Weekly Update July 5 & 11, 2019
July 11, 2019
Investors Push Up Prices in Opportunity Zones
A recent article on Bloomberg Tax (who may have realized an important aspect of supply & demand) says that real estate investors are taking advantage of 2017’s tax overhaul’s opportunity zone tax breaks, but then they suggest that they’re “shooting themselves in the foot by propping up prices in already-hot urban markets.” That so-called rush is due to the fact that at least one essential Opportunity Zone tax law provision (regarding capital gains) expires at the end of 2019. Click here to read more.
Nationwide Home Prices up 3.6% Year-Over-Year
According to the latest CoreLogic Home Price Index (HPI) Report, home prices (including distressed sales) were up 3.6% year-over-year in May, 2019. CoreLogic predicts that home prices will increase by 5.6% on a year-over-year basis from through May, 2020. Click here to read more.
Eliminating Barriers to Affordable Housing Development
The removal of bureaucratic obstacles is the target of a new initiative recently launched by the Trump Administration. In late June, the President signed an order creating the White House Council on Eliminating Barriers to Affordable Housing Development, which includes members from eight federal agencies. Click here to read more.
State of the Nation’s Housing 2019
Harvard’s Joint Center for Housing Studies recently released their annual State of the Housing Report – released annually since 1988. Among their many statistical findings, they report that while household growth is now back from post-recession lows, new home construction remains depressed, with additions to supply barely keeping pace with the number of new households. Click here to read more.
Millennials are Moving to the Suburbs
According to recent data, 55% of Americans now live in the suburbs. The WSJ’s Valerie Bauerlein and CNBC’s Diana Olick recently discussed how the suburbs are dealing with the inflow of new millennial residents. Click here to read more.
Contractor Says Murder Suspect Asked Him to Build Secret Soundproof Room
This will raise the hair on your neck….Remember the story we posted a couple years ago about the HVAC guy finding a secret room? Well, now we’ve learned about a Utah contractor that refused to build a secret soundproof-room for a man recently arrested for the murder of a University of Utah college student. Click here to read more.
Residential Electricity Bill by State
We like to keep an eye on those things that affect your bottom-line and energy costs are one of those items that everyone feels. A recent report from the NAHB’s Eye on Housing sifted through data from the U.S. Department of Energy to come up with the average monthly electric bill by state. Click here to read more.
Price of a Starter Home in Each State
There has been a lot of discussion about inventory and the lack thereof in the housing market. Data has even shown that nationwide there is a general lack starter-homes in the market. The folks over at howmuch.net recently crunched the numbers to compare the median home value versus the median value of a starter-home in each state. Click here to read more.
The Future of 5G Internet
Infographic: We are hearing more and more about the coming 5G mobile phone service that’s supposed be the latest end-all-be all (isn’t that what they said about 4G???). Click here to read more.
Weekly Update July 5, 2019
Investors Buying More of the Housing Market Than Ever Before
A recent article by the Wall Street Journal points out that the investor share of home purchases has climbed to an all-time high, indicating that rising home prices have not hurt demand for turning them into SFRs or flipping. Click here to read more.
Pending Home Sales Up 1.1% in May
The National Association of Realtors is reporting that pending home sales increased 1.1% in May, which they say was a positive variation from the minor sales dip seen in April. Click here to read more.
Zumper’s National Rent Report for July
Rental information site Zumper recently released their National Rent Report for July showing that the median national rent for 1-bedroom apartment was $1,220 and the median two-bedroom rent was $1,469. Click here to read more.
ABODO: Weakness in One-Bedroom Rents While Two-Bedroom is Rising
National apartment listing site ABODO recently reported that the median nationwide rent price for one-bedroom units in July was $1,082 with two-bedroom units coming in at $1,357. Click here to read more.
Home Affordability Reports Shows Home Prices Outpacing Wages in 40% of Markets
According to the latest U.S. Home Affordability Report (from ATTOM Data Solutions), home prices are outpacing wages in 40% of U.S. housing markets and are less affordable that the historic average in 61% of local markets. Click here to read more.
U.S. Construction Spending Dips Slightly in May
The U.S. government is reporting that total construction spending in May was estimated at a seasonally adjusted annual rate of $1,293.9 billion, which was 0.8% below April’s revised rate. Click here to read more.
The Fastest Growing Cities in America
What are the fastest growing cities in America? The U.S. Census Bureau recently put out this quick burst of data showing the population changes of America’s cities with 50k or more people. Click here to read more.
Types of Tornadoes
Infographic: With Summer fully upon us now is a good time to get up to speed with those deadly freaks of nature that no one wants to see firsthand, tornadoes. Click here to read more.