Author: Brad Beckett

Rental information site Zumper recently released their National Rent Report for November, 2019 showing that the median national rent for 1-bedroom apartment was $1,237 (down 0.3%) and the median two-bedroom rent was $1,480 (down 0.3%).  Year to date, one bedroom prices are up 2.5% and two bedroom prices are up 2.6%.  Zumper analyzes rental data from over 1 million active listings across the United States. Data is aggregated on a monthly basis to calculate median asking rents for the top 100 metro areas by population, providing a comprehensive view of the current state of the market. The report is based…

The U.S. government is reporting that total construction spending in September was estimated at a seasonally adjusted annual rate of f $1,293.6 billion, which is 0.5% above August’s revised number.  Residential construction was at a seasonally adjusted annual rate of $511.4 billion in September.  That figure is 0.6% higher than August’s revised figure. Click here to read the full report at the U.S. Census Bureau.

The National Association of Realtors is reporting that pending home sales increased 1.5% in September, which they attribute to historically low mortgage rates playing a significant role in marking two straight months of gains.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) increased to 108.7 in September, up 1.5% from August.  In addition, they reported that year-over-year contract signings were up 3.9%. “Even though home prices are rising faster than income, national buying power has increased by 6% because of better interest rates,” he said. “Furthermore, we’ve seen increased foot traffic as more buyers are…

Visual Capitalist reminds us that the spending habits of millennials have not only been reshaping the retail landscape but setting the tone for its future.   They say they want anything, anywhere and anytime.  That’s pretty intense, but it is reality.  In that vein, today’s infographic looks at the top categories in which consumers rent and their potential long term impact on the economy.   Happy Friday!!! “Although the current market for rentals is still in its early stages, the sheer momentum that the industry has gained in the last year is enough to threaten even the largest retailers—forcing them to reconsider…

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 3.2% annual gain in August, nearly the same as July.  Their 10-City Composite annual increase came in at 1.5% and the 20-City Composite posted a 2.0% 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. Click here to read the full report at S&P Dow Jones Indices.

The U.S. government is reporting that the national vacancy rates in Q3 2019 were 6.8% for rental housing and 1.4% for homeowner housing.  The national homeownership rate for Q3 2019 was 64.8%, which they report was not statistically different from one year ago.  Approximately 87.8% of the housing units in the United States in Q3 2019 were occupied and 12.2% were vacant. Owner-occupied housing units made up 56.9% of total housing units, while renter-occupied units made up 30.9% of the inventory. Click here to read the full release at the U.S. Census Bureau.

Local Market Monitor, a National REIA preferred vendor, recently released their National Economic Outlook for October, 2019 where they share their thoughts on developments taking place in the U.S. economy. National Economic Outlook – October 2019 By Ingo Winzer The number of jobs in September was up 1.4 percent from last year, a repeat of August and a confirmation that the August data weren’t an outlier. It’s now most likely that we’ll see a further weakening in the months ahead, and the big question is whether the economy can keep gliding along at this reduced pace. The last two recessions began…

Where are the top cities in America with the most young people?  That’s the question the folks at Realtor.com put pen to paper to find out.  They combed through census data to come up with the top 10 cities with the lowest average resident age (one per state) of 30 or younger.  Interestingly, these cities are almost all college towns with one exception. “…there are a few places in America you can go to gain a more energetic and exuberant outlook on life. How do you pull this off? By surrounding yourself with young people, of course…Think of the fun…

The National Association of Realtors is reporting that existing home sales were down in September following two consecutive months of increases.  Total existing-home sales fell 2.2% from August to a seasonally adjusted annual rate of 5.38 million in September.  The Realtors say that despite the decline, overall sales are up 3.9% from a year ago  However, once again, low inventory is the primary culprit: “We must continue to beat the drum for more inventory…Home prices are rising too rapidly because of the housing shortage, and this lack of inventory is preventing home sales growth potential.”  Said Lawrence Yun, the NAR’s…

The U.S. government is reporting that sales of new single-family houses in September, 2019 were at a seasonally adjusted annual rate of 701,000.  This figure is 0.7% below revised August’s revised rate but is 15.5% higher than September 2018 estimate of 607,000.  The median sales price of new houses sold in September 2019 was $299,400 and the average sales price was $362,700.  There were new 321k new houses for sale at the end of September was 321,000 representing a 5.5 months supply at the current sales rate. Click here to read the full release at the U.S. Census Bureau.