I have to say, I’m glad it’s Monday. Here in Texas, we are looking forward to rising temps after a chaotic week of the second historic low temps across the entire great state of Texas.
Here’s a roundup on the real estate market:
Quartley Metro Housing Report Fourth Quarter 2020
• Existing home sales rose in January by 20.6% YoY for the City of Beaumont, and also rose 16.8% for Jefferson County YoY. Home sales continue to ascend as buyers quickly snatch up homes, active listings are down 24.1% YoY and down 20.4% YoY for Jefferson County.
• Months of inventory is down to 2.7 compared to 3.3 YoY. According to the National Association of Realtors, first-time home buyers were responsible for 33% of home sales in January, up 31% from December 2020. A whopping 5.64 million homes were sold in 2020, the most since before the Great Recession, which implies a ton of Millennials are currently getting a charge out of the advantages of homeownership.
• Building permits are up nearly 30% from a year ago. Signaling help is on the way? Deputy chief Odeta Kushi, an economist at First American says: “it's still not enough to significantly narrow the gap between supply and demand, but it’s a step in the right direction.” Lumber now costs more than double what it did last year. To see Beaumont-Port Arthur permit data click here.
New Credit System?
• President Joe Biden and his administration are pushing for public credit reporting. A way to revamp the three major credit reporting agencies and help eliminate racial biases. Although a clear plan has not been settled, it’s important to understand what difference will take place if this change truly happens.