Monthly Archives: April 2018

Millennial homeownership suddenly drops | North Salem Real Estate

Homeownership was crawling slowly back from its record low two years ago, but it just stalled, and the youngest homebuyers are behind that.

Millennials had been driving the nation’s overall homeownership rate, showing the biggest gains throughout 2017, but they dropped back in the first quarter of this year.

Millennial homeownership fell from a three-year high of 36 percent in the fourth quarter of last year back to 35.3 percent in the first quarter of this year, according to the U.S. Census. Meanwhile, the homeownership rate for Americans aged 35 to 64 rose.

That caused the overall homeownership rate to stall at 64.2 percent, unchanged from the last quarter, after rising steadily from 63.6 percent one year ago. Homeownership fell to a 50-year low of 62.9 percent in 2016, after the worst housing crash in history.

The culprit is pretty clear: weakening affordability. Home prices have jumped dramatically in the past year, and the gains accelerated in the first quarter of this year, as the supply of homes for sale continued to drop to record lows. Mortgage interest rates also surged at the start of this year to the highest level in four years.

“Millennials make up the largest share of those seeking starter homes, a portion of the market that saw inventory plummet 14.2 percent and prices leap nearly 10 percent year-over-year in Q1 2017,” wrote Cheryl Young, a senior economist at Trulia.

The supply of starter homes is so lean that March sales were down in that sector over 21 percent compared with a year ago, according to the National Association of Realtors. Sales of higher-priced homes gained.

Homebuilders are moving some production to the lower end, but their focus is on move-up and luxury homes. The median price of a newly built home jumped 5 percent in March annually, reflecting not just housing inflation, but a continuing mix-shift to more expensive homes.

“The homeownership rate climbing out of its 50-year low should be seen as an opportunity for builders in the for-sale space,” noted Young. “The sharp increase in renter households coming out of the Great Recession has finally begun to moderate as older millennials and Gen Xers shift into homeownership, presenting a boon for new construction.

Vacancy rates are down for both owned properties and rentals, meaning there will be no easing of today’s high rents, which should be another impetus for renters to become homeowners. But those high rents make it hard for young buyers to save for a down payment.

And mortgage rates are continuing to move higher. The average rate on the popular 30-year fixed averaged 4.58 percent for the week ended April 26, up from 4.47 percent the previous week and 4.03 percent the same week one year ago.

“Mortgage rates are now at their highest level since the week of August 22, 2013,” said Sam Khater, chief economist at Freddie Mac. “Higher Treasury yields, driven by rising commodity prices, more Treasury issuances and the steady stream of solid economic news, are behind the uptick in rates over the past week.”

 

read more…

https://www.cnbc.com/2018/04/26/millennial-homeownership-suddenly-drops-after-a-good-run.html?__source=newsletter%7Ceveningbrief

Rental households fall again | Mt Kisco Real Estate

Is a combination of high rents and shifting demographics driving a move from renting to buying?

The latest data from the Census Bureau shows that may be exactly what’s happening.

On Thursday, the Census released its quarterly report on residential vacancies and homeownership. And the report had some good news and bad news, depending on which industry you’re in.

For those who make their living via home buying, the news was mostly good. Homeownership held steady at 64.2%, demonstrating that there may be some underlying strength in the recent increases in homeownership.

But the news wasn’t quite so sunny in the rental world.

While the rental vacancy rate (units that remain unrented) held steady at 7%, the number of rental households fell for the fourth straight quarter.

According to the Census estimates, there were roughly 286,000 fewer renter households during the first quarter of 2018 compared to the first quarter of 2017.

Overall, there were approximately 43 million rental households in the U.S. in the first quarter, down from 43.287 million in first quarter of 2017.

Ralph McLaughlin, chief economist and founder of Veritas Urbis Economics, noted that the decrease in rental households is sign that more renters are becoming buyers.

“The fact that we now have four consecutive quarters where owner households increased while renters households fell is a strong sign households are making the switch from renting to buying,” McLaughlin said. “This is a trend that multifamily builders, investors, and landlords should take note of.”

