Author: Brad Beckett

The NAR says higher home prices and mortgage rates have made it difficult for buyers to buy a home, according to their latest housing affordability index.  In addition they point out that, compared to one year ago, affordability has fallen as the monthly mortgage payment climbed by 9.9% and median family income rose by 4.8%.  The NAR says a mortgage is affordable if the mortgage payment (principal & interest) amounts to 25% or less of the family’s income. Click here to read the full report at the National Association of Realtors.

Airbnb says hospitality can be defined as the friendly and generous reception and entertainment of guests, visitors, or strangers as well as a spotless listing, a quick response to a guest need, a seamless and straightforward check-in process and going above and beyond to prioritize health and safety.   With that in mind they recently put together the most hospitable host in every state.  Their criteria included – Hosts had to have achieved 100% 5-star ratings in the following categories: Cleanliness, Check-in and Communication;  A minimum number of 100 reviews. Click here to red the full report at Airbnb.com.

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,726 in June (up $7).  Yardi says year-over-year growth continued its downward slide, and is now 1.8% nationally, down 70 basis points from May – the lowest since 2011 (outside of the pandemic year).  Yardi says multifamily demand remains steady but rent growth is slowing.  Indeed… “The multifamily market can best be described as resilient. Though down from the 2021 peaks, occupancy rates have settled at a solid 95.0%. Likewise, rents are growing within a normal seasonal pattern, albeit well below the post-pandemic boom and even…

The National Association of Realtors is reporting that existing home sales were down 3.3% in June to a seasonally-adjusted annual rate of 4.16 million (down 18.9% year over year).  Total housing inventory at the end of June was 1.08 million units, the same as May but down 13.6% from one year ago.  Unsold inventory sits at a 3.1-month supply at the current sales rate with properties remaining on the market for around 18 days.  The median existing-home price for all housing types in June was $410,200, down 0.9% from one year ago. “The first half of the year was a…

The U.S. government is reporting that privately‐owned housing starts in June were at a seasonally adjusted annual rate of 1,434,000, which is 8% lower than May’s revised number and is 8.1% lower than one year ago.  June’s rate for units in buildings with five units or more was 482k.  Privately‐owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,440,000, which is 3.7% lower than May’s revised number and is 15.3.% lower than one year ago.  Authorizations of units in buildings with five units or more were at a rate of 467k in…

Citing Census data, Statista says demographic change has accelerated in the United States over the past 10 years – especially among those in the 65+ category.  Stay safe and have a Happy Friday!! Hat tip to Statista.

A group called the Rhode Island Association of Coastal Taxpayers (RIACT) filed a lawsuit in early July that challenges a law that takes private property from every coastal property owner in the state and gives it to the public for beach use.  According to the Pacific Legal Foundation, the law, pushed by coastal activists, moves the public beach inland, and onto private coastal property, along the entire state shoreline. Below is the media release from the Pacific Legal Foundation: Rhode Island taxpayers challenge government’s beachfront land grab ​​​​​ Washington County, Rhode Island; July 07, 2023: The Rhode Island Association of…

The Biden Administration announced in Mid-July that it has enlisted the help of several real estate platforms in taking on so-called “junk fees” in rental housing in order to “lower costs for renters.”  These partnerships include Zillow, Apartments.com, and Affordablehousing.com.    The statement concludes by saying that in the coming months the Biden Administration will work with Congress, state leaders, and the private sector to address these so-called “rental junk fees” in an effort to build “a fairer rental housing market.”  Stay tuned… Below is an except from the White House’s release: July 19, 2023 FACT SHEET: Biden-⁠Harris Administration Takes…

Redfin says that while the U.S. rental market has been slowing for more than a year, the median asking rent is still only $24 below its record high. In June, it was $2,029, little changed from $1,995 one month earlier, $2,019 one year earlier and a record high of $2,053 set in August 2022.  In percentage terms, rents were up 0.5% year over year in June, not far from May’s 0.6% annual drop. Rents rose 1.7% from one month earlier in June. “The housing market tends to be ‘downside sticky,’ which means rents don’t typically fall much even when renter…

According to the latest CoreLogic Home Price Insights (HPI) report, home price growth slowed for the 12th straight month in May, falling to a 1.4% increase year over year.  CoreLogic said the last time their Home Price index saw annual growth fall to less than 2% was in early 2012.  However, price appreciation still remained positive for the 136th straight month in May.  In addition, their forecast indicates that home prices will increase on a month-over-month basis by 1% from May 2023 to June 2023 and increase on a year-over-year basis by 4.5% from May 2023 to May 2024. “After…