Author: Brad Beckett

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), home prices were up 0.3% in August, and up 4.2% from August 2023 to August 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. “House price appreciation in the United States remained modest for the sixth consecutive month…The slow but continued house price growth and the effect of locked-in interest rates led to persistent housing…

Rental information site Zumper recently released their latest monthly National Rent Report for October, 2024.  According to their data, median rent for 1-bedroom apartments was $1534 (up 0.1%) and $1,910 (down 0.1%) for two-bedrooms.  Be sure to check out their entire list of the top 100 metro areas. “As new supply levels across the country peaks at historic highs, our national rent index reflecting stable rates highlights the resilience of rental demand across the U.S…This sustained high demand can be linked to several economic factors, including low unemployment, easing inflation, and continued wage growth”   Said Zumper CEO Anthemos Georgiades.…

This Monday, November 11th, is Veterans Day… Here’s a little history about this important day;  In 1918, the armistice ending 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 11th as Armistice Day.   Later, it would become a holiday to honor veterans of World War I and then in 1954, after World War II & the Korean War, it was renamed “Veterans Day” to honor all Americans who served in the military during times of war and peace. Be sure to take…

According to the ADP National Employment Report for October, 2024, private sector employment increased by 233k jobs and annual pay was up 4.6% year-over-year. The ADP National Employment Report is an independent and high-frequency view of the private-sector labor market based on the aggregated and anonymized payroll data of more than 25 million U.S. employees. Click here to read the full report at ADP.

The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 4.2% annual increase for August, 2024.  Their 10-City Composite increased 6% and their 20-City Composite increased 5.2%, year-over-year. “Home price growth is beginning to show signs of strain, recording the slowest annual gain since mortgage rates peaked in 2023…As students went back to school, home price shoppers appeared less willing to push the index higher than in the summer months. ”  Said Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices (S&P DJI). Click here to read the full report…

According to their “advance” estimate, the U.S. Bureau of Economic Analysis is reporting that America’s real gross domestic product (GDP) increased at an annual rate of 2.8% in Q3 2024. Click here to read the full report at the U.S. Bureau of Economic Analysis.

The U.S. government is reporting that the national vacancy rates for Q3, 2024 were 6.9% for rental housing and 1% for homeowner housing.  The national homeownership rate for Q3 2024 was 65.6%.  In addition, approximately 89.9% of the housing units in the United States in Q3 were occupied and 10.1% were vacant. Owner-occupied housing units made up 58.9% of total housing units, while renter-occupied units made up 30.9% of the inventory.  Vacant year-round units comprised 7.8% of total housing units, while 2.3% were vacant for seasonal use.  Once again, these numbers are almost identical with the previous quarter. Click here…

According ATTOM Data, commercial foreclosures increased 15% from September and 48% from one year ago. The report says commercial foreclosures remain elevated and are still considerably higher than pre-pandemic figures. Starting in June 2023, foreclosure numbers saw a sharp increase, peaking at 752 in May 2024, before settling at 695 in September.  They say this recent surge suggests renewed financial stress or changes in commercial real estate dynamics.  The states with the most commercial foreclosures in September Included California, New York, and Florida. Click here to read the full report at ATTOM.

According to the U.S. Department of Labor’s Bureau of Labor Statistics, total nonfarm payroll employment increased by 12k in October, 2024 with the unemployment rate coming in at 4.1%.  As always, the BLS says employment in government continued its growth trend in October (up 40K) with an average monthly gain of 43k over the past 12 months. Click here to read the full report at the Bureau of Labor Statistics.

The National Association of Realtors is reporting that pending home sales rose 7.4% in in September, 2024.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 75.8 in September.  However, the NAR says to expect a slower rate of growth over the next couple years. “After two years of sluggish home sales in 2023 and 2024, existing-home sales are forecasted to rise to 4.47 million in 2025 and more than 5 million in 2026…During the next two years, expect a slower rate of growth in home prices that’s roughly in line with the…