The U.S. Government is reporting that sales of new single-family houses in February, 2020 were at a seasonally adjusted annual rate of 765k, which is 4.4% lower than January’s revised rate, but is 14.8% higher than one year ago. The median sales price of new houses sold in February was $345,900 and the average sales price was $403,800. There were an estimated 319k new houses for sale at the end of January representing a 5.0 months at the current sales rate. Click here to read the full release at the U.S. Census Bureau.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
Zillow recently announced that it will “pause” home buying in the 24 markets where Zillow Offers currently operates. They said in a news release that they’re responding to local public health orders related to the Coronavirus and their desire protect the health & safety of their employees, customers and partners. In addition they reported ending ending 2019 with 2,707 homes in inventory. However, as of March 19th, that inventory had been reduced to around 1,860 homes. “Our top priority is ensuring the safety and health of our employees, customers, and partners. Given the concerns for public safety and rapid developments…
There has been a lot of justified discussion (in light of the Coronavirus pandemic) about what constitutes an “essential” or “non-essential” business during a “shelter in place” order. While we most certainly know that in most cases, the provision of rental housing is an essential function – especially when it comes to the health & safety of residents. That being said, The National Law Review recently published an article about the issue and while they say the answers are not always clear or consistent, there are steps you can take to be prepared if and/or when your local jurisdiction issues…
National REIA Statement on COVID-19 and Housing Providers (Crestview Hills, KY) The National Real Estate Investors Association, its Chapters and Affiliates, and over 40,000 members, encourage all residents who are in financial distress to proactively contact the owner or manager of their home prior to April 1st or the date upon which rent is due. Many of our housing providers have individual plans to work with their residents in this unprecedented crisis. There is no standardized solution or “one approach fits all” in this situation. The best strategy, and National REIA’s recommendation, is for owners, managers and residents to work together to…
RENTcafé says while the market will likely be affected by the Coronavirus pandemic, the national average rent in February was 1,468, up 3.2% from one year ago. The most expensive apartments were in Manhattan (NYC) at $4,208 per month, while the lowest rents were in Wichita, KS, coming in at $665 per month. However the pandemic looms large: The economy still stands to benefit from ultraslow rates. Homeowners are refinancing while renters are seeing normalized rent growth which reduces their monthly payments and allows them to spend in other areas. We haven’t seen the impact of the COVID-19 pandemic in…
Foreclosure starts hit their lowest level on record in February, this according to Black Knight’s latest “first look” report. Foreclosure starts fell 25% in January hitting their lowest level on record since Black Knight began reporting it in January 2000. In addition, they report that the national foreclosure rate fell to 0.45% in February, the lowest level since 2005 (within one basis point of an all-time low). Click here to read the full report at Black Knight.
In her most recent weekly Real Estate News News Brief, Kathy Fettke reminds us that we’re in an “unprecedented situation right now” as the Coronavirus threatens the health & safety of everyone in the world. In her news brief, she covers several topics including the coronavirus, a tax day reprieve, mortgage moratoriums and stay-at-home restrictions. “…It’s gotten to the point of statewide lockdowns in California and New York to help slow the spread of the virus. Other states are likely to follow. There are also bans on non-essential travel across the northern and southern borders, but President Trump says we’re…
The U.S. government is reporting that privately‐owned housing starts in February were at a seasonally adjusted annual rate of 1,464,000, which is 5.5% below January’s revised number. However, it was 13.8% higher than one year ago. February’s rate for units in buildings with five units or more was 508k. Privately‐owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,464,000, which was 5.5% below January’s revised number. However it was 13.8% higher than one year ago. Authorizations of units in buildings with five units or more were at a rate of 415,000 in…
The National Association of Realtors is reporting that existing home sales were up 6.5% in February which they say that while encouraging, it is not reflective of the current economic turmoil brought on by the Coronavirus. Total housing inventory at the end of February was 1.47 million units, up 5% from January and down 9.8% from one year ago. Total unsold inventory was at a 3.1-month supply (the lowest since 1999) at the current sales pace with properties remaining on the market for around 46 days. The median existing-home price for all housing types was $272,400, up 8.1% from February,…
Potholes are pretty much a fact of life across America – especially in our northern states where winter’s freeze/thaw cycle really plays havoc with the asphalt. Today’s infographic from Tennessee’s Wright Construction breaks down what potholes are, how they’re formed and the damage they can cause to your vehicle. Happy Friday!!!! Hat tip to DailyInfographic.com.
