Certification for Pharmacists

  • Allows licensed pharmacists to administer vaccinations. May be particularly helpful in areas of the state where a physician is not readily available.

Vetoed Legislation

HB 132 – AGDC Support of Natural Gas Projects

  • Clarified that the Alaska Gasline Development Corporation (ADCG) focus on the AKLNG project as directed under SB 138.
  • Prohibited AGDC from creating competing projects; Alaska Stand Alone Project (ASAP) remained the back-up project. The ASAP is heavily supported by Governor Walker and his Administration.

Bills of note that did not pass, but will remain available for next Session:

Marijuana Regulation

With Prop 2 passing in November personal use and possession of 1 oz. of marijuana became legal on February 24, 2015.  The Legislature held multiple hearings on decriminalization, regulation, and municipal oversight during the Session.  While HB 123 – creating the new Marijuana Control Board passed, several other bills remain in committees to be taken up next year.

            Decriminalization –

HB 79 and SB 30 were introduced to decriminalize the possession of up to 1 ounce of marijuana as approved by voters in November.  The Legislature had intended to pass the bill prior to February 24th, however neither bill has passed out of it’s own body.

            Commercial Regulation –

HB 75 was introduced by the House Community and Regional Affairs Committee to provide more clarity to the role of local communities and municipal control in the regulation of retail or commercial marijuana.

Creation of Regulatory Structures

HB 133 and SB 62 were introduced to further define areas of regulation for commercial or retail marijuana such as marketing, licensing, packaging, labeling, testing and serving sizes of products such as edible marijuana.

HB 59 was introduced by Rep. Seaton to allow for a delay by no more than a year, the promulgation of regulations for commercial or retail marijuana.

Medicaid Reform/Expansion

Medicaid Expansion has been the topic of many presentations before various committees this Session.  The Administration’s budget contained provisions allowing  for Medicaid expansion and authorizing the state to accept $145 million in federal funding while cutting some $6 million in state funding.

The Administration anticipates approximately $6.6 million in state savings would be realized by new federal Medicaid funding. Of that savings, $4 million is expected to come from the Department of Corrections budget for health care costs for inmates.  The rest of the savings would come from Chronic and Acute Medical Assistance and reductions to the mental health provider grants, approximately $1.5 million.

The Legislature requested the Governor introduce a bill to expand the Medicaid program and offer reform measures to the existing program.  Medicaid currently costs approximately $600 million annually.

SB 78 and HB 148 Medicaid Expansion bills – and HB 190 and SB 74 Medicaid Reform bills – are all in their respective Finance Committees.

HB 148 Medical Assistance Coverage; Reform

  • Authorizes the state to expand the Medicaid program and engage in Medicaid cost containment reforms including expanding the use of waivers, pilot projects, and expansion of telemedicine practices.
  • Allows for a “1115 Waiver” that gives the state flexibility to design it’s own Medicaid program. This waiver will allow the state to increase utilization of tribal health services and allow these organizations to take over management of numerous functions including transportation to and from rural areas. The state anticipates this will save $80 – $150 annually.
  • 1915(i) and 1915(k) options allow the state to create its’ own guidelines for home and community-based services. This will allow the state to set thresholds for qualifications, service limits, and can include home health aides, adult day care, respite care and assistance for those with chronic mental illnesses.

Medicaid Provider Tax

HB 148 and SB 78 Medicaid Expansion — contain language directing the Department of Health and Social Services, after consulting with stakeholders, to submit to the Legislature not later than January 25, 2016, a proposal to authorize a provider tax up to the maximum extent allowed by federal law to offset some of the cost of the Medicaid program. The Department is directed to contract with an independent third party to advise the Department during the development of the tax proposal.

SB 74  Medicaid Reform/PFD/HSAS/ER Use/Studies

  • Enhances fraud prevention and enforcement,
  • Proposes to reduce the cost of the state’s home and community-based services with a new waiver program,
  • Managed care pilot program for Denali Kid Care,
  • Payment redesign to streamline the process, eliminate billing and payment irregularities and errors.
  • Expands the use of telemedicine for primary and urgent care for Medicaid recipients,
  • Directs the state to conduct studies for options to privatize the Alaska Psychiatric Institute, Alaska Pioneer Homes, and certain facilities of the Division of Juvenile Justice for cost savings. This also includes assessing the possibility of turning over certain DJJ facilities to local tribes in order to create a residential psychiatric treatment center allowing for it to be shifted from a general fund program to a Medicaid reimbursable program.

