This Surprising City Is the Hottest Market in the U.S. for the First Time Ever

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U.S. Job Growth Weakens While Unemployment Rises link

• In July 2024, U.S. employers added 114,000 jobs, the weakest monthly gain in over a year and below economist forecasts. This was part of a trend of slower job growth and came after revisions lowered May and June figures.

• The unemployment rate increased to 4.3%, the highest since October 2021, as 420,000 more people joined the labor force.

• Wage growth continues, but at a slower pace, with average hourly earnings rising 3.6% year-over-year in July, the lowest increase since May 2021.

This Surprising City Is the Hottest Market in the U.S. for the First Time Ever link

• Oshkosh, WI, now ranks as the most desirable U.S. housing market, with a median home price of $374,000—nearly $66,000 less than the national median. This affordability has driven buyer interest, with properties receiving 3.7 times more views than the national average.

• Homes in Oshkosh spend just 18 days on the market, significantly quicker than the national average of 50 days. Buyers from nearby cities like Milwaukee are flocking to Oshkosh for its lower cost of living and serene environment.

• The Midwest is dominating the hot housing markets, with Oshkosh leading the pack. The region's affordability and rising demand have kept inventory low, pushing Oshkosh to the top of Realtor.com’s July rankings.

Q2 Investment Sales Are Surging link

• Q2 2024 saw a notable increase in investment sales volume, up by 14% from Q1, signaling growing investor confidence. This is a positive shift after a challenging 2023.

• Industrial and multifamily sectors are leading the growth, with these asset classes accounting for over 60% of the total investment volume. This trend suggests sustained demand in logistics and housing.

• Investors are increasingly drawn to secondary and tertiary markets, where yields remain more attractive compared to major metros. This shift indicates a broader diversification strategy among investors.

Industrial real estate is seeing high-demand link

• Industrial real estate is facing high demand, particularly in logistics and warehousing, but a significant drop in new construction has led to a shrinking supply. This is creating tighter market conditions and pushing up lease rates.

• Developers are hesitant to start new projects due to rising construction costs and economic uncertainty, despite the robust demand. This is exacerbating the supply-demand imbalance.

• Major markets like Los Angeles and New Jersey are feeling the supply crunch most acutely, with vacancy rates falling and rental prices continuing to rise.

Yardi Matrix Says Multifamily Rent Growth is Weak link

• The average U.S. multifamily rent increased slightly by $4 in July 2024, bringing the total to $1,753. Year-over-year growth stayed flat at 0.8%.

• Although rent growth is weak compared to historical trends, it has remained consistent since the start of summer, indicating some underlying market stability.

• The national multifamily market is experiencing weak overall growth, but certain areas show resilience and potential for stronger future performance.

59% of Americans wrongly think the U.S. is in a recession, report finds link

• Despite strong economic indicators, 59% of Americans believe the U.S. is in a recession, driven by rising costs and financial stress. Many think the recession began in March 2023 and could continue until mid-2025.

• The term “vibecession” captures the disconnect between the actual economic performance and public sentiment. While the economy grows, many feel left behind due to increasing wealth disparities.

• Financial strain is growing, with 9.1% of credit card balances moving into delinquency in the past year. This reflects the challenges many face in managing debt as prices and interest rates remain high.

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13th century villa that in the 16th century belonged to Francesco del giancondo, the husband of the MONA LISA

Link to the listing

That's all, folks.

Cheers,

Vidit

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