Montana’s population boom

New here? Join the newsletter (it's free).

Home-price growth has ‘stalled,’ Case-Shiller says link

• Home prices in 20 major U.S. cities rose just 0.2% month-over-month in September, with year-over-year growth slowing to 4.6%. This marked the slowest annual gain since September 2023, as high mortgage rates and unaffordability weighed on the market.

• New York led with a 7.5% annual price increase, while Denver had the slowest growth at 0.2%. The national index grew 0.3% for the month, with broader signs of deceleration.

• Median home prices reached $406,700 for resales and $426,300 for new builds in September. Housing demand still outpaces supply, but higher mortgage rates and record-high prices are cooling the pace of growth.

• click on the link to see the rest of the list

2025 apartment supply leaders, ranked by market link

• Over 500,000 new apartment units are expected across the U.S. in 2025, with New York leading at nearly 35,000 units. Despite the large number, New York's growth rate is modest at 1.8%, contrasting with Phoenix's 7% growth on 29,600 units.

• Smaller markets like Asheville, NC, are experiencing the fastest inventory growth at 13.3%, adding over 3,500 units. Huntsville, AL, and Wilmington, NC, are also notable with over 7% growth each.

• Major Sun Belt cities like Dallas, Austin, Charlotte, and Orlando are among key supply hubs, delivering between 14,000 to 27,000 units each. Los Angeles will peak at 19,400 units but with a growth rate of just 1.6%.

• click on the link to see the rest of the list.

Apartment retention rates surge link

• U.S. apartment lease renewal rates climbed to 54% as of October 2024, up 120 basis points year-over-year. This marks a continuation of a long-term upward trend, with retention rates steadily increasing since 2010.

• Minneapolis and Detroit saw the largest retention spikes, with rates rising over 400 bps. Other major cities, including Seattle and San Francisco, experienced increases exceeding 300 bps, reflecting a nationwide pattern.

• Markets with lower supply tend to see higher retention rates, while high-supply cities like San Diego and Austin recorded slight declines. San Diego's renewal rate dropped 80 bps, and Austin's fell 60 bps year-over-year.

Here’s what the rise of homeowners associations means for buyers link

• In 2023, 65% of new single-family homes were built within HOAs, up from 49% in 2009, reflecting their increasing dominance. These communities now house 75.5 million Americans, making up about 30% of the U.S. housing stock.

• HOA fees range from $100 annually to over $1,000 monthly, depending on location and amenities. Over half of homeowners report regular increases, adding to the financial burden of homeownership.

• Florida leads with the highest HOA membership at nearly 67%, affecting over 4 million homes. Dissatisfaction includes fee hikes and restrictive rules, with 1 in 3 homeowners citing grievances serious enough to consider moving.

Retailers’ physical stores becoming integral part of reverse logistics link

• Holiday retail sales in the U.S. are projected to reach $1 trillion this season, with 25% happening online. $160 billion of these online sales are expected to be returned, with return costs averaging 30% of a product’s value.

• The BORIS (Buy Online/Return In Store) strategy accounted for 50% of online returns in 2023, saving retailers on shipping and inventory costs. Consumers prefer the convenience of in-store returns, which often result in additional in-store sales.

• Retailers are modifying store layouts to make returns seamless, adding dedicated return zones to reduce long lines. These changes, coupled with proximity-focused expansion in neighborhood centers, aim to boost foot traffic and sales.

Montana’s population boom fuels higher home prices and sends young, longtime residents packing link

• Montana's population grew by 10% from 2010 to 2020, and another 5% between 2020 and 2023, but housing construction lagged behind. Median home listing prices have surged 85% in the last five years, hitting $646,975 in October 2024, the fifth highest in the U.S.

• Prices have risen fastest in Butte (92%), Helena (91%), Kalispell (85%), and Missoula (66%), outpacing Bozeman’s 57% increase. At $318 per square foot, Montana ranks as the eighth highest nationally and leads among landlocked states.

• Local incomes can’t keep up, making Montana the least affordable state based on income-to-price ratios. Young residents are increasingly leaving; many need substantial family help to afford homes, while others relocate to more affordable areas like Arizona.

Trump’s tax plans: housing credits ‘in play,’ and there’s buzz over a short extension for expiring cuts 

Baby boomers’ renovation needs are expected to accelerate

Student housing construction investment up in Q3 2024

Retail brands adopt targeted approach to store openings

Central Business Districts (CBD) office trends

The ripple effect of nursing shortages on healthcare real estate

Americans want a second passport and are willing to pay link

• Interest in dual citizenship spikes during political shifts, with Donald Trump’s recent election win prompting a 1,514% surge in U.S. searches on migration. Websites for UK and Italian citizenship services report a surge of inquiries, with Italy seeing new applications every three minutes.

• Citizenship-by-investment programs offer fast access to passports for investments ranging from $200,000 to $2 million, with Malta’s program granting European Union citizenship in 16-18 months for a $750,000 minimum. Other countries, like St. Kitts, channel funds into sustainable initiatives.

• Ancestral citizenship is a cost-effective route, with Italy, Ireland, and Poland leading due to lenient lineage rules. These countries allow tracing back to great-grandparents, with Italy offering unlimited generational eligibility provided the line remains unbroken.

Get Ready For Take-Off

Link to the listing

That's all folks. Let me know what you think of the email. Quite a lot went into it. If these emails aren't for you anymore, you can unsubscribe here.

Cheers,

Vidit

Instagram

P.S - Read past newsletters here