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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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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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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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S&P CoreLogic Case-Shiller Breaks Previous Month’s All-Time High

Brad Beckett — Mon, 05 Aug 2024 11:29:44 +0000

The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 5.9% annual increase for May, 2024. Their 10-City Composite increased 7.7% and their 20-City Composite increased 6.8%, year-over-year.

“While annual gains have decelerated recently, this may have more to do with 2023 than 2024, as recent performance remains encouraging.” 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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Housing Starts & Building Permits Up in June

Brad Beckett — Mon, 22 Jul 2024 11:29:00 +0000

The U.S. government is reporting that privately‐owned housing starts in June, 2024 were at a seasonally adjusted annual rate of 1,353,000, which is 3% higher than May’s revised number but is 4.4% lower than one year ago. June’s rate for units in buildings with five units or more was 360k. Privately‐owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,446,000, which is 3.4% higher than May’s revised number and 3.1% lower than one year ago. Authorizations of units in buildings with five units or more were at a rate of 460k in June.

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

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U.S. Employment Situation – June 2024

Brad Beckett — Tue, 16 Jul 2024 11:29:14 +0000

According to the U.S. Department of Labor’s Bureau of Labor Statistics, total nonfarm payroll employment increased by 206k in June, 2024 with the unemployment rate rising slightly to 4.1%. As we keep seeing, employment in the government sector keeps climbing with the BLS reporting that it increased by 70k, well above the average monthly gain of 49k over the past 12 months.

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

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CoreLogic Says Home Prices Cool Across More Markets

Brad Beckett — Tue, 09 Jul 2024 13:22:51 +0000

According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 4.9% in May, 2024 – the lowest rate of appreciation since October 2023. In addition, CoreLogic predicts that by May 2025, national price gains are projected to slow to 3%. Indeed…

“While national annual home price growth continues to slow as anticipated, cooling appreciation over the past months is now observed in more markets, as the surge in mortgage rates this spring caused both slowing homebuyer demand and prices…However, persistently stronger home price gains this spring continue in markets where inventory is well below pre-pandemic levels, such as those in the Northeast.” Said Dr. Selma Hepp, chief economist for CoreLogic.

Click here to read the full report at CoreLogic.

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Americans Choose Real Estate as Best Investment – for the 12th year in a Row

Brad Beckett — Mon, 08 Jul 2024 11:29:33 +0000

We have posted about this for many years now and it does not get old; Indeed…For the 12th year in a row, Gallup is reporting that more Americans prefer real estate over other long-term investment vehicles for growing wealth. Overall, when the numbers are broken down, the numbers show that 36% prefer real estate, 22% prefer the stock market, 18% prefer gold, 13% prefer CDs/bank accounts, and 4% prefer bonds and 3% prefer crypto (which is included for the first time this year).

Click here to read the full story at Gallup.

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Flipping Activity and Profits Rise in Q1 2024

Brad Beckett — Tue, 02 Jul 2024 13:22:16 +0000

According to the latest U.S. Home Flipping Report from ATTOM, 67,817 single-family houses and condominiums were flipped in Q1, 2024 representing 8.7% of all home sales (one of every 12 sales) in the first quarter. ATTOM says as flipping rates went up, fortunes kept improving for investors who buy and quickly resell homes. Their data show that home flippers typically earned a 30.2% gross profit nationwide before expenses on homes sold during Q1, marking the third time in four quarters that margins increased following a six-year period of mostly uninterrupted declines. Indeed…

“The latest numbers show that investors still face an uphill climb to clear significant profits after expenses…They, like others, also face tenuous times amid a housing market boom that’s cooled down over the past year. But we now have a year’s worth of a trend showing that things have started to turn around for the flipping industry, with clear signs of increasing interest flowing into the market.” Said Rob Barber, CEO for ATTOM.

Click here to read the full report at ATTOM.

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Foreclosure Activity Up in May

Brad Beckett — Tue, 25 Jun 2024 13:22:57 +0000

According to ATTOM Data’s May 2024 U.S. Foreclosure Market Report, there were a total of 32,621 U.S. properties with foreclosure filings (default notices, scheduled auctions or bank repossessions) – up 3% from a month ago but down 7% from a year ago. Their data show that one in every 4,320 housing units nationally had a foreclosure filing in May. States with the highest foreclosure rates were New Jersey (one in every 1,939 housing units with a foreclosure filing); Illinois (one in every 2,362 housing units); Delaware (one in every 2,595 housing units); Connecticut (one in every 2,600 housing units); and Florida (one in every 2,638 housing units). Indeed…

“May’s foreclosure activity highlights nuanced shifts in the housing market…While we observed a slight increase in foreclosure starts, the decline in completed foreclosures indicates resilience in certain areas. Monitoring these evolving patterns remains crucial to understanding the full impact on the real estate sector.” Said Rob Barber, CEO at ATTOM.

Click here to read the full report at ATTOM.

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