Author: Brad Beckett

Each year, Zumper’s Annual Rent Report takes a deep-dive into past year of data, knowledge of economic trends, Zumper surveys, internal data on renter search, and ongoing conversations with clients, experts, and others in the industry.  They say this intel gives them a comprehensive view of 2023 and a look at what’s to come in 2024. “More than 30 percent of renters now think the American dream does not involve home ownership…That’s a statistic no one in the real estate industry can afford to ignore. It’s also the most significant change in attitudes since we started tracking renters’ view of…

On a recent episode of the AZREIA Show, Marcus Maloney & Michael Del Prete talk with Ryan Overcash dive into the power of the mind and how it influences our success as real estate investors.  Overcash discusses the importance of building mental fortitude and resilience, and how it can impact your journey towards financial success. Click here to listen on Spotify.

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), home prices home prices rose 6.3% between October 2022 and October of 2023.  In addition, FHFA’s seasonally adjusted monthly index for October was up 0.3% from September.  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 price gains remained strong over the last 12 months…On a monthly basis, price appreciation moderated in October, with…

Storagecafe says interstate moving is at an all-time high, with a record-breaking 8.2 million Americans making the move across state lines in 2022. On the flip side, their data show same-state relocations plummeted over the last decade, from 37.8 million Americans involved in local moves in 2013 to just 31 million in 2022. Some key points: Florida, Texas and North Carolina are the country’s top three states for net migration Nine of the top 10 states for net migration are located in Southern and Southwestern US, with Connecticut the only outlier The South is the only region showing population gains…

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.

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…

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.

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…

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.

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.