Author: Brad Beckett

Rental information site Zumper recently released their National Rent Report for May, 2020 showing that the median national rent for 1-bedroom apartment was $1,220 (down 0.1%) and the median two-bedroom rent was $1,474 (up 0.2%).   Year to date, one-bedroom prices are down 0.1% and two-bedroom prices were flat.  Zumper also said they recently conducted a survey of their users about the ongoing pandemic and will share full results later this month. “We recently ran a survey of Zumper users…and found that 67% were financially impacted from the pandemic. Of those impacted, 35% lost their job or received a pay cut.…

The U.S. government is reporting that total construction spending in March was at a seasonally adjusted annual rate of $1,360.5 billion, which is 0.9% higher than February’s revised estimate.  However, March’s figure was 4.7% higher than March, 2019.  Residential construction was at a seasonally adjusted annual rate of $550.3 billion in March, which is 2.3% above February’s revised estimate. Click here to read the full report at the U.S. Census Bureau.

Did you ever hear the old rhyme, “leaves of three, let it be?” Today’s infographic reminds us that as warmer weather approaches, and landscaping moves to the forefront, we need to be mindful about what else might be growing around your property.  The Infographics Archive reminds us that the poisonous plants will arrive with the beneficial ones and good lawn management will keep a property both healthy, aesthetically pleasing, and safe to walk on.  Indeed…As if we already had enough to worry about…..As always, stay safe and have a Happy Friday!! Hat tip to the Infographics Archive.

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 4.2% annual gain in February.  Their 10-City Composite annual increase came in at 2.9% and the 20-City Composite posted a 3.5% 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. “The stable growth pattern established in the last half of 2019 continued into February,” says Craig J. Lazzara,…

The National Association of Realtors is reporting that pending home sales were down 20.8% in March with the NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) decreasing to 88.2.  In addition, they reported that year-over-year contract signings were down 16.3%.  The NAR says these declines were expected as a result of the ongoing Coronavirus pandemic and they are temporary.  Indeed…. “The housing market is temporarily grappling with the coronavirus-induced shutdown, which pulled down new listings and new contracts,” said Lawrence Yun, NAR’s chief economist. “As consumers become more accustomed to social distancing protocols, and with the…

Zillow says that after experiencing a mid-march decline in searches as the pandemic rolled into full effect, they are now reporting renewed interest in home searching as they say Americans have adapted to a temporary normal.   Interestingly, not only did the number of home searches see an uptick in April, they were actually higher than one year ago.  Indeed… “These are encouraging signals and time will tell if this interest will turn into more offers to buy and transactions.  The coronavirus pandemic has already cost an unprecedented number of people their jobs, which will force many to put plans for…

The U.S. government is reporting that the national vacancy rates in Q1 2020 were 6.6% for rental housing and 1.1% for homeowner housing.  The national homeownership rate for Q1 2020 was 65.3%.  In addition, approximately 88.6% of the housing units in the United States in Q1 were occupied and 11.4% were vacant. Owner-occupied housing units made up 57.9% of total housing units, while renter-occupied units made up 30.7% of the inventory.  Data for the second quarter will be released in July. Click here to read the full release at the U.S. Census Bureau.

The oil market has been making big news recently at demand for gasoline has dried up as a result of the Coronavirus pandemic.  Oil is one of those closely-watched commodities that, with the slightest move up or down, affects economies around the globe.  As reported by MarketWatch, in mid-April the unthinkable happened with oil futures going into negative territory for the first time ever.  In other words, the supply overwhelmed the demand and producers had to pay to have someone take it off their hands. “…the now-defunct May West Texas Intermediate crude…plunged into negative territory to start the week in…

Black Knight is reporting that mortgage delinquencies saw their first-ever March increase resulting from the Coronavirus pandemic early impact.  In addition, they report that both the national foreclosure and 90-day delinquency rates set new record lows in March – which they say is a lingering reminder of the market’s strength heading into the pandemic. Click here to read the full report at Black Knight.

The U.S. Government is reporting that sales of new single-family houses in March, 2020 were at a seasonally adjusted annual rate of 627k,  which is 15.4%  below February’s revised rate, but is 9.5% higher than one year ago.  The median sales price of new houses sold in March was $321,400 and the average sales price was $375,300.  There were an estimated 333k new houses for sale at the end of March representing a 6.4 month supply at the current sales rate. Click here to read the full release at the U.S. Census Bureau.