McLaughlin went a step further, suggesting that landlords and multifamily homebuilders should be “nervous” about the seeming shift to buying. “This could lead to less demand for rental units this year, and downward pressure on rents,” McLaughlin said.

McLaughlin also noted that demographics may be playing a role in the shift between renting and buying.

“Households under 35 – which represent the largest potential pool of new homeowners in the U.S. – have shown some of the largest gains,” McLaughlin said. “While they only make up a third of all homebuyers, the steady uptick in their homeownership rate over the past year suggests their enormous purchasing power may be finally coming to housing market.”

The downward pressure on rents may be needed, as the Census report showed that during the first quarter, median asking rents rose to the highest level since 1988, which is as far as back the Census data goes.

Median asking rent Q1 2018

(Click to enlarge. Image courtesy of the Census Bureau.)

According to the Census report, the median asking rent was $954 in the first quarter, up $80 from the first quarter of last year. It’s also up $44 from the fourth quarter of 2017. The previous high was $912, which was recorded during the 3rd quarter of 2017.

Rent hit record levels in each of the four regions as well. In the Northeast, the median asking rent rose from $1,153 in the fourth quarter to $1,279 in the first quarter. In the same time period last year, the median asking rent was $1,057.

In the Midwest, the median asking rent climbed to $764, up from $725 in the fourth quarter and $716 in 2017’s first quarter.

In the South, the increase was much slighter, with rent rising from $906 in the fourth quarter to $907 in the first quarter. In the first quarter of last year, the rent was $847.

In the West, the increase was much more significant. In the first quarter, the median asking rent was $1,345, which was up from $1,210 in the fourth quarter and $1,132 in the first quarter of 2017.

In a note sent out after the report’s release, Matthew Pointon, property economist at Capital Economics, suggested that the rental data may actually be a little rosier than it appears.

“Given the number of existing homes for sale recently dropped to a record low, it is no surprise that the homeowner vacancy rate fell to 1.5% in the first-quarter, the joint-lowest rate for 24 years,” Pointon wrote.

“That has put a stop to what had been a gradual rise in the homeownership rate. It is also supporting rental demand. Despite a large rise in the number of rental apartments hitting the market over the past couple of years, the multifamily rental vacancy rate has held steady at just over 8% for the past six-months,” Pointon added.

Pointon said that the 7% overall rental vacancy rate is low by historical standards, and suggested that the news may show that multifamily housing is on firmer footing than it appears.

“At 8.2%, the multifamily rental vacancy rate is down marginally from 8.3% in the final quarter of last year, and suggests concerns about a large degree of oversupply of rental apartments is overblown,” Pointon said. “While a large number of apartments are being built, the lack of homes to buy is supporting rental demand. In turn, that argues against a sharp slowdown in rental growth this year.”

 

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https://www.housingwire.com/articles/43216-is-the-rent-finally-too-damn-high-rent-households-fall-again-homeownership-holds-steady?eid=311691494&bid=2082866

Case Shiller home prices up 6.8% | South Salem Real Estate

The S&P CoreLogic Case-Shiller 20-City Composite Home Price Index in the US rose 6.8 percent year-on-year in February 2018, following a 6.4 percent advance in January and easily beating market expectations of a 6.3 percent gain. It was the steepest increase in house prices since an 8.1 percent climb in June 2014, with Seattle (12.7 percent), Las Vegas (11.6 percent) and San Francisco (10.1 percent) reporting the sharpest gains among the 20 cities. Meanwhile, the national index, covering all nine US census divisions rose 6.3 percent, up from 6.1 percent in the previous month. Case Shiller Home Price Index in the United States averaged 160.67 Index Points from 2000 until 2018, reaching an all time high of 206.67 Index Points in February of 2018 and a record low of 100 Index Points in January of 2000.

