Author: Brad Beckett

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…

The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 6.3% annual increase for April, 2024.  Their 10-City Composite increased 8% and their 20-City Composite increased 7.2%, year-over-year. Click here to read the full report at S&P Dow Jones Indices.

Rental information site Zumper recently released their latest monthly National Rent Report for June, 2024.  According to their data, median rent for 1-bedroom apartments was $1,526 (up 1.5%) and $1,900 (up 1.9%) for two-bedrooms.  Be sure to check out their entire list of the top 100 metro areas. “We may have finally returned to the first normal renting season since 2019…Following a soft winter, last month our national index recorded the highest monthly gains since the Fall of 2022 and rent growth has begun to accelerate into summer”  Said Zumper CEO Anthemos Georgiades. Click here to read the full report…

According to the latest U.S. Home Flipping Report from ATTOM,  67,817 single-family houses and condominiums were flipped in Q1, 2024 representing 8.7% of all home sales (one of every 12 sales) in the first quarter.  ATTOM says as flipping rates went up, fortunes kept improving for investors who buy and quickly resell homes. Their data show that home flippers typically earned a 30.2% gross profit nationwide before expenses on homes sold during Q1, marking the third time in four quarters that margins increased following a six-year period of mostly uninterrupted declines.  Indeed… “The latest numbers show that investors still face an…

Citing data from the Federal Reserve’s G.19 Consumer Credit Report, the NAHB’s Eye on Housing says total outstanding U.S. debt stood at $5.05 trillion for Q1 2024, which is increasing at an annualized rate of 1.86% (SA).  They report that from the Q1 2023 to the first quarter of 2024, the total increased by 2.09%. This is lower than the 6.67% year-over-year (YoY) rise from Q1 2022 to Q1 2023, and the 6.51% YoY rise from Q1 2021 to Q1 2022. In addition, of the total outstanding US debt Q1 2024, the nonrevolving share is 73.47%, with revolving at 26.53%. …

Local Market Monitor, a National REIA preferred vendor, recently released their monthly National Economic Outlook where they share their thoughts on developments taking place in the U.S. economy.  Take note the growth of jobs in Government, which we’ve been pointing out in other posts. Do you have questions that you would like to have answered in the next NEO presentation? Please submit questions here. Click here for more information about Local Market Monitor.

The National Association of Realtors is reporting that pending home sales dropped 2.1% in in May, 2024.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 70.8 in May.  The NAR says month over month, contract signings declined in the Midwest and South but increased in the Northeast and West.  In addition, compared to one year ago, pending home sales declined in all U.S. regions. “The market is at an interesting point with rising inventory and lower demand…Supply and demand movements suggest easing home price appreciation in upcoming months. Inevitably, more inventory in…

The U.S. Government is reporting that sales of new single-family houses in May, 2024 were at a seasonally adjusted annual rate of 619k, which is 11.3% lower than April’s revised rate and is 16.5% lower than one year ago.  The median sales price of new houses sold in May was $417,400 with an average sales price of $520k.  There were an estimated 481k new houses for sale at the end of May representing a 9.3-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

Next Thursday, July 4th, will mark 248 years of America’s independence!  Today’s infographic takes a look at the Fourth of July “by the numbers” and provides insight into this holiday that we Americans hold dear.  Whatever you do to celebrate, do it safely and have fun…..and, as always, Stay safe and have a Happy Friday!!! “On July 2nd, 1776, the Continental Congress voted in favor of independence, and two days later delegates from the 13 colonies adopted the Declaration of Independence, a historic document drafted by Thomas Jefferson. From 1776 to the present day, July 4th has been celebrated as…