The National Association of Realtors is reporting that existing home sales were down 2.5% in August to a seasonally-adjusted annual rate of 3.86 million – down 4.2% year over year. Total housing inventory at the end of August was 1.35 million units, up 0.7% from July and up 22.7% from one year ago. Unsold inventory sits at a 4.2-month supply at the current sales rate with properties remaining on the market for around 26 days. The median existing-home price for all housing types in August was $422,100. “Home sales were disappointing again in August, but the recent development of lower…
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
The U.S. government is reporting that privately‐owned housing starts in August, 2024 were at a seasonally adjusted annual rate of 1,356,000, which is 9.6% higher than July’s revised number and is 3.9% higher than one year ago. August’s rate for units in buildings with five units or more was 333k. Privately‐owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 1,475,000, which is 4.9% higher than July’s revised number bit is 6.5% lower than one year ago. Authorizations of units in buildings with five units or more were at a rate of 451k…
Statista says with inflation continuing its stubborn advance, Americans keep on spending. Citing Census data, today’s graphic illustrates this quite nicely by showing monthly retail and food services sales through July. They say consumers continue to spend money despite inflation and a high degree of economic uncertainty. Indeed…stay safe, watch your wallet and have a Happy Friday!!! Hat tip to Statista.
We recently posted about how there are around 6.5 million second homes in America. With that in mind, a recent report form Redfin says mortgage demand for second homes has fallen to an 8-year low. Specifically, they say mortgage-rate locks for second homes fell 13.1% year over year in August to the lowest level since March 2016 on a seasonally adjusted basis. By comparison, mortgage-rate locks for primary homes declined 5.2%. Demand for second-home mortgages is likely cooling in part because some buyers are paying in cash to avoid elevated mortgage rates. But high prices, economic jitters and a sluggish…
It was just about a year ago that we learned that California was encouraging the development of ADUs (accessory dwelling units). However, in September 2024 the Pacific Legal Foundation filed a lawsuit against the city of Healdsburg, California, arguing that its inclusionary zoning fee for new construction violates the law. Pacific Legal says inclusionary zoning forces developers of residential property to subsidize below-market-rate housing, which counter-productively raises the cost of development and thereby makes housing less affordable. In addition, they point out the Supreme Court has consistently ruled that permit conditions for new construction must be proportional and directly related…
According to ATTOM Data’s August 2024 U.S. Foreclosure Market Report, there were a total of 30,227 U.S. properties with foreclosure filings (default notices, scheduled auctions or bank repossessions) – down 5.3% from one month ago and down 11% from a year ago. Their data show that one in every 4,662 housing units nationally had a foreclosure filing in August. States with the highest foreclosure rates were were Nevada (one in every 2,473 housing units with a foreclosure filing); Florida (one in every 2,605 housing units); Illinois (one in every 2,837 housing units); South Carolina (one in every 2,877 housing units);…
According to Apartment List’s National Rent Report for August 2024, national median rent dropped 0.1% to $1,412. They say this signals the end of the rental market’s annual busy season – as well as the second consecutive summer of modest rent growth. “This signals the end of the rental market’s annual busy season, as well as the second consecutive summer of modest rent growth, as the market remains sluggish thanks to a windfall of new supply. If historical trends hold, rents will continue to fall on a monthly basis for the remainder of the year.” Click here to read the…
According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 4.3% in July 2024 compared with July 2023. On a month-over-month basis, home prices grew by 0.01% in July 2024 compared with one year ago. CoreLogic says this is the 150th consecutive month that the U.S. has seen year-over-year home price gains. Indeed… “The question for home prices going forward is whether the upcoming rate cut from the Fed and the expected continuation of falling mortgage rates will be sufficient to motivate potential homebuyers who may start to fear…
The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% in August, 2024 (same as July). The all items index was up 2.5% for the 12 months ending in August. The index for shelter rose 0.5% in August (the 7th consecutive month of increases) and was the main factor in the all items increase. Click here to read the full release at the Bureau of Labor Statistics.
Yes, believe it or not, the Autumnal Equinox will soon be upon us….that’s right, the first day of Fall is September 22nd. That means it’s time to start thinking about lawn-care for the upcoming cooler months and prepping for a great lawn next Spring. Today’s infographic from The Home Depot lays out exactly what needs to be done to prepare your yard for the winter months ahead so it’s in tip-top shape for the Spring….and it starts “around” labor Day. As always, stay safe and have a Happy Friday!!!!Hat tip to The Home Depot.
