Nationwide rents fell another 0.7% in October, the third consecutive month of decline. A relatively weak rental market has now persisted for well over a year, characterized by increasing vacancy rates that are keeping rent growth in check. Year-over-year rent change has stabilized at -1.2% and is negative in 66 of the nation’s 100 largest cities.
For the latest data, see our full October Rent Report here. Some highlights include:
Rents in Mesa fell 0.9% in October, compared to a 0.7% decrease nationwide.
Year-over-year rent growth in Mesa now stands at -4.7%, down from +0.2% one year ago.
Since the start of the COVID-19 pandemic in March 2020, citywide rents have risen a total of 29.7%.
Today the median rent in Mesa is $1,218 for a one-bedroom unit and $1,405 for a two-bedroom unit.
And the citywide apartment vacancy rate stands at 6.2%, up 0.6 percentage points from this time last year.
If you have any questions or would like to hop on a call with one of our analysts to discuss the latest rental trends, please let me know!
US houses cost $425,000 in October, which is about as much as they did a year ago, according to a November 2 press release from Realtor.com. The firm said that price growth was flat — even as mortgage rates rose to a 23-year-high -- 8%
Home sellers are slashing prices in these 13 cities, and there's new evidence that houses will get even cheaper in early 2024
Homebuyers may finally get leverage in 2024, according to Realtor.com. MarkHatfield/Getty Images
US home prices were unchanged in October compared to 2022, though they may fall in early 2024.
Homeowners are reducing their asking prices at higher rates, according to Realtor.com.
Here are 13 cities where home prices are being dramatically marked down.
Home values have held up this year despite historically high mortgage rates, but a new report from Realtor.com suggests that property prices could fall under pressure in the coming months.
. . .Higher borrowing costs dampened demand, though it's possible homebuyers were worried that mortgage rates would soar even higher and wanted to buy before that could happen.
"While record-high mortgage rates are putting off many would-be buyers, decreases in both inventory and time homes spend on the market shows that some buyers are moving quickly to lock in rates before they can go any higher," said Danielle Hale, Realtor.com's chief economist, in a statement for the report.
Limited supply kept property prices afloat, as Realtor.com found that inventory fell 2% from October 2022. That marked the fourth straight month that listings declined from the prior year, Hale noted, adding that the number of homes for sale is down 39% since October 2019.
"Listing prices continue to be buoyed by scarce inventory, and while new home sales increased in September, construction activity isn't enough to fully bridge the low inventory gap," the report read.
Houses are hardest to find in the West and Northeast, according to Realtor.com.
Listings in those regions dropped 24.7% and 10.4%, respectively, from last October compared to a 4.8% slide in the Midwest and a 3.3% inventory gain in the South.
There were fewer homes on the market than last year in two-thirds of the 50 largest US metropolitan areas.
Home price softness may swing the market in buyers' favor
Although scarcity gives sellers leverage in most markets, their stranglehold over buyers may be nearing an end.
Homeowners are trimming asking prices at an increasingly high rate, Realtor.com found. The proportion of properties that have seen price cuts has steadily climbed on a month-over-month basis and reached 18.9% in October, according to the listing site. While that's down from a 21.5% clip last fall, it's materially higher than the pre-pandemic mark of 17.4%.
"While home prices stayed flat, the share of price reductions, while down year over year, continued to grow on a monthly basis, indicating that home prices could potentially soften in the coming months," the report read.
It's worth noting that those cuts haven't yet translated to widespread home price declines. Just five of the 50 biggest real estate markets in the US saw prices fall outright from 2022: San Antonio, Texas; San Jose, California; Memphis, Tennessee; Dallas, Texas; and Miami, Florida.
13 cities where sellers are cutting prices
While listing prices are falling across the nation, the trend is especially noticeable in the South and Midwest. Thirteen of the 50 largest US metro areas had a higher rate of homes with price cuts than last October, according to Realtor.com, and most were in those two regions.
Below are those 13 cities, along with the median home price, year-over-year growth for median home prices nominally and on a per-square-foot basis, the share of homes with reduced prices, and the growth of the share of homes with lower prices.
Honda isn't just a carmaker. Honda Motors established a wholly-owned subsidiary, Honda Aircraft Company, in August 2006 to produce light twin-engine private jets. Since the first delivery of its original HondaJet in December 2015, the planemaker has also produced the HondaJet Elite, the HondaJet Elite S, and the HondaJet Elite II. The popular plane has even lured in some A-list celebrities like Tom Cruise, who is a long-time pilot and bought the plane in 2019, the aviation non-profit advocacy organization AOPA reported.
Now, the company's latest business jet concept is expected to set industry records as the only light jet capable of transcontinental travel. Meet the HondaJet Echelon.
The HondaJet Echelon was originally announced as the HondaJet 2600 at an annual business aircraft convention in October 2021.
Rendering of the HondaJet 2600 when it was announced in 2021. Honda Aircraft Company
The annual NBAA Business Aviation Convention and Exhibition in Las Vegas is the stage for companies in the business aviation sector to show off their new stuff. At this year's NBACE conference, Honda gave the future light plane its Echelon name.
The company markets the aircraft as "a mid-sized jet experience in the light jet category."
The HondaJet Echelon with its new name written on the livery. Honda Aircraft Company
The plane is built larger than its predecessors and on "typical missions" the Echelon is designed to be 20% more fuel efficient than traditional light jets and over 40% more fuel efficient compared to mid-sized planes, according to Honda.
