Author: Brad Beckett

The U.S. Bureau of Economic Analysis is reporting that America’s real gross domestic product increased in 46 states and DC in Q3 2024, with the percent change ranging from 6.9% at an annual rate in Arkansas to –2.3% in North Dakota.  In addition, personal income increased in 49 states and DC, with the percent change ranging from 6.9% at an annual rate in Arkansas to -0.7% in North Dakota. 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 November, 2024 were at a seasonally adjusted annual rate of 664k, which is 5.9% higher than October’s revised rate and is 8.7% higher than one year ago.  The median sales price of new houses sold in November was $402,600 with an average sales price of $484,800.  There were an estimated 490k new houses for sale at the end of November representing a 8.9-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

We saw this beginning a few years ago….In a recent report, CoreLogic says while investor activity in the housing market is often associated with deep-pocketed institutional buyers, data from Q3 2024 is painting a different picture.  They say “Mom-and-Pop Investors” are quietly shaping the housing market.  Indeed… “While institutional investors tend to dominate headlines, they account for only a small fraction of total investor activity. Most real estate investors are mom-and-pop landlords, who own three to 10 properties.” “Smaller-scale investors play a powerful but understated role in the market, buoying home prices even as overall demand has softened.” Click…

In case you haven’t notices, grocery prices have steadily rising over the past several thanks to inflation.  In fact, today’s graphic from the Visual Capitalist says American households are paying an average of about $270 per week.  And, if you’ve ever seen a commercial where they say prices may be higher in Alaska or Hawaii, they have extra shipping costs factored in…they both have average bills north of $300.  As awlays, stay safe and have a Happy Friday!!! Hat tip to the Visual Capitalist.

Recent analysis from the Tax Foundation says that if the next Congress doesn’t act, taxes will rise for millions of Americans on January 1, 2026, as the individual provisions of the Tax Cuts and Jobs Act (TCJA) expire. In addition, the Tax Foundation says a permanent extension of the TCJA would boost GDP by 1.2% over the long run and support an additional 829k full-time equivalent jobs. Across all congressional districts, Tax Foundation estimates that the average tax hike per taxpayer would be $2,853 compared to a scenario where the entire TCJA is extended. Click here to read the full…

On a recent episode of the Rent Perfect podcast David Pickron says you may not even be aware of it, but the Chevron Deference doctrine has and will continue to affect you as an investor and landlord.  He shares some insights into this important topic and how you need to be aware of your local government decisions and how they are affecting you.  Indeed… Click here to listen.

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. Click here for more information about Local Market Monitor.

A recent report from the NAHB’s Eye on Housing says state & local tax revenue from property taxes reached $203.9 billion in Q3 2024, based on data form the U.S. Census Bureau.  They say this marks a 2.8% increase from the second quarter of 2024 and is the first quarter where property tax revenue topped $200 billion for state & local governments.  Year to date, the total state & local tax revenue was $1.56 trillion.  Indeed… Click here to read the full report at the Eye on Housing.

The U.S. government is reporting that privately‐owned housing starts in November, 2024 were at a seasonally adjusted annual rate of 1,289,000, which is 1.8% lower than October’s revised number and is 14.6% lower than one year ago.  November’s rate for units in buildings with five units or more was 264k.  Privately‐owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,505,000, which is 6.1% higher than October’s revised number and is 0.2% lower than one year ago.  Authorizations of units in buildings with five units or more were at a rate of 481k…

The National Association of Realtors is reporting that existing home sales were up 4.8% in November to a seasonally-adjusted annual rate of 4,15 million – up 6.1% year over year and the largest year-over-year gain since June 2021.  Total housing inventory at the end of November was 1.33 million units, down 2.9% from October and up 17.7% from one year ago.  Unsold inventory sits at a 3.8-month supply at the current sales rate with properties remaining on the market for around 32 days.  The median existing-home price for all housing types in November was $406,100. “Home sales momentum is building…More…