The National Association of Realtors is reporting that existing home sales were up 3.4% in October to a seasonally-adjusted annual rate of 3.96 million – up 2.9% year over year. Total housing inventory at the end of October was 1.37 million units, up 0.7% from September and up 19.1% from one year ago. Unsold inventory sits at a 4.2-month supply at the current sales rate with properties remaining on the market for around 29 days. The median existing-home price for all housing types in October was $407,200. “The worst of the downturn in home sales could be over, with increasing…
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
The U.S. government is reporting that privately‐owned housing starts in October, 2024 were at a seasonally adjusted annual rate of 1,311,000, which is 3.1% lower than September’s revised number and is 4% lower than one year ago. October’s rate for units in buildings with five units or more was 326k. Privately‐owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,416,000, which is 0.6% lower than September’s revised number and is 7.7% lower than one year ago. Authorizations of units in buildings with five units or more were at a rate of 393k…
The Visual Capitalist reminds us that the U.S. government faced one of its largest budget deficits ever in fiscal year 2024, due to rising interest rates and government spending significantly exceeding revenue (go figure?). Today’s graphic illustrates this monstrosity….Try running your business like that. As always, stay safe and have a Happy Friday!!! Hat tip to the Visual Capitalist.
We have covered this issue over the past several years and it’s interesting to see how it has changed. The old axiom about the two certainties in life are death & taxes remains true. A recent report from the Tax Foundation says in 2024, in addition to the federal estate tax, with a top rate of 40%, 12 states (plus D.C.) impose additional estate taxes, while six states levy inheritance taxes. Maryland is the only one that imposes both an estate and an inheritance tax. The interactive chart below takes a deeper look at the data and their report allows…
According to ATTOM’s October 2024 U.S. Foreclosure Market Report, there were a total of 30,784 U.S. properties with foreclosure filings. This figure 4% higher than September and a 11% lower than one year ago. Across the country, one out of every 4,578 housing units had a foreclosure filing in October The states with the highest foreclosure rates were Nevada (one in every 2,741 housing units); New Jersey (one in every 3,059 housing units); Florida (one in every 3,086 housing units); California (one in every 3,152 housing units); and South Carolina (one in every 3,272 housing units). “Foreclosure activity remains challenging…
According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,748 in October, 2024. Year-over-year growth was 0.9%. Yardi says demand remains strong enough to balance the increase in deliveries in most markets. “Through September 2024, 329,000 apartment units have been absorbed, putting the market in line for one of its better recent years. Supply has grown slightly more than absorption prompting the U.S. occupancy rate for stabilized properties to drop 10 basis points to 94.7%.” Click here to read the full report at Yardi.
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. Interestingly, Ingo says the economy is doing worse than what we see here. https://youtu.be/ZTFkNPHc39E?si=7oaGOfmHJt71_nVz Click here for more information about Local Market Monitor.
A recent report from Redfin says the number of renter households rose 2.7% in Q3, year over year, to a record 45.6 million. They say that’s 3x faster than the 0.9% increase in homeowner households, which now total a record 86.9 million. In addition, they point out that The 2.7% increase (representing 1.18 million additional renter households) was the second fastest pace since 2015. To get their conclusions, they analyzed U.S. Census Bureau data back to 1994. Some key points: The number of renter households grew 2.7% in the third quarter, the second biggest year-over-year gain since 2015. The number…
The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% in October, 2024 (same as September). The all items index was up 2.6% for the 12 months ending in October. The index for shelter rose 0.4% in October, accounting for over half of the monthly all items increase. Click here to read the full release at the Bureau of Labor Statistics.
The Visual Capitalist says across the nation wine is often seen as a staple on dining room tables with certain regions raising their glasses a little more often. In fact, the U.S. is home to several world-renowned wine regions, and even ranked third in Forbes’ list of top 10 countries for wine lovers. Today’s graphic visualizes America’s wine consumption in gallons by state…..Indeed…Stay safe and have a Happy Friday..Cheers! Hat tip to the Visual Capitalist.