United States S&P Case-Shiller Home Price Index

 

 

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https://tradingeconomics.com/united-states/case-shiller-home-price-index

Existing home sales increase 1.1% | Cross River Real Estate

Existing-home sales increased 1.1% in March, but remain down 1.2% from a year ago. The first-time buyer share of 30% is also down from 32% a year ago. The National Association of Realtors reported that 50% of homes sold last month were on the market less than a month. The March inventory increased 5.7%, but remains 7.2% below the level a year ago, and has decreased for 34 consecutive months on a year-over-year basis. At the current sales rate, the March unsold inventory represents a 3.6-month supply, down from a 3.8-month supply a year ago. March existing sales reached a seasonally adjusted rate of 5.60 million units, compared to 5.54 million in February. Total existing home sales include single-family homes, townhomes, condominiums and co-ops.

Existing sales increased 6.3% in the Northeast and 5.7% in the Midwest, reversing weather-impacted declines last month. Existing sales declined slightly by 0.4% in the South and 3.1% in the West. Year-over-year sales increased 0.8% in the West and 0.4% in the South, while declining by 1.5% in the Midwest and 9.3% in the Northeast.

Homes stayed on the market for 30 days in March, down from 37 days In February.

The March all-cash sales share was 20%, down from 24% last month and 23% a year ago. Individual investors purchased a 15% share in March, unchanged from February, and down from 18% a year ago.

The March median sales price of $250,400 was up 5.8% from a year ago, representing the 73rd consecutive month of year-over-year increases. The March median condominium/co-op price of $236,100 was up 4.8% from a year ago.

The seasonal spring increase in demand is facing the combination of increasing mortgage rates and a tight inventory. However, the economy continues to add jobs, and new residential construction offers buyers a wider choice in homes. These prospective buyers contribute to builder confidence remaining in solid territory.

 

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eyeonhousing.org

Condemned Silicon Valley home sells for $1.23 million | Waccabuc Real Estate

A condemned home in Northern California — with holes in the roof and mildew inside — recently sold for $1.23 million, becoming the latest example of the Bay Area’s tight housing market.

The home in Fremont was originally listed for $1 million but ended up closing at $230,000 over its asking price, listing agent Larry Gallegos told KTVU.

“We had a couple of offers that were very close. Actually, my client, when I first met them, wanted a little bit more than that with the price they had in their mind. But they ended up being happy with this one,” he said.

A condemned home is seen Wednesday, April 18, 2018, in Fremont, Calif. The condemned Northern California house with holes in the roof and mildew in the pipes sold last month for $1.23 million. (AP Photo/Ben Margot)

The condemned Northern California house with holes in the roof and mildew in the pipes sold last month for $1.23 million.  (AP Photo/Ben Margot)

The home, located about 35 miles southeast of San Francisco, has three bedrooms, two bathrooms, and was condemned in 2013. The two investors who bought the property design green homes, according to Gallegos, and plan to put a 4,000 square-foot “masterpiece” on the lot in Fremont.

Gallegos told the Associated Press the buyers didn’t even enter the house because they had no interest in the actual building but on its location, which could offer a view of the bay from a second story.

Online property records show its assessment is years out of date — its taxable value is listed as $90,000.

David Stark of the Bay East Association of Realtors told KTVU there was “nothing surprising” about the sale.

“It’s a great example of location, location, location,” he said.

Stark told the television station that buying a tear-down to build a dream home reflects a 10-year trend, and that unlike in 2008, current home prices show no indication a crash is coming.

California Home 1

The home in Fremont was condemned in 2013, and has three-bedrooms, and two-bathrooms.  (KTVU)

“People are purchasing homes. They’re purchasing vacant properties like this. The demand is there. The supply isn’t. These prices are sustainable,” he told KTVU.

The median home price in Fremont, which connects to Silicon Valley through several highways and with easy access to San Francisco and Oakland by train, is $1 million as of late February, according to Zillow.com, compared to $1.3 million in San Francisco and $1.28 million in Berkeley.

For residents that have been in the neighborhood for years, the spike in home prices leaves them in a difficult situation.

