The U.S. housing market saw significant developments in 2024, with single-family construction leading the way in growth. Over the first nine months of the year, a total of 763,990 single-family permits were issued nationwide, marking a 10.1% year-over-year (YoY) increase from 693,908 permits during the same period in 2023.

Regional Trends in Single-Family Permits

Year-to-date (YTD) ending in September 2024, all four regions of the United States experienced growth in single-family permits. The West saw the largest increase at 15.8%, followed by the Midwest with an 11.8% rise. The Northeast matched the national growth average of 10.1%, while the South saw a 7.8% increase.

Among states, 46 and the District of Columbia reported increases in single-family permits. New Mexico led the pack with a 43.6% surge, while Oregon posted the smallest increase at 0.4%. Four states experienced declines: Maryland (-1.5%), New Hampshire (-1.6%), Alaska (-4.3%), and Hawaii (-7.7%).

Texas continued to dominate in single-family construction, issuing 122,976 permits, a 10.5% increase compared to 2023. Florida and North Carolina followed as the second and third highest states, with Florida seeing a modest 1.7% rise and North Carolina reporting an 8.5% increase. Collectively, the top ten states accounted for 63.1% of all single-family permits nationwide.

Multifamily Permits: A Mixed Picture

The multifamily sector painted a different story, with nationwide permits falling by 16.4% YTD in September 2024 compared to the same period in 2023. A total of 362,543 permits were issued, down from 433,862 the previous year.

While most regions saw declines, the Northeast bucked the trend, posting a robust 30.1% increase, largely driven by activity in New York. The West experienced the steepest drop at 31.7%, followed by the South (-20.7%) and the Midwest (-8.4%).

At the state level, 17 states recorded growth in multifamily permits, while 32 states and the District of Columbia reported declines. Rhode Island stood out with a sharp 134.6% increase, rising from 309 to 725 permits. In contrast, the District of Columbia experienced the largest drop, declining by 70.5% from 2,600 to 766 permits.

The ten states issuing the most multifamily permits accounted for 63.2% of the total permits. Texas led with the highest number, but its multifamily permits fell by 27.5%. Florida and California, ranking second and third, saw declines of 27.0% and 33.4%, respectively.

Local Highlights and Metropolitan Data

At the metropolitan level, significant activity was recorded in top markets for both single-family and multifamily permits. Metro areas in Texas and Florida continued to feature prominently for single-family growth, while New York and select markets in the Northeast supported multifamily expansion despite the overall downward trend in this sector.

Implications and Outlook

The divergent trends in single-family and multifamily permits reflect shifting priorities in the U.S. housing market. Single-family construction has rebounded strongly, driven by growing demand and regional variations, while multifamily development faces headwinds due to higher borrowing costs and economic uncertainties.

These trends highlight the need for adaptive strategies in the housing sector, balancing consumer preferences for single-family homes with ongoing demand for affordable and urban housing solutions. As the year progresses, local and state-level housing policies will likely play a pivotal role in shaping the future of both sectors.

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Folsom Mayor Lance Willie expressed excitement about the village's forthcoming $100,000 grant, marking the first significant state funding for the town in nearly two decades. Announced during the Board of Aldermen meeting on September 9, the grant promises to breathe new life into the park located behind Town Hall. Willie credited newly elected state representative Peter Egan for securing the funds, which were included in Act 776 of the State Legislature's 2024 Regular Session to provide state aid for local government recreation improvements.

The park, situated off June Street between La. 40 and Rosa Cryer Street, has been a focal point for Folsom's community. The property, donated several years ago, already features a covered pavilion ideal for hosting events like weddings and family reunions. A walking trail around the park's perimeter also attracts residents seeking outdoor activities. However, additional upgrades are necessary to fully realize the park's potential.

One of the immediate projects underway is the construction of restrooms on the property. The Board of Aldermen previously allocated $40,000 for the project, but most contractor bids exceeded the budget. A bid from Covington-based Tru Consulting and Contracting, slightly over the allocated amount at $47,959, was approved, and construction is set to begin this month.

The $100,000 grant will fund further enhancements, with a portion likely earmarked for lighting to improve safety and usability. Mayor Willie also envisions adding playground equipment to create a family-friendly environment for children during events like fundraisers and cook-offs. He highlighted the need for a fenced-off playground to provide entertainment for kids while adults attend activities at the pavilion.

Board member Jill Mathies suggested seeking public input on park amenities to ensure the upgrades meet community needs. Willie agreed and noted his discussions with St. Tammany Parish Recreation District No. 12 to coordinate efforts and avoid duplicating features available at Magnolia Park. This collaborative approach aims to maximize the park's value to Folsom residents.

