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Americans Choose Real Estate as Best Investment – for the 12th year in a Row

Even Big Banks Are Getting Hurt By CRE, Where Living is most expensive and 8 more real estate insights.

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Macro Trends

Labor Market Continues to Gradually Moderate

  • Despite the uptick in May’s job openings which increased to 8.14 million, the labor market continues to normalize with the ratio of job openings per unemployed, for example, nearly at parity with its 2019 average.

  • ADP’s private sector employment increased by 150,000 jobs in June while pay gains for job-stayers rose by 4.9% YoY – the slowest pace of growth since August 2021.

  • Initial jobless claims increased to 238,000 for the week ending June 29th ; still, the figures remain below pre-pandemic levels and are indicative of a healthy labor market that has seen mass layoffs kept at bay.

  • Total nonfarm payrolls came in stronger-than-expected at 206,000 jobs while the unemployment rate ticked up by one-tenth of a percent to 4.1%. The streak of 30 consecutive months at or below 4.0% is over.

  • Job growth has been primarily concentrated in three industries – health care, government, and hospitality – which on average, contributed nearly 80% to the total nonfarm payroll gains over the trailing twelve months ending June 30, 2024.

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Real Estate Trends

Multifamily Market Logs Encouraging H1 Performance link

  • The national median home price increased by 7.3% in the first half of the year, reaching a new high of $360,000. This rise is indicative of strong demand and limited supply in the multifamily housing market.

  • The rental vacancy rate has held steady at around 6.6% for nine months, the highest level since 2021. This suggests a balanced market where demand is high but not overwhelming supply.

  • Creative financing strategies are becoming more prevalent as buyers face higher financing costs and conservative rent growth projections. This trend is particularly noted in markets like Chicago and Dallas/Fort Worth, where buyers and sellers are adapting to tighter financial conditions.

Even Big Banks Are Getting Hurt By CRE link

  • Larger banks, initially seen as less exposed to CRE risks compared to smaller banks, are now experiencing significant issues with delinquent and nonaccrual loans. This shift is based on Q1 data from S&P Global Market Intelligence.

  • The Wall Street Journal reports that larger banks hold substantial portions of their loan portfolios in risky CRE debt. This highlights a growing concern across the financial sector about the stability of these investments.

  • Smaller banks often focus on multifamily projects and owner-occupied properties, which tend to be more stable. In contrast, larger banks' CRE loans are more vulnerable due to reliance on fewer, longer-term tenants.

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More than 25% of retired investors are paying down mortgage, credit card debt link

  • 26% of retired investors are still paying off mortgages, and 25% are tackling credit card debt, highlighting ongoing financial obligations post-retirement. Inflation exacerbates these challenges, with 22% concerned about affording monthly bills.

  • Economic pressures are altering retirement lifestyles, with 39% of retirees cutting back on entertainment and 34% reducing leisure travel. This reflects a significant shift in expected retirement activities.

  • 63% of retired investors now have strategies to mitigate market risks, up from 54% last year. This proactive approach includes more frequent consultations with financial advisors for long-term planning.

One Chart

Americans Choose Real Estate as Best Investment – for the 12th year in a Row


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June 2024 Hottest Housing Markets Based on Per Listing Views

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Off Topic

Where Living Is the Most Expensive


Unreal Real Estate

Who wants an adorable Victorian Cottage in New Orleans?

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