According to the U.S. Department of Labor’s Bureau of Labor Statistics, total nonfarm payroll employment increased by 199k, in November 2023, with the unemployment rate coming in at 3.7%. Interestingly, government employment increased by 49,000 in November – which is 25% of the total. Click here to read the full report at the Bureau of Labor Statistics.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
On a recent episode of Mornings with Maria, Realtor.com’s chief economist, Danielle Hale, said “We’ve got a big hole to dig out of” when discussing the volume of new homes being built. She went on to add that she remains optimistic about the new unit inventory, arguing the industry will see an improvement, but said it’s a “multiyear problem.” Indeed….it’s worth a watch. Watch the latest video at foxbusiness.com Click here to read more at FOX Business.
The Visual Capitalist reminds us that the U.S. economy is like a giant machine driven by many different industries, each one akin to an essential cog that moves the whole. To that end, today’s infographic uses data from the U.S. Bureau of Economic Analysis to breakdown U.S. GDP by industry. Interestingly, real estate, rental, and leasing comes in $3.3 trillion (12% of U.S. GDP). Stay safe and have a Happy Friday!!! Hat tip to the Visual Capitalist.
As part of the Biden Administration’s Blueprint for a Renters Bill of Rights, the U.S. Department of Housing and Urban Development issued a proposed rule to require public housing agencies (PHA) with tenants in public housing and owners of properties participating in HUD Multifamily project-based rental assistance programs to provide their tenants with written notification at least 30 days prior to filing for an eviction due to nonpayment of rent in court. According to the release (see below) stakeholders can access the proposed rule (by clicking here) and have 60 days following publication in the Federal Register on December 1st…
Apartment List says their national median rent fell 0.9% to $1,340 – marking the 4th straight month of negative rent growth. However they do say year-over-year rent growth remains in negative territory at -1.1%, meaning on average, apartments across the country are slightly cheaper than they were one year ago. “Rent growth follows a seasonal pattern – rent increases generally take place during the spring and summer, whereas the fall and winter usually see a modest price dip. This year, the slow season started a month earlier than usual…” Click here to read the full report at Apartment List. …
Rental information site Zumper recently released their latest monthly National Rent Report for November, 2023. According to their data, median rent for 1-bedroom apartments was $1,499 (down 0.4% from October) and $1,856 (down 0.3% from October) for two-bedrooms. Be sure to check out their list of the top 100 metro areas. “We’re seeing most major markets settle into their new resting heart rates. Miami, for example, is more expensive than pre-pandemic; but it’s no longer seeing steep hikes month after month.” Said Zumper CEO Anthemos Georgiades. Click here to read the full report at Zumper.
The U.S. government is reporting that total construction spending in October, 2023 was at a seasonally adjusted annual rate of $2027.1 billion, which is 0.6% higher than September’s revised estimate and 10.7% higher than one year ago. Residential construction came in at a seasonally adjusted annual rate of $884.4 billion in October, which is 1.2% higher than September’s revised estimate. Click here to read the full report at the U.S. Census Bureau.
On a recent episode of Real Estate News for Investors, Kathy Fettke says you’ll find out why many Americans are choosing to rent, why apartment landlords are offering more concessions, and other important news that affects real estate investing. Click here to listen on Spotify.com.
The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 3.9% annual change for September, 2023. Their 10-City Composite increased 4.8% and their 20-City Composite increased 3.9%, year-over-year. “U.S. home prices continued their rally in September 2023” Said Craig J. Lazzara, Managing Director at S&P DJI. Click here to read the full report at S&P Dow Jones Indices.
According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), home prices home prices rose 5.5%% between Q3 of 2022 and Q3 of 2023. In addition, FHFA’s seasonally adjusted monthly index for September was up 0.6% from August. The FHFA HPI is the nation’s only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s. “U.S. house price growth continued to accelerate in the third quarter, appreciating more than in each of the previous…
