Moving patterns of Americans

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Home flipping declines and investor profits stumble across U.S. during third quarter of 2024 link

• The percentage of homes flipped dropped to 7.2% of all U.S. home sales in Q3 2024, down from 7.6% in Q2. This trend follows seasonal norms but reflects tightening profitability in the flipping market.

• Gross profits fell to $70,000 per flip, a $5,000 drop from Q2 and $10,000 from two years ago, with typical ROI at just 28.7%. This is less than half the 2016 peak of 56.3%, highlighting rising costs and stagnant resale prices.

• Flipping was highest in Warner Robins, GA (22.7%), and lowest in Seattle, WA (3.5%), reflecting regional disparities. Areas with low ROI included Austin, TX (4.5%), while Ocala, FL, led returns with 141.5%.

Office, multifamily sectors set to benefit from solidifying labor market link

• The U.S. economy added 227,000 jobs in November, pushing total job growth for 2024 past 2 million. This growth supports commercial real estate demand, especially in office and multifamily sectors.

• Apartment absorption hit its third-highest level on record as education, health services, and public sectors added 112,000 jobs. Lower delivery volumes are expected to improve rent growth and reduce vacancies.

• The 10-year Treasury yield fell 30 basis points to 4.1%, improving financing prospects for commercial real estate. This trend could ease lending costs and stimulate transactions if it continues.

The luxury housing market is booming despite larger stagnation link

• Luxury home sales priced at $1 million or more increased by 5.2% in early 2024, with median prices surging 14.2%. This contrasts sharply with the broader market, which saw a 12.9% drop in home sales and only a 5% rise in median prices.

• Nearly 50% of luxury purchases in the first quarter of 2024 were made in cash, making the segment less sensitive to high mortgage rates. Wealthy buyers are benefiting from stock market gains, with the S&P 500 up 26.9% and the Dow Jones up 17.9% this year.

• Generational wealth transfers of $31 trillion over the next decade are expected to fuel luxury real estate demand. Most beneficiaries are older Millennials and younger Gen Xers, with $20 trillion going to just 155,000 individuals.

Moving patterns of Americans link

• About 24.4 million Americans moved last year, the lowest figure in 25 years, with 13 million seeking new or better housing. Job-related relocations accounted for 5 million moves, reflecting ongoing flexibility in work arrangements.

• Midwest cities like Chicago, Akron, and Kansas City attracted movers for affordable and quality housing, while Albany, NY, and Buffalo drew younger people starting households. In the Southeast, hotspots included Chattanooga and Little Rock, while Los Angeles and Portland ranked high in the West.

• Southeastern metros such as Augusta, GA, and Fayetteville, NC, led in job-driven moves, bolstered by growing tech and manufacturing industries. Retirees favored Worcester, MA, and Florida cities like Orlando and Tampa for access to health services and lifestyle perks.

Here are the best U.S. cities for singles

• Atlanta ranked as the best city for singles due to its vibrant nightlife, shopping, and social scene, with over 69% of its population being single. WalletHub's study also highlighted Atlanta's strong showing in "fun and recreation" metrics.

• Las Vegas and Seattle followed in the rankings, with Las Vegas benefiting from affordable amenities like gym memberships and Seattle boasting a high median income of over $80,000, making dating more accessible.

• Pearl City, Hawaii, ranked last among 182 cities, reflecting limited dating opportunities in small towns. However, Honolulu, just a short drive away, was ranked 22nd, offering better options for singles.

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Big changes could be coming to Airbnb next year link

• Airbnb plans to reinvent its Experiences section by 2025, focusing on physical community and in-person engagement. CEO Brian Chesky believes this shift will differentiate Airbnb in a digital-heavy era.

• Chesky argues that AI has yet to significantly change people's physical lives but predicts its transformative impact in the long term. He compares this period to the early internet era, emphasizing the potential for physical-world applications.

• Since the pandemic, Chesky has adopted a hands-on leadership style, overseeing 75-80 projects weekly. He remains accessible to employees through group meetings and individual calls to maintain transparency and mentorship.

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A windowless house.

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Vidit

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