 

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http://www.foxnews.com/real-estate/2018/04/19/condemned-california-home-with-holes-in-roof-mildew-sells-for-1-23-million.html

Housing starts rise | Katonah Real Estate

U.S. homebuilding increased more than expected in March amid a rebound in the construction of multi-family housing units, but weakness in the single-family segment suggested the housing market was slowing.

Housing starts rose 1.9 percent to a seasonally adjusted annual rate of 1.319 million units, the Commerce Department said on Tuesday. Data for February was revised up to show groundbreaking declining to a 1.295 million-unit pace instead of the previously reported 1.236 million units.

Economists polled by Reuters had forecast housing starts rising to a pace of 1.262 million units last month. Permits for future home building rose 2.5 percent to a rate of 1.354 million units in March.

U.S. financial markets were little moved by the data.

Despite the rebound in homebuilding last month, activity appears to be slowing. Single-family homebuilding, which accounts for the largest share of the housing market, fell 3.7 percent to a rate of 867,000 units in March.

A survey on Monday showed confidence among homebuilders fell in April for a fourth straight month. Builders complained about a lack of buildable lots and increasing construction material costs. According to the survey, tariffs imposed by the Trump administration on Canadian lumber and other imported products were “pushing up prices and hurting housing affordability.”

Confronted with these supply constraints, homebuilding will probably not increase significantly to eradicate an acute shortage of houses on the market, which is pushing up prices and sidelining some first-time home buyers.

Demand for housing is being driven by a robust labor market, which is underpinning the economy. Despite jobs market strength, wage inflation has remained moderate.

Single-family home construction fell in the Northeast, South and West, but rose in the Midwest. Permits to build single-family homes dropped 5.5 percent in March to an 840,000 unit-pace, the lowest level since September 2017.

With permits lagging starts, single-family home construction could slow further.

Starts for the volatile multi-family housing segment surged 14.4 percent to a rate of 452,000 units in March. Permits for the construction of multi-family homes dropped jumped 19 percent to a 514,000 unit-pace.

The outlook for housing inventory was mixed. Housing completions fell 5.1 percent to 1.217 million units last month, with single-family units dropping 4.7 percent. But the stock of housing under construction rose 0.3 percent to 1.125 million, the highest level since July 2007.

Single-family units under construction climbed 0.2 percent to the highest level since June 2008.

Realtors estimate that the housing starts and completions rates need to be in a range of 1.5 million to 1.6 million units per month to plug the inventory gap.

 

 

read more…

 

https://www.cnbc.com/2018/04/17/us-housing-starts-march-2018.html

U.S. construction spending barely rises | Bedford Hills Real Estate

U.S. construction spending rose less than expected in February amid a steep decline in investment in public construction projects.

The Commerce Department said on Monday construction spending edged up 0.1 percent after being unchanged in January.

Economists polled by Reuters had forecast construction spending accelerating 0.5 percent in February. Construction spending increased 3.0 percent on a year-on-year basis.

February’s marginal increase in construction spending could have implications for first-quarter gross domestic product growth estimates, which are mostly below a 2 percent annualized rate.

In February, spending on public construction projects tumbled 2.1 percent, almost reversing January’s 2.3 percent rise. February’s drop was the largest since June 2017.

Spending on federal government construction projects plunged 11.9 percent, the biggest decline since October 2004, after surging 13.4 percent in January.

State and local government construction outlays fell 1.0 percent after rising 1.3 percent in January.

Spending on private construction projects increased 0.7 percent after falling 0.7 percent in January. Outlays on private residential projects edged up 0.1 percent to the highest level since January 2007. They rose 0.1 percent in January.

Spending on nonresidential structures rebounded 1.5 percent in February after dropping 1.7 percent in the prior month.

 

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https://www.reuters.com/article/us-usa-economy-construction/u-s-construction-spending-barely-rises-in-february-idUSKCN1H918R?il=0

NYS high taxes versus other states | Pound Ridge Real Estate

Tax season can be stressful for the millions of Americans who owe money to Uncle Sam. Every year, the average U.S. household pays more than $5,700 in federal income taxes, according to the Bureau of Labor Statistics. And while we’re all faced with that same obligation, there is significant difference when it comes to state and local taxes. Taxpayers in the most tax-expensive states, for instance, pay three times more than those in the cheapest states.

