The Wall Street Journal’s Real Time Economics Blog is reporting that the median square footage size of new single-family houses in America is now 2467 sq. ft. – the largest on record according to data released by the Census Bureau. This number is 11% higher than ten years ago and 61% larger than 40 years ago. Meanwhile, birthrates in the U.S. are declining, so fewer children needing rooms. “…American homes have not only been getting larger, they’re also including more bathrooms and amenities…” Click here to read the full story on the WSJ.com (free)
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
This week housing data powerhouse RealtyTrac released their Q1 U.S. Home Flipping Report showing that 6.6% of all single family home and condo sales in the first quarter of 2016 were flips, a 20% increase from the previous quarter and up 3% from one year ago. This number represents the highest rate of home flips since the Q1 of 2014. “After faltering in late 2014, home flipping has been gaining steam for the last year and a half thanks to falling interest rates and a dearth of housing inventory for flippers to compete against,” said Daren Blomquist, senior vice president…
According to the latest Yardi Matrix the average national apartment rental rate rose $10 in May, reaching another all-time high of $1,204. Rents rose 0.9% on a month-over-month basis and were up 6% from one year ago. Nationwide, the occupancy rate was 96% in April, down 10 basis points from March but flat with the first-quarter average. “Consistent job growth and the aging of Millennials into their prime renting years remain key drivers of apartment demand. The U.S. economy posted its 74th consecutive month of employment growth, pushing the net gain to date in this expansion to 13.5 million jobs.…
Last Friday’s infographic showed how the price of land has risen over the last 40 years in various regions across the country. Now, switching gears we learn that the NAHB’s Eye on Housing is reporting that lot shortages hit a record high in May with 64% of builders reporting that the supply was low/very low in their market. This number is 62% higher than last year and the highest since the NAHB began collecting data in 1997. “The percentage varies somewhat, based on region of the country, size of builder, and type of lot. Although the categories are seldom defined precisely,…
According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI), U.S. house prices rose 1.3% in the first quarter – which is the nineteenth consecutive quarterly price increase. In addition, prices were up 5.7% from one year ago. The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. Interestingly, While the purchase-only HPI rose 5.7% from Q1 of 2015 to Q1 of 2016, the prices of other goods & services were nearly unchanged making the inflation-adjusted price of homes approximately 5.6% greater than last year. Key…
The folks over at cost-information website howmuch.net recently crunched the data to show how much land prices have risen over the last 40 years. Using data from the Lincoln Institute of Land Policy, they put together a series of maps showing the changes in average land values from 1975-2015 in each state. Overall, the trend is toward increasing land value, but there are exceptions. Check out the interactive map below for more detailed information. Happy Memorial Day Weekend! “While average land prices in the US have increased over the last 40 years, there have been fluctuations along the way. Most…
CNBC’s Realty Check with Diana Olick is reporting that Wells Fargo, the nation’s largest lender, is offering a new low down-payment loan called “yourFirstMortgage” where the down-payment is only 3% on loans up to $417k. The program is targeted to first-time and low to moderate income buyers with a minimum FICO score of 620. While Wells Fargo will service the loans, Fannie Mae will buy them, which means they must be underwritten to conform with Fannie Mae’s standards, which are high. “We are fully underwriting the borrowers, we are partnering with Fannie Mae to originate and sell these loans, we…
According to data released this week by the U.S. Census Bureau and the Department of Housing and Urban Development, April sales of new single family homes were at seasonally adjusted annual rate of 619,000 (highest level since Jan. 2008). This number is 16.6% above March’s rate and 23.8% higher than one year ago. The median sales price of new houses sold in April 2016 was $321,100; the average sales price was $379,800. Currently there is 4.7 months supply of new homes at the current sales rate. Click here to read the full release.
Summer is the prime time of the year for Americans to change abodes. The folks over at Realtor.com recently crunched migration data from the census bureau, cross-metro moving requests from moving.com and realtor.com to come with the top 10 cities for moving, leaving and by age group. What they came up with is pretty interesting. “Why do people get the overwhelming urge to move in the summer? It’s one of those eternal questions, right up there with “Can love really last a lifetime?” and “Why does the Trader Joe’s line I’m in always move the slowest?” Maybe the warm weather wanderlust happens because…
This week Black Knight Financial Services released their April 2016 “First Look” report containing performance statistics derived from its loan-level database representing the majority of the national mortgage market. Key takeaways: At 58,700 April saw the lowest number of foreclosure starts since April 2006 National delinquency rate is up from a 9-year low in March, but still 10 percent below last year’s level Active foreclosure inventory has now dropped below 600,000 for the first time since 2007 Click here to read the full report.