In addition to park improvements, the September 9 meeting introduced annual cost-of-living pay increases for Folsom Police Chief Shilo Bruhl and Town Clerk Margra Steele. Chief Bruhl currently earns $49,140, and Clerk Steele earns $42,255 annually. These adjustments reflect the village's commitment to supporting its municipal staff alongside infrastructure investments.

The $100,000 grant represents a significant milestone for Folsom, offering an opportunity to enhance community spaces and strengthen connections among residents. With careful planning and public input, the park behind Town Hall is poised to become a vibrant hub for events and recreation.

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Many prospective homebuyers awaited the Federal Reserve's meetings in September and November, hoping for relief from the soaring interest rates that have defined the post-pandemic housing market. While the Fed delivered rate cuts—50 basis points in September and another 25 in November—the expected respite for homebuyers failed to materialize. The affordability crisis persists, with some borrowing costs rising even after the September cuts. Treasury yields, which significantly influence mortgage rates, surged following Election Day, reflecting investor concerns that the tax and tariff policies under a Trump presidency could fuel inflation and maintain high borrowing costs.

For those grappling with whether to transition from renting to owning, it is essential to consider whether buying a home aligns with your financial and personal priorities in this challenging market.

Homeownership has always been an expensive endeavor. Beyond the allure of a fixed monthly mortgage payment, owning a home brings additional financial responsibilities. Buyers often underestimate these costs, focusing solely on their monthly mortgage payment without accounting for the broader implications. Ownership includes expenses such as property taxes, homeowners insurance, HOA or condo fees, regular maintenance, and potential renovations or repairs. Once these are factored in, the financial advantage of buying over renting may not hold up.

Renting isn't necessarily the better option by default either. The decision between renting and buying is nuanced and depends on factors like affordability, long-term plans, and personal goals.

To evaluate the choice more effectively, consider three key questions:

How much of your income will go toward housing? A general benchmark is to keep total housing costs, whether renting or buying, at 25% or less of your gross income. This threshold allows for a balance between paying for housing and maintaining sufficient cash flow for other expenses, savings, and discretionary spending. Spending more than this can strain your financial health and limit your ability to achieve other goals. Compare the costs of renting versus buying and assess how each aligns with your income.

How long can you commit to living in one place? Homeownership makes sense when you plan to stay in one location for at least five years. This time frame allows you to build equity and offset the significant transaction costs associated with buying and selling real estate. For those with uncertain plans or a likely move within a few years, renting may be the better option, as real estate is a highly illiquid asset that can be challenging to sell quickly in a volatile market.

What do you actually want? Cultural narratives often paint homeownership as the ultimate financial goal, but this ideal doesn't suit everyone. Renting offers flexibility and fewer obligations, while buying provides the potential for equity building and long-term stability. Ultimately, the decision should reflect your unique needs, preferences, and financial goals. If you are content with renting, prioritize saving and investing to build a robust financial foundation. If buying is important to you, create a strategic plan to make it a reality.

The choice to buy a home should be deliberate, guided by your priorities rather than societal expectations. Homeownership is a significant commitment that requires careful planning and financial readiness. Whether you decide to rent or buy, the key is to ensure that the decision supports your overall financial health and aligns with your lifestyle and aspirations.

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Homebuying During the Holidays Can Be a Season of Opportunity or Added Stress

As November unfolds and the holiday season approaches, inflation has cooled from recent highs, and interest rates have edged down following the Federal Reserve's latest adjustments. These shifts have made this expensive time of year a bit more manageable for American consumers. But with these changes, many are asking: Is now the right time to make a big financial move, like buying a house?

Experts suggest that while the holiday season offers some unique opportunities for buyers, it also comes with challenges. Here's a closer look at the pros and cons of homebuying during the holidays.

The Pros of Holiday Homebuying

Less Competition and Lower Prices

Winter typically sees fewer buyers in the market, as many families aim to complete their home purchases before the new school year. This seasonal slowdown can work to your advantage.

"With fewer buyers actively looking, there's less competition, which can mean fewer bidding wars and an easier time securing a home," says Smitha Ramchandani, a broker associate with Christie's International Real Estate Group.

The result? More negotiating leverage for buyers. "During the holiday season, sellers are often eager to close quickly, leading to price reductions or flexible terms," Ramchandani adds. Data supports this: In 2023, the median home sale price fell by 1.1% between October and November and again in December. Nearly 19% of listings saw price drops in November alone, according to Redfin.

