Author: Brad Beckett

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was 0.8% in April, 2021.  Over the last 12 months, the all items index increased 4.2% before seasonal adjustment.  Up, up, up…. Click here to read the full release at the Bureau of Labor Statistics.

Saturday, May 15th was Armed Forces Day in America.  It was established by President Harry S. Truman in 1949 to celebrate Americans serving in the six military branches – the U.S. Army, U.S. Navy, U.S. Marine Corps, U.S. Air Force, U.S. Coast Guard and the U.S. Space Force (the newest branch).  Previously each branch of the armed forces had its own day.  Indeed…..Stay safe and have a Happy Friday! Hat tip to the U.S. Census Bureau.

Redfin says new construction is taking up a bigger piece of the pie as low mortgage rates and surging homebuyer demand made homebuilding more attractive during the coronavirus pandemic.  In fact, they report that newly built homes make up 26% of all single-family homes for sale – which they say is a record high.   In addition, in Q1 2021, 25.7% of single-family homes for sale in America during were new-construction homes – up from 20.4% in the first quarter of last year. “Building homes has become more attractive and profitable during the pandemic due to record-low mortgage rates and red-hot…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents in April increased $10 to $1,417.  In addition, Yardi says multifamily rents had the largest increase that they have seen since the beginning of the pandemic.  Indeed… “Nationally, the multifamily market continues to strengthen, with record-breaking year-over-year growth in April. All top 30 markets had positive month-over-month rent growth last month, the first time that has occurred since March 2020. But the real sign of recovery was the improved performance in many gateway markets.” Click here to read the full report at Yardimatrix.com.

A new report from Apartment List says remote workers moved more than on-site workers over the past year, but most moves were local.  In addition, they found that “more space” was the top motivator for pandemic moves, regardless of remote work status.  They found their data from a recent survey of 5k employed adults across the country.  Interestingly they say an unprecedented change in how workplaces are organized is weakening the link between job choice and housing choice, and they point out that remote workers are already taking advantage of this newfound freedom to move at higher rates.  Indeed… “Our…

We’ve had several reports about skyrocketing lumber prices, well, here’s an indicator worth noting;  A recent report on FoxNews says a sharp drop in the supply of new vehicles due to the ongoing chip shortage combined with a strong demand for cars has led to an increase in the prices of used pickup trucks.  They report that the average wholesale price for a pickup hit $30,093 in mid-April, up from $28,121 in March.  Putting this into better  perspective, in April, 2020 it was $17,201. “This is fundamentally the most extreme demand and supply imbalance that you can envision happening,”  Said…

What are the best cities for first-time home buyers?  Realtor.com says homes across the country are selling within days (with multiple offers) pricing out buyers of all ages—especially millennials.  With that in mind, their number-crunchers recently put pen to paper to find out the best cities for 1st time buyers..  They looked at 800 cities with a minimum population of 50k, then applied several metrics including home prices, for-sale inventory, people aged 35-34, job opportunities and fun amenities such as bars and restaurants. “For a first-time home buyer in this generation, the issue of affordability is front and center, and…

The National Multifamily Housing Council (NMHC) says that 80% of apartment households made a full or partial rent payment by May 6th, 2021.  This figure is 0.1% lower than those who paid rent through May 6, 2020.  The data comes from the NMHC’s Rent Payment Tracker which uses data from 11.6 million professionally managed apartment units across the country – representing a wide variety of market-rate rental properties that can vary by size, type and average rental price. “This month’s findings are part of what seems to be an increasingly clear pattern of economic recovery and strong demand for multifamily…

According to a recent report from the National Association of Realtors, land sales rose at a healthy pace in 2020 compared to a collapse in transactions of commercial real estate structures.  The report says strong demand for residential land was followed by strong homebuying activity.  However, they do say that land sales are expected to continue their increase in 202 1, but zoning regulations will pose constraints to residential land development. Click here to read the full report at the NAR’s Economists’ Outlook.

The United State Consumer Product Safety Commission says Kidde is recalling TruSense Smoke and Combination Smoke/Carbon Monoxide Alarms due to risk of failure to alert consumers to a fire.  The recall involves Kidde TruSense Smoke Alarms and Combination Smoke/Carbon Monoxide Alarms.  The recalled units are Kidde Model Series 2040, 2050, 2060 and 2070 Smoke and Combination Smoke/Carbon Monoxide alarms.  Only alarms with the TruSense logo or “AMBER=FAULT” printed on the front of the alarm are included in this recall.  The model number is printed on the back of the alarm. The units were sold at Walmart, Home Depot, Menards and…