Surprisingly, though, low income taxes don’t always mean low taxes as a whole. For example, while the state of Washington’s citizens don’t pay income tax, they still end up spending over 8% of their annual income on sales and excise taxes. Texas residents also don’t pay income tax, but spend 1.86% of their income on real estate taxes, one of the highest rates in the country. Compare these to California, where residents owe a little over 4% of their income in sales and excise taxes, and just 0.79% in real estate tax.

As this year’s tax-filing deadline, April 17, comes closer, it’s fair to wonder which states give their taxpayers more of a break. WalletHub searched for answers by comparing state and local tax rates in the 50 states and the District of Columbia against national medians. To illustrate, we calculated relative income-tax obligations by applying the effective income-tax rates in each state and locality to the average American’s income. Scroll down for the complete ranking, commentary from a panel of tax experts and a full description of our methodology.

 

Main Findings

 

Taxes by State

Overall Rank (1=Lowest)StateEffective Total State & Local Tax Rates on Median U.S. Household*Annual State & Local Taxes on Median U.S. Household*% Difference Between State & U.S. Avg.**Annual State & Local Taxes on Median State Household***Adjusted Overall Rank (based on Cost of Living Index)
1Alaska5.67%$3,164-47.26%$4,3535
2Delaware6.11%$3,407-43.21%$3,9091
3Montana7.29%$4,066-32.23%$3,9114
4Nevada7.44%$4,145-30.90%$4,1036
5Wyoming7.45%$4,155-30.75%$4,4172
6Tennessee7.98%$4,449-25.84%$3,6673
7Idaho8.48%$4,730-21.16%$4,2167
8California8.77%$4,888-18.51%$7,16736
9Florida8.83%$4,921-17.97%$4,3739
10South Carolina9.02%$5,030-16.16%$4,27811
11Oregon9.20%$5,129-14.51%$5,67734
12Utah9.23%$5,144-14.25%$5,90210
13Colorado9.27%$5,170-13.82%$6,10013
14Alabama9.40%$5,241-12.64%$4,1778
15Arizona9.50%$5,299-11.67%$4,97712
16South Dakota9.75%$5,439-9.34%$4,75716
17North Dakota9.84%$5,488-8.53%$5,49318
18District of Columbia10.00%$5,574-7.09%$8,81146
19New Hampshire10.27%$5,725-4.57%$7,22133
20Hawaii10.33%$5,762-3.96%$8,27751
21West Virginia10.39%$5,791-3.48%$4,34319
22Louisiana10.39%$5,795-3.41%$4,75717
23Georgia10.54%$5,876-2.06%$5,23714
24North Carolina10.64%$5,934-1.09%$5,16720
25Oklahoma10.75%$5,993-0.11%$4,84815
26New Mexico10.82%$6,0310.53%$5,03823
27Virginia10.87%$6,0611.03%$7,27627
28Texas11.04%$6,1562.61%$5,34721
29Vermont11.04%$6,1582.64%$6,80041
30Missouri11.28%$6,2914.86%$5,43522
31Minnesota11.57%$6,4537.56%$7,08531
32Massachusetts11.61%$6,4707.85%$9,39045
33Washington11.68%$6,5148.57%$8,02337
34Maine11.75%$6,5549.24%$6,13342
35Indiana11.86%$6,61410.25%$5,66726
36Maryland11.96%$6,66611.12%$9,55244
37Kentucky12.06%$6,72312.06%$5,29329
38Mississippi12.21%$6,81013.51%$4,95424
39Arkansas12.30%$6,85814.32%$5,14225
40Kansas12.42%$6,92415.41%$6,10428
41Pennsylvania12.45%$6,94015.68%$6,64238
42Michigan12.81%$7,14519.09%$5,84330
43New Jersey12.87%$7,17519.59%$11,23747
44Iowa12.92%$7,20220.05%$6,35432
45Ohio13.09%$7,30021.68%$6,08135
46Wisconsin13.62%$7,59326.56%$7,19340
47Rhode Island13.69%$7,63427.26%$8,69748
48New York13.72%$7,64827.49%$9,75950
49Nebraska13.83%$7,71228.55%$6,77639
50Connecticut13.85%$7,72028.68%$10,41949
51Illinois14.89%$8,29938.34%$8,33043

