Author: Brad Beckett

The U.S. Bureau of Economic Analysis is reporting that America’s real gross domestic product increased in 39 states and DC in Q1 2024, with the percent change ranging from 5% at an annual rate in Idaho to –4.2% in South Dakota.  In addition, personal income increased in all 50 states and DC, with the percent change ranging from 9.5% at an annual rate in South Carolina to 0.6% in North Dakota. Click here to read the full report at the U.S. Bureau of Economic Analysis.

What are the top housing markets for military and veteran homebuyers?  Realtor.com says Americans in the military have a variety of government benefits available to them for their service and certain cities excel at making veterans feel more at home.  To find these military-friendly metros, their economists sifted through America’s 100 largest metros analyzing the following factors;  Homeownership accessibility, Veterans Affairs home loan use, Affordability, Availability of homes for sale, and Job stability. Their top 10 cities are: Des Moines, IA Augusta, GA Columbia, SC Birmingham-Hoover, AL Palm Bay-Melbourne-Titusville, FL Little Rock-North Little Rock-Conway, AR Indianapolis-Carmel-Anderson, IN Memphis, TN Richmond,…

According to Apartment List’s National Rent Report for July 2024, national median rent rose 0.4% to $1,411.  They say rent prices ticked up for the fifth straight month, but rent growth over the course of 2024 as a whole remains modest, signaling ongoing sluggishness in the market.  Indeed… “At the midpoint of the year, the rental market looks very similar to what we saw in 2023: positive but slow rent growth during what are normally the busiest months.”  Said Igor Popov, Chief Economist for Apartment List. Click here to read the full report at Apartment List.

According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 4.9% in May, 2024 – the lowest rate of appreciation since October 2023.  In addition, CoreLogic predicts that by May 2025, national price gains are projected to slow to 3%.  Indeed… “While national annual home price growth continues to slow as anticipated, cooling appreciation over the past months is now observed in more markets, as the surge in mortgage rates this spring caused both slowing homebuyer demand and prices…However, persistently stronger home price gains this spring continue in markets…

According to Yardi’s U.S. Multifamily Outlook for Summer 2024, multifamily performance continues to be strong, but it is not without challenges.  They say demand remains steady from consistent job growth and immigration, but some fundamental metrics including rent growth and occupancy have deteriorated since the market peak in 2022. In addition, they say the capital markets will remain a headwind until rates recede. Click here to read the full report at Yardi.

The U.S. government is reporting that total construction spending in May, 2024 was at a seasonally adjusted annual rate of $2,139.8 billion, which is 0.1% lower than April’s revised number.  However, May’s revised estimate is 6.4% higher than one year ago.  Residential construction came in at a seasonally adjusted annual rate of $918.2 billion in May, which is 0.2% lower than April’s revised estimate. Click here to read the full report at the U.S. Census Bureau.

We have posted about this for many years now and it does not get old;  Indeed…For the 12th year in a row, Gallup is reporting that more Americans prefer real estate over other long-term investment vehicles for growing wealth.  Overall, when the numbers are broken down, the numbers show that 36% prefer real estate, 22% prefer the stock market, 18% prefer gold, 13% prefer CDs/bank accounts, and 4% prefer bonds and 3% prefer crypto (which is included for the first time this year). Click here to read the full story at Gallup.

The Visual Capitalist says over 80% of the American population lives in an “urban area.”  Usingin Census data, today’s infographic illustrates that fact with a map the U.S. states with cities over 250k people.  Indeed…Stay safe and have a Happy Friday!!! Hat tip to the Visual Capitalist.

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), home prices home prices were up 0.2% in April.  In addition, house prices rose 6.3% from April 2023 to April 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. “U.S. house prices continued to rise in April…However, the appreciation rate slowed in April amid a slight rise in both mortgage rates and housing inventory. The…

According to the latest CoreLogic Single-Family Rent Index (SFRI), U.S. single-family home rental prices rose by 3% year over year in April, 2024.  They report all four price tiers saw growth in line with the U.S. average, with only the high tier posting an increase from one year earlier. “Annual single-family rent growth has solidified over the past few months, increasing at roughly the long-term trend…However, monthly single-family rent growth gained momentum and was higher than usual for April. At the current rate, rents are poised to grow by roughly 3% through the end of 2024.”  Said Molly Boesel, principal…