Author: Brad Beckett

The National Association of Realtors is reporting that existing home sales were down 0.9% in May to a seasonally-adjusted annual rate of 5.80 million (up 44.6% from one year ago).  Total housing inventory at the end of May was 1.23 million units, down 20.6% from one year ago.  Unsold inventory sits at a 2.5-month supply at the current sales pace with properties remaining on the market for around 17 days. The median existing-home price for all housing types was $350,300, up 36.6% from May, 2020.  This was the largest year-over-year price increase that the NAR has ever recorded, going back…

Local Market Monitor, a National REIA preferred vendor, recently released their monthly National Economic Outlook where they share their thoughts on developments taking place in the U.S. economy. National Economic Outlook By Ingo Winzer June, 2021 Measured by retail spending, the recession was over several months ago. Just the idea that vaccinations will end the pandemic was enough to end the cautious behavior of consumers. It’s almost certain that Gross Domestic Product for the second quarter will be back above pre-pandemic levels. And so many people wanted to buy a home at a time of short supply that home prices…

Where did homeownership rise and fall the most across the country during the pandemic?  That’s the question the number-crunchers at Realtor.com recently put pen to paper to find out.  They looked at the 75 largest metropolitan areas (including the main cities & surrounding towns, suburbs, and smaller urban areas) and compared Q4 2020 homeownership rates and Q1 2021 with the same quarters from a year earlier.  Realtor.com says there were a variety of reasons why some markets gained homeowners and others lost them in this turbulent period with all coming down to price and desirability. Cheaper alternatives to bigger cities…

According to recent economic data analyzed by the NAHB’s Eye on Housing, the prices paid for goods used in residential construction (excluding energy) rose 3.6% in May and have increased 16.5% over the past year, according to the Bureau of Labor Statistics’ latest Producer Price Index (PPI) report.  Interestingly, Eye on Housing points out that building materials prices (inputs to residential construction less food and energy) have only declined two times since December, 2019. Click here to read the full report at the NAHB’s Eye on Housing.

The U.S. government is reporting that privately‐owned housing starts in May were at a seasonally adjusted annual rate of 1,572,000, which is 3.6% higher than April’s revised number.  However, this figure is 50.3% higher than one year ago.  May’s rate for units in buildings with five units or more was 465k.  Privately‐owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,681,000, which was 3% lower than April’s revised number.  Authorizations of units in buildings with five units or more were at a rate of 494k in May. Click here to read the…

The Visual Capitalist reminds us that we live in an increasingly volatile world, where change is the only constant.  Combine that with the fact that, whether we like it or not, we are living in a global economy that is affected by an increasingly amount of variables – most of which are out of our control.  To that end, today’s infographic illustrates the top 10 business risks that leaders must watch out for in 2021.  Stay safe and have a Happy Friday!!! “Businesses, too, face rapidly changing environments and associated risks that they need to adapt to—or risk falling behind.…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents in May increased $12 to $1,428 (2.5% year-over-year).  In addition, Yardi says this is almost exactly where rent growth was in March, 2020 when the pandemic began spreading in the U.S. “Nationally, there is little weakness left in the multifamily sector. YoY rent growth is back to prepandemic levels, and rents on a dollar amount basis increased the most in a single month in the history of our data set.” Click here to read the full report at Yardimatrix.com.

According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased 13% year-over-year in April.  CoreLogic predicts that home prices will increase on a month-over-month basis by 1.1% through May, and on a year-over-year basis by 2.8% through April 2022. “As older homeowners become more comfortable with listing their homes, they are faced with the reality that if they sell, they may get a smaller home for the same price as what they already have. Rather than decreasing their financial burden and cashing out equity to support their retirement, baby boomers may choose to…

According to a new report from the Wall Street Journal (reposted on Realtor.com),  a new trend of “built to rent” subdivisions are spreading across the county.  The WSJ says these new subdivisions are managed more like apartment buildings and have designated staff for repairs & maintenance.   In addition, data currently shows that built-to-rent home make up 6% of newly built homes, however experts have suggested that the number of these homes built annually will double by 2024.  Indeed… “In the past few years, the model has taken off around Phoenix and elsewhere—and is likely to become a dominant force in…

The Equity Trust Company, a leader in Self-Directed IRAs and a National REIA preferred benefits provider, recently released their list of the top 10 most & least expensive real estate markets.  Their Trust Self-Directed Real Estate Market Report  reveals how & where Equity Trust clients used their IRAs and other retirement accounts in the past year to invest in real estate with tax advantages.  Interestingly, they point out that you might assume states with the most expensive real estate would be at the top of their “most expensive” list.  However, that wasn’t always the case.  Indeed… “After analyzing purchase prices…