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New Home Sales Decline Due to Higher Costs

After a significant downward revision for the preliminary March data, April recorded a decline of 5.9% for sales of newly-constructed single family homes, according to estimates from the Census Bureau and HUD. The April seasonally adjusted annual rate (863k) was the lowest since June 2020, with the exception of a weather-influenced February report.

Residential demand continues to be supported by low interest rates, a renewed consumer focus on the importance of housing, and solid demand in lower-density markets like suburbs and exurbs. However, higher building costs, longer delivery times, and general unpredictability in the residential construction supply-chain are now having measurable impacts on new home prices. In April, the median price of a newly-built home was 20% higher than a year ago, at $372,400. As NAHB has estimated, higher lumber costs alone are increasing new home prices by $36,000 on average.

Higher costs have priced out buyers, particularly at the lower end of the market. A year ago, 45% of new home sales were priced below $300,000. In April 2021, only 27% of new home sales were priced below $300,000.


Looking back to the spring of last year, the April 2020 data (570,000 annualized pace) marks the low point of sales for the 2020 recession. The April 2020 rate was 26% lower than the prior peak, pre-recession rate set in January. Sales then mounted a historic surge from April until July, outpacing gains in actual construction. Sales have been above the pace of the post-Great Recession trend since the second half of last year. However, since January the trend has been declining and approaching the prior long-run growth trend (as indicated by the blue dashed line in the graph above).

 

Sales-adjusted inventory levels remained lean in April, coming in at a 4.4 months’ supply.

Completed ready-to-occupy homes continue to fall as a share of new home inventory. Such homes were 24% of inventory a year ago. They are only a little more than 11% of the total in April 2021.

Moreover, to see how sales patterns have changed in a high demand, low supply market — a year ago, 42% of new home sales were completed construction. In Apr 2021, this share has fallen to 27%. A year ago, 21% of new home sales had not started construction yet. In April 2021, such speculative homes represented 38% of sales contracts.

Regionally on a year-to-date basis new home sales rose in all four regions, up 50.7% in the Northeast, 45.7% in the Midwest, 45.5% in the South, and 3.6% in the West. These significant increases are due in part to lower sales volume during the Covid crisis a year ago.


 

How Media Consumption Has Changed Over the Last Decade (2011-2021)

Media Consumption in 2021

There are a wide array of apps and life hacks out there designed to help regulate personal internet use and media consumption, but the data suggests they haven’t been working. Today, we consume more media than at any point in time in the last decade.

This data from Recode looks at how many minutes U.S. adults spend on various forms of media, comparing mobile, desktop, radio, television, and magazines.

How Many Minutes are Spent on Media?

In 2021, collective media consumption continues its upward trajectory, and is set to be at the highest it’s ever been. In 2021, overall media consumption among U.S. adults is estimated to be around 666 minutes per day, or 11.1 hours—a 20.2% increase from 2011.

Although media consumption has grown overall, this is predominantly driven by mobile usage. In fact, every category with the exception of mobile has shrunk from their respective peaks. Mobile on the other hand, has grown a whopping 460% in 10 years, from an average daily use of 45 minutes to a staggering 252 minutes.

Consumption by Generation

Disparities in media consumption have a generational aspect that’s worth noting, as well. For instance, older Americans like Baby Boomers still consume media routinely through television. On the other hand, younger cohorts like Millennials and Gen Z tend to consume more through mobile.

Increasing internet use has come with criticism, and is said to be partially responsible for our waning attention spans. With only 1,440 minutes in a day, it remains unknown exactly how many minutes we will continue to direct towards mobile use. But with figures growing 9% last year, we may not have yet reached the peak.

[email protected]

Massachusetts Real Estate Investors Association
PO Box 307, Marblehead, MA 01945, USA

 

Mike Hurney is inviting you to a scheduled Zoom meeting.

