Author: Brad Beckett

According to ATTOM data, the average three-bedroom rent is more affordable than owning a comparably sized median-priced home in 95% of U.S. counties analyzed in their 2023 Rental Affordability Report.  In addition, the report says that average rents for three-bedroom homes are increasing more than median prices for single-family homes in 46% of the analyzed counties.  Indeed… What a difference a year makes…Last year our study concluded that it was more affordable to own than to rent in 60 percent of the markets analyzed. But with mortgage rates doubling, monthly payments for new homeowners rose by 45-50 percent compared to…

Rental information site Zumper recently released their latest monthly National Rent Report showing that their median national rent for 1-bedroom apartments in January, 2023 was $1,492 (down 0.3% from December) and the median two-bedroom rent was $1,822 (flat since December).  Zumper says rent prices continue to decline gradually across much of the country Be sure to check out their list of the top 100 metro areas. “Rental demand is still relatively high, thanks to chronic undersupply in most markets plus many people opting out of the buying process…” Said Zumper CEO Anthemos Georgiades. Click here to read the full report…

The U.S. Government is reporting that sales of new single-family houses in December, 2022 were at a seasonally adjusted annual rate of 616k, which is 2.3% higher than November’s revised rate but is 26.6% lower than one year ago.  The median sales price of new houses sold in December was $442,100 with an average sales price of $528,400.  There were an estimated 461k new houses for sale at the end of December representing a 9-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

The National Association of Realtors is reporting that pending home sales were up 2.5% in December, 2022 – the first time since May that the index has improved.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) increased to 76.9 in December.  The NAR says mortgage rates are the dominate factor driving sales.  Indeed… “This recent low point in home sales activity is likely over…Mortgage rates are the dominant factor driving home sales, and recent declines in rates are clearly helping to stabilize the market….The new normal for mortgage rates will likely be in the 5.5%…

Statista reminds us that the U.S. national debt is currently running north of $31.5 trillion after having surpassed $31 trillion for the first time back in October, 2022.  Secretary of the Treasury, Janet Yellen, has said that financial maneuvering could keep the country open for some more months, but that the timeline was subject to “considerable uncertainty.”  Hmmm…., well, ok then….  Stay safe and have a Happy Friday!! Click here to view the U.S. National Debt Clock. Hat tip to Statista.

Realtor.com says the housing market has been brutal for first-time homebuyers. However, they say that just as prices are finally beginning to ease up and the bidding wars are dying down, higher mortgage interest rates have turned the prospect of homeownership into a financial impossibility for many.  So, where are the best places for first-time buyers in 2023?  That was the question they recently put pen to paper to discover.  To come up with their list, they looked at places with at least 5k,residents in the 100 largest metropolitan areas. Then they factored in the percentage of 25- to 34-year-olds…

On a recent episode of CNBC’s Exchange, real estate reporter Diana Olick joined Realtor.com’s Chief Economist Danielle Hale to discuss an uptick in first time home buyers, rising all cash sales, and other important issue affecting today’s housing market. Click here to watch at CNBC.com.

The NAHB’s Eye on Housing says things have somewhat eased since last Spring’s historically widespread shortages of building materials – the major exceptions being shortages of HVAC equipment and certain categories of ceramic materials.  Citing data from the most recent NAHB/Wells Fargo Housing Market Index over 80% of single-family builders reported either a serious or some shortage of three categories of building products: appliances (88%), transformers (86 percent) and windows & doors (83%). “Although these shortages may seem severe and broad-based, they are generally not as severe as they were the last time NAHB collected similar information in May 2021…”…

Last week we posted United Van Lines’ annual moving report and this week we’re taking a look at Atlas Van Lines’ 2022 Migration Patterns Study.  Overall, Atlas’ Migration Patterns Study showed that 13 U.S. states were classified as outbound (more people moved out) and 13 U.S. states were classified as inbound (more people moved in).  Interestingly, Atlas says Florida was once again a preferred destination for movers but North Carolina tops this year’s inbound list.  Not surprisingly, Illinois has become the country’s outbound leader.Atlas has published their annual study since 1993 which tracks America’s interstate, cross-border, and international moves based…

Local Market Monitor, a National REIA preferred vendor, recently released their monthly National Economic Outlook where they share their thoughts on developments taking place in the U.S. economy. “…the economy is not doing that well and will do worse in the next year…”  Ingo Winzer National Economic Outlook By Ingo Winzer January 20, 2022 Jobs in December were up 3 percent from last year, a strong increase in normal times. But considering they were up 3.2 percent in November and 3.6 percent in October it’s not difficult to conclude that growth is slowing. Its very likely that growth in the…