Author: Brad Beckett

The National Association of Realtors is reporting that pending home sales were up 0.7% in May, 2022.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) climbed to 99.9.  The NAR says pending home sales broke a six-month skid with this slight rise. “Despite the small gain in pending sales from the prior month, the housing market is clearly undergoing a transition…Contract signings are down sizably from a year ago because of much higher mortgage rates.”  Said Lawrence Yun, NAR’s chief economist. Click here to read the full report at the National Association of Realtors.

On a recent episode of Real Estate News for Investors, Kathy Fettke discusses the Fed’s biggest rate hike in three decades, mortgage rate sticker shock, inflation hitting an annual rate of 8.6%, and the home equity bonanza. Click here to listen on Spotify.com.

The U.S. Government is reporting that sales of new single-family houses in May, 2022 were at a seasonally adjusted annual rate of 696k, which is 10.7% higher than April’s revised rate and is 5.9% lower than one year ago.  The median sales price of new houses sold in September was $449k with an average sales price of $511,400.  There were an estimated 444k new houses for sale at the end of March representing a 7.7-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

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. National Economic Outlook By Ingo Winzer June, 2022 There’s good news and bad news. On the one hand, the economy has been adding jobs at a good rate in recent months. On the other hand, a number of forces stand in the way of growth in the future. One is the fact that the US population didn’t increase at all in 2021. This has never happened before, even during the 1930s depression.…

The National Association of Realtors is reporting that existing home sales were down 3.4% in May to a seasonally-adjusted annual rate of 5.41 million (down 8.6% year over year).  Total housing inventory at the end of May was 1,160,000 units, down 4.1% from one year ago.  Unsold inventory sits at a 2.6-month supply at the current sales rate with properties remaining on the market for around 16 days.  The median existing-home price for all housing types in May was $407,600 (surpassing the $400k mark for the first time) and was up 14.8% from one year ago.  The NAR says this…

Today’s graphic from Accruit reminds us that the ability to defer taxes through a 1031 like-kind exchange is a valuable taxpayer benefit, but to receive it, the rules pertaining to identification and acquisition of replacement property must be strictly followed. They have outlined the 5 requirements for identificationod replacement property in a 1031 Exchange.  Indeed…..Stay safe and have a Happy Friday!!! Hat tip to Accruit.

According to recent data from the Associated General Contractors of America, while nearly every state added construction jobs during the past twelve months, that momentum slowed considerably in May with only 22 states adding jobs.  The AGC says monthly employment gains lagged as contractors coped with labor shortages and supply chain challenges. “Demand for construction appears to be outpacing the availability of workers and materials in many parts of the country…Contractors need people and products to build projects, and the supply of both is very constrained right now,”  Said Stephen E. Sandherr, the association’s chief executive officer. Click here to…

A new report from Redfin says a record number of homebuyers are relocating, many in search of affordability as prices and mortgage rates soar.  According to the data, migration was at an all-time high in April in May coming with 32.3% of Redfin users nationwide saying they were looking to move to a different metro area.  Interestingly, The Florida metros of Miami & Tampa topped the list of most popular destinations for homebuyers. “Miami has topped the list all year, and Tampa just surpassed Phoenix for the number-two spot….Tampa is becoming more popular with relocating homebuyers largely because it’s relatively…

The NAHB’s Eye on Housing says the prices of goods used in residential construction increased 19.4%, year-over-year.  Citing data from the Producer Price Index they point out that building materials (i.e., goods inputs to residential construction, less energy) prices have increased 5.4%, year-to-date, and are 36.3% higher than they were in May 2021. Click here to read the full report a the NAHB’s Eye on Housing.

A recent report from Breitbart says the average national price for manufactured homes rose nearly 50% over the course of the pandemic, from $82,900 to $123,200.  They say manufactured homes have long been a way for lower-income folks to become homeowners.  In fact, data show that 20 million Americans live in mobile homes nationwide, roughly 6% of all residences.  However, it has been reported that this demographic is also feeling the pressure of rising costs. “In interviews with a dozen mobile home residents around the country, all said their rents had risen this year. Most reported increases of 10 to…