SB 6 – Daylight Savings Time

  • Authorizes the Governor to petition the U.S. Department of Transportation to hold hearings in Alaska on whether Alaska should return to multiple time zones.
  • If the USDOT does not act on that and leaves Alaska Standard Time in place, SB 6 would end the switch to daylight saving time for Alaskans as of Jan. 1, 2017.

SB 22 Motor Vehicle Registration Tax

  • The bill reduces the percentage of the tax revenue the state can retain from the current 8% to 5%, thereby returning more tax revenue to the municipalities. If passed the bill would become effective July 1.

SB 76 Real Estate Brokers; Liability

  • Makes clear the Legislature’s intent that civil actions against real estate licensees arising out of failure to comply with law are limited to the recovery of actual damages.
  • Retroactive to January 1, 1991.

HB 47 PERS Contributions by Municipalities

  • Alters the interest rate on delinquent payments to the PERS system for those municipalities whose populations decreased by more than 25 percent between 2000 and 2010.

HB 78 – RCA

  • HB 78 was introduced to provide a standard for utilities in purchasing power from independent producers.  

 

  • Purchases of power from independent power producers is common in all other states and the price is set at the highest “avoided cost.” Alaska is alone among the states in allowing utilities to base their offers on the average cost.

HB 118 Muni Energy Improvement Assessments/Bonds

  • The intent of the bill is to allow local governments to establish property assessed clean energy programs incentivizing property owners to finance for the purpose of energy efficiency upgrades.
  • Allows businesses to finance energy efficiency upgrades to existing commercial businesses
  • Allows municipal property tax assessment to be used to repay the municipal bonds.

HB 181 Prescription Without Physical Examination

  • Provides that the Alaska State Medical Board may not discipline a physician for diagnosis, providing treatment, or prescribing a prescription drug.
  • The prescription of a controlled substance is permitted, but only as long as an appropriate licensed health care provide is present with the patient to assist the prescribing physician.
  • Remove the restriction that the prescribing physician be located in the state.

HB 183 North Slope Gas Project Property Tax; Assessment (SB 100)

  • Provides a framework for the assessment of property tax on a North Slope natural gas project once the project begins to transport gas.
  • Tax will be based on full and true value of property determined by adjusted original cost and annualized throughput
  • Project is defined as gas treatment plant, gas pipeline, liquefaction plant, and marine terminal
  • Property tax on existing North Slope oil and gas and pipeline properties would be unaffected.
  • This legislation will likely be taken up in a much anticipated Special Session before January.

HB 185 Alcoholic Beverage Control

  • A rewrite and reorganization of Title 4
  • Changes the make-up of the Board
  • Requirement for fee review not less than every 10 years
  • Clarifies when fine and penalties may be imposed
  • Creates a new endorsement system to expand the boundaries licensed businesses and accommodate special events
  • Modifies the permitting system
  • Allows for product tasting to authorize a holder of a beverage dispensary license to sell or dispense alcoholic beverages at a permitted tasting event.

HB 187 Railbelt Electrical Transmission Authority

  • Establishes the Authority to develop a plan to manage the electric transmission system of the Railbelt Area;
  • Consider the optimal output of electrical generation to meet the system load, subject to constraints; and consolidation of operations and tariffs;
  • The Authority is a division of the Regulatory Commission of Alaska
  • Prescribes the make-up of the Authority with 13 members and sets out its powers and duties.

 

 

Existing-Home Sales Maintain Solid Growth in July

WASHINGTON (August 20, 2015) — Existing-home sales steadily increased for the third consecutive month in July, while stubbornly low inventory levels and rising prices are likely to blame for sales to first-time buyers falling to their lowest share since January, according to the National Association of Realtors®.

Total existing-home sales1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 2.0 percent to a seasonally adjusted annual rate of 5.59 million in July from a downwardly revised 5.48 million in June. Sales in July remained at the highest pace since February 2007 (5.79 million), have now increased year-over-year for ten consecutive months and are 10.3 percent above a year ago (5.07 million).

Lawrence Yun, NAR chief economist, says the increase in sales in July solidifies what has been an impressive growth in activity during this year’s peak buying season. “The creation of jobs added at a steady clip and the prospect of higher mortgage rates and home prices down the road is encouraging more households to buy now,” he said. “As a result, current homeowners are using their increasing housing equity towards the downpayment on their next purchase.”

The median existing-home price2 for all housing types in July was $234,000, which is 5.6 percent above July 2014. July’s price increase marks the 41st consecutive month of year-over-year gains.

