Author: Brad Beckett

According to the latest U.S. Home Flipping Report from ATTOM, 92,422 single-family houses and condominiums were flipped in Q3, 2022 representing 7.5% of all home sales in Q3.  Interestingly, ATTOM says that despite the decline, the home-flipping rate during the third quarter still stood at the third-highest level in the past decade, below the high point of 9.7% registered in the first quarter of 2022.  Indeed… “This is a classic good news/bad news report for fix-and-flip investors…While flipping activity in the third quarter was among the highest on record, gross profits and profit margins declined significantly, reflecting the overall pricing…

The National Association of Realtors is reporting that existing home sales were down 7.7% in November to a seasonally-adjusted annual rate of 4.09 million (down 35.4% year over year).  Total housing inventory at the end of November was 1.14 million units, down 6.6% from October but was up 2.7% 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 24 days.  The median existing-home price for all housing types in November was $370,700, up 3.5% from one year ago.  The NAR pointed out that November marks…

The U.S. government is reporting that privately‐owned housing starts in November were at a seasonally adjusted annual rate of 1,427,000, which is 0.5% lower than October’s revised number and 16.4% lower than one year ago.  November’s rate for units in buildings with five units or more was 584k.  Privately‐owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,342,000, which is 11.2% below October’s revised number.  Authorizations of units in buildings with five units or more were at a rate of 509k in November. Click here to read the full report at the…

We love looking at  predictions and try to feature as many as we can.  That being said Today’s infographic form Keeping Current Matters takes a look at housing market predictions from 8 different notable sources – covering quite a few proverbial bases.  So, what does 2023 have in store the housing market?  Take a look at these prognostications…..and as always, stay safe and have a Happy Friday!! Hat tip to Keeping Current Matters.

Citing data from the most recent American Community Survey, the U.S. Census Bureau says over 19 million U.S. renter households spent more than 30% of their income on housing costs in 2021.  The ACS says households are considered cost burdened when they spend more than 30% of their income on rent, mortgage and other housing needs.  Data shows that the burden was especially high in some of the nation’s largest counties where housing is more expensive or in areas where incomes are low. The chart featured below (click on it to make it interactive) maps housing cost ratios by state…

The National Association of Realtors predicts that in 2023, 4.78 million existing homes will be sold, prices will remain stable, and Atlanta will be the top real estate market to watch. The forecast was made by Lawrence Yun, NAR chief economist and senior vice president of research, who unveiled the association’s  forecast during their annual year-end Real Estate Forecast Summit. Among the forecasts in Yun’s crystal ball: Home sales will decline by 6.8% compared to 2022 (5.13 million) and the median home price will reach $385,800 – an increase of just 0.3% from this year ($384,500). Rent prices will rise…

In their 2022 Year-End Report, Rentcafe reminds us that 44 million American households live in rental homes across the fruited-plain – the highest level in half a century.  So, what were the hottest rental markets in 2022? To find out, RentCafe.com analyzed the 135 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 renters, percentage of renewed leases, and the share of apartments completed in 2022.  Indeed… “To further complicate matters (and with homeownership out of reach…

The American Automobile Association (aka AAA) says that nearly 113 million people will be traveling this holiday season – up 3.6 million people from last year.  AAA says 2022 is expected to be the third busiest year for holiday travel since they began tracking in 2000.  In addition, they estimate that 102 million people are planning to drive to their destinations despite higher gas prices.Indeed… “This year, travel time will be extended due to Christmas Day and New Year’s Day falling on Sundays…With hybrid work schedules, we are seeing more people take long weekends to travel because they can work…

On a recent episode of Real Estate News for Investors, Kathy Fettke discusses the Fed hiking short-term rates once again, two inflation reports show signs of improvement, and a video game called “The Tenants” showcases the job of a landlord. “A new video game could teach players to be a little more understanding about the job of a landlord. The game is called ‘The Tenants’ with the players taking on the role of the landlords. I haven’t tried it yet, but Bisnow says the game ‘carries the potential to add a little nuance to the public perception of the business…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents were $1,719 in November, down $9 from October.  Yardi says housing is facing a variety of economic headwinds and deteriorating demand, multifamily rents finally turned negative in November. “With the economy softening, demand for units slowing and rising interest rates creating headwinds for housing, multifamily asking rent growth finally took a turn downward in November.” Click here to read the full report at Yardi.