Time to Sell? Tenant Problems? Opportunity. Kitchen & SF Bld Permit, YOU?
Wednesday May 26, 2021 06:30 PM Eastern Time (US and Canada)

Join Zoom Meeting
https://us02web.zoom.us/j/85101188287?pwd=NEtiUy8yN0x2TUFVT1NrSkxTNzlhUT09

Meeting ID: 851 0118 8287
Passcode: 403765
1. Quick Update on the Market. AND if you've been thinking about Selling a home, NOW IS THE TIME! When Demand is still High and Inventory is Low, there is an abundance of buyers looking for a home just like yours. Sellers are Selling Fast and for Top Dollar. You're welcome to contact [email protected] for a Complimentary Market Analysis of your Home.

Also, when you're looking at a new "Farm" (area, City/Town to invest in) it's important to identify the fastest moving "bracket" of Properties, who wants to get into a project that takes years to turn around? OR Worse one that takes longer than a year to Sell?? We'll quickly analyze two areas so you'll see where to spend your time and effort. Want YOUR area analyzed also? Send me a quick email ASAP (not 5 minutes before our Wednesday, 5/26 6:30-9pm meeting;-)  Mike

2. CDC Moratorium on Evictions is on, Extended, Unconstitutional, Knocked Down by a Federal Court, It's Extended & Extended, Confused? You won't be for long with...

The JunkYard Dog of Eviction Attorneys will Show us How he's helping MANY Landlords Solve this Problem Expeditiously and to everyones satisfaction. You know from the past that Attorney Rick is a Professional who focuses with Brevity on Success! Whether you're a Landlord, Tenant or Investor (who may go to Plan B - Rent instead of Selling...) you don't want to miss his Presentation.

3. I'm still convinced this Niche, Investing in Mobile Home Parks, is one of the best CashFlow opportunities. There's a BootCamp coming up June 4-6, 2021 where you're welcome to join me, with a significant discount for our Members! Mike

4. Then we'll do a Deep Dive into Construction Materials: Current Prices, Where they're headed & Most importantly ALTERNATIVES!

5. An update on a Kitchen we're UpGrading in Salem and what's happening with that Single family we've been starting in West Roxbury.

6. If time permits what have YOU been up to, any offerings or requests (Buy/Sell & Networking)? Actually, if you've got something HOT (Pending P&S that's in trouble? How to estimate an offer (No addresses please, unless you're under Contract) call/email us right away or interrupt on the Call Wednesday!

I look forward to see you! On-Line next WEDNESDAY, May 26, 2021 6:30-9pm

Mike Hurney, Director, MassRealEstate dot net & NewHampshireREIA dot org PO Box 307, Marblehead, MA 01945

PS Folks, NO BS, Check your Home Depot account and Maintain your MassRealEstate dot net & NewHampshireREIA dot org Membership, still only $99/year. Home Depot audits us OFTEN and if your Membership with us expires = Your discounts are GONE!!! Email me directly with any concerns, Thanks, [email protected]

 

5/7/21 Kris has determined, with an Algorithm, what the sale price will be for Real Estate Properties on the Market. She's also targeted great investment opportunities in Massachusetts, outside of Boston. Tomorrow evening Friday, May 7, 6:30-8pm she'll teach YOU this information and more importantly, How to Use it! We'll meet LIVE at Kelly's Roast Beef, 165 Endicott Street, Danvers MA 01923 Light refreshments and soft drinks provided. Only $5. for non-members (tip for our waitstaff). ALL State Covid-19 Protocols will be followed! I look forward to see you there for Lincoln's Market Update, Kris's Algorithm

 

 

Last meeting-Tuesday, April 27, 2021 6:30-9pm On-Line

Mobile Home Parks, the Forgotten Niche with... Frank Rolfe

Find out why Mobile Home Parks offer perhaps the highest and safest returns of any sector of Real Estate.

