NEW DATA FROM THE S&P CORELOGIC CASE-SHILLER INDEX REVEALS REASONS BEHIND SLOWING GROWTH
Home prices in the U.S. grew 5.5 percent in September according to the latest S&P CoreLogic Case-Shiller National Home Price Index. This is the sixth consecutive month of slowing home price growth, which is now at its lowest level since January 2017.
US SINGLE-FAMILY RENTS UP 3.2 PERCENT YEAR OVER YEAR IN SEPTEMBER
- High-end segment rent growth accelerated and low-end segment decelerated in September 2018 compared with September 2017.
- Phoenix had the fastest rent growth in September.
Single-family rents increased 3.2 percent year over year in September 2018, up from a 2.7 percent increase in September 2017, according to the CoreLogic Single-Family Rental Index (SFRI). The index measures rent changes among single-family rental homes, including condominiums, using a repeat-rent analysis to measure the same rental properties over time. Single-family rents climbed steadily between 2010 and 2018. The increase in rents has ticked up in recent months, inching above a 3 percent year-over-year increases starting this June.
US SINGLE-FAMILY RENTS UP 3.1 PERCENT YEAR OVER YEAR IN AUGUST
- High-end segment rent growth accelerated and low-end segment decelerated in August 2018 compared with August 2017.
- Orlando and Las Vegas had the fastest rent growth in August.
FRANK NOTHAFT SHARED HIS FORECAST AT EPIQ 2018
While the nation has enjoyed nine straight years of economic growth and is on track to experience the longest expansion in U.S. history, the specter of the housing bubble and recession still lingers. At the EPIQ 2018 session “Economic Outlook & State of the Housing Industry,” CoreLogic Chief Economist Dr. Frank Nothaft revealed his forecast on the possibility of another housing bubble coming in the next few years.
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Single-family Rental: Rent and Vacancy Dynamics - Metros with low vacancy rates have faster rent growth
The single-family rental stock has grown by more than one-third over the past decade, and today there are as many rental homes in single-family properties as there are in large rental apartment buildings.
Riverside-San Bernardino-Ontario Experienced the Highest Year-Over-Year Rent Growth in September
- Overall Index pulled down by high-end segment
- Rent prices may be showing some early impacts of Hurricane Harvey
- Of 20 select metros analyzed, San Francisco and Miami were the only two to experience a decrease in single-family rent prices in September
National single-family rent prices climbed steadily between 2010 and 2017, as measured by the CoreLogic Single-Family Rent Index (SFRI). However, the Index shows year-over-year rent growth has decelerated slowly since it peaked early last year