Author: Brad Beckett

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), home prices home prices rose 6.6%  between Q1 2023 and Q1 2024.  In addition, FHFA’s seasonally adjusted monthly index for April was up 0.1% from March.  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 prices continued to grow at a steady pace in the first quarter…Over the last six consecutive quarters, the low…

In late May, Tennessee Governor Bill Lee signed into law Tennessee’s new anti-squatting legislation – which the legislature passed last month. The new law will take effect on July 1, 2024. In a news report about the issue, WTVC Chattanooga says squatters do not have rights in Tennessee, but this new law will establish and expedite the removal process. Before the measure, property owners had to begin a judicial eviction when they encounter squatters in their home which could take months. “They enter your property, change the locks. You try to get them out, they then claim you leased it,…

The National Association of Realtors is reporting that pending home sales dropped 7.7% in in April, 2024.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 72.3 in April.  The NAR says contract signings retreated in all four regions compared to March and one year ago with the Midwest & West experiencing the largest monthly declines.  Interest rates are front & center as well… “The impact of escalating interest rates throughout April dampened home buying, even with more inventory in the market…But the Federal Reserve’s anticipated rate cut later this year should lead…

We’ve seen a lot of data about people migrating around country to better economic climes.  Today’s graphic from Statista illustrates the states that losing & gaining population. Interestingly, they say as pandemic patterns of population growth are normalizing, three economically successful states have remained among the U.S. jurisdictions which are shrinking.  Indeed…Stay safe and have a Happy Friday!! “Americans resettling because of high cost of living do play a role in this development, but changes in immigration into the U.S. have also had a big part in the state’s ongoing population decline as immigrants increasingly diversify their destinations in the…

A recent report from Zillow says 44% of Americans would buy their childhood home if cost were not an issue, however, only about half said they could afford it.  Interestingly, Zillow says an even larger share of millennials and Gen Z adults would buy their childhood home – suggesting that the nostalgia craze has reached housing. “It appears younger generations aren’t just nostalgic for low-rise jeans and Barbie, but for a simpler time in their lives when home was a place of comfort and safety…They may associate positive memories with their childhood home, having lived there without the burdens of…

According to ATTOM’s April 2024 U.S. Foreclosure Market Report, there were a total of 31,649 U.S. properties with foreclosure filings.  This figure 4% lower than March and a 4% lower than one year ago.  Across the country, one out of every 4,453 housing units had a foreclosure filing during this period.  The states with the highest foreclosure rates were Maryland (one in every 2,214); Illinois (one in every 2,517); Nevada (one in every 2,546); South Carolina (one in every 2,573); and Florida (one in every 2,854). In addition, ATTOM also reports that foreclosure starts saw a 7% decrease from March…

A recent report from Redfin says real estate investors bought roughly 44k U.S. homes in Q1 2024, up 0.5% from one year ago – the first increase since Q2 2022. Redfin says with home prices and rents back on the rise and the initial shock of elevated mortgage rates in the rearview mirror, investors are easing their foot off the brake pedal.  However, they do say investors and individual buyers are often duking it out over the same properties, according to Redfin agents – and in some cases, investors are losing. “The balance of power between investors and regular buyers…

Realtor.com says if you want to house hunt like the ultrawealthy, they have the places to start your search.  With that in mind, they crunched the data to compile the 10 most expensive Zip Codes in the nation for home buyers, along with the single priciest listing in each one.  Nor surprising, their results lack geographic diversity with all 10 locations either in California or New York’s Long Island. Click here to read the full report at Realtor.com.

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 May, 2024 Although the number of jobs in the US economy is increasing at a 2 percent annual rate, a lot of that increase is coming from just two major sectors: healthcare and government. This is a long-term cause for concern, because these sectors don’t create economic growth in the way that manufacturing or finance or technology do. But the more immediate problem is that the…

The U.S. Government is reporting that sales of new single-family houses in April, 2024 were at a seasonally adjusted annual rate of 634k, which is 4.7% lower than March’s revised rate and is 7.7% lower than one year ago.  The median sales price of new houses sold in April was $433,500 with an average sales price of $505,700.  There were an estimated 480k new houses for sale at the end of April representing a 9.1-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.