Author: Brad Beckett

The U.S. Government is reporting that sales of new single-family houses in March, 2021 were at a seasonally adjusted annual rate of 1,021,000 which is 20.7% higher than February’s revised rate and is 66.8% higher than one year ago.  The median sales price of new houses sold in March was $330,800 with an average sales price of $397,800.  There were an estimated 307k new houses for sale at the end of March representing a 3.6-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

The National Association of Realtors is reporting that existing home sales were down 3.7% in March to a seasonally-adjusted annual rate of 6.01 million (up 12.3% from one year ago).  Total housing inventory at the end of March was 1.07 million units, down 28.2% 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. The median existing-home price for all housing types was $334,000, up 18.4% from March, 2020.  Once again, it’s INVENTORY INVENTORY INVENTORY: “The sales for March would have been measurably higher,…

We’ve been following the issue about higher lumber prices for some time now.  In fact, we recently posted about how increased lumber costs are adding over $24k to the price of a new home.  The folks over at John Burns Real Estate Consulting recently put together a quick infographic illustrating the path to rising lumber prices.  Stay safe and have a Happy Friday!!! “We expect lumber prices will remain elevated into 2022, but lower than today’s extreme rates. Capacity takes time to bring online. We are aware of six mills restarting or adding capacity, but we estimate it will take…

(UPDATED) The Consumer Financial Protection Bureau (CFPB) recently issued an interim final rule requiring debt collectors to provide written notice to tenants of their rights under the CDC’s eviction moratorium and prohibits debt collectors from misrepresenting tenants’ eligibility for protection from eviction under the moratorium.  The new rule goes into effect on May 3rd and lasts through the duration of the CDC’s moratorium, recently extended through June 30, 2021.  The CFPB believes this will give debt collectors time to come into full compliance. However they said debt collectors may begin complying with the rule before the compliance date. “With COVID-19 killing…

Looking for a summer place to rent on Long Island, New York?  If so, there is one home that has been snapped up at an incredible rate.  According to recent CNBC report, a house in the Hamptons recently rented for $2 million for the summer, as they say demand is far outstripping a record low supply of homes for sale and rent.  While this area is certainly no stranger to high rental & sales prices, the $2 million price tag has really stuck out. Brokers told CNBC that the shortage of homes for sale has also led to a shortage…

Throughout the pandemic, National REIA has done its best to encourage housing providers to work with their tenants and share resources – especially the Emergency Rental Assistance Program.  However, a recent article in The Wall Street Journal (reposted on Realtor.com) said that billions in Covid-19 aid has been slow to reach renters and landlords because state and local agencies disbursing federal rent relief have never had to allocate such huge sums so quickly.  They say this is leaving many tenants and landlords waiting weeks or months to get their share.  Back in December, as part of pandemic relief, $25 billion…

A new report from the U.S. Census Bureau says the Coronavirus pandemic has made many individuals reevaluate how to keep themselves and others safe as well as changing the way they manage space in their homes.  Their conclusion said there were not enough rooms in many U.S. homes for an effective COVID-19 quarantine.  In fact, they also say that housing characteristics don’t just impact a household’s ability to quarantine during a pandemic, they also affect how Americans work & learn at home.  Indeed… “About 38% of all U.S. households in multi-person homes (34 million households) did not have at least…

According to ATTOM Data’s 2020 Property Tax Analysis, $323 billion in property taxes were levied on single-family homes in 2020 (up 5.4% from 2019) with the average tax on single-family homes coming in at $3,719 – which is an average effective tax rate of 1.1%.  Indeed… Click here to read the full report at ATTOM Data Solutions.

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 April, 2021 Maybe there will be a faster recovery now that many people are being vaccinated, but that improvement hasn’t yet shown up in the economic data. The report that the economy added 900,000 jobs in March is encouraging but not entirely convincing because the mechanisms used to estimate such data probably don’t work well in this unusual situation. The re-opening of local economies is beset…

According to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI), home builder confidence came in at 83 points in April, despite strong buyer traffic and tight supply chains.  Any number over 50 indicates that more builders view conditions as good rather than poor.  In addition while they are forecasting continued growth in single-family construction for 2021, they say it will be a slower rate than 2020.   Indeed… “While mortgage interest rates have trended higher since February and home prices continue to outstrip inflation, housing demand appears to be unwavering for now as buyer traffic reached…