Author: Brad Beckett

The U.S. government is reporting that total construction spending in January was at a seasonally adjusted annual rate of $1,525.5 billion, which is 1.7% above than December’s revised estimate.  In addition, December’s figure was 5.8% higher than January, 2020.  Residential construction was at a seasonally adjusted annual rate of $713 billion in January, which is 2.5% higher than December’s revised estimate. Click here to read the full report at the U.S. Census Bureau.

The National Association of Realtors is reporting that pending home sales were down 2.8% in January, 2021.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) fell slightly to 122.8.  In addition, they report that year-over-year contract signings were up 13%.  Again….inventory, inventory, inventory [a lack thereof]. “Pending home sales fell in January because there are simply not enough homes to match the demand on the market,” said Lawrence Yun, NAR’s chief economist. “That said, there has been an increase in permits and requests to build new homes.” Click here to read the full report at…

The U.S. Government is reporting that sales of new single-family houses in January, 2021 were at a seasonally adjusted annual rate of 923k which is 4.3% higher than December’s revised rate and is 19.3% higher than one year ago.  The median sales price of new houses sold in January was $346.400 with an average sales price of $408,800.  There were an estimated 307k new houses for sale at the end of December representing a 4-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

We have had a lot of posts about taxes and the various tax rates & collection methods across the country.  Today’s infographic from the U.S. Census Bureau takes a look at selected state sales taxes to show how the contribution of certain sales taxes vary by state.  It is interesting to note that while general sales taxes makes up the majority for most states, some state levied-sales taxes make up a greater share than others.  Stay safe and have a Happy Friday!!! Hat tip to the Census Bureau.

According to the latest S&P CoreLogic Case-Shiller Indices, covering all nine U.S. census divisions, the rate of home price increases reported a 10.4% annual gain in December, 2020.  Their 10-City Composite annual increase came in at 9.8% and the 20-City Composite posted a 10.1% year-over-year gain.  The S&P CoreLogic Case-Shiller Home Price Indices are one of the leading measures of U.S. residential real estate prices, tracking changes in the value of residential real estate both nationally as well as in 20 metropolitan regions.  Interestingly, they cite the ongoing urban exodus in their report: “These data are consistent with the view…

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices were up 1.1% in December and up 10.8% from one year ago.  The FHFA produces the nation’s only public, freely available house price indexes (HPIs) that measure changes in single-family house prices based on data that cover all 50 states and over 400 American cities and extend back to the mid-1970s.  The FHFA’s HPIs are built on tens of millions of home sales and offer insights about home price fluctuations at the levels of the nation, census division, state, metro area, county, ZIP code,…

Last spring, the Covid-19 pandemic brought America’s real estate market to a virtual standstill.  Roofstock reminds us that location still matters and that despite record-low inventory, demand is extremely strong in areas of the West & Southwest that are also experiencing high rates of population growth, as we have seen in other posts.  In that vein, their recent report highlights the top cities where homes are selling the fastest.  Indeed… “As time has gone on, however, demand in the real estate market has picked up in a dramatic way. With the transition to working and schooling from home, families are…

Home price increases in Opportunity Zones are keeping pace with trends, according to a special report from ATTOM Data that analyzed qualified low-income O-Zones.  ATTOM says in Q4 2020, median prices rose annually in three-quarters of Opportunity Zones with values in 2/3 of them going up at least 10%.  To get their data ATTOM looked at 3,588 O-Zones around the country with sufficient sales data to analyze. https://www.attomdata.com/wp-content/uploads/2021/02/Q4-2020-Opportunity-Zones-Report.mp4 Click here read the full report at ATTOM Data Solutions.

With the goal of “keeping families in their homes,” the U.S. Department of the Treasury says the Emergency Rental Assistance Program (ERA) makes available $25 billion to assist households that are unable to pay rent and utilities due to the COVID-19 pandemic.  As previously reported, these funds are provided directly to States, Territories, local governments, and Indian tribes. Grantees can use these funds to provide assistance to eligible households through existing or newly created rental assistance programs.  In addition, eligible households may receive up to 12 months of assistance, plus an additional 3 months if the grantee determines the extra…

We’ve posted a lot of stories about the exodus from our nation’s urban cores to the suburbs.  With that in mind a recent story from Reuters about millennials searching for homes in “far-flung places” should have flippers & rehabbers taking note.  According to the Reuters, a new startup called CheapOldHouses.com promotes the purchase & preservation of historical houses across America, most of which come in under $100k and contain unique and interesting architectural detail.  Their site says they search nationwide real estate listings daily to handpick the “most beautiful of the bunch.”  Indeed… “More millennials may leave big cities even…