A couple weeks ago we learned about a looming senior housing faces shortfall. With that in mind, on a recent episode of the AZREIA Show, Marcus Maloney & Michael Del Prete talk with Isabelle Guarino about the niche of residential assisted living. Isabelle shares insights on how her father transitioned from various real estate ventures into residential assisted living out of necessity and passion for better care facilities. Note; Isabelle will be a featured speaker on National REIA’s Winter Cruise Conference in February, 2025. Click here for more information! Click here to listen online.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
A new report from the NAHB’s Eye on Housing found that stucco was the most common principal siding material for new single-family homes started in 2023 at 26.8%. This was was followed by vinyl siding at 25.6%, fiber cement siding (such as Hardiplank or Hardiboard) at 21.7% then by brick or brick veneer at 18.5%. Their data came from the U.S. Census Bureau’s Survey of Construction (SOC). Although stucco was the most common siding material in the country as a whole, its popularity is concentrated in select regions. In 2023, vinyl siding was the most widely used primary exterior material in four out of nine census divisions. Click here to read the full report…
Realtor.com says investors pulled back on home buying activity over the last couple of years, however, according to their new report, investor share has grown despite purchasing fewer homes. To get their data they looked at deed records dating from January 2000 to March 2024 nationally and in the 150 largest US metros. They included only single family homes, condos, townhomes and row houses and excluded multi-family buildings which is not a market the typical homebuyer is competitive in. In 2023, investor activity fell to 13.1% of home purchases, down from 13.8% in 2022. Home prices and mortgage rates remained…
A recent report from Redfin says home purchases in June fell through at the highest rate on record, as higher housing costs give buyers cold feet. They report that 56k home-purchase agreements were canceled in June, equal to 14.9% of homes that went under contract that month. In addition they report that the median home sale price rose 4% year over year to a record $442,525 in June, and the average interest rate on a 30-year mortgage was 6.92%. Click here to read the full report at Redfin.com.
According to their “advance” estimate, the U.S. Bureau of Economic Analysis is reporting that America’s real gross domestic product (GDP) increased at an annual rate of 2.8% in Q2 2024. That figure is 1.4 percentage points higher than Q1’s annualized increase. Click here to read the full report at the U.S. Bureau of Economic Analysis.
The U.S. Government is reporting that sales of new single-family houses in June, 2024 were at a seasonally adjusted annual rate of 617k, which is 0.6% lower than May’s revised rate and is 7.4% lower than one year ago. The median sales price of new houses sold in June was $417,300 with an average sales price of $487,200. There were an estimated 476k new houses for sale at the end of June representing a 9.3-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.
Are you investing in the commercial space? Data recently analyzed by Statista says the increasing acceptance of hybrid or fully remote work in a variety of industries coupled with many companies applying cost-cutting measures after pandemic growth spurts has led to a jump in vacant office space in the U.S. In fact, data from Moody’s for Q2 2024 shows the share of empty offices has hit a historic high of 20.1%. Indeed…. Stay safe and have a Happy Friday!!! Hat tip to Statista.
According to their Midyear Rental Activity Report, Rentcafe says high home prices and limited housing options are making renting the preferred choice for many aspiring homeowners. Their report checks-in to see which cities received the most attention from renters in the first half of 2024. Some key findings: Renters are adopting a meticulous approach to their apartment search by thoroughly exploring multiple options before making a decision. Minneapolis maintains its dominance as the most sought-after city in the first half of the year. Atlanta takes third place with Cleveland hot on its heels, while the nation’s capital ranks sixth. The…
According to the latest CoreLogic Single-Family Rent Index (SFRI), U.S. single-family home rental prices rose by 3/2% year over year in May, 2024. They say May’s annual rent growth was generally in line with numbers recorded over the decade before the pandemic. However they say it’s a different story for a lower-priced properties. “While the annual rent growth in higher-priced properties picked up momentum…lower-priced properties saw a slowdown in growth and had the lowest annual rent increase of any price tier in May. However, even though growth for lower-priced rentals has slowed, properties in this price range saw gains of…
The National Association of Realtors is reporting that existing home sales were down 5.4% in June to a seasonally-adjusted annual rate of 3.89 million – and down 5.4% year over year. Total housing inventory at the end of June was 1.32 million units, up 3.1% from May and up 23.4% from one year ago. Unsold inventory sits at a 4.1-month supply at the current sales rate with properties remaining on the market for around 22 days. The median existing-home price for all housing types in June was $426,900 – the second straight month it reached an all-time high and the…
