The U.S. Government is reporting that sales of new single-family houses in September, 2024 were at a seasonally adjusted annual rate of 738k, which is 4.1% higher than August’s revised rate and is 6.3% higher than one year ago. The median sales price of new houses sold in September was $426,300 with an average sales price of $501k. There were an estimated 470k new houses for sale at the end of September representing a 7.6-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
The National Association of Realtors is reporting that existing home sales were down 1% in September to a seasonally-adjusted annual rate of 3.84 million – down 3.5% year over year. Total housing inventory at the end of September was 1.39 million units, up 1.5% from August and up 23% from one year ago. Unsold inventory sits at a 4.3-month supply at the current sales rate with properties remaining on the market for around 28 days. The median existing-home price for all housing types in September was $404,500. “Home sales have been essentially stuck at around a four-million-unit pace for the…
The folks over at Statista say that just like Rome, the United States wasn’t built in a day. It took 172 years for all 50 states to be added to the Union – not to mention a contentious civil war that almost ended this experiment of liberty. The last states to join the union were Alaska and Hawaii in 1959. Indeed…stay safe and have a Happy Friday!! 13 colonies initially drafted and ratified the United States Constitution. Those turned into the first 13 states of the U.S. – Delaware, Pennsylvania, New Jersey, Georgia, Connecticut, Massachusetts, Maryland, North and South Carolina,…
A recent report by The Wall Street Journal says (reposted on Realtor.com) many Americans drive to and from work while enduring slow-moving, soul-draining traffic. They also point out that commuting remains one of the top complaints that workers have about returning to offices. However, they highlight that in certain cities, rush hour driving during is a breeze. Indeed… “Columbus, Ohio; Memphis, Tenn.; and Milwaukee have some of the fastest commutes, clocking in around 22 minutes one way, according to a new analysis of federal data looking at cities. While the data includes all types of commutes, three out of four…
A recent report by the NAHB’s Eye on Housing says new manufactured homes saw a decline in shipments in 2023 compared to the previous year. Citing data from the Manufactured Housing Survey (MHS), around 89k,manufactured homes were shipped in 2023, a decrease of 21% from the 113k,homes shipped in 2022. The Census Bureau defines a manufactured home as a movable dwelling, 8 feet or more wide and 40 feet or more in length, designed to be towed on its own chassis, with transportation gear integral to the unit when it leaves the factory, and without need of a permanent foundation.…
Traction REIA recently held a webinar featuring Accruit’s David Gorenberg discussing the practical applications of 1031 Exchanges. Click here to watch/listen on YouTube.. Click here to watch/listen at Accruit.
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. Interestingly, Ingo points out that the jobs picture isn’t as rosy as it’s being portrayed. National Economic Outlook By Ingo WInzer October, 2024 Despite optimistic reports over the 250,000 new jobs in September, the stark reality is that the increase in jobs from last September is just 1.5 percent, the lowest so far this year. And even that low number has a lot more to do with re-hiring rather than the creation…
According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,750 (down $3) in September, 2024. Year-over-year growth was 0.9%. Yardi says the recent spate of good news about interest rates and economic growth has buoyed the spirits of the commercial real estate industry. “The strong economy has been a major driver of multifamily demand. More than 300,000 apartment units were absorbed nationally through the first three quarters of 2024, and more than 1.7 million units since the pandemic lockdowns in Q1 2020. Absorption has been particularly strong in the Sun Belt and Mountain West, driven…
The U.S. government is reporting that privately‐owned housing starts in September, 2024 were at a seasonally adjusted annual rate of 1,354,000, which is 0.5% lower than August’s revised number and is 0.7% lower than one year ago. September’s rate for units in buildings with five units or more was 317k. Privately‐owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 1,428,000, which is 2.9% lower than August’s revised number bit is 5.7% lower than one year ago. Authorizations of units in buildings with five units or more were at a rate of 398k…
Each month we post inflation data (CPI) from the U.S. Bureau of Labor Statistics. Recently we came across an interesting site that allows you to calculate inflation for any year as well as comparing the value of a dollar with various years. Interestingly, the site was started in 2023 but it lets you put in any date range up to the present. Check it out…. Click here to read more at the CPI Inflation Calculator.