Tax Advantages

Buying a home before year-end could also bring tax benefits. "Buyers can claim deductions for mortgage interest, property taxes, and closing costs, which may reduce their tax burden for the current year," Ramchandani explains.

However, these deductions require itemizing your tax return, so it's important to calculate whether the benefits outweigh the standard deduction.

Better Access to Professionals

The holiday slowdown can also mean better service. With fewer clients, real estate agents, inspectors, and lenders may be more attentive and accommodating.

"Buyers during this time might expect a higher level of attention from every service provider," says Douglas Wagner, director of brokerage services with BOND New York Properties. Sellers and their agents are often more flexible as well, eager to schedule showings and close deals before the year ends.

The Cons of Holiday Homebuying

Fewer Listings

While buyers are less active during the holidays, so are sellers. Many homeowners hold off on listing their properties or temporarily withdraw their homes from the market, creating fewer options for buyers.

"Some sellers avoid the disruptions that come with being on the market during the holidays," says Wagner.

However, Bret Weinstein, founder of Guide Real Estate, notes that this season may be different. "Mortgage rates have bounced back a bit, creating a surplus of holiday inventory and significant room for negotiation," Weinstein says.

Scheduling Challenges

Holiday schedules can complicate the homebuying process. Coordinating with agents, inspectors, lenders, and attorneys can become tricky with vacations and festivities.

"Flexibility and planning ahead are essential," says Maria Avellaneda, an associate broker with Keller Williams NYC. Without preparation, delays could occur.

Added Stress

Balancing a home purchase with holiday obligations — from gift shopping to family gatherings — can be overwhelming.

"Buying a home during the holidays adds a layer of stress to an already busy season," says Louis Adler, co-founder of REAL New York. Still, Adler notes that for some buyers, the benefits can outweigh the stress, especially given the potential for lower prices and better terms.

While the holidays may not be a conventional time to buy a home, they offer unique advantages, such as reduced competition and potential cost savings. However, these benefits must be weighed against challenges like limited inventory, scheduling difficulties, and added stress.

For buyers tempted to wait for further rate reductions in 2025, experts warn that as rates drop, demand will likely increase, potentially driving home prices higher.

Ultimately, the decision comes down to your financial readiness and personal circumstances. If you're uncertain, consult with a local real estate agent, loan officer, or financial advisor to evaluate your options and make the best decision for your situation.

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Down payments on homes saw an unexpected decline in the third quarter of this year, even as buyers flocked to the market, driven by lower mortgage rates. Realtor.com's latest report revealed that the median down payment dropped to $30,300 in the third quarter, down from $32,700 in the second quarter. Historically, the third quarter tends to see the highest down payment amounts, making this year's trend particularly surprising. Despite the recent dip, the current median down payment is still more than double the pre-pandemic level.

Down payments often serve as a barometer for home prices, with many buyers typically putting down 20% of the purchase price. However, they remain a challenge for first-time buyers, who usually contribute smaller amounts. The decrease in down payments is not entirely aligned with the lower mortgage rates, and it is unclear whether the trend will persist. Hannah Jones, senior economic research analyst at Realtor.com, noted, "It is too early to tell if this is the beginning of a lasting downward trend in down payments. Easing mortgage rates may bring more buyers back into the market, potentially increasing competition—and down payments—once again if for-sale inventory fails to keep pace with demand."

Mortgage Rate Decline Sparks Housing Market Rebound

In September, mortgage rates hit their lowest levels in two years, coinciding with the Federal Reserve's first interest rate cut since 2021, when rates were slashed to near zero. This sparked a surge in home-buying activity, with mortgage locks increasing nearly 70% on September 23 compared to a month earlier, according to data from Optimal Blue analyzed by Redfin.

The rate cut broke the housing market out of a standstill that had persisted as homeowners hesitated to sell, unwilling to exchange the ultra-low pandemic-era mortgage rates for the higher rates available earlier in the year. Following the Fed's move, homeowners felt renewed confidence in the market, leading to a spike in listings. In September, more homes were listed for sale than in any other month over the past three years.

Experts initially hoped that the increased inventory would help curb competition and lower housing costs. However, mortgage rates began inching back up in the weeks following the rate cut, according to Freddie Mac. While rates remain lower than at the start of the year, their recent upward trajectory may temper some of the market's newfound momentum.

This combination of factors highlights the delicate balance between mortgage rates, inventory levels, and buyer demand, which will continue to shape housing market trends in the months ahead.

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The Town of Abita Springs may be small, but its spirit of environmental stewardship is mighty, thanks to the local organization Keep Abita Beautiful. Since its establishment in 2018, this group has garnered significant recognition for its dedication to litter prevention and community betterment, earning awards, grants, and praise for its innovative programs aimed at creating positive change in their town, state, and beyond.

