Author: Brad Beckett

The National Association of Home Builders (NAHB) recently reported that housing affordability remained essentially flat throughout 2017. According to the report, 59.6% of new and existing homes sold between the beginning of October and end of December were affordable to families earning the U.S. median income of $68k –  slightly up from Q3 and almost the same as Q4 of 2016.  The data was part of the NAHB/Wells Fargo Housing Opportunity Index (HOI), which is a measure of the percentage of homes sold in a given area that are affordable to families earning the area’s median income during a specific…

National apartment listing site ABODO recently reported that the median nationwide rent price for one-bedrooms dropped from $1,046 to $1,044, marking the first decrease in six months.  ABODO uses over 1 million listings across the United States to calculate the median 1-bedroom rent price by city, state, and nation and then track the month-over-month percentage change. To avoid small sample sizes, they restrict their analysis to cities meeting minimum population and property count thresholds. Syracuse, NY, had the largest rent drop in the country, with rents sliding nearly 11% through January. Santa Ana, CA, also saw a significant decline of…

America is a growing country with boundless opportunity and seemingly limitless potential. Recently, the U.S. Census put out their annual population estimates for the new year.  According to their data, the U.S. population was up 5.9% since the 2010 Census.  And, remember, all those people need a place to live!  In addition, we’ve had several posts about where American’s are moving. Happy Friday!!! Hat tip to the U.S. Census.

According to the latest S&P CoreLogic Case-Shiller Indices, home prices increased 6.2% in November, up 0.1% from October.  Their 10-City Composite annual increase came in at 6.1% and their 20-City Composite posted a 6.4% year-over-year gain.  Seattle, Las Vegas, and San Francisco reported the highest year-over-year gains among the 20 cities. Click here to read the full report on spindices.com.

Last year we posted about a study showing that eliminating rent control policies actually reduces crime.  Now, a recent article on Bloomberg suggest that “rent control does more harm than good.” and may actually decrease the amount of available affordable housing.   Economics 101 (supply & demand) says that when a good is in limited supply its cost naturally rises.  How anyone possibly conclude this rule doesn’t apply to housing is incomprehensible. “…rent control causes housing shortages that reduce the number of low-income people who can live in a city..” Click here to read the full article on Bloomberg View.…

We’ve had a few post about the seriousness of service animals and their impact on the housing industry but recently we came across someone who may have crossed the proverbial line with their particular comfort animal.  According to FOX News, United Airlines recently denied boarding to a woman and her emotional support animal, a peacock, at Newark Airport.  Not sure, but we may have seen it all now. A spokesperson for United further tells Fox News that the traveler(s) with the peacock were told they would not be able to bring it on board. “This animal did not meet guidelines…

The U.S. Census Bureau is reporting that total construction spending in December was estimated at a seasonally adjusted annual rate of $1.2 trillion, which is .07% higher than November’s revised estimate.  In addition, December’s number is 2.6% higher than one year ago.  Private residential construction was at a seasonally adjusted annual rate of $526.1 billion in December, which is 0.5%  higher than revised November’s number.  Nonresidential construction was at a seasonally adjusted annual rate of $437.1 billion in December, which is 1.1% higher than November’s estimate of $432.1 billion. Click here to read the full report on Census.gov.

Rental information site Zumper recently released their National Rent Report for February showing that the median national rent for 1-bedroom apartment was $1,243 and $1,391 for a two-bedroom.  Interestingly, the median national rent for one-bedrooms 8.8% higher than one year ago.  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 on all data available in the month prior to publication…..be…

With an all new format to start the year; the latest Yardi Matrix says U.S. multifamily rents rose $1 in January to $1,362.  Looking at it on a year-over-year basis, rents increased 2.8% through January and were up 20 basis points from December. After two years of consistent, above-trend increases, rent growth has remained within a fairly narrow band over the past year, with a high of 3.0% and a low of 2.4%. Rent growth tends to be flat through the winter, so the next few months should provide a clue as to the type of growth we will…

The National Association of Realtors recently said that pending home sales were up slightly in December for the 3rd consecutive month, according to their Pending Home Sales Index.  In addition they predict that in 2018, existing-home sales and price growth will moderate primarily due to the new tax law’s expected impact in areas with high-cost housing markets. “Pending sales edged up in December and reached their highest level since last March…Another month of modest increases in contract activity is evidence that the housing market has a small trace of momentum at the start of 2018…Jobs are plentiful, wages are finally…