In 1918, on the 11th day, of the 11th month, at the 11th hour, the guns fell silent. This year’s Veterans Day (11/11/18) marks the 100th anniversary of the end of the First World War. National REIA salutes all of those who have had the honor & privilege of wearing this country’s uniform (over 18 million men and women). Here is a little history about this important day; In 1918, the armistice of the First World War officially took effect on the 11th day, of the 11th month, at the 11th hour. The following year President Woodrow Wilson declared November…
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
According to the latest ATTOM Data Solutions U.S. Home Sales Report, single family homes & condos sold for a median price of $256k in Q3, up 1% from the previous quarter and up 4.8% from one year ago. They note, however that this is the slowest pace of annual home price appreciation since early 2016 and blame it partly on overall home affordability. Interestingly, the report noted that homeowners who sold in Q3 2018 owned their homes a record average of 8.23 years, up from an average of 7.97 years in Q2 2018 and up from 7.98 years in Q3…
A closely watched ballot initiative in California was defeated in November’s election. Proposition 10 would have allowed cities to expand rent control by allowing local governments to set rent control policies for their cities, contrary to current law – which was upheld by the failure of Proposition 10. According to the SF Chronicle, the measure was placed on the ballot by tenant advocates who had failed for years to persuade the CA state legislature to curb rising rent. Indeed….How restricting supply and hamstringing landlords would lower rent prices is beyond our comprehension abilities. Then again this is California, and sometimes…
Get ’em while they’re hot…The good folks over at Realtor.com, like everyone else, have been watching shrinking inventory drive up home prices all across the country. To that they, they crunched the numbers and took a “deep dive” into their listings to find those housing markets where home prices are growing at the fastest clip. To come up with their list, they analyzed the increase in median list prices on realtor.com from 9/17 to 9/18 in the largest 300 metros. Then they ranked the places that saw the biggest percentage change in home prices during that span and limited it…
Rental information site Zumper recently released their National Rent Report for November showing that the median national rent for 1-bedroom apartment was $1,203 and the median two-bedroom rent was $1,432. Year over year, both one and two bedroom prices are up 2.3% and 2.9%, respectively. 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…
The U.S. government is reporting that total construction spending in September was estimated at $1,329.5 billion, which is nearly identical to August’s revised estimate and 7.2% higher than September, 2017. Residential construction was at a seasonally adjusted annual rate of $556.4 billion in September, 0.6% above August’s revised estimate. a
National apartment listing site ABODO recently reported that the median nationwide rent price for one-bedroom units in November dropped slightly to $1,019 (down 0.8%) with two-bedroom units coming in again at $1,266 (down .24%). 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. Click here to read the full report on Abodo.com.
According to the latest S&P CoreLogic Case-Shiller Indices, covering all nine U.S. census divisions, home prices continued their ascent, with a 5.8% annual gain in August. Their 10-City Composite annual increase came in at 5.1% and their 20-City Composite posted a 5.5% year-over-year increase. 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 2018 were 7.1% for rental housing and 1.6% for homeowner housing. The rental vacancy rate was virtually the same as Q2 and 0.4% lower than the third quarter of 2017. The homeowner vacancy rate was 1.6%, which is 0.1 percentage points higher than the the second quarter 2018, but is the same as one year ago. The U.S. homeownership rate was 64.4%, which was not statistically different from the second quarter 2018 or one year ago. Click here to read the full report at Census.gov.
According to the NAR’s 2018 Profile of Home Buyers & Sellers, single female buyers continue to be a powerful force in the market, while low inventory, rising interest rates and increasing home prices remain, holding back first-time buyers despite notable interest in buying a home. That being said, the typical buyer was 46 years old with a median household of $91,600. The typical home seller was 55 years old, with a median household income of $98,800. Happy Friday!!! Hat tip to the NAR.
