Author: Brad Beckett

The National Association of Realtors is reporting that existing home sales were down 1% in December to a seasonally-adjusted annual rate of 3.78 million (down 6.2% year over year) – their lowest level since 1995.  Total housing inventory at the end of December was 1 million units, down 11.5% from November but up 4.2% from one year ago.  Unsold inventory sits at a 3.2-month supply at the current sales rate with properties remaining on the market for around 29 days.  The median existing-home price for all housing types in December was $382,600, up 4.4% from one year ago. “The latest…

We’ve had a lot of posts about population and the demographics behind it.  In that vein, today’s infographic from the Visual Capitalist takes a look at the population of each U.S. state and its equivalent country.  Their map offers up an interesting perspective and really puts things into a much greater context. Keep in mind, too, that the United States is the 3rd most populous country in the world with approximately 336 million people.  Indeed….Stay safe and have a Happy Friday!!! Hat tip to the Visual Capitalist.

A real estate investor in NW Philadelphia recently had to pay squatters $1,200 to leave a house he was selling after police said they couldn’t get involved – calling it a landlord-tenant issue since they claimed to be renters.  And, to add insult to injury, local court staff said a formal eviction could take more than six months.  According to the FOX News report, the suspects had squatters’ rights as soon as they moved into the house, which is why the police suggested that he file a landlord-tenant complaint. Interestingly, a few days later the squatters reached out to to…

On a recent episode of the Rent Perfect podcast David Pickron says when you create a new lease, your new tenants may ask if you’ll include items like washer/dryer and other appliances in your property.   David says you should always include strong language in your lease regarding any items left in the home that aren’t nailed down. Click here to listen on Spotify.

The Visual Capitalist says about $600 billion in revenue was generated from U.S. state and local property tax revenue in 2020, a figure that has gradually risen over the last several decades (surprise).  They recently put together an interactive graphic to illustrate the states with the highest and lowest property tax burdens as a personal pf personal income.  And, as you might imagine, the northeast gets hit the hardest.  However, keep in mind that every state’s tax structure is different (ie some have no income tax, high sales taxes, etc). Be sure to check out their report as they break…

Zillow recently released their list of what they believe will be the ten hottest real estate markets of 2024.  Leading the list this year are Buffalo, Cincinnati and Columbus.  Zillow says affordability is the most powerful force driving real estate, bringing lower-cost markets in the Great Lakes, Midwest and South regions to the top of Zillow’s 2024 rankings. “Housing markets are healthiest where affordable home prices and strong employment are giving young hopefuls a real shot at buying and starting to build equity…I’m cautiously optimistic that the housing market will get back on stable footing in 2024 — we shouldn’t…

We recently posted the 2023 U-Haul numbers revealing the migration patterns based on their one-way truck rentals.  Now we’re looking at United Van Lines’ 47th Annual National Movers Study.  United says Americans are moving eastbound and southbound – and relocating to less expensive areas with comparable amenities to larger metropolitan areas. “We are continuing to see the trend that Americans are moving to more affordable, lower-density areas across the country, with many heading to Southern states…Movers are also becoming more strategic with their planning, as relocation continues to be driven by factors such as the price of housing, regional climates,…

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% in December, 2023.  The all items index was up 3.4% for the 12 months ending in December.  Once again, the index for shelter was the largest factor in the monthly increase in the index – contributing over half of the monthly all items increase. Click here to read the full release at the Bureau of Labor Statistics.

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,709 in December, 2023 – the 5th straight month of declines.  However, Yardi says year-over-year growth was unchanged, finishing 2023 at 0.3%. “With all that said, how worried should the market be going into 2024? While it is prudent to prepare for downside scenarios, conditions may not be as weak as they appear on the surface.” “…most importantly, household formation and the strong job market should continue to maintain demand. Apartment absorption totaled 285,000 in 2023 through November, per Matrix, which is in line with recent…

With winter upon us, especially in the northern areas of the country, today’s graphics from Weather.gov are a good reminder about how to react to snow.  Please be sure to share them.  Stay safe and have a Happy Friday!! Hat tip to Weather.gov.