Recently, Keep Abita Beautiful was one of twelve organizations in Louisiana to receive a Healthy Communities Grant from Keep Louisiana Beautiful. The $7,912 grant is funding several impactful initiatives to address litter and promote sustainable waste management. Sandra Slifer, the nonprofit's president, expressed enthusiasm for the partnership, emphasizing its role in fostering environmental responsibility and community engagement.

The grant is supporting multiple projects, including the design and construction of permanent anti-littering signs, sponsorship of two glass recycling events, and the purchase of new recycling cans marked with clear decals for proper waste sorting. Additionally, signage for three key programs of Keep Abita Beautiful is being developed to further their mission of environmental education.

The benefits of these efforts were already evident during the Abita Fall Fest on October 11 and 12. Volunteers from Keep Abita Beautiful utilized the new recycling cans to collect and recycle approximately 30 cubic yards of waste, demonstrating the tangible impact of their work in real-time.

Educational programs are a cornerstone of Keep Abita Beautiful's mission. Their "Recycle What?!" initiative simplifies recycling for the community by clarifying which items can be recycled, reducing confusion and encouraging participation. From cleaning supplies to personal care items, residents are guided to save these items for designated recycling days instead of discarding them as trash.

The organization's Better Choices Initiative highlights waste reduction strategies shared by locals, inspiring others to adopt similar practices. For instance, they encourage using reusable containers for leftovers at restaurants, showcasing simple but effective ways to minimize waste.

Puppets with Purpose is another standout project. Originally created by Keep Mandeville Beautiful, this program continues to thrive in Abita Springs. Through engaging puppet shows featuring original scripts and songs, young audiences learn about the importance of litter prevention and recycling. These performances, held at schools, farmers markets, and other venues, make environmental education entertaining and accessible for all ages.

Keep Abita Beautiful's commitment to fostering a cleaner, greener community is a testament to the power of grassroots efforts. By combining education, innovation, and volunteerism, they demonstrate that small towns can lead the way in making a big environmental impact.

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1. Keep an Eye on Your Roof

Your roof is your home's first line of defense against the elements. While a pre-purchase roof inspection might give you peace of mind, it's vital to stay vigilant, especially if the roof is nearing its 20-year lifespan. Check for loose or missing shingles, and be alert to ceiling stains that may signal leaks. Roof repairs can cost between $350 and $1,800, while a complete roof replacement can run from $6,000 to $12,000 depending on materials and size. Regular inspections can help you address small issues before they turn into significant expenses.

2. Tend to Your Yard and Trees

A beautiful yard enhances your home's value and curb appeal, but it requires regular upkeep. Large trees add charm and privacy, yet overgrown branches or unhealthy roots can lead to damage. Hire a landscape professional to prune branches away from your house and consult an arborist to assess the health of your trees. Dead or weakened trees can pose risks during storms, and their roots might interfere with plumbing or pavement. Pruning services typically cost between $500 and $2,000 depending on tree size.

3. Upgrade Home Security for More Than Safety

Modern home security systems offer much more than theft protection. With advanced features like water and smoke detectors, these systems can alert you to hidden risks, such as leaks or fire hazards, before they escalate. Upgrading your home security is a worthwhile investment that provides peace of mind and helps prevent expensive repairs.

4. Protect Your Basement from Water Damage

If your home has a basement, ensure it's properly sealed to keep water out. Foundation cracks, particularly horizontal ones, may signal groundwater pressure and require professional attention. Regularly inspect basement windows, floors, and walls for any signs of leaks. For homes with sump pumps, check them quarterly to ensure they activate when needed. Don't forget to monitor drains for debris, which could indicate sewer line backups—an issue that's best addressed early.

5. Maintain Your Water System

Your home's plumbing system is vital but often overlooked. Familiarize yourself with the locations of the water shutoff valve and meter for emergencies. Periodically check under sinks and around toilets for leaks, and ensure all seals are intact. Have your water heater inspected annually to flush out sediment buildup, which can extend its lifespan. This preventative maintenance typically costs around $200 and can save you from the hefty expense of replacing the unit prematurely.

6. Upgrade and Care for Your Windows

Windows do more than offer a view—they're integral to energy efficiency. The U.S. Department of Energy reports that inefficient windows can account for 25%–30% of your home's heating and cooling energy use. Replacing older windows with energy-efficient models featuring thicker panes can significantly reduce energy bills while improving indoor comfort.