As a Real Estate professional, have you thought of dabbling in Mobile Home Parks instead of Single or Multi Family homes? If you're unsure if that's even possible MassRealEstate.net main Meeting is for you! Click the link below and join us at 6:30pm

Mobile Home Park Investing - guide

Mobile Home Park Investing - meeting

 

lumber prices infographic

 

Yardi Says 2021 Off to a Strong Start. According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents in March increased $6 to $1,407.  In addition, Yardi says multifamily rents had one of the strongest first quarters in the last few years.  Click here to read more.

NMHC Says 79.8% of Apartment Households Paid Rent by April 6th

The National Multifamily Housing Council (NMHC) says that 79.8% of apartment households made a full or partial rent payment by April 6th, 2021.  Click here to read more.

Best Counties for Buying Single-Family Rentals

According to data from ATTOM’s Q1 2021 Single Family Rental Market report, the average annual gross rental yield (annualized gross rent income divided by median purchase price of single-family homes) among the 495 counties is 7.7% for 2021.  Click here to read more.

Top Destination Cities for Renters

A recent report from STORAGECafé says more renters moved in 2020 vs. 2019, with most of those upgrading to larger homes.  Interestingly, they point out that 69% of renters looked for housing in the same state while the remaining 31% sought a new home in another state.  Click here to read more.

Millennials Continue to Dominate Home Buying Market

According to the National Association of Realtor’s 2021 Home Buyers and Sellers Generational Trends report, millennials continue to make up the largest share of homebuyers coming in at 37%.  Click here to read more.

Big Firms are Crowding the Market for Houses and Driving Up Prices

The Wall Street Journal recently wrote about how so-called big firms are crowding out the market for houses and in the process, driving up prices.  They report that it runs the gamut from individuals with smartphones and a few thousand bucks to pensions & private-equity firms with billions, yield-chasing investors are snapping up single-family houses to rent out or flip.  Click here to read more.

Consumer Price Index Up 0.6% in March

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was 0.6% in March, 2021.  Click here to read more.

Pandemic-Driven Demand for 2nd Homes Soars

According to new data from Redfin, buyers who locked in mortgage rates for second home purchases shot up by a record 128% year-over-year in March – marking the 10th straight month of 80%-plus annual growth.  Click here to read more.

Landline Phones Are a Dying Breed

Infographic:  This shouldn’t come as a surprise to anyone, but it is interesting nonetheless.  Today’s infographic shows us that an ever-increasing majority of American households have ditched traditional landlines in favor of cell phones.  Click here to read more.

 

In-Person meeting Tuesday, May 25, 6:30-9pm

***CFPB Wants to Prevent Foreclosures Until End of the Year

A new rule proposed by the Consumer Financial Protection Bureau (CFPB) seeks to prevent a wave of foreclosures as some pandemic protections for homeowners are set to expire. The rule, which would apply to all mortgages federal & private, will prevent mortgage servicers from initiating a foreclosure against delinquent borrowers through December 31, 2021. Click here to read more.

Will You Be Ready When the Eviction Moratorium Ends?

On a recent episode of the Rent Perfect Podcast, David Pickron says the current tenant/landlord climate feels like a good old-fashioned game of musical chairs. As housing providers anticipate the end of the CDC’s eviction moratorium, it’s critical for landlords to know and prepare for what’s next. Click here to read more.

Pending Home Sales Down 10.6%

The National Association of Realtors is reporting that pending home sales were down 10.6% in February, 2021. Click here to read more.

S&P CoreLogic Case-Shiller Index Up 11.2% in January

According to the latest S&P CoreLogic Case-Shiller Indices, covering all nine U.S. census divisions, the rate of home price increases reported a 11.2% annual gain in January, 2021. Click here to read more.

Rentable Says April Rent Prices Down Slightly

Rentable says that the median nationwide rent price for one-bedroom units in April was $1,121 (down 0.27%) with two-bedroom units coming in at $1378 (down 0.29%). Click here to read more.

