News | Real Estate Investing Today

S&P CoreLogic Case-Shiller Hits All-Time High in June

Brad Beckett — Mon, 02 Sep 2024 11:29:31 +0000

The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 5.4% annual increase for June, 2024. Their 10-City Composite increased 7.4% and their 20-City Composite increased 6.5%, year-over-year.

“Home prices and inflation continue to factor into the political agenda coming into the election season…Before accounting for inflation, home prices have risen over 1,100 percent since 1974, but have slightly more than doubled (111%) after accounting for inflation.” 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 Indices.

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New Home Sales Up 10.6% in July

Brad Beckett — Tue, 27 Aug 2024 11:29:57 +0000

The U.S. Government is reporting that sales of new single-family houses in July, 2024 were at a seasonally adjusted annual rate of 739k, which is 10.6% higher than June’s revised rate and is 5.6% higher than one year ago. The median sales price of new houses sold in June was $429,800 with an average sales price of $514,800. There were an estimated 462k new houses for sale at the end of June representing a 7.5-month supply at the current sales rate.

Click here to read the full report at the U.S. Census Bureau.

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Existing Home Sales Up 1.3% in July

Brad Beckett — Mon, 26 Aug 2024 11:29:53 +0000

The National Association of Realtors is reporting that existing home sales were up 1.3% in July to a seasonally-adjusted annual rate of 3.95 million – down 2.5% year over year. Total housing inventory at the end of July was 1.33 million units, up 0.8% from June and up 19.8% from one year ago. Unsold inventory sits at a 4-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 July was $422,600. However, the NAR says affordability is improving, but sales are still sluggish;

“Despite the modest gain, home sales are still sluggish…But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.” Said NAR Chief Economist Lawrence Yun.

Click here to read the full report at the National Association of Realtors.

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CFPB Goes After Contract for Deed Agreements

Brad Beckett — Thu, 22 Aug 2024 13:22:41 +0000

The Consumer Financial Protection Bureau (CFPB) recently released an advisory opinion and research report on a form of home seller financing that is often referred to as contract for deed. The CFPB says their advisory opinion and report are part of their effort to rid the market of what they say are predatory & exclusionary home lending practices. Stay tuned…

“Contracts for deed – also called “land contracts,” “installment land contracts,” “land sales contracts,” or “bonds for deed” – typically cover the purchase of homes. They are structured such that the seller retains the legal title to a home until the borrower completes all the payments. During the contract term, the borrower often carries the responsibilities of homeownership, including repairs, property taxes, and improvements.” – from the CFPB’s media release.

National REIA‘s Charles Tassell had this to say about the proposal:

Charles Tassell

“U.S. citizens would be far better served by a CFPB that performed actual reports and recommendations based upon state law to state-based consumer protection bureaus and legislatures rather than trying to subvert the 10^th amendment and take over private contracts for real estate in every state with one regulation – remember the recent Chevron Deference case?” Said Charles Tassell, COO of the National Real Estate Investors Association.

Click here to read the full release at the Consumer Finance Protection Bureau.

Click here to read the full statement by National REIA.

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Housing Starts & Building Permits Drop Sharply in July

Brad Beckett — Tue, 20 Aug 2024 11:29:58 +0000

The U.S. government is reporting that privately‐owned housing starts in July, 2024 were at a seasonally adjusted annual rate of 1,238,000, which is 6.8% lower than June’s revised number and is 16% lower than one year ago. July’s rate for units in buildings with five units or more was 363k. Privately‐owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,396,000, which is 4% lower than June’s revised number and 7% lower than one year ago. Authorizations of units in buildings with five units or more were at a rate of 408k in June.

Click here to read the full report at the U.S. Census Bureau.

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Inflation Up 2.9% Year-Over-Year

Brad Beckett — Mon, 19 Aug 2024 11:29:23 +0000

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% in July, 2024. The all items index was up 2.9% for the 12 months ending in July. The index for shelter rose 0.4% in July (the 6th consecutive month of increases), accounting for nearly 90% of the monthly increase in the all items index.

Click here to read the full release at the Bureau of Labor Statistics.

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U.S. Construction Spending Down Slightly Again in June

Brad Beckett — Mon, 12 Aug 2024 13:22:28 +0000

The U.S. government is reporting that total construction spending in June, 2024 was at a seasonally adjusted annual rate of $2,148.4 billion, which is 0.3% lower than May’s revised number. However, June’s revised estimate is 6.2% higher than one year ago. Residential construction came in at a seasonally adjusted annual rate of $928 billion in June, which is 0.3% lower than May’s revised estimate.

Click here to read the full report at the U.S. Census Bureau.

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Unemployment Rate Edges Up to 4.3%

Brad Beckett — Thu, 08 Aug 2024 11:29:40 +0000

According to the U.S. Department of Labor’s Bureau of Labor Statistics, total nonfarm payroll employment increased by 114k in July, 2024 with the unemployment rate rising slightly to 4.3%. Employment continued to trend up in health care, in construction, and in transportation and warehousing, while information lost jobs.

Click here to read the full report at the Bureau of Labor Statistics.

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U.S. Homeownership & Rental Vacancy Rates for Q2 2024

Brad Beckett — Tue, 06 Aug 2024 13:22:29 +0000

The U.S. government is reporting that the national vacancy rates for Q2, 2024 were 6.6% for rental housing and 0.9% for homeowner housing. The national homeownership rate for Q2 2024 was 65.6%. In addition, approximately 89.6% of the housing units in the United States in Q2 were occupied and 10.4% were vacant. Owner-occupied housing units made up 58.8% of total housing units, while renter-occupied units made up 30.8% of the inventory. Vacant year-round units comprised 8% of total housing units, while 2.4% were vacant for seasonal use. Interestingly, these numbers are almost identical with Q1.

Click here to read the full release at the U.S. Census Bureau.

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Pending Home Sales Up 4.8% in June

Brad Beckett — Mon, 05 Aug 2024 13:22:42 +0000

The National Association of Realtors is reporting that pending home sales jumped 4.8% in in June, 2024. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 74.3 in June. The NAR says all four U.S. regions posted monthly gains in transactions. Of note, rising inventory is helping with sales.

“The rise in housing inventory is beginning to lead to more contract signings…Multiple offers are less intense, and buyers are in a more favorable position.” Said the NAR’s Chief Economist, Lawrence Yun.

Click here to read the full report at the National Association of Realtors.

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