Author: Brad Beckett

National apartment listing site ABODO recently reported that the median nationwide rent price for one-bedroom units in November was $1,071.  ABODO uses over 1 million listings across the United States to calculate the median 1-bedroom rent price by city, state, and nation and then track the month-over-month percentage change. To avoid small sample sizes, they restrict their analysis to cities meeting minimum population and property count thresholds. Be sure to check out their extensive city list. Click here to read the full report at ABODO.com.

According to the latest Vacant Property and Zombie Foreclosure Report, ATTOM Data is reporting that there were over 1.5 million (1,527,142) vacant single-family homes and condos in Q4 of 2019.  In addition, the report says there were about 288,300 homes were in the process of foreclosure, with 8,535, or 2.96% sitting empty as “zombie” foreclosures.  “While pockets of zombie foreclosures remain, neighborhoods throughout the country are confronting fewer and fewer of the empty, decaying properties that were symbolic of the fallout from the housing market crash during the recession.”  Said Todd Teta, chief product officer with ATTOM Data Solutions. Click…

Rental information site Zumper recently released their National Rent Report for November, 2019 showing that the median national rent for 1-bedroom apartment was $1,237 (down 0.3%) and the median two-bedroom rent was $1,480 (down 0.3%).  Year to date, one bedroom prices are up 2.5% and two bedroom prices are up 2.6%.  Zumper analyzes rental data from over 1 million active listings across the United States. Data is aggregated on a monthly basis to calculate median asking rents for the top 100 metro areas by population, providing a comprehensive view of the current state of the market. The report is based…

The U.S. government is reporting that total construction spending in September was estimated at a seasonally adjusted annual rate of f $1,293.6 billion, which is 0.5% above August’s revised number.  Residential construction was at a seasonally adjusted annual rate of $511.4 billion in September.  That figure is 0.6% higher than August’s revised figure. Click here to read the full report at the U.S. Census Bureau.

The National Association of Realtors is reporting that pending home sales increased 1.5% in September, which they attribute to historically low mortgage rates playing a significant role in marking two straight months of gains.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) increased to 108.7 in September, up 1.5% from August.  In addition, they reported that year-over-year contract signings were up 3.9%. “Even though home prices are rising faster than income, national buying power has increased by 6% because of better interest rates,” he said. “Furthermore, we’ve seen increased foot traffic as more buyers are…

Visual Capitalist reminds us that the spending habits of millennials have not only been reshaping the retail landscape but setting the tone for its future.   They say they want anything, anywhere and anytime.  That’s pretty intense, but it is reality.  In that vein, today’s infographic looks at the top categories in which consumers rent and their potential long term impact on the economy.   Happy Friday!!! “Although the current market for rentals is still in its early stages, the sheer momentum that the industry has gained in the last year is enough to threaten even the largest retailers—forcing them to reconsider…

According to the latest S&P CoreLogic Case-Shiller Indices, covering all nine U.S. census divisions, the rate of home price increases reported a 3.2% annual gain in August, nearly the same as July.  Their 10-City Composite annual increase came in at 1.5% and the 20-City Composite posted a 2.0% year-over-year gain.  The S&P CoreLogic Case-Shiller Home Price Indices are one of the leading measures of U.S. residential real estate prices, tracking changes in the value of residential real estate both nationally as well as in 20 metropolitan regions. Click here to read the full report at S&P Dow Jones Indices.

The U.S. government is reporting that the national vacancy rates in Q3 2019 were 6.8% for rental housing and 1.4% for homeowner housing.  The national homeownership rate for Q3 2019 was 64.8%, which they report was not statistically different from one year ago.  Approximately 87.8% of the housing units in the United States in Q3 2019 were occupied and 12.2% were vacant. Owner-occupied housing units made up 56.9% of total housing units, while renter-occupied units made up 30.9% of the inventory. Click here to read the full release at the U.S. Census Bureau.

Local Market Monitor, a National REIA preferred vendor, recently released their National Economic Outlook for October, 2019 where they share their thoughts on developments taking place in the U.S. economy. National Economic Outlook – October 2019 By Ingo Winzer The number of jobs in September was up 1.4 percent from last year, a repeat of August and a confirmation that the August data weren’t an outlier. It’s now most likely that we’ll see a further weakening in the months ahead, and the big question is whether the economy can keep gliding along at this reduced pace. The last two recessions began…

Where are the top cities in America with the most young people?  That’s the question the folks at Realtor.com put pen to paper to find out.  They combed through census data to come up with the top 10 cities with the lowest average resident age (one per state) of 30 or younger.  Interestingly, these cities are almost all college towns with one exception. “…there are a few places in America you can go to gain a more energetic and exuberant outlook on life. How do you pull this off? By surrounding yourself with young people, of course…Think of the fun…