Washington County, WI – These weeks are flying by and we’re on the cusp of my favorite season: fall. Last week was filled with a lot of educational opportunities, everything from mapping and real estate investments to marketing and helping a non-profit. This week looks to be even more packed with great opportunities.
Being in the real estate business I’m always consumed with facts and numbers. Below are 3 that I found super interesting:
- Sales of new homes recently came in at the weakest monthly level since 2018. Meanwhile, purchase applications are down 20% year-on-year. The rapid pace of rate hikes has also resulted in months of supply (the number of months it would take for the existing inventory of homes on the market to sell at the current sales pace) to jump to 4.1 from a record low of just 2.1 back in January of 2022. A housing market that is structurally undersupplied is going to be a lot less vulnerable to fewer sales. (Bloomberg)
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2. All-cash home purchases in the US hit 31.4% of all transactions in July 2022, just short of an 8-year high reached in February 2022.
3. Real Estate contributes almost $3 TRILLION worth of GDP with median wages around $41k per year….while Government contributes less – about $2.65 trillion – with median wages around $57k…….over 39% higher. (Construction adds about $900 billion to GDP with wages also higher than in real estate…..a median of $50.5k)