Author: Brad Beckett

The National Association of Realtors is reporting that existing home sales were down 5.9% in October to a seasonally-adjusted annual rate of 4.43 million (down 28.4% year over year).  Total housing inventory at the end of October was 1.22 million units, down 0.8% from September and down 0.8% from one year ago.  Unsold inventory sits at a 3.3-month supply at the current sales rate with properties remaining on the market for around 21 days.  The median existing-home price for all housing types in October was $379,100, up 6.6% from one year ago.  The NAR pointed out that October marks 128…

We’ve had many posts about how real estate is the best chosen investment, time and time again.  Today’s infographic from Keeping Current Matters reminds us that homeownership is in fact a form of building wealth.  They point out that not only does growing equity increase your wealth, prices have appreciated by 290.2% since 1991.  Indeed….  Stay safe and have a Happy Friday! Hat tip to Keeping Current Matters.

The venerable AAA says it’s time to “buckle-up” this Thanksgiving as they say over 55 million people will be traveling – up 1.5% from 2021.  They expect this year to be the third busiest for Thanksgiving travel since AAA started tracking this data in 2000. “Families and friends are eager to spend time together this Thanksgiving, one of the busiest for travel in the past two decades…Plan ahead and pack your patience, whether you’re driving or flying.”  Said Paula Twidale, AAA’s Senior Vice President of Travel. Click here to read the full report at the AAA.

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 November, 2022 Recent data about more jobs and an improving Gross Domestic Product suggest an economy that’s doing well and that will do even better once inflation comes down. But a closer look at other statistics gives a less upbeat picture. Productivity, the output per worker, which reached a high level during the pandemic when many people worked from home, fell sharply as offices and businesses…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents were $1,727 in October, up $3 from September.  Yardi says The Fed’s recent actions have roiled the housing market, which is sure to impact multifamily demand, property values and investment strategies. Indeed… “…much of the attention in the industry has been taken over by the rapid growth in interest rates and the impact on demand and property values. The Federal Reserve last week increased short-term borrowing rates another 75 basis points, bringing the target range from 3.75% to 4%, the highest level since 2008. Just as important,…

The National Association of Realtors say an overwhelming majority of metro markets (98%) saw home price gains in Q3 2022 despite rising mortgage and declining sales.   In fact, they report that 46% of the tracked metro areas saw double-digit price increases, which was down from 80% in Q2, 2022.  The national median single-family existing-home price was $398,500, up 8.6% from one year ago. “Much lower buying capacity has slowed home price growth and the trend will continue until mortgage rates stop rising…The median income needed to buy a typical home has risen to $88,300 – that’s almost $40,000 more than…

The CEO of Real estate mega-portal Redfin announced in early November that it was tightening its focus and laying off 13% of its workforce – including closing their home-flipping business, RedfinNOW.  The announcement was made through a company-wide email entitled “All-Hands Email on November Layoff” sent out by CEO Glenn Kelman. RedfinNOW offered potential homesellers a “hassle-free way” to sell their homes.  They were given an all-cash offer within days that that promised “no repairs, staging, or open houses so you can stick to your work and life schedules.”  Apparently the promotion became a too much of a financial burden…

According to Black Knight’s Mortgage Monitor Report for September, 2022, median home prices fell 0.52%, continuing a three-month streak of declines.  They say that despite price corrections, home values in the nation’s 50 largest markets remain elevated by anywhere from 19% to 66% since the start of the pandemic.  However, they point out that $1.3 trillion in recently added equity vanished from the market in Q3, the largest quarterly dollar decline on record, and the largest on a percentage basis since 2009.  Likewise, the number of underwater homeowners has climbed nearly 275K over the past four months (more than doubling…

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was up 0.4% in October, 2022.  However, the all items index was up 7.7% for the 12 months ending in October.  Of note;  The index for shelter contributed over half of the monthly all items increase, with the indexes for gasoline and food also seeing increases. Click here to read the full release at the Bureau of Labor Statistics.

Today, Friday, November 11th is Veterans Day… Here’s a little history about this important day;  In 1918, the armistice of the First World War officially took effect on the 11th day, of the 11th month, at the 11th hour.  The following year President Woodrow Wilson declared November 11th as Armistice Day.   It would later become a holiday to honor veterans of World War I and then in 1954, following World War II & the Korean War, it was renamed “Veterans Day” to honor all American veterans who served in times of war and peace. Stay safe and Happy Friday!!…..And, be…