The U.S. Government is reporting that sales of new single-family houses in June, 2023 were at a seasonally adjusted annual rate of 697k, which is 2.5% lower than May’s revised rate but is 23.8% higher than one year ago. The median sales price of new houses sold in June was $415,400 with an average sales price of $494,700. There were an estimated 432k new houses for sale at the end of June representing a 7.4-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
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 July, 2023 The rate at which the economy is adding jobs keeps slowing, fortifying the view that a fair amount of these jobs are recovered pandemic jobs rather than new ones. In January the annual rate of job growth was 3.3 percent, in March 2.7 percent, and in June 2.4 percent. At some point we’ll reach a flat rate than can be sustained for the next…
The National Association of Realtors is reporting that pending home sales were up 0.3% in June, 2023. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 76.8 in June. The NAR says this is the first increase since February with sales only growing in the Northeast and Midwest regions. “The recovery has not taken place, but the housing recession is over…The presence of multiple offers implies that housing demand is not being satisfied due to lack of supply. Homebuilders are ramping up production and hiring workers.” Said the NAR’s Chief Economist, Lawrence Yun.…
A recent chart from the U.S. Census Bureau illustrates the unmarried ratio of men to women. The unmarried ratio is the number of unmarried men per 100 unmarried women for the population 18 and over. Rations greater than 100 indicate more unmarried men than women wile rations less than 100 indicate more women than men….Indeed….stay safe and have a Happy Friday!!! Hat tip to the U.S. Census Bureau.
On a recent episode of Real Estate News for Investors, Kathy Fettke says the rent control debate is gaining momentum at the top of the legal food chain. New York landlords are asking the Supreme Court to overturn lower court decisions on a 2019 rent stabilization law, and several national real estate groups are showing support. If the high court takes the case and rules in their favor, experts say it could “destabilize” rent stabilization laws across the nation. Indeed… “The lawyer representing the plaintiffs, Andrew Pincus, told the National Review that the RSL is a property rights infringement. He…
According to Black Knight’s latest Mortgage Monitor, the total U.S. loan delinquency rate (loans 30 days+ past due but not in foreclosure) was 3.12% in June, up 0.55% from May and down 2.80% year over year. In addition, the number of serious delinquencies (loans 90+ days past due) dropped to 471K – the lowest since August 2006. Click here to read the full report at Black Knight.
The NAHB’s Eye on housing says that while US homeownership rates have been rising since 2015 (even receiving an extra boost during the post-pandemic housing boom) they remain below the levels reached during the housing boom of the mid-2000s. Sifting through data form the American Community Survey (ACS) reveals a substantial variation in homeownership rates across America’s counties, ranging from less than 25% in urban counties of New York to over 90% in exurban counties of Denver and in the South. “Population density also helps explain substantial variation in homeownership rates across US counties. Urban high-density counties register some of…
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…
