The U.S. government is reporting that total construction spending in August, 2024 was at a seasonally adjusted annual rate of $2,131.9 billion, which is 0.1% lower than July’s revised number. However, August’s revised estimate is 4.1% higher than one year ago. Residential construction came in at a seasonally adjusted annual rate of $899.9 billion in August, which is 0.3% lower than July’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
The U.S. Census Bureau reminds us that Hispanic Heritage Month (September 15 to October 15) celebrates the contributions of Americans tracing their roots to Spain, Mexico, Central America, South America and the Spanish-speaking nations of the Caribbean. Indeed….they are part of the fabric of what makes America culturally rich nation and reinforces our motto – E pluribus unum (out of many, one). Stay safe and have a Happy Friday!!! Hat tip to the U.S. Census Bureau.
Rental information site Zumper recently released their latest monthly National Rent Report for September, 2024. According to their data, median rent for 1-bedroom apartments was $1531 (up 0.1%) and $1,912 (down 0.2%) for two-bedrooms. Be sure to check out their entire list of the top 100 metro areas. “September signaled a cooling off in the hot moving season as national one and two-bedroom rents both decreased on a monthly basis—a trend which we have not seen in the last five months…As we transition into fall, this shift in the rental market aligns with the typical seasonal patterns we have finally…
According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), home prices were up 0.1% in July, and up 4.5% from July 2023 to July 2024. The FHFA HPI is the nation’s only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s. “For the third consecutive month U.S. house prices showed little movement…Gradually declining mortgage rates and relatively flat house prices may improve housing affordability.” Said Dr. Anju Vajja, Deputy Director for FHFA’s…
National Fire Prevention Week runs October 6-12, 2024 and one of the best ways to celebrate is to check all your properties’ smoke alarms for functionality and age. If you find one that’s more than 10 years old, it’s time to replace it. And when you do, National REIA recommends both ionization and photoelectric technologies be used in all your properties. You should also have a working & tested carbon monoxide detector and fire extinguisher in each unit as well. Key messages for this year’s Fire Prevention Week theme, “Smoke alarms: Make them work for you!” include the following: Install…
The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 5.4% annual increase for July, 2024. Their 10-City Composite increased 7.4% and their 20-City Composite increased 6.5%, year-over-year. “We continue to observe outperformance in most low-price tiers in the market on a three- and five-year horizon…The low-price tier of Tampa was the best performing market nationally with five-year performance of 88%. The New York market was the best market annually, posting a gain of 8.9%. ” Said Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices (S&P DJI). Click here to…
A new report form Apartment List says that while Millennials are the nation’s largest generation, and by sheer volume they are purchasing more homes than any other group, they remain well-behind previous generations when it comes to owning homes. They say a lack of affordability has left many in this cohort priced out of the “American Dream.” For some Millennials, there is also a sharp divide between their lived experience and that of their parents, for whom an abundant housing market made homeownership – and its long-term benefits – attainable as younger adults. Click here to read the full report.…
The National Association of Realtors is reporting that pending home sales rose 0.6% in in August, 2024. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 70.6 in August. “A slight upward turn reflects a modest improvement in housing affordability, primarily because mortgage rates descended to 6.5% in August…However, contract signings remain near cyclical lows even as home prices keep marching to new record highs.” Said the NAR’s Chief Economist, Lawrence Yun. Click here to read the full report at the National Association of Realtors.
The U.S. Government is reporting that sales of new single-family houses in August, 2024 were at a seasonally adjusted annual rate of 716k, which is 4.7% lower than July’s revised rate and is 9.8% higher than one year ago. The median sales price of new houses sold in August was $420,600 with an average sales price of $492,700. There were an estimated 467k new houses for sale at the end of August representing a 7.8-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.
The Visual Capitalist asks; have you ever wondered how much U.S. currency is in circulation? Well, today’s infographic takes a good stab at it. Their graphic visualizes the approximate number of bills for each denomination globally, as of 12/3122, using data from the Fed. Indeed…Cash is king….. Stay safe and have a Happy Friday!!! Hat tip to the Visual Capitalist.