7. Invest in HVAC Maintenance

Your HVAC system works year-round to keep your home comfortable. While changing air filters and bleeding radiators are tasks you can handle, leave in-depth maintenance to professionals. Many HVAC providers offer annual service plans, ensuring your furnace is prepped for winter and your AC is ready for summer. This service generally costs between $200 and $400 annually but can extend the life of your system and prevent costly breakdowns.

By staying proactive and addressing these key areas, you'll not only protect your investment but also create a home that's safe, efficient, and a joy to live in. Showing your house some love today means fewer headaches and more peace of mind tomorrow.

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Is Now a Good Time to Buy a House?

The real estate market is in a unique position, with mortgage rates remaining stubbornly above 6% despite the Federal Reserve's recent interest rate cuts. This situation leaves many prospective buyers wondering if it's the right time to make a move. While market conditions, including rising home prices and limited inventory, can complicate the decision, the choice ultimately depends on your personal financial situation and long-term goals.

Mortgage rates have edged above 6.5% after briefly dipping in late September. Although these rates are significantly higher than the record lows of sub-3% seen during the pandemic, they remain below the historical average of 7.72% over the past 52 years. While this may seem like a modest silver lining, potential buyers should use tools like mortgage calculators to determine if the monthly payments align with their budget.

Home inventory has seen modest improvement, with listings up nearly 34% compared to last year, according to Realtor.com. However, new homes come at a premium, with median prices exceeding $426,000. Additionally, home values are rising, with prices up 4.5% year-over-year. This persistent supply-demand imbalance means buyers should remain vigilant for price reductions and negotiate effectively to secure the best deal.

Buying a house is a significant investment, requiring steady income, a solid credit score, and sufficient savings. Mortgage lenders typically look for a debt-to-income (DTI) ratio below 36%, though some exceptions allow up to 50%. A robust emergency fund and a down payment of at least 3%—preferably 20% to avoid private mortgage insurance—are also essential.

Consider your personal timeline. Buying a home is a medium- to long-term investment, so think about where you want to be in five years. Are you confident in your job stability and location? Homeownership involves additional costs like property taxes, maintenance, and potential moving expenses, so it's important to weigh the pros and cons carefully.

If you find a home you love at a price you can afford, buying now may make sense, especially if you're prepared to commit to the current mortgage terms. While you can refinance later if rates drop, it's crucial to be comfortable with the loan terms on closing day. For those hesitant due to high rates, expanding your search to new construction or homes with recent price reductions may offer better opportunities.

Navigating today's real estate market requires a combination of smart planning and flexibility. Whether you decide to buy now or wait, it's essential to focus on what makes sense for your financial situation and long-term goals. Relentlessly shop for the best mortgage rates, consult multiple real estate agents, and remain informed about market trends to make a well-rounded decision.

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Christwood Atrium Gallery to Host New Exhibit Featuring Southeastern Artists

The Christwood Atrium Gallery in Covington is set to showcase a new art exhibit featuring the works of two Southeastern artists, marking the start of a partnership between the Atrium and the Saladino Gallery, also located in Covington.

The exhibit will highlight the art of Phyllis Beiser from Mississippi and Carol Hallock from Louisiana, both represented by gallery owner Danny Saladino. The opening reception will take place on Saturday, September 14, from 4:30 p.m. to 6:30 p.m., offering attendees a chance to meet the artists and enjoy refreshments. The event is open to the public.

"This partnership is significant not just for the Christwood community but for the broader arts community as well," said Ann Loomis, curator of the Christwood Atrium Gallery and the driving force behind the collaboration. "It will raise the gallery's profile within Louisiana's art scene and attract larger audiences to our exhibits, ultimately benefiting regional artists. It also reinforces our strong commitment to supporting local talent."

Saladino also expressed enthusiasm about the collaboration, emphasizing how it enhances exposure for the more than two dozen artists he represents. "The Christwood Atrium is a beautiful and expansive venue, offering more than 5,800 square feet of gallery space. I look forward to showcasing my clients' works in such an impressive setting," he said.

Phyllis Beiser, who has lived on the Mississippi Gulf Coast for two decades, draws inspiration from the region's vibrant natural surroundings. "Everywhere I look, there is color and life. Compositions begin forming, and I strive to capture on canvas what I see," Beiser shared.

Carol Hallock, who splits her time between a stilt house in Louisiana and a 40-acre property in southern Mississippi, often paints scenes of bayous and marshes from her kayak. One of her favorite subjects is "Geraldine," an egret she frequently encounters in her surroundings.

The Christwood community is located at 100 Christwood Blvd., accessible via the Brewster Road entrance. The Atrium Gallery is open to the public from 9 a.m. to 5 p.m., Monday through Friday.

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