Author: Brad Beckett

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), home prices home prices were unchanged in May, 2024.  However, prices rose 5.7% from May 2023 to May 2024.  The FHFA HPI is the nation’s only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s. “U.S. house price movement was flat in May…The slowdown in U.S. house price appreciation continued in May amid a slight rise in both mortgage rates and housing inventory.” …

The National Association of Realtors is reporting that pending home sales jumped 4.8% in in June, 2024.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 74.3 in June.  The NAR says all four U.S. regions posted monthly gains in transactions.  Of note, rising inventory is helping with sales. “The rise in housing inventory is beginning to lead to more contract signings…Multiple offers are less intense, and buyers are in a more favorable position.”  Said the NAR’s Chief Economist, Lawrence Yun. Click here to read the full report at the National Association of…

The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 5.9% annual increase for May, 2024.  Their 10-City Composite increased 7.7% and their 20-City Composite increased 6.8%, year-over-year. “While annual gains have decelerated recently, this may have more to do with 2023 than 2024, as recent performance remains encouraging.”  Said Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices (S&P DJI). Click here to read the full report at S&P Dow Jones Indices.

The Visual Capitalist reminds us that a state’s tax burden measures the percent of an average person’s income that is paid towards state & local taxes. It considers property taxes, income taxes, and sales & excise tax.  Today’s graphic visualizes the total tax burden by U.S. state…..Watch your wallet, stay safe, and have a Happy Friday!!! Hat tip to the Visual Capitalist.

At a recent speech in Atlanta, GA, Vice President Kamala Harris made it clear that she’s interested in continuing many of the Biden Administration’s policies regarding big business, according to Yahoo!Finance. They also report that she would “ban hidden fees and surprise late charges that banks and other companies use to pad their profits” (aka so-called junk fees).  The speech was made as part of her campaign for the presidency and included support for President Biden’s cap on rental increases. However, perhaps of most concern to real estate investors were her remarks about housing: “Harris also reiterated her stance on…

Rental information site Zumper recently released their latest monthly National Rent Report for June, 2024.  According to their data, median rent for 1-bedroom apartments was $1,531 (up 1.7%) and $1,911 (up 2.6%) for two-bedrooms.  Be sure to check out their entire list of the top 100 metro areas. “The fact that Zumper shows national rent growth at a 12-month high at the same time as the U.S. delivers a record 50-year high of new supply shows you just how strong renter demand is today.”   Said Zumper CEO Anthemos Georgiades. Click here to read the full report at Zumper.

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.

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.