Author: Brad Beckett

What are the top import & top export partners for each U.S. state/territory?  Howmuch.net says the import/export partners for each state vary across the country and their latest maps show exactly who that is. Indeed… Some key points: Canada is the main import partner for 20 states, and Mexico is only the top import partner for 6 states.  it is also the single biggest trading partner for the vast majority of states, receiving the most exports for 33 states The U.S. has a massive trade imbalance with China. Although only a handful of states have China as their main export…

The U.S. Government is reporting that sales of new single-family houses in June, 2021 were at a seasonally adjusted annual rate of 676k, which is 6.6% lower than May’s revised rate and is 19.4% lower than one year ago.  The median sales price of new houses sold in May was $361,800 with an average sales price of $428,700.  There were an estimated 353k new houses for sale at the end of June representing a 6.3-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

According to Apartment List’s latest Migration Report, more Americans moved in the year after the pandemic than in the year before. They point out that 2020’s pandemic “jump-started” residential mobility, which they say had been slowing for decades.  Interestingly, among full-time workers, 16% moved between April 2020 and April 2021 with data showing interest in apartment rentals is higher now than during and even before the pandemic. Some key findings: More Americans Are Moving Post-COVID Apartment Hunters Are Now Wealthier Than Before Budgets Are Rising Especially Fast for Cross-Market Movers Click here to read the full report at Apartment List.…

With a week to go the 6th U.S. Circuit Court of Appeals in Cincinnati, Ohio ruled in late July that the CDC lacked authority for their national eviction moratorium.   According to a report from Reuters, the court’s unanimous ruling on July 23rd means judges in Tennessee, Kentucky, Ohio and Michigan are no longer bound by the moratorium.  The moratorium is set to expire on 7/31, barring any additional extensions from the Biden Administration. “The opinion by Judges Alan Norris, Amul Thapar and John Bush said dealing with the evictions during the pandemic could not be delegated to the CDC…

The National Association of Realtors is reporting that existing home sales were up 1.4% in June to a seasonally-adjusted annual rate of 5.86 million (up 22.9% from one year ago).  Total housing inventory at the end of June was 1.25 million units, down 18.8% from one year ago.  Unsold inventory sits at a 2.6-month supply at the current sales pace with properties remaining on the market for around 17 days. The median existing-home price for all housing types was $363,300, up 23.4% from June, 2020.  They do point out that supply has modestly improved in recent months due to more…

The U.S. government is reporting that privately‐owned housing starts in June were at a seasonally adjusted annual rate of 1,643,000, which is 6.3% higher than May’s revised number.  However, this figure is 29.1% higher than one year ago.  June’s rate for units in buildings with five units or more was 474k.  Privately‐owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,598,000, which was 5.1% lower than May’s revised number.  Authorizations of units in buildings with five units or more were at a rate of 483k in June. Click here to read the…

The Pandemic has altered life as we know it in many ways – some of which are becoming more apparent every day.  John Burns Real Estate Consulting says many buyers & renters that are no longer required to come in to the office every day are flocking to smaller metros for affordability, desirability, and proximity to major hubs. Indeed….  Stay safe and have a Happy Friday!! “…sister cities are seeing a lot of regional migration from residents who are leaving big sister complements. We expect this trend to continue as work-from-home permissions become clearer for many. We are not, however,…

As if to quickly pat themselves on the back, the U.S. Treasury Department says more than $1.5 billion in rental assistance was delivered to eligible households in the month of June, more than the assistance provided during all three previous reporting periods combined.  However, data reveal that of the $46 billion made available to the Emergency Rental Assistance Program, less than $3 billion has been spent.  Treasury says this represents “significant progress,” but they acknowledge that there is still much more to work do.  Indeed… “While more households are getting help, in many states and localities, funds are still not…

Realtor.com says the places where raw land prices have risen the most since last year all have vibrant and growing economies, making them good bets for relocation.  In fact, point out that people are fleeing more densely populated and expensive areas which is pushing up prices for lots, as well as existing homes. “Land prices are going up everywhere,” says Ali Wolf, chief economist at Meyers Research. “It’s one of the hottest commodities that exists today.” Click here to read the full story at Realtor.com.

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents in June increased $23 to $1,482 (up 6.3% year-over-year).  Yardi says single-family (Built-to-Rent) rents grew even faster at an 11% year-over-year pace.  In addition they say a “slew of factors” has pushed asking rent growth across the nation to levels not seen in decades.  Indeed… “Rent growth will not be able to continue at these levels indefinitely, but conditions for above-average growth are likely to persist for months.” Click here to read the full report at Yardimatrix.com.