*Assumes “Median U.S. Household” has an annual income of $55,754 (mean third quintile U.S. income); owns a home valued at $184,700 (median U.S. home value); owns a car valued at $24,000 (the highest-selling car of 2017); and spends annually an amount equal to the spending of a household earning the median U.S. income.
**National Average of State and Local Tax Rates = 10.78%
***Assumes “Median State Household” has an annual income equal to the mean third quintile income of the state; owns a home at a value equal to the median of the state; owns a car valued at $24,000 (the highest-selling car of 2017); and spends annually an amount equal to the spending of a household earning the median state income.

Artwork-Best-&-Worst-States-to-be-a-Taxpayer-2018-v1

Red States vs. Blue States

 

State & Local Tax Breakdown

All effective tax rates shown below were calculated as a percentage of the mean third quintile U.S. income of $55,754 and based on the characteristics of the Median U.S. Household*.

State

Effective Real-Estate Tax Rate

Real-Estate Tax Rank ($)

Effective Vehicle Property Tax Rate

Vehicle Property Tax Rank ($)

Effective Income Tax Rate

Income Tax Rank ($)

Effective Sales & Excise Tax Rate

Sales & Excise Tax Rank ($)

Effective Total State & Local Tax Rates on Median U.S. Household*

Alabama1.42%2
($791)
0.29%28
($163)
2.68%28
($1,494)
5.01%39
($2,793)
9.40%
Alaska3.93%33
($2,190)
0.00%1
($0)
0.10%6
($56)
1.65%4
($918)
5.67%
Arizona2.56%16
($1,427)
0.72%38
($403)
1.57%13
($873)
4.66%35
($2,595)
9.50%
Arkansas2.08%10
($1,161)
0.43%29
($239)
2.66%27
($1,483)
7.13%50
($3,975)
12.30%
California2.62%17
($1,461)
0.28%27
($156)
1.40%11
($781)
4.47%30
($2,491)
8.77%
Colorado1.90%7
($1,058)
0.77%40
($428)
2.54%25
($1,414)
4.07%24
($2,269)
9.27%
Connecticut6.70%48
($3,733)
1.09%47
($609)
2.25%19
($1,255)
3.81%18
($2,123)
13.85%
Delaware1.81%4
($1,009)
0.00%1
($0)
3.03%33
($1,689)
1.27%3
($708)
6.11%
District of Columbia1.84%5
($1,026)
0.00%1
($0)
3.72%46
($2,072)
4.44%28
($2,475)
10.00%
Florida3.38%27
($1,885)
0.00%1
($0)
0.00%1
($0)
5.45%44
($3,037)
8.83%
Georgia3.07%25
($1,712)
0.00%1
($0)
3.17%35
($1,768)
4.30%26
($2,396)
10.54%
Hawaii0.90%1
($501)
0.00%1
($0)
3.85%47
($2,147)
5.59%46
($3,115)
10.33%
Idaho2.52%13
($1,404)
0.00%1
($0)
2.13%16
($1,185)
3.84%20
($2,141)
8.48%
Illinois7.69%50
($4,288)
0.00%1
($0)
2.82%30
($1,572)
4.37%27
($2,439)
14.89%
Indiana2.88%23
($1,606)
0.54%33
($300)
3.71%45
($2,068)
4.73%36
($2,640)
11.86%
Iowa4.95%38
($2,762)
0.43%30
($240)
3.03%34
($1,691)
4.50%31
($2,509)
12.92%
Kansas4.63%37
($2,580)
0.89%43
($495)
1.78%15
($994)
5.12%40
($2,855)
12.42%
Kentucky2.83%21
($1,579)
