A recent report from the NAHB’s Eye on Housing says the market value of owner-occupied real estate increased $1.5 trillion to $41.2 trillion in Q2, 2022, on a non-seasonally adjusted basis. In addition they report that, while the current rate of growth has declined, last year saw the largest year-over-year percentage gain since 2001. Click here to read the full report at the NAHB’s Eye on Housing.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
A new report from RentCafe says the growing share of renters among American households have increased both the interest and use of storage space. In fact, they point out that 21% of US renters are currently leasing a self storage unit while an additional 12% are planning to use the service in the future. Interestingly, members of Generation X are the most likely to need extra space for their stuff, followed by baby boomers and millennials. “As a service largely responding to life events, self storage is becoming increasingly popular. The recent need to carve out space at home for…
According to the latest U.S. Home Flipping Report from ATTOM, 115,198 single-family houses and condominiums were flipped in Q2, 2022 representing 8.2% of all home sales in Q2. Interestingly, ATTOM points out that profit margins improved in Q2 as median resale price trends on flipped homes greatly improved. Specifically, the typical resale price on flipped homes reached another all-time high in Q2 of $328k up 21.5% from the same period one year ago. “The second quarter was another strong showing for fix-and-flip investors. The total number of properties flipped was the second-highest total we’ve recorded in the past 22 years,…
FRED, the data-rich economic research site from the St. Louis Fed, says the housing market has been a hot topic of conversation over the past two years and their new “Hotness” score illustrates that point with the help of data from Realtor.com. They say their new “hotness” index aims to reflect “fast moving supply and rising demand” conditions and does not necessarily represent high or rising housing prices. The interactive, color-coded map below shows selected counties using a scale of cool blue-greens: darker equals hotter. As of the current data, two of the three hottest counties are less than an…
According to CoreLogic’s latest Single-Family Rent Index (SFRI), U.S. single-family rent prices were up by 12.6% in July year over year, with the gains continuing to slow from the historic high recorded in April, 2022. CoreLogic says there is similar price growth relaxation in most major metro areas tracked in their SFRI, including popular Sun Belt cities that have seen rental costs skyrocket. “July marked the third month of slower annual gains in single-family rents…However, higher interest rates this year increased monthly mortgage payments for new loans, and potential homebuyers may choose to continue renting rather than buy, helping keep…
The National Association of Realtors is reporting that existing home sales were down 0.4% in August to a seasonally-adjusted annual rate of 4.8 million (down 19.9% year over year). Total housing inventory at the end of August was 1,280,000 units, down 1.5% from July and unchanged from one year ago. Unsold inventory sits at a 3.2-month supply at the current sales rate with properties remaining on the market for around 16 days. The median existing-home price for all housing types in July was $389,500, up 7.7% from one year ago. “The softness in home sales reflects this year’s escalating mortgage…
The U.S. government is reporting that privately‐owned housing starts in August were at a seasonally adjusted annual rate of 1,575,000, which is 12.2% higher than July’s revised number and 0.1% lower than one year ago. August’s rate for units in buildings with five units or more was 621k. Privately‐owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 1,517,000, which is 10% lower than July’s revised number. Authorizations of units in buildings with five units or more were at a rate of 571k in August. Click here to read the full report at…
We saw recently how mortgage applications have taken a nosedive in the face of rising interest rates, intense competition and rising prices. Today’s graphic from Statista illustrates how the average 30-year fixed mortgage rate has sharply risen to levels not seen since 2008…Stay safe and have a Happy Friday! “For real estate markets, the rising costs of borrowing are further cooling demand for homes and deepening the affordability crisis,” George Ratiu, Senior Economist at Realtor.com said in a statement. “The buyer of a median-priced home is looking at a monthly payment of $2,100 at today’s mortgage rate, a 66% jump…
A new report from Zillow says home values slipped for the 2nd consecutive month as mortgage costs continue to sideline buyers. Zillow says affordability is driving market momentum with low-cost markets remaining competitive. Their data show the typical home value fell 0.3% from July to August and is now $356,054. The largest monthly decline since 2011 and the second monthly decline in a row. “Substantial day-to-day and week-to-week rate movements mean that many potential buyers are able to qualify for a loan one week, but not the next, or vice versa…Even buyers able to afford a house at current rates…
The NAHB’s Eye on Housing recently crunched the numbers from the most recent BLS Producer Price Index, where they found building materials prices have climbed 4.9% through the first eight months of 2022 and 14.3% year-over over. Prices for gypsum products, transformers, and concrete posted historic 12-Month Increases. However, softwood lumber prices were actually down 5.2% in August. Click here to read the full report at the NAHB’s Eye on Housing.
