“Spring adds new life and new beauty to all that is.”
– Jessica Harrelson
As we embrace the beauty of spring and all the joy it brings, we are also preparing to observe one of our nation’s most important holidays: Memorial Day. This special day, which falls on Monday, May 27th, 2024, is a time for us to honor and remember the brave men and women who have made the ultimate sacrifice for our country.
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In the first four months of 2024, the US added almost 250,000 jobs per month, defying economists’ expectations for weaker numbers. And in general, job growth equals apartment demand growth. (Bloomberg)
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Could raising capital gains taxes in Canada fuel more US home purchases? In 2023, more than 50% of U.S. home purchases by Canadians were in Florida, 14% in Arizona, and 4% in California, per the Royal Bank of Canada. Over 50% of the homes are vacation homes or short-term rental properties. (PENTA)
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Investors bought $31.7 billion worth of homes in the first quarter, accounting for 18.7% of U.S. homes sold – the highest share in nearly two years. In Miami (30.6%), Cleveland (24.6%), and Jacksonville (24.5%), the share of investor purchases was even higher. The market for more affordable entry-level homes is not merely budget-driven: empty nesters, first-time buyers, and investors are all competing for the same thing.
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The populations in the US between 2020 and 2023 shrank the most in New York City (6%) and San Francisco (7%) and grew the most in southern cities. San Antonio, Phoenix, Jacksonville, Houston, San Diego, and Dallas have grown the most. In all the regions but the West, bigger cities grew far faster than small towns. (Bloomberg)
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