0.52%31
($292)
4.87%51
($2,716)
3.83%19
($2,135)
12.06%
Louisiana1.68%3
($934)
0.04%25
($24)
2.17%18
($1,212)
6.50%49
($3,624)
10.39%
Maine4.38%35
($2,444)
1.03%45
($576)
2.54%26
($1,416)
3.80%17
($2,117)
11.75%
Maryland3.64%31
($2,030)
0.00%1
($0)
4.30%49
($2,395)
4.02%23
($2,241)
11.96%
Massachusetts4.01%34
($2,238)
0.97%44
($540)
3.67%44
($2,046)
2.95%6
($1,646)
11.61%
Michigan5.66%43
($3,158)
0.25%26
($142)
3.32%37
($1,850)
3.58%11
($1,995)
12.81%
Minnesota3.86%32
($2,155)
0.56%35
($311)
2.94%32
($1,640)
4.21%25
($2,347)
11.57%
Mississippi2.64%19
($1,470)
1.46%49
($813)
2.34%21
($1,303)
5.78%47
($3,224)
12.21%
Missouri3.30%26
($1,842)
1.08%46
($600)
2.91%31
($1,625)
3.99%22
($2,224)
11.28%
Montana2.82%20
($1,570)
0.55%34
($307)
2.76%29
($1,541)
1.16%2
($646)
7.29%
Nebraska6.05%45
($3,371)
0.69%36
($383)
2.53%24
($1,410)
4.57%32
($2,548)
13.83%
Nevada2.56%15
($1,425)
0.76%39
($423)
0.53%8
($295)
3.59%12
($2,002)
7.44%
New Hampshire7.24%49
($4,038)
0.77%41
($432)
0.60%9
($335)
1.65%5
($920)
10.27%
New Jersey7.96%51
($4,437)
0.00%1
($0)
1.40%11
($781)
3.51%9
($1,957)
12.87%
New Mexico2.53%14
($1,408)
0.00%1
($0)
2.16%17
($1,204)
6.13%48
($3,419)
10.82%
New York5.48%42
($3,057)
0.00%1
($0)
3.49%40
($1,945)
4.75%37
($2,647)
13.72%
North Carolina2.84%22
($1,581)
0.54%32
($299)
3.62%43
($2,018)
3.65%15
($2,035)
10.64%
North Dakota3.49%28
($1,947)
0.00%1
($0)
0.78%10
($432)
5.58%45
($3,108)
9.84%
Ohio5.18%40
($2,890)
0.00%1
($0)
3.34%38
($1,862)
4.57%33
($2,548)
13.09%
Oklahoma2.94%24
($1,638)
0.00%1
($0)
2.44%23
($1,360)
5.37%42
($2,994)
10.75%
Oregon3.53%30
($1,970)
0.00%1
($0)
4.74%50
($2,640)
0.93%1
($519)
9.20%
Pennsylvania5.14%39
($2,867)
0.00%1
($0)
3.90%48
($2,174)
3.40%8
($1,898)
12.45%
Rhode Island5.46%41
($3,047)
2.05%51
($1,144)
2.30%20
($1,282)
3.88%21
($2,162)
13.69%
South Carolina1.89%6
($1,056)
1.17%48
($651)
2.35%22
($1,310)
3.61%14
($2,013)
9.02%
South Dakota4.39%36
($2,446)
0.00%1
($0)
0.00%1
($0)
5.37%41
($2,992)
9.75%
Tennessee2.47%12
($1,376)
0.00%1
($0)
0.10%6
($56)
5.41%43
($3,017)
7.98%
Texas6.16%46
($3,435)
0.00%1
($0)
0.00%1
($0)
4.88%38
($2,720)
11.04%
Utah2.22%11
($1,240)
0.00%1
($0)
3.35%39
($1,869)
3.65%15
($2,035)
9.23%
Vermont5.89%44
($3,285)
0.00%1
($0)
1.61%14
($896)
3.55%10
($1,977)
11.04%
Virginia2.63%18
($1,467)
1.74%50
($971)
3.49%41
($1,947)
3.00%7
($1,675)
10.87%
Washington3.52%29
($1,962)
0.00%1
($0)
0.00%1
($0)
8.16%51
($4,552)
11.68%
West Virginia1.94%8
($1,082)
0.71%37
($398)
3.29%36
($1,833)
4.44%29
($2,478)
10.39%
Wisconsin6.46%47
($3,602)
0.00%1
($0)
3.56%42
($1,985)
3.60%13
($2,006)
13.62%
Wyoming2.03%9
($1,130)
0.77%41
($432)
0.00%1
($0)
4.65%34
($2,593)
7.45%

