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. Do you have questions that you would like to have answered in the next NEO presentation? Please submit questions here. Click here for more information about Local Market Monitor.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
According to the U.S. Department of Labor’s Bureau of Labor Statistics, total nonfarm payroll employment increased by 114k in July, 2024 with the unemployment rate rising slightly to 4.3%. Employment continued to trend up in health care, in construction, and in transportation and warehousing, while information lost jobs. Click here to read the full report at the Bureau of Labor Statistics.
What are the top markets for renters in 2024? Realtor.com says we’re now in the second half of the peak rental season, so with that in mind, they produced a new report with top rental markets with cities offering a great combination of affordable rental options and job opportunities. Top get their list, they analyzed 325 cities & towns with a population of 75k+ and located within the 50 largest metro areas. Next, they ranked them by such factors as rental affordability (rent-to-income ratios), unit availability, job opportunities and commute times. Perhaps not surprising, all top 10 rental markets are…
The U.S. government is reporting that the national vacancy rates for Q2, 2024 were 6.6% for rental housing and 0.9% for homeowner housing. The national homeownership rate for Q2 2024 was 65.6%. In addition, approximately 89.6% of the housing units in the United States in Q2 were occupied and 10.4% were vacant. Owner-occupied housing units made up 58.8% of total housing units, while renter-occupied units made up 30.8% of the inventory. Vacant year-round units comprised 8% of total housing units, while 2.4% were vacant for seasonal use. Interestingly, these numbers are almost identical with Q1. Click here to read the…
According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), home prices home prices were unchanged in May, 2024. However, prices rose 5.7% from May 2023 to May 2024. The FHFA HPI is the nation’s only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s. “U.S. house price movement was flat in May…The slowdown in U.S. house price appreciation continued in May amid a slight rise in both mortgage rates and housing inventory.” …
The National Association of Realtors is reporting that pending home sales jumped 4.8% in in June, 2024. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 74.3 in June. The NAR says all four U.S. regions posted monthly gains in transactions. Of note, rising inventory is helping with sales. “The rise in housing inventory is beginning to lead to more contract signings…Multiple offers are less intense, and buyers are in a more favorable position.” Said the NAR’s Chief Economist, Lawrence Yun. Click here to read the full report at the National Association of…
The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 5.9% annual increase for May, 2024. Their 10-City Composite increased 7.7% and their 20-City Composite increased 6.8%, year-over-year. “While annual gains have decelerated recently, this may have more to do with 2023 than 2024, as recent performance remains encouraging.” Said Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices (S&P DJI). Click here to read the full report at S&P Dow Jones Indices.
The Visual Capitalist reminds us that a state’s tax burden measures the percent of an average person’s income that is paid towards state & local taxes. It considers property taxes, income taxes, and sales & excise tax. Today’s graphic visualizes the total tax burden by U.S. state…..Watch your wallet, stay safe, and have a Happy Friday!!! Hat tip to the Visual Capitalist.
At a recent speech in Atlanta, GA, Vice President Kamala Harris made it clear that she’s interested in continuing many of the Biden Administration’s policies regarding big business, according to Yahoo!Finance. They also report that she would “ban hidden fees and surprise late charges that banks and other companies use to pad their profits” (aka so-called junk fees). The speech was made as part of her campaign for the presidency and included support for President Biden’s cap on rental increases. However, perhaps of most concern to real estate investors were her remarks about housing: “Harris also reiterated her stance on…
Rental information site Zumper recently released their latest monthly National Rent Report for June, 2024. According to their data, median rent for 1-bedroom apartments was $1,531 (up 1.7%) and $1,911 (up 2.6%) for two-bedrooms. Be sure to check out their entire list of the top 100 metro areas. “The fact that Zumper shows national rent growth at a 12-month high at the same time as the U.S. delivers a record 50-year high of new supply shows you just how strong renter demand is today.” Said Zumper CEO Anthemos Georgiades. Click here to read the full report at Zumper.
