The U.S. Government is reporting that sales of new single-family houses in November, 2021 were at a seasonally adjusted annual rate of 744k, which is 12.4% higher than October’s revised rate but is 14% lower than one year ago. The median sales price of new houses sold in November was $416,900 with an average sales price of $481,700. There were an estimated 402k new houses for sale at the end of November representing a 6.5-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
In some metros. practically the only land available for development are infills. Recently, the NAHB’s Eye on Housing took a look at the latest Annual Builder Practices Survey (ABPS) from Home Innovation labs and discovered that one in four new single-family detached homes were built in established neighborhoods in 2020. Interestingly, their data show that teardowns & infills accounted for almost half of the new-home market in New England while their prevalence in the Midwest was under just 20%. Click here to read the full report at the NAHB’s Eye on Housing.
The National Association of Realtors is reporting that existing home sales were up 1.9% in November to a seasonally-adjusted annual rate of 6.46 million (down 2% from one year ago). However, this figure does denote three consecutive months of increases. Total housing inventory at the end of November was 1.11 million units, down 13.3% from one year ago. Unsold inventory sits at a 2.1-month supply at the current sales pace with properties remaining on the market for around 18 days. As always, low inventory remains an issue. “Supply-chain disruptions for building new homes and labor shortages have hindered bringing more…
We posted last summer about how Americans own over $1.7 trillion in student loans. Today’s infographic from the National Association of Realtors illustrates the impact of student loan debt of life’s decisions. Interestingly they point out that of those with student loans, 46% delayed moving out of a family member’s home after college and 51% have delayed purchasing a home. As always, stay safe and have a Happy Friday! Hat tip to the NAR.
Realtor.com (who else?) reminds us that in 2021 Chip and Joanna Gaines, Tarek El Moussa, Christina Haack, and the rest of reality TV royalty were busier than ever this year on screen flipping houses, unveiling new decor trends, rehabbing, loving or listing it, etc. However, they also said that what these “stars” were up to behind the scenes was just as riveting. Indeed….. Here’s the skinny…hold on tight: Tarek and Heather Rae El Moussa married—and finished renovating their home Chip and Joanna Gaines returned to TV Jasmine Roth sold her own house Christina Haack has moved on—romantically and in real…
According to ATTOM Data’s November U.S. Foreclosure Market Report, there were 19,479 properties in the U.S. with foreclosure filings (default notices, scheduled auctions or bank repossessions). This figure is down 5% from the previous month, but it is up 94% from a year ago. In addition, November marks the 7th consecutive month of annual increases. The States with the highest foreclosure rates were Illinois (one in every 3,187 housing units with a foreclosure filing); Florida (one in every 3,319 housing units); Ohio (one in every 3,669 housing units); Delaware (one in every 3,800 housing units); and New Jersey (one in…
How do America’s counties stack up by gross domestic product (GDP)? A recent report from the U.S. Bureau of Economic Analysis says real GDP increased in 864 counties, decreased in 2,234 counties, and was unchanged in 14 counties in 2020. The Gross domestic product is the value of goods and services produced within a county and in 2020 it ranged from $18.8 million in Petroleum County, MT, to $659.3 billion in Los Angeles County, CA. Click here to read the full report at bea.gov.
According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents in November increased $4 to $1,590 (13.5% year-over-year). Encouragingly, Yardi says the market remains healthy. Indeed… “…While November’s rent performance represents a significant deceleration from the $20-plus increases per month of the spring and summer, it also is the largest average rent increase in the month of November since before the Great Recession. Typically, rents flatten in November, as demand wanes and fewer people move. Going forward, rent growth seems likely to level off, both because of seasonality and because the extraordinary gains should revert to the…
We have seen stories like this before; is it cheaper to rent or own your home? A recent report from the National Association of Realtors says that in 101 out of 178 metro areas (56%), it is indeed more expensive to own a single-family existing home than to rent. Be sure to look at their entire nationwide data-set. “In all metro areas, it costs more to own a home than to rent an apartment unit. Nationally, the sum of monthly mortgage, property taxes, and maintenance expense is 70% more than the average asking rent (ratio of 1.7).” Click here to…
The U.S. government is reporting that privately‐owned housing starts in November were at a seasonally adjusted annual rate of 1,679,000, which is 11.8% higher than October’s revised number and 8.3% higher than one year ago. November’s rate for units in buildings with five units or more was 491k. Privately‐owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,712,000, which is 3.6% higher than October’s revised number. Authorizations of units in buildings with five units or more were at a rate of 560k in November. Click here to read the full report at…
