Author: Brad Beckett

The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 3.6% annual increase for October, 2024.  Their 10-City Composite increased 4.8% and their 20-City Composite increased 4.2%, year-over-year. “With the latest data covering the period prior to the election, our national index has shown continued improvement…Removing the political uncertainly risk has led to an equity market rally; it will be telling should the similar sentiment occur among homeowners”  Said Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices (S&P DJI). Click here to read the full report at S&P Dow Jones…

The U.S. government is reporting that total construction spending in October, 2024 was at a seasonally adjusted annual rate of $2,152 billion, which is roughly the same as October’s revised number.  However, November’s revised estimate is 3% higher than one year ago.  Residential construction came in at a seasonally adjusted annual rate of $906 billion in November, which is 0.1% higher than October’s revised estimate. Click here to read the full report at the U.S. Census Bureau.

The National Association of Realtors is reporting that pending home sales rose 2.2% in in October, 2024, which the NAR says is the 4th straight month of increases. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 79 in November.  The NAR says expectations are being recalibrated…Indeed. “Consumers appeared to have recalibrated expectations regarding mortgage rates and are taking advantage of more available inventory…mortgage rates have averaged above 6% for the past 24 months. Buyers are no longer waiting for or expecting mortgage rates to fall substantially. Furthermore, buyers are in a better…

The Visual Capitalist says the composition of American households has shifted significantly since 1960 as fewer people have kids and the scale of economic resources has declined.  In fact, they point out that the number of households without kids now exceeds those with kids.  And, in 1960, the share of U.S. households that consisted of married parents was 44.2% – which since has dropped in half.  Indeed…Today’s graphic illustrates (using Census data) how U.S. households have changed from 1960 to 2023.   Stay safe and have a Happy Friday!!! Hat tip tip to the Visual Capitalist.

According to Yardi’s U.S. Multifamily Outlook for Winter 2025, the multifamily market enters 2025 in good shape, after several years of strong demand in most markets and expectations that interest rates are likely to decline. They say the economy continues to grow, the employment picture remains solid despite some cooling, and consumers are spending in line with high confidence levels.  Their new report offers an outlook for the year ahead. The market faces questions, however, including the impact of potential economic policy changes, how long it will take to absorb deliveries in high-growth Sun Belt markets, and whether interest rates…

The NAR recently announced their 10 top hot spots for the 2025 housing market based on economic, demographic and housing factors predicted to significantly impact local markets.  In addition, they say these markets were identified as the top performers for 2025 due to their strengths across several indicators as well as outperforming the national average in at least six of NAR’s 10 criteria. Key points: The South leads with four of the 10 housing hot spots, followed by the Midwest with three. The NAR predicts that mortgage rates will stabilize near 6% in 2025. The NAR projects 4.5 million existing…

According to the latest CoreLogic Single-Family Rent Index (SFRI), U.S. single-family home rental prices continue to experience slower growth, registering a 1.7% increase in October, down from the 2.3% from on year ago and the lowest rate since June 2020.  In addition, CoreLogic says October’s growth rate was -1.5%, which was below the average -0.5% for October from 2004 through 2019 – marking the 3rd consecutive month of below-trend seasonal growth, a clear sign that rent growth is decelerating “Single-family rents posted below-trend growth in October, both in annual and monthly rate increases. While national growth was below-trend, some markets,…

The U.S. Bureau of Economic Analysis is reporting that America’s real gross domestic product increased in 46 states and DC in Q3 2024, with the percent change ranging from 6.9% at an annual rate in Arkansas to –2.3% in North Dakota.  In addition, personal income increased in 49 states and DC, with the percent change ranging from 6.9% at an annual rate in Arkansas to -0.7% in North Dakota. Click here to read the full report at the U.S. Bureau of Economic Analysis.

The U.S. Government is reporting that sales of new single-family houses in November, 2024 were at a seasonally adjusted annual rate of 664k, which is 5.9% higher than October’s revised rate and is 8.7% higher than one year ago.  The median sales price of new houses sold in November was $402,600 with an average sales price of $484,800.  There were an estimated 490k new houses for sale at the end of November representing a 8.9-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

We saw this beginning a few years ago….In a recent report, CoreLogic says while investor activity in the housing market is often associated with deep-pocketed institutional buyers, data from Q3 2024 is painting a different picture.  They say “Mom-and-Pop Investors” are quietly shaping the housing market.  Indeed… “While institutional investors tend to dominate headlines, they account for only a small fraction of total investor activity. Most real estate investors are mom-and-pop landlords, who own three to 10 properties.” “Smaller-scale investors play a powerful but understated role in the market, buoying home prices even as overall demand has softened.” Click…