Where real property meets real data, every day
🗞️ In This Edition
Housing market predictions for 2024
Austin Real Estate Appears to Calm
Surprising City Topping 2024's Market List
Surge in Commercial Property Foreclosures
Demand For Vacation Home Mortgages Fell 40%
CFIUS in Real Estate Transactions
Livly Joins Forces with AppFolio
City of Harrisonburg hosting free 90-minute prop-management session
📈 Market Numbers
S&P 500 | 5,463.54 | + 0.08% |
Dow 30 | 40,539.93 | - 0.12% |
Bitcoin USD | 67,227.85 | - 1.23% |
S&P REIT | 350.96 | + 0.56% |
FTSE NAREIT | 775.95 | + 0.54% |
Numbers as of July 29th 2024 closing
30-Yr Fixed RM | 6.78% | + 0.01% |
15-Yr Fixed RM | 6.07% | + 0.02% |
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🤌🏻 Real Trends
Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again?
1. Mortgage Rates and Affordability: With average 30-year fixed mortgage rates at 6.78%, affordability remains a challenge. Experts believe significant improvements will occur only when rates decline enough to ease buyer obstacles.
2. Inventory and Home Prices: Resale inventory has increased, providing some relief, but the market still faces a severe shortage. Home prices continue to rise, with a 6.3% annual gain in April, according to the S&P CoreLogic Case-Shiller Home Price Index.
3. Builder Sentiment and New Construction: Builder confidence has declined due to high mortgage rates and inflation. New home permits fell 2.9% month-over-month in May, but 25% of builders have reduced prices to boost sales.
4. Sales Performance: Existing-home sales dipped 0.7% in May, with the median price reaching $419,300. New home sales fell 11.7%, and pending home sales decreased by 2.1% in May.
🔍 Spotlight
Market Cooling: Greater Austin's median home price dropped to $450,000 in June, a 6.3% decrease from June 2023. This decline suggests a cooling trend in the previously hot Austin market, potentially offering opportunities for buyers who were priced out during the pandemic boom.
City vs. Suburbs Price Gap: Within Austin city limits, the median home price in June was $600,000, only 1.6% lower than June 2023. This creates a significant $150,000 gap between city and greater area prices, highlighting the premium for in-city living and the potential value in suburban areas.
National Market Alignment: Austin's housing market is showing signs of aligning with national trends. The gap between Austin's median home prices and national figures has shrunk dramatically, from over $100,000 during pandemic highs to just about $10,000 in June. This convergence indicates a normalization of Austin's once-overheated market.
Surprising City Topping 2024's Hottest Housing Markets List
Buffalo, NY crowned 2024's hottest housing market: Zillow's analysis reveals strong job growth outpacing new construction, signaling potential opportunities for investors and homebuyers alike.
Midwest dominates top 5 hottest markets: Cincinnati, Columbus, and Indianapolis join Buffalo and Providence in the list, with Cincinnati boasting impressive 5-6 day median pending times for most of 2023.
Home value projections vary widely: Only 15 of 50 largest markets expected to see growth in 2024, with Charlotte maintaining steady 1.2% increase while New Orleans faces potential 6% decline.
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👉 More Stories
Surge in Commercial-Property Foreclosures Suggests Bottom Is Near
Demand For Vacation-Home Mortgages Fell 40% in 2023 As Housing Costs Rose to Record High
Soil and Security: The Broadening Scope of CFIUS in Real Estate Transactions
The City of Harrisonburg, VA is hosting a free 90-minute “brown bag lunch” session about common property management questions related to fair housing this week.
Livly Joins Forces with AppFolio to Revolutionize Multifamily Property Management
⚡ Inspiration
Luxury on a Budget, Turn Your Sauna & Hot Tub into a Dreamy Wellness Retreat
Health Benefits of Saunas and Hot Tubs: Beyond relaxation, these wellness tools offer significant health advantages. Hot tubs aid in muscle recovery post-exercise by easing tension and reducing soreness. Saunas contribute to cardiovascular health by increasing blood flow, potentially helping to lower high blood pressure. Regular use of hot tubs has even been shown to mimic the effects of physical exercise on the body, potentially aiding in managing type 2 diabetes by boosting heart rate, enhancing circulation, and facilitating glucose metabolism.
Creating an Appealing Spa Environment: Transform your sauna and hot tub area into a serene oasis with strategic enhancements. Incorporate indoor plants to purify the air and create a natural ambiance. Install mood lighting, such as soft lights or colored LED strips, to elevate the atmosphere, especially for evening soaks. Elevate comfort with plush towels, cozy robes, and comfortable slippers within easy reach. Consider adding aromatherapy elements, using essential oils like lavender or eucalyptus to turn your sauna session into a multi-sensory experience.
Cost Considerations and Installation Options: The cost of creating your wellness retreat can vary significantly. Professional installation of saunas typically ranges from $3,000 to $6,000, while hot tubs average around $320 to $700 per year in upkeep alone. Consider ongoing expenses like electricity usage and water treatment solutions. For those with DIY skills and extra time, a self-installation approach could offer substantial savings. Resources like the Hot Tub Repair Guide provide step-by-step instructions for common issues, potentially reducing long-term maintenance costs.
😉 For the Road
And…that's a wrap on this edition!
Got questions or feedback? write to us [email protected] - we'd love to hear from you.
