The National Association of Realtors is reporting that existing home sales were down 0.7% in May to a seasonally-adjusted annual rate of 4.11 million – down 2.8% year over year. Total housing inventory at the end of May was 1.28 million units, up 6.7% from April and up 18.5% from one year ago. Unsold inventory sits at a 3.7-month supply at the current sales rate with properties remaining on the market for around 24 days. The median existing-home price for all housing types in May was $419,300 – the highest price ever recorded and up 5.7% from one year ago.…
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 May, 2024 were at a seasonally adjusted annual rate of 1,277,000, which is 5.5% lower than April’s revised number and is 19.3% lower than one year ago. May’s rate for units in buildings with five units or more was 278k. Privately‐owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,386,000, which is 3.8% below April’s revised number and is 9.5% lower than one year ago. Authorizations of units in buildings with five units or more were at a rate of 382 in…
Today’s graphic from Statista illustrates that the number of job openings in the United States dropped to their lowest level in more than three years in April, which they say further indicates that the U.S. labor market is cooling off. They say 8.06 million positions remained unfilled on the last business day of April – the lowest reading since February 2021. Indeed…..Stay safe and have a Happy Friday! Hat tip to Statista.
New data from the U.S. Census Bureau show that large cities in the Northeast & Midwest grew in 2023, reversing earlier population declines. According to the report, cities with populations of 50k or more grew by an average of 0.2% in the Northeast and 0.1% in the Midwest after declining an average of 0.3% and 0.2%, respectively, in 2022. Those in the West went up by an average of 0.2% from 2022 to 2023. Cities in the South grew the fastest – by an average 1.0%. Indeed… “The population growth across the South in 2023 was driven by significant numeric…
WalletHub says the average American can expect to move an estimated 12 times in a lifetime. They say moving can be a sign of opportunity, prompted by a new job or long-term wealth accumulation, but people may also move because of instability such as foreclosure or job loss. With that in mind, they compared over 180 U.S. cities on 45 key family-friendly metrics (such as the cost of housing, the quality of local school and health-care systems, and the opportunities for fun and recreation) to come up with their list of the best & worst places to raise a family.…
According to the latest ICE Mortgage Monitor (formerly Black Knight), the national delinquency rate eased to 3.09% in April, a 22 basis point improvement over last year. In addition, they report that delinquencies fell to their lowest level since the record low of March 2023. The ICE Mortgage Monitor provides a view of the current mortgage market, including loan-level performance, home price trends data, secondary market metrics and public records. “Continued improvement in April led to the fewest serious delinquencies in more than 18 years, while the number of loans in active foreclosure fell to its lowest level in more…
According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 5.3% in April, 2024 – the same as March. Howevr, CoreLogic prodecits that by Spring 2025, national price gains are projected to slow to 3.4%, with only a few states putting up increases of higher than 6%. Indeed… “Home price growth continues to slow, as a comparison with a strong 2023 spring is still impacting year-over-year differences…Nevertheless, the April uptick in mortgage rates to this year’s high has cooled some of the typical spring homebuyer demand, which pulled monthly…
Louisiana recently joined the ranks of several states attacking the growing problem of squatters. According to KALB-TV, the Louisiana Squatter Prevention Act could make the process for adverse possession more difficult. The new law changes the present definition of simple burglary to include squatting, so long as the squatter intends to claim the property. Under the new law squatters could be charged with simple burglary, which incurs a penalty of up to a $2,500 fine, 12 years in prison or both. The legislation was signed into law by Governor Jeff Landry and takes effect on August 1, 2024. “This is…
The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% in May, 2024 (same as April). The all items index was up 3.3% for the 12 months ending in May. The index for shelter rose in May, up 0.4% for the fourth consecutive month. Click here to read the full release at the Bureau of Labor Statistics.
This Sunday, June 16th is Father’s Day and what better way to celebrate than to help Dad build the ultimate Man Cave….Today’s infographic from the Home Depot breaks it down for us….As always, stay safe and have a Happy Friday!!! Hat tip to the Home Depot!
