Author: Brad Beckett

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. National Economic Outlook By Ingo WInzer May, 2024 Although the number of jobs in the US economy is increasing at a 2 percent annual rate, a lot of that increase is coming from just two major sectors: healthcare and government. This is a long-term cause for concern, because these sectors don’t create economic growth in the way that manufacturing or finance or technology do. But the more immediate problem is that the…

The U.S. Government is reporting that sales of new single-family houses in April, 2024 were at a seasonally adjusted annual rate of 634k, which is 4.7% lower than March’s revised rate and is 7.7% lower than one year ago.  The median sales price of new houses sold in April was $433,500 with an average sales price of $505,700.  There were an estimated 480k new houses for sale at the end of April representing a 9.1-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

The National Association of Realtors is reporting that existing home sales were down 1.9% in march to a seasonally-adjusted annual rate of 4.14 million –  down 1.9% year over year.  Total housing inventory at the end of April was 1.21 million units, up 9% from March and up 16.3% from one year ago.  Unsold inventory sits at a 3.5-month supply at the current sales rate with properties remaining on the market for around 26 days.  The median existing-home price for all housing types in April was $412,100, up 5.6% from one year ago.  In addition Distressed sales (foreclosures & short…

Monday, May 27th is Memorial Day.  For most Americans the three-day weekend will mark the unofficial start of summer.  However, the solemn significance of the day is often forgotten.  It is actually a national day of remembrance for America’s military men & women who paid the ultimate sacrifice while defending freedom & liberty around the globe. Today’s infographic from the U.S. Census Bureau reminds us that Memorial Day is about more than just cookouts and 3-day weekends, it’s about a path paved by others to enjoy the freedoms we often take for granted. We hope you have a safe &…

The latest New Home Lot Supply report from Zonda says in Q1 2024 lot supply tightened year-over-year across the U.S.  They say lot inventory was still categorized as “significantly undersupplied” in most markets and that the tightening trend year-over-year reflects the increase in construction activity over the last few quarters. “Limited availability of desirable land near major job centers is pushing new housing developments further into the suburbs…However, these outlying areas often lack the necessary infrastructure, creating a bottleneck for builders eager to expand their communities. This imbalance between available lots and the desire to start new construction persists, posing…

On a recent episode of Real Estate News for Investors, Kathy Fettke discusses what Fed officials are now saying about rate cuts in 2024, how much income you need to buy a home, and the kinds of compromises buyers are willing to make for a more affordable home.  Take a listen…. Click here to listen on Spotify.

According to ATTOM Data’s Q1 2024 U.S. Home Equity & Underwater Report, 45.8% of mortgaged residential properties in the United States were considered equity-rich in the first quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than half of their estimated market values.  However, the report also shows that he portion of mortgaged homes that were seriously underwater rose slightly in the first few months of 2024, from 2.6% to 2.7% of all residential mortgages. ATTOM says the largest increases were in the South, which already had some of the nation’s highest…

A recent report from the National Multifamily Housing Council (NMHC) says building codes can raise concerns about construction costs and make it increasingly difficult to develop much needed housing.   Their data found that nearly 9 in 10 respondents agreed or strongly agreed that building code requirements in general impact the cost and viability of construction projects.  The NMHC report says that while some of these requirements are necessary to protect the health & safety of residents as well as the integrity of the building or community, it is important to understand the financial impact of imposing each type. “Building codes…

The unofficial start of Summer (aka Memorial Day) is this weekend along and with that reminder comes AAA’s annual travel forecast.  The venerable AAA predicts that close to 44 million Americans will travel 50+ miles from home this Memorial Day weekend – an increase of 4% over 2023 and close to 2005’s record of 44 million.  In addition, AAA says 3.51 million travelers are expected to fly to their destinations – an increase of 4.8% over last year. “We haven’t seen Memorial Day weekend travel numbers like these in almost 20 years…We’re projecting an additional one million travelers this holiday…

The U.S. government is reporting that privately‐owned housing starts in April, 2024 were at a seasonally adjusted annual rate of 1,360,000, which is 5.7% higher than March’s revised number and is 0.6% lower than one year ago.  April’s rate for units in buildings with five units or more was 322k.  Privately‐owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,440,000, which is 3% below March’s revised number and is 2% lower than one year ago.  Authorizations of units in buildings with five units or more were at a rate of 408k in…