Author: Brad Beckett

The NAHB’s Eye on Housing says single-family built-for-rent (SFBFR) construction has cooled and investor interest has pulled back on tighter financial conditions.  Citing data from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design, they report there were approximately 14k single-family built-for-rent (SFBFR) starts during the first quarter of 2023 – nearly 7% lower than Q1 2022.   They say demand by investors for single-family rental units (new & existing) has cooled in recent months as financial conditions have tightened. “The SFBFR market is a source of inventory amid challenges over housing affordability and downpayment requirements in the for-sale market,…

The National Association of Realtors is reporting that pending home sales were unchanged (from March) in April, 2023.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) remained at 78.9 in April.  However, the NAR says three U.S. regions posted monthly gains while the Northeast decreased.  Once again, limited inventory is the prime culprit. “Not all buying interests are being completed due to limited inventory…Affordability challenges certainly remain and continue to hold back contract signings, but a sizeable increase in housing inventory will be critical to get more Americans moving.”  Said the NAR’s Chief Economist, Lawrence…

The U.S. Government is reporting that sales of new single-family houses in April, 2023 were at a seasonally adjusted annual rate of 683k, which is 4.1% higher than March’s revised rate and is 11.8% higher than one year ago.  The median sales price of new houses sold in April was $420,800 with an average sales price of $501k.  There were an estimated 433k new houses for sale at the end of April representing a 7.6-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

Monday, May 29th is Memorial Day.  For most Americans the three-day weekend will mark the unofficial start of summer.  However, the solemn significance of the day is often forgotten.  It is actually a national day of remembrance for America’s military men & women who paid the ultimate sacrifice while defending freedom & liberty around the globe. Today’s infographic from Carrot-Top Industries reminds us that Memorial Day is about more than just cookouts and 3-day weekends, it’s about a path paved by others to enjoy the freedoms we often take for granted.  We hope you have a safe & happy Memorial…

A new report from Redfin says an increase of new rentals hitting the market coincided with a slowdown in tenant demand.  They say even though rent growth remains positive, for the past 11 months it has been gradually cooling, rising just 0.3% in April.  However, as we have seen in another post, they point out that rental vacancies have hit their highest levels in 2 years. “A lot of renters took on roommates or moved in with family when rents increased dramatically during the pandemic, which left more rentals and fewer renters needing places…Landlords who increased prices too quickly are…

A new program from Airbnb called Rooms goes “back to the future.”  The platform says their new offering is an all-new take on the original Airbnb.  In a media release, they said customers are looking for ways to connect with people and have authentic experiences. They suggest that travelers want the experience of actually staying in a room in someone else’s home – versus just renting the entire unit.  To that end, they’ve created a Rooms category with over 1 million listings, redesigned filters and added new privacy features.  Indeed… “With Airbnb Rooms, we’re getting back to the idea that…

In mid-May Congressmen Andy Barr (R-KY) and Vicente Gonzalez (D-TX) introduced the Affordable Homeownership Access Act.  The bill seeks to provide working families with another access point to the home buying process by providing relief to individuals and small businesses so that they can sell their homes directly to a buyer without the fees associated with being a mortgage originator. In a release, Congressman Barr said “The United States is facing a homelessness crisis and the lack of affordable housing is a major contributor to that problem. Home loans below $200,000 are scarce and significantly more so at the $100,000…

How does your state rank on individual income taxes?  According to the Tax Foundation’s 2023 State Business Tax Climate Index, the individual income tax is important to businesses because states tax sole proprietorships, partnerships, and, in most cases, limited liability companies (LLCs) and S corporations under the individual income tax code.  In fact, states that score well on the Index’s individual income tax component usually have a flat, low-rate income tax with few deductions and exemptions. “High marginal rates adversely affect labor output and investment and can influence location decision-making, especially in an era of enhanced mobility, where it is…

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 May, 2023 From the point of job creation, the national economy seems to be flying high; jobs in April were up 2.6 percent over last year. But a closer look shows that the pace of growth is slowing as more jobs lost to the pandemic have been regained. The actual rate of new job creation, rather than just recovery, may be closer to the 1.5 percent…

The U.S. government is reporting that privately‐owned housing starts in April were at a seasonally adjusted annual rate of 1,401,000, which is 2.2% higher than March’s revised number and is 22.3% lower than one year ago.  April’s rate for units in buildings with five units or more was 542k.  Privately‐owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,416,000, which is 1.5% below March’s revised number.  Authorizations of units in buildings with five units or more were at a rate of 502k in April. Click here to read the full report at…