U.S. home prices, as measured by Case-Shiller, rose by +0.6% between the January 2024 reading and February 2024

+1.3% above the 2022 peak

+6.4% year-over-year

The effective mortgage rate among outstanding mortgages by state 👇
resiclubanalytics.com/p/navigating-l…

A broader measure of home prices, the national index, rose 0.4% in February and also was up 6.4% over the past year. All numbers are seasonally adjusted.

The median price of luxury homes have hit an all-time record of $1,225,000.

Luxury real estate sales increased more than 2%, posting their best year-over-year gains in three years, according to Redfin.

Zillow believes the evolution of the industry will only help it grow: “Of the approximately 1.5 million real estate license holders, many handle only one or two transactions a year. These are not our Premier Agent partners,” Zillow's Rich Barton said. dlvr.it/T6HlWt

A clip down

The average 30-year fixed mortgage rate slips to 7.41%

Spread: 277 bps

No banking crisis this year, spreads have been much better, even though they're historically high

A look at parent-child co-ownership of property in Canada

www150.statcan.gc.ca/n1/pub/46-28-0…

ICYMI
Fear of an ageing population is age old

The Australian Treasurer in 1935 was also concerned about the ageing problem, the pension system and the budget

fresheconomicthinking.com/p/fear-of-an-a…

I often hear about property owners competing down prices.

There is a good reason this never happens, as I explain here.

New FET article:
Patient property owners...
and the illusion of competitive land markets

'Through property trades and trial-and-error, the ownership of property always falls into the hands of the most patient owners who aren’t in a rush for cash'

fresheconomicthinking.com/p/patient-prop…

Strained housing affordability has builders going smaller—just look at what Lennar is building in Dallas

3 bed
2.5 bath
1,376 sq ft

Jon Greany: 'For an entry level buyer or someone downsizing into something lower maintenance it makes a lot of sense'
resiclubanalytics.com/p/strained-aff…

Every single one of my most talented friends is either already running their own business or planning their escape from their job

Corporate world is completely cooked talent-wise

In March, Lennar co-CEO Stuart Miller informed investors during their earnings call that there is ample demand for single-family new construction, provided it is offered at the right price point

In April, D.R. Horton CFO Bill Wheat told investors on their earnings call that: 'we have reduced the prices and sizes of our homes where necessary'

My latest on shrinking home size for ResiClub
resiclubanalytics.com/p/housing-affo…

D.R. Horton Lennar’s Rincon model above (1,376 sq ft) is double the size of the tiny homes Lennar is building in San Antonio

7.43% - The average 30-year fixed mortgage rate today

4.0% - The effective mortgage rate on outstanding U.S. mortgages
resiclubanalytics.com/p/navigating-l…
x.com/ResidentialClu…

PulteGroup CEO Ryan Marshall on last week's earnings call:

'In a market where home prices are high and because of limited inventory, they will likely continue moving higher. Our company’s ability to offer targeted incentives, particularly mortgage rate buy-downs, is a powerful…

Blackstone is the nation's largest owner of student housing. It has 140,000 'beds.'

It's selling 10,000 beds to KKR.

That will take KKR to 25,000 'beds.'