OMG – is it 2018? Happy New Year!
That’s how many US zip codes Amazon says it delivered Instant Pots to in 2017. (Including mine! I’ve found it to be $99 well spent.) Amazon now has 100 million products available for 2-day delivery, and it shipped 5 billion items through Amazon Prime last year. According to Fortune, Amazon had 90 million US-based Prime subscribers as of October 2017. If you divide 5 billion items by 90 million, it seems each subscriber bought more than an item each week from Amazon? I can believe that.
In a survey of 300 home building executives by John Burns Consulting, 40% complained about the rising cost of land, labor and materials. In the Northwest, delays were cited as another concern, including long waits for building permits and inspections. In particular, the survey pointed out that Seattle is understaffed to handle the workflow from escalating new home demand.
9.7% vs 5.7%
CoreLogic has an analysis of year-over-year national home price growth in four price tiers. The lowest tier (75% of median or below) increased 9.7 percent, the low middle (75-100% of median) increased 8.6%, the high middle (100-125% of median) increased 7.1%, and the highest tier increased by 5.7%. Edward Pinto, co-director of American Enterprise Institute’s Center on Housing Markets and Finance, predicts that the cost of lower-priced homes will increase even faster this year, by as much as 11%. He sees first-time buyers taking on increasing leverage to keep up with price gains.
17mm (or 2/3 inch)
That’s how much rain fell in Seattle between 2014 and 2017, the wettest 4-year-period in over 120 years. Seattle PI reports that our 3-month outlook is for colder and wetter weather than usual.