Author: Brad Beckett

We’ve seen a lot of data about people migrating around country to better economic climes.  Today’s graphic from Statista illustrates the states that losing & gaining population. Interestingly, they say as pandemic patterns of population growth are normalizing, three economically successful states have remained among the U.S. jurisdictions which are shrinking.  Indeed…Stay safe and have a Happy Friday!! “Americans resettling because of high cost of living do play a role in this development, but changes in immigration into the U.S. have also had a big part in the state’s ongoing population decline as immigrants increasingly diversify their destinations in the…

A recent report from Zillow says 44% of Americans would buy their childhood home if cost were not an issue, however, only about half said they could afford it.  Interestingly, Zillow says an even larger share of millennials and Gen Z adults would buy their childhood home – suggesting that the nostalgia craze has reached housing. “It appears younger generations aren’t just nostalgic for low-rise jeans and Barbie, but for a simpler time in their lives when home was a place of comfort and safety…They may associate positive memories with their childhood home, having lived there without the burdens of…

According to ATTOM’s April 2024 U.S. Foreclosure Market Report, there were a total of 31,649 U.S. properties with foreclosure filings.  This figure 4% lower than March and a 4% lower than one year ago.  Across the country, one out of every 4,453 housing units had a foreclosure filing during this period.  The states with the highest foreclosure rates were Maryland (one in every 2,214); Illinois (one in every 2,517); Nevada (one in every 2,546); South Carolina (one in every 2,573); and Florida (one in every 2,854). In addition, ATTOM also reports that foreclosure starts saw a 7% decrease from March…

A recent report from Redfin says real estate investors bought roughly 44k U.S. homes in Q1 2024, up 0.5% from one year ago – the first increase since Q2 2022. Redfin says with home prices and rents back on the rise and the initial shock of elevated mortgage rates in the rearview mirror, investors are easing their foot off the brake pedal.  However, they do say investors and individual buyers are often duking it out over the same properties, according to Redfin agents – and in some cases, investors are losing. “The balance of power between investors and regular buyers…

Realtor.com says if you want to house hunt like the ultrawealthy, they have the places to start your search.  With that in mind, they crunched the data to compile the 10 most expensive Zip Codes in the nation for home buyers, along with the single priciest listing in each one.  Nor surprising, their results lack geographic diversity with all 10 locations either in California or New York’s Long Island. Click here to read the full report at Realtor.com.

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. National Economic Outlook By Ingo WInzer May, 2024 Although the number of jobs in the US economy is increasing at a 2 percent annual rate, a lot of that increase is coming from just two major sectors: healthcare and government. This is a long-term cause for concern, because these sectors don’t create economic growth in the way that manufacturing or finance or technology do. But the more immediate problem is that the…

The U.S. Government is reporting that sales of new single-family houses in April, 2024 were at a seasonally adjusted annual rate of 634k, which is 4.7% lower than March’s revised rate and is 7.7% lower than one year ago.  The median sales price of new houses sold in April was $433,500 with an average sales price of $505,700.  There were an estimated 480k new houses for sale at the end of April representing a 9.1-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

The National Association of Realtors is reporting that existing home sales were down 1.9% in march to a seasonally-adjusted annual rate of 4.14 million –  down 1.9% year over year.  Total housing inventory at the end of April was 1.21 million units, up 9% from March and up 16.3% from one year ago.  Unsold inventory sits at a 3.5-month supply at the current sales rate with properties remaining on the market for around 26 days.  The median existing-home price for all housing types in April was $412,100, up 5.6% from one year ago.  In addition Distressed sales (foreclosures & short…

Monday, May 27th is Memorial Day.  For most Americans the three-day weekend will mark the unofficial start of summer.  However, the solemn significance of the day is often forgotten.  It is actually a national day of remembrance for America’s military men & women who paid the ultimate sacrifice while defending freedom & liberty around the globe. Today’s infographic from the U.S. Census Bureau reminds us that Memorial Day is about more than just cookouts and 3-day weekends, it’s about a path paved by others to enjoy the freedoms we often take for granted. We hope you have a safe &…

The latest New Home Lot Supply report from Zonda says in Q1 2024 lot supply tightened year-over-year across the U.S.  They say lot inventory was still categorized as “significantly undersupplied” in most markets and that the tightening trend year-over-year reflects the increase in construction activity over the last few quarters. “Limited availability of desirable land near major job centers is pushing new housing developments further into the suburbs…However, these outlying areas often lack the necessary infrastructure, creating a bottleneck for builders eager to expand their communities. This imbalance between available lots and the desire to start new construction persists, posing…