The average price per unit for multifamily dwellings in Phoenix is $100,000-$149,999 & in West Palm Beach it’s $150,000-$199,000?
More Construction & A Possible Increase in Interest Rates
U.S. Bureau of Labor Statistics notes that February 2017 saw strong job creation, including those in the construction trades.
“Here are where some of the major gains in jobs occurred in February:
Construction: Increased 58,000
Professional and business services: Increased 37,000
Private educational services: Increased 29,000
Manufacturing: Increased 28,000
Health care: Increased 27,000
Mining: Increased 8,000
On the other hand, some industries saw a loss in jobs during February, such as retail trade, which lost 26,000 jobs, general merchandise stores with a loss of 19,000 jobs, sporting goods, hobby, book and music stores with a loss of 9,000 jobs and electronics and appliances stores with a loss of 8,000 jobs.”
Source: HousingWire, U.S.Bureau of Labor Statistics, ADP
Recommended Reading
Most professional books that are on my bookshelf are not what I would call recreational reading. It seems to me that a better idea would be two different categories of reading, professional and recreational book lists.
PROFESSIONAL READING LIST
- The Wall Street Journal
- John Mauldin’s weekly investment & economic newsletter, “Thoughts from the Frontline”
RECREATIONAL BOOK LIST
- The Choose Yourself Guide to Wealth by James Altucher
- The Miracle Morning, the Not-So-Obvious Secret Guaranteed to Transform Your Life Before 8AM by Hal Elrod
- Transitions, Making Sense Out of Life’s Changes by William Bridges
This post will be updated periodically.
Trusting the Economic Statistics on Real Estate
A recent article in Bloomberg News titled “Can You Trust Statistics on U.S. Housing” points out that the stats generated by the government are actually more like looking in the rear-view mirror due to the nature of the process of buying a house which can take months of preparation, actually viewing properties and then the negotiating and closing.
I would add that certain stats purport to measure the same thing, but have different methodologies. You definitely need to know the basis for measurement. By the time the numbers show a definitive uptick indicative of a trend, you may already be behind the curve.
Better to watch and analyze true job growth and where it’s happening!
