Author: Brad Beckett

Director of Education & Outreach, National Real Estate Investors Association

The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 4.8% annual change for October, 2023.  Their 10-City Composite increased 5.7% and their 20-City Composite increased 4.9%, year-over-year. “U.S. home prices accelerated at their fastest annual rate of the year in October…Our National Composite rose by 0.2% in October, marking nine consecutive monthly gains and the strongest national growth rate since 2022.”  Said Brian D. Luke, Head of Commodities, Real & Digital assets at S&P DJI. Click here to read the full report at S&P Dow Jones Indices.

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The National Association of Realtors is reporting that pending home sales in November, 2023 were virtually the same as October’s numbers.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 71.6 in November.  The NAR says pending home sales dropped in all four U.S. regions compared to one year ago. “Although declining mortgage rates did not induce more homebuyers to submit formal contracts in November, it has sparked a surge in interest, as evidenced by a higher number of lockbox openings,” said Lawrence Yun, NAR chief economist. Click here to read the full…

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This Monday we will close out 2023 and welcome in 2024.  We hope you and your family had a great 2023 and wish you nothing but the best for whatever 2024 has in store!  Today’s infographic from WalletHub shares over 50 New Years Facts – which are perfect to spark a conversation or keep one going while you’re waiting to ring in 2024!  As always, stay stay and have a Happy Friday…..and of course, Happy New Year! Hat tip to WalletHub.

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In their 2023 Year-End Report, Rentcafe says it’s evident that the U.S. rental market has been shaken by the flood of new apartments that opened over the past few years, as well as the lingering economic turmoil — so much so that all metrics used in this competitivity report have been affected.  So, what were the hottest rental markets in 2023?  To find out, RentCafe.com analyzed the 139 largest markets in the U.S. where data was available, looking at at five metrics which they say affect a location’s competitivity:  the number of days vacant, percentage occupied, the number of prospective…

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According to Yardi’s U.S. Multifamily Outlook 2024, multifamily demand is likely to remain healthy in 2024, though rent growth will be tested by decelerating economic growth and a rapid supply uptick in some markets. In addition, Yardi says the higher interest-rate environment will stress property values and threatens to increase loan defaults.  Indeed… “Multifamily faces a mixed outlook in 2024. Property performance remains healthy for most apartments, but challenges will come from a wave of deliveries, rapid growth in expenses, a potential economic slowdown, and the increase in mortgage rates.” Click here to read the full report at Yardi.

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The U.S. Government is reporting that sales of new single-family houses in November, 2023 were at a seasonally adjusted annual rate of 590k, which is 12.2% lower than October’s revised rate but is 1.4% higher than one year ago.  The median sales price of new houses sold in November was $434,700 with an average sales price of $488,900.  There were an estimated 451k new houses for sale at the end of November representing a 9.2-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

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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. National Economic Outlook By Ingo WInzer December, 2023 Overall, in October, jobs grew 1.9 percent compared to last year, continuing a trend towards slower growth as more pandemic job losses are recovered. That’s still the case at restaurants, in healthcare (nursing homes) and government (state government). Our best estimate of where growth is headed is provided by the very large business services sector, where job growth now is around 1 percent. This…

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The National Association of Realtors is reporting that existing home sales were up 0.8% in November to a seasonally-adjusted annual rate of 3.82 million (down 7.3% year over year).  Total housing inventory at the end of November was 1.13 million units, down 1.7% from October but was up 0.9% from one year ago.  Unsold inventory sits at a 3.5-month supply at the current sales rate with properties remaining on the market for around 25 days.  The median existing-home price for all housing types in November was $387,600, up 4% from one year ago. Click here to read the full report…

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The U.S. government is reporting that privately‐owned housing starts in November were at a seasonally adjusted annual rate of 1,560,000, which is 14.8% higher than October’s revised number and is 9.3% higher than one year ago.  November’s rate for units in buildings with five units or more was 404k.  Privately‐owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,460,000, which is 2.5% lower than October’s revised number but is 4.1% higher than one year ago.  Authorizations of units in buildings with five units or more were at a rate of 435k in…

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Statista says after a year of high prices, high interest rates and economic uncertainty, American consumers would have been excused to cut back on their spending this Christmas season. However, that doesn’t seem to be the case.  Consumers are expected to spend an average of $885 on core holiday items including gifts, decorations, food and other related purchases – up 5% from last year.  Today’s infographic shows us exactly where Americans are getting their gifts this holiday season.  Stay and have a Merry Christmas (and a Happy Friday)!!! Hat tip to Statista.

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