Construction Spending Down 0.8% in February

The U.S. government is reporting that total construction spending in February was at a seasonally adjusted annual rate of $1,516.9 billion, which is 0.8% below January’s revised estimate. However, February’s figure was 5.3% higher than one year ago. Click here to read more.

FHFA House Price Index Up 12% Year-Over-Year

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices were up 1% in January and up 12% from one year ago. Click here to read more.

NAHB’s What Home Buyers Really Want 2021

The NAHB recently released their annual What Home Buyers Really Want report that they say sheds light on the housing preferences of the typical home buyer as well as how those preferences change over time, and how they may vary based on demographic factors. Click here to read more.

Who Americans Spend Their Time with by Age

Infographic: Time is the one finite resource that we closely guard and often, carefully choose how we spend it. Today’s interactive infographic from the Visual Capitalist takes a look at who Americans exactly spend their time with and for how long. Click here to read more.

***Xtra Savings and a FREE GiftProXtra Appreciation Day

It's ProXtra Appreciation Day 4/1/21 at Home Depot!

I look forward to see you there! Mike

 

Make the RIGHT Offer for BRRRR, Market, Finance trend, Short term, Insurance coverage!

Time: Mar 30, 2021 06:30 PM Eastern Time (US and Canada) Join Zoom Meeting

https://us02web.zoom.us/j/87420316768?pwd=OUtzL3hZR0pnQWlEcmJURThFWktpdz09

Meeting ID: 874 2031 6768 Passcode: 795696

 

Vendors
Several times folks have told me of Property Losses, Short Term Rentals & Mortgages that they've "Researched". Then selected a company and Settled, Stayed at or Financed with however based on what they describe I'm sure they could've done better with Len, Liann & Mike - Vendors in our Association!
So they'll have short updates for us, so that we don't forget them in the Confusion of Needing them!!

Market
Still a very hot market. I'm hearing Tales of Sales that go $50k, $65k and $80k above the Listed price! Lincoln'll be showing us the Stats.

Making Offers
People still describe to me how they make offers and I think it's time for a quick review "Making Offers 101" How to quickly Assess Values and know When to "Fold 'em"

Friday, April 2, 2021 6:30-8pm online meeting Construction, Rehabbing & Contractor Licensing

Builders license - There’s a lot of money out there in Construction, especially rehabbing/upgrading. If you don’t have your Builders license, it might be time to get it, so you can pull permits and have Insurance coverage on your most important Self, Workers and Clients

I just got a notice for my upcoming birthday to renew my Builders License after completing my CEUs. Like many of you guys. and We Are also required to have the Latest Code Books which seem to Grow every year.

So Do you need to pull a Permit for every job?

Do you need a license for every Job?

Do you have to have Insurance for every Job?

Do you need the Code Books on every Job?

You tell me, I hate to hear about some wise guy that’s holding money from a hard working Contractor because they found out you didn’t do something with all that compliance, you guys work too hard for that crap.

So on our next Friday meeting April 2nd we’ll address How to Avoid those issues...

 

MREIA Tenant Application 2

Tuesday, March 30, 6:30-8pm ZoomJshfojhewf

Networking and Education for CONTRACTORS! LANDLORDS! & INVESTORS!

Contractors:

Do you give out Free Estimates?

Are they Estimates or Quotes?

Review your Construction Contract with Attorney David?

Code Compliance, Where are the latest Building Codes & How do you Access them?

Home Depot ProXtra ONLY Members of MassRealEstate.net receive 2% CashBack/twice a year, 20% OFF paint at the Cash Register, Special Appliance Pricing & Access to the Bid Room on purchases over $1500. (Usually discounts of 7-50%)

JOIN US NOW or You're welcome to Sign-up for our Special Reports or Contact our Director, [email protected] for Access.

*Joe (below)

Landlords:

Can share Tips like: 7 Advanced Screening Techniques for Tenants!