“Despite the strong growth in sales since this spring, declining affordability could begin to slowly dampen demand,” adds Yun. “Realtors® in some markets reported slower foot traffic in July in part because of low inventory and concerns about the continued rise in home prices without commensurate income gains.”

Total housing inventory3 at the end of July declined 0.4 percent to 2.24 million existing homes available for sale, and is now 4.7 percent lower than a year ago (2.35 million). Unsold inventory is at a 4.8-month supply at the current sales pace, down from 4.9 months in June.

The percent share of first-time buyers declined in July for the second consecutive month, falling from 30 percent in June to 28 percent — the lowest share since January of this year (also 28 percent). A year ago, first-time buyers represented 29 percent of all buyers.

“The fact that first-time buyers represented a lower share of the market compared to a year ago even though sales are considerably higher is indicative of the challenges many young adults continue to face,” adds Yun. “Rising rents and flat wage growth make it difficult for many to save for a downpayment, and the dearth of supply in affordable price ranges is limiting their options.”

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage climbed to 4.05 percent in July from 3.98 percent in June — the first time above 4 percent since November 2014 (4.00 percent) and the highest since September 2014 (4.16 percent).

Properties typically stayed on the market for 42 days in July, an increase from June (34 days) but below the 48 days in July 2014. Short sales were on the market the longest at a median of 135 days in July, while foreclosures sold in 49 days and non-distressed homes took 41 days. Forty-three percent of homes sold in July were on the market for less than a month.

All-cash sales increased slightly to 23 percent of transactions in July (22 percent in June) but are down from 29 percent a year ago. Individual investors, who account for many cash sales, purchased 13 percent of homes in July, up from 12 percent in June but down from 16 percent in July 2014. Sixty-four percent of investors paid cash in July.

Representing the lowest share since NAR began tracking in October 2008, distressed sales4 — foreclosures and short sales — declined to 7 percent in July from 8 percent in June; they were 9 percent a year ago. Five percent of July sales were foreclosures and 2 percent were short sales. Foreclosures sold for an average discount of 17 percent below market value in July (15 percent in June), while short sales were discounted 12 percent (18 percent in June).

NAR President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark., says the housing market is in a much better place and has come a long way since the depths of the recession. “Five years ago, distressed sales represented 33 percent of the market in July,” he said. “For many previously distressed homeowners throughout the country, rising home values in recent years have helped recover equity and the vast improvement in several local job markets means fewer are falling behind on their mortgage payments.”

Single-family and Condo/Co-op Sales

Single-family home sales increased 2.7 percent to a seasonally adjusted annual rate of 4.96 million in July (highest since February 2007 at 5.08 million) from 4.83 million in June, and are now 11.0 percent above the 4.47 million pace a year ago. The median existing single-family home price was $235,500 in July, up 5.8 percent from July 2014.

Existing condominium and co-op sales fell 3.1 percent to a seasonally adjusted annual rate of 630,000 units in July from 650,000 units in June, but are still up 5.0 percent from July 2014 (600,000 units). The median existing condo price was $221,800 in July, which is 3.2 percent above a year ago.

Regional Breakdown

July existing-home sales in the Northeast decreased 2.8 percent to an annual rate of 700,000, but are still 9.4 percent above a year ago. The median price in the Northeast was $277,200, which is 1.3 percent higher than July 2014. In the Midwest, existing-home sales were at an annual rate of 1.32 million in July, unchanged from June and 10.9 percent above July 2014. The median price in the Midwest was $186,500, up 6.6 percent from a year ago.

Existing-home sales in the South increased 4.1 percent to an annual rate of 2.29 million in July, and are 9.6 percent above July 2014. The median price in the South was $203,500, up 7.0 percent from a year ago.

Existing-home sales in the West rose 3.2 percent to an annual rate of 1.28 million in July, and are 11.3 percent above a year ago. The median price in the West was $327,400, which is 8.4 percent above July 2014.

# # #

NOTE: For local information, please contact the local association of Realtors® for data from local multiple listing services. Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

1Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR rebenchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90 percent of total home sales, are based on a much larger data sample — about 40 percent of multiple listing service data each month — and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

3Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90 percent of transactions and condos were measured only on a quarterly basis).

4Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s Realtors® Confidence Index, posted at Realtor.org.

NOTE: The Pending Home Sales Index for July will be released August 27, and Existing-Home Sales for August will be released September 21; release times are 10:00 a.m. EDT.

Contact Information

Alaska Association of REALTORS®
4205 Minnesota Drive
Anchorage, Alaska 99503

Phone (907) 563-7133
FAX (907) 561-1779
Toll-Free (800) 478-3763

joinus@alaskarealtors.com

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