Author: Brad Beckett

The National Association of Realtors is reporting that existing home sales were up 3.1% in January to a seasonally-adjusted annual rate of 4 million (down 1.7% year over year).  Total housing inventory at the end of January was 1.01 million units, up 2% from December and up 3.1% from one year ago.  Unsold inventory sits at a 3-month supply at the current sales rate with properties remaining on the market for around 36 days.  The median existing-home price for all housing types in January was $379,100, up 5.1% from one year ago. “While home sales remain sizably lower than a…

Today’s graphic from Statista reminds us that the American Cancer Society says the estimated number of new cancer cases in 2024 will cross the two-million mark for the first time ever. The main types of cancer affecting men and women, however, will remain largely the same as in previous years.  As the chart below shows, the most frequently diagnosed types of cancer are breast cancer for women and prostate cancer for men.  Perhaps most concerning, the American Cancer Society estimates that more men will be diagnosed with any type of cancer than women.  Indeed…..stay safe, do your preventative health checks,…

According to a recent analysis from Redfin, real estate investors bought 26.1% of low-priced homes sold in Q4 2023 – which they say is the highest share on record.  To get their results, Redfin analyzed county home purchase records across 39 of the most populous U.S. metropolitan areas.   They divide home purchases into three buckets: low-priced, mid-priced and high-priced. Low-priced homes are those that fall into the bottom tercile of local sale prices, while mid-priced are those in the middle tercile and high-priced are those in the top tercile. Some key points: Elevated home prices and mortgage rates, along…

According to the latest CoreLogic Single-Family Rent Index (SFRI), U.S. single-family home rental prices rose by 2.8% year over year in December 2023, in line with the previous four months.  In addition, CoreLogic says despite relatively slow rent gains in the second half of 2023, costs have risen by almost 30% since early 2020.  Indeed… “Single-family rent growth closed out 2023 in positive territory, up by 2.8% annually in December…Strong rent growth in the summer propelled the annual gain, while monthly increases in the fourth quarter showed rents falling slightly more than is typical for the season. Single-family rent growth…

Multi-Housing News is reporting that the U.S. Supreme Court has declined to hear the latest challenge to the contentious rent control issue. MHN says the court appeared to remain open to future consideration of the key issues raised in the case.  According to the report, in 74 Pinehurst et al. v. State of New York (plaintiffs) had argued that New York City’s rent control regulation violated the Fifth Amendment’s Takings Clause, which prohibits takings of property without due process. The case is similar to one the court declined to hear last year. The plaintiffs argued that New York City’s law…

According to Bureau of Economic Analysis data recently crunched by the NAHB’s Eye on Housing, private fixed investment in student dormitories rose 1.2% to a seasonally adjusted annual rate (SAAR) of $3.96 billion in Q4 2023, after increasing 5.5% in Q3 2023.  In addition, private fixed investment in dorms was 10.2% higher than a year ago, but still slightly below the pre-pandemic level. “Student housing private investment is on the road to recovery as the pandemic has ended. In-person learning requires college students to return to campuses, boosting the student housing sector.” Click here to read the full report at…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,710 in January, 2024 – basically unchanged from December.  However, Yardi says ongoing strong demand is keeping U.S. multifamily rents steady, even as supply growth exerts downward pressure. “Multifamily rents nationally have leveled off as a strong delivery pipeline has counteracted ongoing strong demand. The impact of supply growth on rents, the slowdown in starts as construction debt costs rise, and the need for more deliveries to alleviate the nation’s housing shortage are key topics in the industry.” Click here to read the full report at…

The U.S. government is reporting that privately‐owned housing starts in January were at a seasonally adjusted annual rate of 1,331,000, which is 14.8% lower than December’s revised number and is 0.7% lower than one year ago.  January’s rate for units in buildings with five units or more was 314k.  Privately‐owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1,470,000, which is 1.5% lower than December’s revised number but is 8.6% higher than one year ago.  Authorizations of units in buildings with five units or more were at a rate of 405k in…

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% in January, 2024.  The all items index was up 3.1% for the 12 months ending in January.  Once again, the index for shelter was the largest factor in the monthly increase in the index – contributing over 2/3 of the monthly all items increase. Click here to read the full release at the Bureau of Labor Statistics.

Today’s infographic from the Visual Capitalist says that in 2022, the median age for the United States as a whole was 39 years, but the median age by state varied a lot more.  Maine had the highest median age by state in 2022 at 45 years old with Utah having the lowest at 32….Indeed.  Stay safe and have a Happy Friday!!! “Some states have more work or school available for younger workforces and families. Others have better work or retirement support for older populations, or are struggling to attract families.” Hat tip to the Visual Capitalist.