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Friday Market Update for the Week of November 19th 2021

Happy Friday, Brian Manning here with the weekly update. So Monday of this week was a relatively quiet news day, not much to report there. Tuesday this week, we got the CoreLogic rental index. So this is for the month of September. It shows that rents were up 10.2% on a year over year basis. If you look at the breakdown of this for single family residences, they were up 12.7% and attached properties were up 7.8%. So if you’re an investor out there buying investment properties, definitely a good note here that you typically are going to get stronger appreciation on single family residences, and you’re going to get higher rents as well. So CoreLogic showing that. What’s interesting, though, is you know, you have CoreLogic showing up 10.2% of rents, apartments listed were up 16% in rents, but when you look at the CPI we got last week, that’s the consumer price index, the gauge of inflation that’s very heavily weighted with rents that are being paid across the US and the CPI said rents are only up 2.7%. So kind of crazy to see a government report that just says rents were up 2.7% where everything else we’re seeing is at double digits, so not sure how that’s getting misplaced there.

We also got the Cass Freight shipping index this week. So Cass Freight shows us the cost of shipping goods in between the United States, and that’s up 33% We’ve been talking about this for a while. Just really still seeing inflation everywhere. 33% cost of shipping goods increase, definitely a significant one. Wednesday of this week, we got a report from the NAFB. That’s the National Association of Homebuilders. Sorry, the NAHB and this is giving us feedback on buyer traffic which is up and strong and that just means there’s a lot of interest and people going to new construction home sites. As far as permits were concerned, single family residences were up 2.5% for the month and up 6% year over year, so still really strong new construction stats. Thursday this week, we got a report from the Atlanta Fed and their wage tracker just showing us that there’s still a tremendous amount of pressure on wages, it’s called wage pressure inflation, that’s at 13 year high, so still yet another place where we’re seeing yet more inflation and then today we just have stocks and bonds that are pretty much being impacted because of news coming out of Europe with new COVID lockdowns. I’m around all weekend – if you have any questions, let me know. I’d love to help you in any way I can. If you want to go through a strategic buyer consultation, run some numbers, get pre approved, whatever it is – call me on my cell phone, text me, I’ll help you in any way I can. Happy Friday. Have a great day.

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