Jobs are everything to an economy. So goes jobs, so goes the demand for real estate. As usual, I invoke the TINSTAANREM axiom — There Is No Such Thing As A National Real Estate Market or a National Economy. The same is true regarding job growth. It varies from location to location and also at …Read more
Home prices are a function of the interaction of supply and demand. Just more than a decade ago, the subprime-driven housing bubble imploded sending U.S. median home prices plummeting from $224,350 in June 2006 (on a 12-month moving average basis) to $164,230 as of January 2012 – a 27.8 percent drop. Since then, most, but …Read more
Jobs are everything to the economy. Period. Good news is that positive job growth was registered in all 50 states for the 12-months ending April 2019 as shown in the following table. Nevada, the top job growth state, had more than double the 1.76 percent growth rate of the U.S. In the past 12-months the …Read more
Affordability is the big issue in housing today. From 2010 to 2017, median household income rose from $49,445 to $61,372, up 24.1 percent. Median home prices, however, jumped from $172,400 to $259,600, a gain of 50.6 percent. Home values in this eight-year interval rose at more than double the rate of income, literally pricing many …Read more
Just like a recipe in the kitchen, adding jobs, mixing in wage increases while monitoring inflation gives a pretty good idea of the end results. Jobs are everything to an economy. As usual, I invoke the TINSTAANREM axiom — There Is No Such Thing As A National Real Estate Market or a National Economy. The …Read more
Job growth at the state level churned along with only one state, Rhode Island, posting a decline, dropping a minimal 0.20 percent in the 12-months ending March 2019. The table below shows all 50 states plus the District of Columbia. Respective ranks of job growth among the 50 states and the District of Columbia as …Read more
The business of selling houses is not a small-change enterprise. Total existing home sales in 2018 tallied 5.34 million single family houses, condominiums and townhouses that sold at an average $298,200 each, tallying to $1.592 trillion. Add in the 617,000 new home sales at an average $385,000 per dwelling ($237.5 billion) and total dollar volume …Read more
While I live by the mantra and Axiom (truth) that Jobs are Everything, what those jobs pay are also critical in driving the purchase of goods and services ultimately fueling the economy. Given the blurring of varying inflation over time, income and growth need to be adjusted and expressed in Real terms (inflation adjusted) rather …Read more
State capitals are no-doubt the bastions of political power in each state – at least when the legislatures are in session. Many of the state capitals are also home to universities and colleges and major businesses and industries. Others (17 by count) are the largest cites in each state. But just like all cities, each …Read more
When it comes to creating demand, jobs are the critical element. As the number of jobs increase, likewise does effective new demand for housing — with effective demand being not just the desire to purchase but also having the financial ability to do so. In the U.S. today the new supply of housing is failing …Read more