Author: Brad Beckett

According to their “advance” estimate, the U.S. Bureau of Economic Analysis is reporting that America’s real gross domestic product (GDP) increased at an annual rate of 2.8% in Q2 2024.  That figure is 1.4 percentage points higher than Q1’s annualized increase. Click here to read the full report at the U.S. Bureau of Economic Analysis.

The U.S. Government is reporting that sales of new single-family houses in June, 2024 were at a seasonally adjusted annual rate of 617k, which is 0.6% lower than May’s revised rate and is 7.4% lower than one year ago.  The median sales price of new houses sold in June was $417,300 with an average sales price of $487,200.  There were an estimated 476k new houses for sale at the end of June representing a 9.3-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

Are you investing in the commercial space?  Data recently analyzed by Statista says the increasing acceptance of hybrid or fully remote work in a variety of industries coupled with many companies applying cost-cutting measures after pandemic growth spurts has led to a jump in vacant office space in the U.S.  In fact, data from Moody’s for Q2 2024 shows the share of empty offices has hit a historic high of 20.1%.  Indeed…. Stay safe and have a Happy Friday!!! Hat tip to Statista.

According to their Midyear Rental Activity Report, Rentcafe says high home prices and limited housing options are making renting the preferred choice for many aspiring homeowners.  Their report checks-in to see which cities received the most attention from renters in the first half of 2024. Some key findings: Renters are adopting a meticulous approach to their apartment search by thoroughly exploring multiple options before making a decision. Minneapolis maintains its dominance as the most sought-after city in the first half of the year. Atlanta takes third place with Cleveland hot on its heels, while the nation’s capital ranks sixth. The…

According to the latest CoreLogic Single-Family Rent Index (SFRI), U.S. single-family home rental prices rose by 3/2% year over year in May, 2024.  They say May’s annual rent growth was generally in line with numbers recorded over the decade before the pandemic.  However they say it’s a different story for a lower-priced properties. “While the annual rent growth in higher-priced properties picked up momentum…lower-priced properties saw a slowdown in growth and had the lowest annual rent increase of any price tier in May. However, even though growth for lower-priced rentals has slowed, properties in this price range saw gains of…

The National Association of Realtors is reporting that existing home sales were down 5.4% in June to a seasonally-adjusted annual rate of 3.89 million –  and down 5.4% year over year.  Total housing inventory at the end of June was 1.32 million units, up 3.1% from May and up 23.4% from one year ago.  Unsold inventory sits at a 4.1-month supply at the current sales rate with properties remaining on the market for around 22 days.  The median existing-home price for all housing types in June was $426,900 – the second straight month it reached an all-time high and the…

The Wall Street Journal (re-posted on Realtor.com) is reporting that home insurers are pushing for big rate increases along with weakened consumer protections.  In addition, the WSJ says they are increasingly getting what they ask for.  According to their report, state regulators across the country appear to be adhering to industry demands, fearing that insurers will exit their states. States are also giving home insurers almost everything they ask for on rates, an analysis conducted for The Wall Street Journal suggests. The average state-approved increase since the start of last year is just 0.2 percentage point below the increase requested…

According to the ATTOM Data’s Midyear 2024 U.S. Foreclosure Market Report, there were a total of 177,431 U.S. properties with foreclosure filings (default notices, scheduled auctions or bank repossessions) in the first six months of 2024.  That figure is down 4.4% from one year ago and up 7.8% from the same period two years ago. “In contrast to the first half of 2023, foreclosure activity across the United States experienced a decline in the first half of 2024…In addition, U.S. foreclosure starts also decreased by 3 percent in the first six months of 2024. These shifts could suggest a potential…

Several states across the nation are holding off sales tax holidays for the back-to-school season.  Whether you think this is good or bad public policy is can be saved for another day;  the bottom-line is saving your hard-earned money!  The data has been provided by the Federation of Tax Administrators and actually covers the entire year – as well as many more products than just school supplies & clothing. Be sure to read your state’s “fine-print” for this exemption.  This list is subject to change and some states have already had some sales tax holidays in 2024. Upcoming States: Arkansas…

The U.S. government is reporting that privately‐owned housing starts in June, 2024 were at a seasonally adjusted annual rate of 1,353,000, which is 3% higher than May’s revised number but is 4.4% lower than one year ago.  June’s rate for units in buildings with five units or more was 360k.  Privately‐owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,446,000, which is 3.4% higher than May’s revised number and 3.1% lower than one year ago.  Authorizations of units in buildings with five units or more were at a rate of 460k in…