The NAHB’s Eye On Housing says data from the latest Producer Price Index shows the prices of inputs related to residential construction (less food and energy,) rose for the 5th straight month.  Data shows that the non-seasonally adjusted index increased 0.21% in March following a 0.54% increase in February and a 1.25% in January, 2024. They point out that the index continues to grow at a faster rate than in 2023 as the average monthly change in 2023 was 0.15%. Click here to read the full report at the NAHB’s Eye on Housing.   The post Building Material Prices Continue to Rise appeared first on Real Estate Investing Today.

The Pacific Legal Foundation recently announced that the U.S. Supreme Court ruled unanimously that legislatures cannot use the permit process to coerce owners into paying exorbitant development fees.  They say this ruling is a major victory for property rights, remove costly barriers to development, and help combat the housing crisis.  The case began in 2016 when a man bought a vacant lot in rural El Dorado County, California, and planned to build a small home where he and his wife would live and raise their grandson. But he was told he would have to pay a so-called traffic impact fee of more than $23,000 in exchange for the building permit. The County claimed he was required to pay under local legislation that sought to shift the cost of addressing existing and future road deficiencies onto new development. The Court ruled that the case must return to the lower court to …

The National Association of Realtors is reporting that existing home sales were down 4.4% in march to a seasonally-adjusted annual rate of 4.19 million –  down 3.7% year over year.  Total housing inventory at the end of March was 1.11 million units, up 4.7% from February and up 14.4% from one year ago.  Unsold inventory sits at a 3.2-month supply at the current sales rate with properties remaining on the market for around 33 days.  The median existing-home price for all housing types in march was $397,200, up 4.7% from one year ago. “Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves…There are nearly six million more jobs now compared to pre-COVID highs, which suggests more aspiring home buyers exist in the market. Said NAR Chief Economist Lawrence Yun. Click here to read the full report at the National Association of …

If you’ve ever experienced a leaky toilet (especially by non-caring tenant) you know that it can be a big bill and may even cause serious damage.  Today’s graphic from the Infographics Zone illustrates the potential costs of a running toilet. They remind us that it’s essential to address any issues with your toilet promptly and make sure to turn it off when not in use.  Indeed…. Stay safe, make sure those toilets aren’t running and have a Happy Friday!!! “A continuously running toilet can waste hundreds of gallons of water every day, increasing your water bill and having a negative impact on the environment. Even a small leak in your toilet can waste up to 200 gallons of water per day, which can add up quickly over time. Not only does this waste valuable resources, but it can also result in higher water bills and potentially costly repairs.” Hat tip …

According to ATTOM’s 2023 Property Tax Analysis, for 89.4 million U.S. single family homes, $363.3 billion in property taxes were levied on single-family homes in 2023. That figure is up 6.9% from 2022, and almost double the 3.6% growth seen in 2022.  In 2023, the effective tax rate nationwide was 0.87 percent. In 2022 that figure was 0.83 percent.  ATTOM says that states with the highest effective property tax rates in 2023 were Illinois (1.88%), New Jersey (1.64%), Connecticut (1.54%), new York (1.46%), and Nebraska (1.46%). “Property taxes took an unusually high turn upward last year, pushing effective rates up, while huge gaps in average tax bills between different parts of country remained in place…The tax increases were likely connected, at least in part, to inflationary pressures on the cost of operating local governments and schools, along with rising public employee wages and other major expenses.”  Said Rob Barber, CEO …