The U.S. government is reporting that total construction spending in February was at a seasonally adjusted annual rate of $1,516.9 billion, which is 0.8% below January’s revised estimate. However, February’s figure was 5.3% higher than one year ago. Residential construction was at a seasonally adjusted annual rate of $717.9 billion in February, which is 0.2% lower than January’s revised estimate. Click here to read the full report at the U.S. Census Bureau.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
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 11.2% annual gain in January, 2021. Their 10-City Composite annual increase came in at 10.9% and the 20-City Composite posted a 11.1% 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. “January’s performance is particularly impressive in historical context. The National Composite’s 11.2% gain is the highest recorded…
The National Association of Realtors is reporting that pending home sales were down 10.6% in February, 2021. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) fell to 110.3 In addition, they report that year-over-year contract signings were down 0.5%. Once again, like a scratched-up CD that keeps on skipping, record-low low-inventory is to blame. “The demand for a home purchase is widespread, multiple offers are prevalent, and days-on-market are swift but contracts are not clicking due to record-low inventory,” said Lawrence Yun, NAR’s chief economist. Click here to read the full report at the National…
Sunday, April 4th is Easter…Each year it falls on the first Sunday following the full moon after the vernal equinox. The date fluctuates each year between March 22 and April 25. Today’s infographic from the dataviz blog takes a look at “Easter by the Numbers” all the way from the resurrection of Jesus Christ to the number of chocolate Easter bunnies consumed annually. Stay safe and have a Happy Easter and…..a Happy Friday!!! So what exactly is Easter? The History Channel says: “Easter is a Christian holiday that celebrates the belief in the resurrection of Jesus Christ. In the New…
No, this is not an April Fools post…….And yes, we have posted a lot about the tiny house phenomenon and even one about repurposing shipping containers into swimming pools. However, now comes the “barndominium” – basically converted homes made from pole barns or industrial buildings. Realtor.com says the true beauty of the barndominium is that it only has one limitation to its final format – the owner’s imagination. Indeed…. “Roomy, endlessly flexible, and customized to match its owner’s passions, barndominiums represent everything wonderful about rugged ingenuity and folks who want to carve out their own little slice of heaven.” Click…
Rental information site Zumper recently released their National Rent Report for April, 2021 showing that their median national rent for 1-bedroom apartments was $1,248 (up 0.6%) and the median two-bedroom rent was $1,514 (down 0.8%). Be sure to check out their list of the top 100 metro areas. “A year out from the start of the COVID-19 pandemic in the US, the rental market has shifted. Notably, rent prices dropped dramatically in the country’s most expensive cities and went up in historically cheaper, mid-sized cities. This change was largely brought on by a migration of people out of larger cities…
A couple in California who cash-purchased their dream home, suddenly got a rude awakening when the seller refused to leave, citing the coronavirus eviction moratorium. According to FoxBusiness, it has been over a year and the couple still cannot gain possession of the property. Efforts to enlist the authorities were met with frustration as the COVID rules rule prevented them from forcibly removing (evicting) the previous owner. Their real estate agent said the (previous) owner needed just over half a million dollars, and demanded it on a Sunday, which meant he was looking for a cash buyer. In addition, A…
What is next in the residential build-to-rent market? A recent interview article on Builder.com discusses how the build-to-rent asset class is one of the fastest growing in residential real estate. Interestingly, they point out that so-called “mom and pop” investors have known the value of single-family rental homes for decades. Indeed…. There will continue to be demand for rental communities even as millennials age into prime home-buying years and the homeownership rate rises. These communities can range from highly amenitized and institutionally managed to single-family homes…” Click here to read the full story at Builder.com.
Realtor.com says bigger is now definitively better again when it comes to houses. With that in mind they set out to discover the metro areas with the largest homes (4k sq. ft. and up) for sale. They say buyers seem desperate for more space, a dedicated home office(s), home gym, and maybe an extra bedroom or three. Top get their list they looked at the 150 largest metros with the highest percentage of single-family homes measuring 4,000 square feet and more on the market last February. Indeed… “Even the long derided McMansion—those oversized, column-bedecked, architecturally confused totems of the ostentatious…
The Centers for Disease Control & Prevention (CDC) announced at the end of March that it was extending their nationwide ban on evictions through the end of June. Stay tuned… Click here to read the full release at the CDC.
