Welcome to the BYTE, where we serve up the latest home and tech news from the last week for you to sink your teeth into.
This week we’re taking a BYTE out of housing’s top markets, 2018 housing trends, housing’s new normal, the summer heat, and a possible solution to the construction labor shortage. Dig in!
Across the country there are similar songs being sung in the housing market: rising prices, low inventory, etc. We’re going to take a closer look at some major U.S. cities and what exactly is happening there.
What’s Going On?
Seattle finally has over a months’ worth of inventory. 1.2 months to be exact, nearly double what they had last year. This is the first time it has had more than a month of inventory since September 2016.
Denver is officially booming, with Miami, San Francisco, and a few other cities in the early stages of a boom.
California dropped out of Realtor.com’s Top 5 Hot Markets for the first time in six years. Midland, TX, Columbus, OH, and Boston, Mass took the top spots in June.
In terms of migration, major cities such as Chicago, LA, and Detroit are seeing the highest numbers of people leaving their cities.
According to Forbes, there are 15 major trends effecting real estate this year. Some of the top trends are: Blockchains, the return of co-ops especially in big, dense cities, and millennials finally buying homes. Other major trends touched on are, how Texas is growing like crazy. Visual marketing tools, such as virtual staging, drones, and interactive floor plans, are being used much more frequently. Also how could they leave out the continuing rise of the single-family rental asset companies? 3.6 million single-family rentals have been added from ’06-’16.
What Is Normal?
From 2003-2006 first time buyers, around 25 years-old, made up 60% of new home sales. Now first time buyers are 33 and only make up 40% of new home sales. Most cities are averaging about 50% less permits than they were in ’03-’06. If the 25 years-old’s now were buying, as the previous generation did, permits would be almost equal.
Hot Hot Hot
In some not so fun news, extreme heat now causes more deaths in U.S. cities than any other weather event combined. Heat waves are getting more dramatic around the U.S. and cities are capturing and holding onto the heat because of how they are designed. Cities, such as LA, are working to redesign the city and communities to help them stay cooler.
According to the National Association of Women in Construction, women make up only 9% of the overall workers in the industry. Since unemployment is so low everywhere right now, they are pointing to women as a way to ease the strain many construction sites are dealing with because of a lack of workers.
Happy 4th of July!
The 4th is great, you get time to spend with friends and family and watch some fireworks. However, not everywhere is allowed to have fireworks, because of severe droughts, so here is a look at their Drone “Firework” display.