*Assumes “Median U.S. Household” has an income equal to $55,754 (mean third quintile U.S. income); owns a home valued at $184,700 (median U.S. home value); owns a car valued at $24,000 (the highest-selling car of 2017); and spends annually an amount equal to the spending of a household earning the median U.S. income.

 

Ask the Experts: Best Tax Advice

For more insight into the impact state and local taxes have on migration and public policy, we turned to a panel of leading tax and policy experts. You can check out their bios and responses below.

  1. Do people usually consider taxes when deciding where to live? Should they?
  2. How can state and local tax policy be used to attract new residents and stimulate growth?
  3. Which states have particularly complicated tax rules for families?
  4. How has the total amount families pay in state and local taxes changed as a result of the new tax code?
  5. Which states have the best mix of taxes and government services?
  6. Should people pay taxes based on where they live or where they work?

read more…

 

https://wallethub.com/edu/best-worst-states-to-be-a-taxpayer/2416/

Home sales rise 3% | Bedford Real Estate

Sales of previously owned houses in the US jumped 3 percent mom to a seasonally adjusted annual rate of 5.54 million in February of 2018 from 5.38 million in January. It compares with market expectations of a 0.5 percent rise to 5.4 million. Sales of single family houses went up 4.2 percent to 4.96 million, following a 3.8 percent drop in January while sales of condos shrank 6.5 percent to 0.580 million after a 1.6 percent rise. The median house price increased to $241,700 from $240,800 in January and the months’ worth of supply was steady at 3.4. In addition, the number of houses available in the market increased to 1.590 million. Year-on-year, existing home sales went up 1.1 percent. Existing Home Sales in the United States averaged 3925.48 Thousand from 1968 until 2018, reaching an all time high of 7250 Thousand in September of 2005 and a record low of 1370 Thousand in March of 1970.

 

CalendarGMTActualPreviousConsensusTEForecast
2018-01-2403:00 PMExisting Home Sales5.57M5.78M5.7M5.5M
2018-02-2103:00 PMExisting Home Sales5.38M5.56M5.6M5.63M
2018-03-2102:00 PMExisting Home Sales5.54M5.38M5.4M5.45M
2018-04-2302:00 PMExisting Home Sales5.54M
2018-05-2402:00 PMExisting Home Sales
2018-05-2402:00 PMExisting Home Sales MoM

 

United States HousingLastPreviousHighestLowestUnit
Building Permits1298.001377.002419.00513.00Thousand[+]
Housing Starts1236.001329.002494.00478.00Thousand[+]
New Home Sales593.00643.001389.00270.00Thousand[+]
Pending Home Sales-3.800.4030.90-24.30percent[+]
Existing Home Sales5540.005380.007250.001370.00Thousand[+]
Construction Spending0.000.805.90-4.80percent[+]
Housing Index0.300.501.20-1.80percent[+]
Nahb Housing Market Index70.0071.0078.008.00[+]
Mortgage Rate4.684.6910.563.47percent[+]
Mortgage Applications-1.100.9049.10-38.80percent[+]
Case Shiller Home Price Index204.45204.11206.52100.00Index Points[+]
Home Ownership Rate64.2063.9069.2062.90percent[+]

 

read more…

 

https://tradingeconomics.com/united-states/existing-home-sales