The U.S Bureau of Economic Analysis released official statistics of real state personal consumption expenditures (Real PCE) by state for 2021-2022. According to the report, Real PCE by state increased in 42 states and the District of Columbia in 2022, with the percent change ranging from 5.7% in Alaska to –3.2% in New Hampshire. In addition, Real personal income declined in 45 states and the District of Columbia in 2022, with the percent change ranging from 3% in North Dakota to –8.9% in Rhode Island Click here to read the full report at the Bureau of Economic Analysis.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
The American Automobile Association (aka AAA) says that over 115 million people will be traveling this holiday season – up 2.2% from last year and the second highest year-end travel forecast since 2000. In addition, AAA expects nearly 104 million people will drive to their holiday destinations, an increase of 1.8% compared to 2022. “This year-end holiday forecast, with an additional 2.5 million travelers compared to last year, mirrors what AAA Travel has been observing throughout 2023…More Americans are investing in travel, despite the cost, to make memories with loved ones and experience new places.” Said Paula Twidale, AAA’s Senior…
Apartment List says the rental market has been on a rollercoaster in recent years, with abrupt swings in demand and supply, changing preferences, and shifts in where renters choose to call home. As we head into 2024, their economics team took a look at how the market evolved in 2023 and outlined 7 key trends they expect to see in 2024. Their 7 key predictions for 2024 are: 2024 will bring the most new apartments in decades Low single-digit rent growth in 2024 The changing rent vs. buy math will create more long-term renters Hybrid work will cement itself as…
The NAHB’s Eye on Housing recently analyzed data from the Federal Reserve’s Z.1 Financial Accounts of the United States, which shows that in Q3 2023 household real estate assets grew for the second consecutive quarter. Interestingly, they say that the continued lack of existing for-sale inventory has contributed to that growth. The level of household real estate assets increased by $510.25 billion from $45.03 trillion in the second quarter of 2023 to $45.54 trillion in the third quarter of 2023, a 1.33% increase. While the third quarter percentage change is smaller on a quarter-over-quarter basis, 1.33% compared to 5.86%, the…
The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1% in November, 2023 (virtually unchanged from October). The all items index was up 3.1% for the 12 months ending in November. The index for shelter was the largest factor in the monthly increase in the index. Click here to read the full release at the Bureau of Labor Statistics.
The Visual Capitalist says around 1800, global life expectancy at birth stood at roughly 29 years. However, since the 1920s, life expectancy across all ages has improved leaps and bounds, thanks to rapid advancements in nutrition, healthcare, and sanitation. Interestingly, life expectancy increases as we get older. Stay safe and have a Happy Friday!!! Hat tip to the Visual Capitalist.
Here’s an interesting theory we recently came across: Financial services expert Meredith Whitney was a recent guest on CNBC’s ‘Squawk on the Street’ to discuss why she believes the growth in sports betting has and will further impact the housing market. Some key points form the interview: Sports betting is taking off at an incredible rate. Household formation is at its lowest level in 60 years. Young men 63% are single – highest rate ever – and 50% have no interest in dating. 30% haven’t had sex in over a year and don’t seem to care. Click here to watch…
Recent analysis from Redfin says many people are moving away from expensive coastal cities for more affordable parts in the Sun Belt. In fact, they point out that Nashville made it onto Redfin’s list of top migration destinations for the first time since 2021. in October, with people most commonly moving in from Los Angeles. To get their data, Redfin analyzed about two million Redfin.com users who viewed for-sale homes online across more than 100 metro areas from August 2023 to October 2023. “A lot of Nashville locals have been priced out of homeownership, but when you’re coming from somewhere…
According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 4.7% in October, 2023 – marking the the 141st straight month of annual appreciation. On a month-over-month basis, home prices increased by 0.2% in October compared with September. CoreLogic predicts that home prices will increase 2.9% through October 2024. “Home price growth maintained its upward momentum in October, which continues to reflect gains from the strong spring season and contrasts with last year’s home price declines…But even with high mortgage rates, October’s price gains line up with historical trends…
The Biden administration is proposing a $15 billion plan to replace water pipes containing lead within 10 years. According to FOX Business, the proposal would strengthen the EPA’s Lead and Copper Rule and allocate $15 billion from a bipartisan infrastructure law to replace lead service lines in water systems across the nation. Once the proposed rule is published in the Federal Register, the EPA will accept comments from the public for a 60-day period. Stay tuned… Click here to read the full story at FOX Business.
