Howmuch.net says it’s no secret the US economy is powered by our nation’s big cities. Today’s infographic takes a look at how important these metros areas are to the national GDP. Stay safe and Happy Friday!!! “It remains to be seen exactly how the coronavirus will impact the American economy as tech workers who can do their jobs from anywhere consider moving to cheaper locations.” Hat tip to howmuch.net.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
A recent Wall Street Journal article (reposted on Realtor.com) explores the recent phenomenon that millions of homeowners are “house-rich but cash-poor,” thanks to high levels of equity in their homes. However, as the article points out, this situation could be a boon for big single-family rental investors as owners have either fallen behind on their loans, are at risk of doing so or want to cash out while the market is in their favor. “A lot of people are house-rich but cash-poor,” said Ivy Zelman, chief executive of real-estate consultant Zelman & Associates. “If they bought in the last two…
We’ve had several posts about the self storage industry over the past few years. Now comes a recent report form RentCafé (analyzing the 100 largest markets) that says although inventory is high and rates are lower, demand is keeping the industry strong. RentCafé says the U.S. currently has over 1.4 billion square feet of self storage space, of which 190 million square feet, or 13%, were built within the past five years, which has lowered rent costs. The average national rent for a 10X10, non-climate-controlled unit (non-CC) was $113 in July. “The sustained property development activity in the self storage…
The National Association of Realtors is reporting that existing home sales jumped 2.4% in August to a seasonally-adjusted annual rate of 6 million (10.5% higher than one year ago). Total housing inventory at the end of August was 1.49 million units, down 0.7% from July and down 18.6% from one year ago. Total unsold inventory was at a 3-month supply at the current sales pace with properties remaining on the market for around 22 days. The median existing-home price for all housing types was $310,600, up 11.4% from August, 2019. “Home sales continue to amaze, and there are plenty of…
According to the latest Home Building Geography Index (HBGI), small metro suburbs accounted for the fastest growing geographical areas for single-family construction during Q2 (up 10.6% on a four-quarter moving average basis). In addition, the Index says the Coronovirus is helping to drive demand for construction in more suburban neighborhoods. The Home Building Geography Index (HBGI) is a quarterly measurement of building conditions across the country and uses county-level information about single- and multifamily permits to gauge housing construction growth in various submarkets. Key Findings: The increasing demand for construction in more suburban neighborhoods is being driven in large part…
According to CoreLogic’s Single-Family Rent Index (SFRI), single-family rent growth stabilized in July, increasing by 1.7% year over year. In addition, they report that rent increases slowed across all price levels, though rents for lower-priced homes increased faster than those of higher-priced homes, when compared with a year ago. CoreLogic’s SFRI measures rent changes among single-family rental homes, including condominiums, using a repeat-rent analysis to measure the same rental properties over time. Click here to read the full report at Corelogic.com.
According to ATTOM Data’s latest U.S. Home Flipping Report, there were 53,621 single-family homes and condominiums flipped in the second quarter, representing 6.7% of all home sales during Q2. However, ATTOM points out that even though the flipping rate was lower than in Q1, both profits and margins were up, rising to $67,902. Indeed… “Far fewer house hunters were out in the market looking for homes, which probably cut into the pool of potential buyers that investors could tap. But at the same time, home flippers who were able to close deals did better than they had done in a…
The U.S. government is reporting that privately‐owned housing starts in August were at a seasonally adjusted annual rate of 1,416,000, which is 5.1% below than July’s revised number. August’s rate for units in buildings with five units or more was 375k. Privately‐owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 1,470,000, which was 0.9% higher than July’s revised number. Authorizations of units in buildings with five units or more were at a rate of 381k in June. Click here to read the full report at the U.S. Census Bureau.
We started seeing this trend a few years ago, well before the Coronavirus pandemic. Now comes more data from Statista in the form of today’s infographic. Citing recent data from Pew Research, it shows that 52% of Americans aged between 18 and 29 now live with a parent – which they say is the highest share recorded since the Great Depression-era! And some of you were looking forward to finally being empty-nesters, indeed… Stay safe and Happy Friday!!! “The share of young adults currently living with their parents is higher than any previous measurement recorded in surveys and decennial censuses.…
A recent Redfin report says record-low inventory has “created a complete storm of insanity” in small, affordable markets with an exodus of buyers leaving the West Coast. In fact, they point out several key points to bolster their claim. Among them are: Median home sale price increased 12% from 2019 to $318,473—the highest on record. Pending home sales climbed 21% year over year, the largest increase since the four weeks ending October 18, 2015. New listings of homes for sale were up 7% from a year ago—the largest increase since the four weeks ending September 23, 2018. During just the…
