Real Estate News 05/10/2024

Today’s News Synopsis:

BOXABL, the innovative housing/tech startup, is thrilled to announce that its revolutionary product, the Casita has received official approval for sale in the State of California

In The News:

Yahoo Finance – “BOXABL Gains Approval in California. Aims to Help Housing Market with Innovative ADU Solutions“ (05-08-24)

“California, known for its challenging housing market, has increasingly turned to Accessory Dwelling Units (ADUs) as a solution to its housing crisis. According to 2023 statistics, “ADUs are included in the single-family category of housing and comprised 19.7 percent of the state’s new housing, adding 22,802 units.” ”

Zillow –  “Renters Need to Make $80,000 to Comfortably Afford the Typical U.S. Rental (April 2024 Rental Market Report)“ (05-09-2024)

“U.S. rents continued to tick up in April. Rents grew 0.6% month over month, slightly slower than the pre-pandemic average for this time of year of 0.7%. The typical U.S. rent is now only a whisker away from $2,000, at $1,997, according to the Zillow Observed Rent Index. ”

Redfin –  “Housing Market Update: Record-High Monthly Payments Chill Spring Selling Season–But Declining Rates Could Boost Activity” (05-09-24)

“High home prices and rates sent home sellers and buyers to the sidelines in April and the start of May. But last week’s encouraging economic news drove mortgage rates down a bit, which could bring back prospective sellers and house hunters. ”

NAR – “April 2024 Commercial Real Estate Market Insights” (05-08-2023)

“The commercial real estate (CRE) market has seen few changes during the year’s first quarter. Vacancy rates were on the rise, and rent growth continued to decelerate across all market sectors. Specifically, the office vacancy rate reached new record highs, reaching almost 14%, while fundamentals in both the retail and industrial sectors decelerated. These trends reflect the persistent trends and challenges from the previous year that continue to influence the market.”

CNBC-  “Consumer sentiment tumbles as inflation fears surge, closely watched survey shows” (05-10-24)

“The University of Michigan Survey of Consumers sentiment index for May posted an initial reading of 67.4 for the month, down from 77.2 in April and well off the Dow Jones consensus call for 76. The move represented a one-month decline of 12.7%.”