Author: Brad Beckett

The National Association of Realtors is reporting that existing home sales were up 9.5% in February to a seasonally-adjusted annual rate of 4.38 million – the largest monthly increase since February 2023. However, they were down 3.3% year over year.  Total housing inventory at the end of February was 1.07 million units, up 5.9% from January and up 10.3% from one year ago.  Unsold inventory sits at a 2.9-month supply at the current sales rate with properties remaining on the market for around 38 days.  The median existing-home price for all housing types in February was $384,500, up 5.7% from…

The U.S. government is reporting that privately‐owned housing starts in February were at a seasonally adjusted annual rate of 1,521,000, which is 10.7% higher than January’s revised number and is 5.9% higher than one year ago.  February’s rate for units in buildings with five units or more was 377k.  Privately‐owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,518,000, which is 1.9% higher than January’s revised number and is 2.4% higher than one year ago.  Authorizations of units in buildings with five units or more were at a rate of 429k in…

The Visual Capitalist says housing costs vary across U.S. states, as well as the income required to buy a house, and the down payment associated with the purchase.  Today’s graphic (using data from Bankrate.com) illustrates the average down payment for buying a house, by U.S. state.  As always, stay safe and have a Happy Friday!!! Hat tip to the Visual Capitalist.

Redfin says that in an era where remote work is an option for many people and geographical boundaries are becoming less of a barrier, many places are seizing the opportunity to attract new residents through innovative incentives.  To that end, they’ve put together their list of the top 10 cities & states that will pay someone to move there.   Now, that being said, the devil is always in the details but it’s still an interesting way to capture someone’s attention (via dangling incentives in front of them) who may be open to a whole new location to live & work.  …

ATTOM Data recently released their Q1 2024 Single-Family Rental Market report, which ranks the best U.S. markets for buying single-family rental properties in 2024.  Among the findings;  The report says the average annual gross rental yield on three-bedroom properties, (annualized gross rent income divided by purchase price) among the counties analyzed is projected to be 7.55% in 2024. That is up slightly from an average of 7.39% in those same markets in 2023 and marked the second year of rising projections after three years of declines.  To get their data, ATTOM analyzed single-family rental returns in 341 U.S. counties with…

We have seen a lot about the tiny house phenomenon – which are typically less than 500 square feet in size.  A new report from Realtor.com says that although many Americans embrace a “bigger is better” philosophy, a small yet vibrant counter-movement has been growing with a desire to downsize, simplify, and move into a tiny house.  To that end, Realtor.com has identified the top Tiny House Hot Spots in the nation.  Indeed… “Yet although the tiny-house movement is on fire culturally, the actual number of tiny homes out there is still quite small. Only a fraction of a percent…

A new policy from Airbnb has banned indoor surveillance cameras in their listings.  According to a media release, Airbnb is banning the use of indoor security cameras as part of their efforts to simplify policies on security cameras and other devices and to continue to prioritize the privacy of their community.  However, devices such as doorbell cameras and noise decibel monitors will still be permitted.  Airbnb says these can be an effective, privacy-protective way for hosts to monitor security issues like unauthorized parties.  The new policy will take effect on April 30, 2024. “Our goal was to create new, clear…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,713 in February, 2024.  Interestingly, Yardi says demand has remained healthy throughout the period that rents have been flat.  Indeed… “Multifamily rents rose by $1 nationally in February and are basically at the same level as 18 months ago. The stability on the surface belies a host of changing trends that are keys to determining the direction the market takes from here.” Click here to read the full report at Yardi.

We’ve been covering this issue over the past few years…now comes a major development:  Various news outlets are reporting that the National Association of Realtors announced that a settlement has been reached ending litigation claims brought on behalf of home sellers related to broker commissions.  Under the terms of the settlement, the NAR agreed to pay $418 million and it resolves claims against NAR, over one million NAR members, all state/territorial and local REALTOR associations, all association-owned MLSs, and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below. …

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4% in February, 2024.  The all items index was up 3.2% for the 12 months ending in February.  Interestingly, the index for shelter & gasoline both rose and, when combined, contribute over 60% of the monthly increase in the index for all items. Click here to read the full release at the Bureau of Labor Statistics.