The U.S. Government is reporting that sales of new single-family houses in May, 2024 were at a seasonally adjusted annual rate of 619k, which is 11.3% lower than April’s revised rate and is 16.5% lower than one year ago. The median sales price of new houses sold in May was $417,400 with an average sales price of $520k. There were an estimated 481k new houses for sale at the end of May representing a 9.3-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
Next Thursday, July 4th, will mark 248 years of America’s independence! Today’s infographic takes a look at the Fourth of July “by the numbers” and provides insight into this holiday that we Americans hold dear. Whatever you do to celebrate, do it safely and have fun…..and, as always, Stay safe and have a Happy Friday!!! “On July 2nd, 1776, the Continental Congress voted in favor of independence, and two days later delegates from the 13 colonies adopted the Declaration of Independence, a historic document drafted by Thomas Jefferson. From 1776 to the present day, July 4th has been celebrated as…
The venerable AAA predicts that close to 71 million Americans will travel 50+ miles from home over the week of 4th of July – an increase of 5% over 2023. AAA says this year, for the first time, they looked at the entire July 4th week, plus the Saturday before and the Sunday after the holiday. Indeed…. “We anticipate this July 4th week will be the busiest ever with an additional 5.7 million people traveling compared to 2019.” Said Paula Twidale, Senior Vice President of AAA Travel. Click here to read the full report at AAA.com.
Recent analysis from the Tax Foundation says property taxes remain by far the most important source of local revenue in the U.S, generating about 72% of local tax collections. Their research sheds light on the current state of two major revenue sources for local governments in the U.S. (after property taxes). In addition they provide a descriptive analysis of the most recent local tax data. Some key findings: Local sales and income taxes generate 13% and 5% of local tax revenue. Local income taxes are authorized in 16 states and the District of Columbia. Localities in only seven states do…
On a recent episode of the Rent Perfect podcast David Pickron sheds light on the reality behind rising credit scores and why, as a landlord, you may need to dig a little deeper to understand your tenants’ ability to make rental payments. “Is a credit score really a good indicator of a tenant applicant’s ability to pay their rent?” – David Pickron Click here to listen on Spotify.
In response to the National Association of Realtors reaching a settlement in a class-action lawsuit requiring them to change its brokerage fee rules, the U.S. Department of Veterans Affairs recently announced an update to help ensure that Veterans using the VA-guaranteed home loan benefit remain competitive buyers. Specifically, the VA says eligible Veterans, active duty service members and surviving spouses who use their VA home loan benefits can pay for certain real estate buyer-broker fees when purchasing a home beginning Aug. 10, 2024. The update was intended to ensure VA’s programs continue to promote access to homeownership for Veterans. Previously,…
According to ATTOM Data’s May 2024 U.S. Foreclosure Market Report, there were a total of 32,621 U.S. properties with foreclosure filings (default notices, scheduled auctions or bank repossessions) – up 3% from a month ago but down 7% from a year ago. Their data show that one in every 4,320 housing units nationally had a foreclosure filing in May. States with the highest foreclosure rates were New Jersey (one in every 1,939 housing units with a foreclosure filing); Illinois (one in every 2,362 housing units); Delaware (one in every 2,595 housing units); Connecticut (one in every 2,600 housing units); and…
The Consumer Financial Protection Bureau (CFPB) recently proposed a rule that would remove medical bills from most credit reports. In addition, the new rule would prevent debt collectors from using the credit reporting system to collect debt. The CFPB says the new rule would remove as much as $49 billion of medical debts that they say unjustly lowers credit scores for 15 million people. “The CFPB is seeking to end the senseless practice of weaponizing the credit reporting system to coerce patients into paying medical bills that they do not owe,” said CFPB Director Rohit Chopra. “Medical bills on credit…
The National Association of Realtors is reporting that existing home sales were down 0.7% in May to a seasonally-adjusted annual rate of 4.11 million – down 2.8% year over year. Total housing inventory at the end of May was 1.28 million units, up 6.7% from April and up 18.5% from one year ago. Unsold inventory sits at a 3.7-month supply at the current sales rate with properties remaining on the market for around 24 days. The median existing-home price for all housing types in May was $419,300 – the highest price ever recorded and up 5.7% from one year ago.…
The U.S. government is reporting that privately‐owned housing starts in May, 2024 were at a seasonally adjusted annual rate of 1,277,000, which is 5.5% lower than April’s revised number and is 19.3% lower than one year ago. May’s rate for units in buildings with five units or more was 278k. Privately‐owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,386,000, which is 3.8% below April’s revised number and is 9.5% lower than one year ago. Authorizations of units in buildings with five units or more were at a rate of 382 in…