Use a Lease or Tenant @ Will agreement?

Normal Wear & Tear vs Destruction (Security Deposit Issue)?

also Join & get ALL our Discounts.

JOIN US NOW or Sign-up for our Emails and Contact our Director, [email protected] for Access.

**Hoa (below)

Investors:

Getting Started on the Right Track: No Money or Experience? "Bird-Dog" Techniques…

Business Entities to use LLC, LLP, S Corp, Corp, FLP, Realty Trust???

Advanced:

Types of Properties to Buy and their Pros & Cons.

Areas to Invest in?

Amount of Work Involved?

Turn Time?

also Join and get ALL our Discounts!

JOIN US NOW or Sign-up for our Emails and Contact our Director, [email protected] for Access.

Grow Your Business... & receive your 2% Home Depot cash

Our growing network of members and attendees create the perfect environment for Success: Need a Contractor? We have an extensive list in our database and the best ones attend our meetings on a regular basis!  Need customers? Our Contractor Members can present their services at our Meetingss!

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* 2% Rebate Program - (Above all other discounts that you are already receiving from the Home Depot.)

* 20% off Paint at the check out register.

* Up to 25% discount on the selected Appliances, you need!

* Access to the "Bid Room" on purchases of over $1500 (usually 7-50% off

* 2% Rebate Program - (Above all other discounts that you are already receiving from the Home Depot.)

* 20% off Paint at the check out register.

* Up to 25% discount on the selected Appliances, you need!

* Access to the "Bid Room" on purchases of over $1500 (usually 7-50% off

See our MassRealEstate.net / NewHampshireREIA.org 31 page Member Discount, Appliance Catalog available in the "Members Only" area.

* Access to the Bid Room for possible discounts on purchases over $1,500.

The Home Depot is the fastest growing retailer in U.S. history and we are committed to helping you grow your business.

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Our valuable Special Reports will arrive at random intervals, bearing Contracting, Real Estate Investor & Landlording secrets tips and resources. You'll also get exclusive material available only to newsletter recipients, like first dibs on class registrations and contests.

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Asset Protection and Tax Strategies w/Attorney Bill Noll the CPA 1/9/21

We just finished Asset Protection & Tax Strategies with Attorney Bill the CPA, his Special offer for those Programs below, some of which include a review of 3 years Tax ...
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Weekly Updates 1/8 & 1/15/21

Weekly Updates 1/8 & 1/15/21 *** Weekly Update 1/15/21 NMHC Says 76.6% of Apartment Households Paid Rent by January 6th The National Multifamily Housing Council (NMHC) says that 76.6% of ...
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“New Hampshire Laws coming soon”

"New Hampshire Laws coming soon" "howdee core team. I see none of the bill text released yet. That means we will likely be in a huge rush of released legislation ...
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“Right of 1st Refusal coming to Massachusetts”

"Right of 1st Refusal coming to Massachusetts" :-0 "Mike, We'd like to let you know about a law enacted at 4:42 this morning to inform your members and get their ...
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Top Housing Markets for 2021

Top Housing Markets for 2021 (According to National REIA & Realtor dot com) DECEMBER 7, 2020 Realtor.com’s top 10 housing markets for 2021 have substantial momentum from 2020 which they ...
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Covid-19 relief (for Landlords too??). Eviction and Foreclosure Moratorium through February, etc

Covid-19 relief (for Landlords too??). Eviction and Foreclosure Moratorium through February, etc 12/25/2020 *Highlights from the Stimulus Bill of 12/20 Senator Portman (R-OH) worked hard to get a deal done ...
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21 Real Estate Income Secrets

21 Real Estate Income Secrets For Investors

Want To Know The 21 Most Profitable Secrets The Most Successful Real Estate Investor's Use To Create 6 & 7 Figure Investing Businesses?

Get our FREE (five page) Report: 21 Real Estate Income Secrets For Real Estate Investors

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