Realtor.com and Cox Automotive Identify the Top Electric Vehicle Friendly Housing Markets
San Jose, Calif., Salt Lake City, Utah, and San Francisco Round out the Top Markets SANTA CLARA, Calif., April 10, 2024 -- In 2023, 1.2 million U.S. vehicle buyers chose to go electric according to Kelley Blue Book, a Cox Automotive company. For electric vehicle (EV) owners certain factors, like home-charging ability and easy access to charging facilities are necessary for smooth EV ownership. A new report from Realtor.com® and Cox Automotive has uncovered the top housing markets for EV owners. These markets include; San Jose, Calif.; Salt Lake City, Utah; San Francisco; Boston; Seattle, Wash.; Durham, N.C.; Austin, Texas; Los Angeles; Washington, D.C.; Denver, Colo. "A mix of accessibility to charging facilities and a high share of EV-friendly homes listed on Realtor.com® made these places the most EV-friendly housing markets," said Danielle Hale, Chief Economist of Realtor.com®. "The data shows that home sellers are very aware of the trend toward electrification. Mirroring the rise in the number of electric vehicles, the share of homes marketing EV-friendly characteristics on Realtor.com® is growing over time. Similarly, rates of EV adoption vary by market, and rates of EV-friendly homes in different areas reflect this. As the number of EV owners grows, I expect to see more demand for at-home charging and EV friendly characteristics from both buyers and renters. Sellers and property managers who can meet this demand–which can be found in newer and older homes– will undoubtedly have an edge." Top EV-Friendly Housing Markets The analysis of most EV-friendly housing markets looked at markets on Realtor.com® with a great combination of EV-friendly listings and congestion index, measured as the ratio of EVs and Plug-In Hybrids (PHEVs) to public charging ports to uncover the best housing markets for electrified-vehicle owners. The Rise in EV ownership Means More Demand EV-Friendly HomesAs EV ownership grows, so does the share of home listings being described as EV-friendly. In 2023, 0.9% of for-sale homes listed on Realtor.com® were described as EV-friendly. While the share was slightly below 1%, it has been growing rapidly. Five years ago, it was only 0.1%. In the number one EV-friendly housing market, San Jose, Calif., one in five households has an electric vehicle. The metro area, consequently, also saw the highest share of EV-friendly homes listed (4.9%) among all the metros in 2023. Additionally, Boulder, Colo. (3.4%), Seattle, Wash. (3.3%), Bloomington, Ill. (2.2%), Urban Honolulu, Hawaii (2.1%), Bend, Ore. (2.1%), Trenton, N.J. (2.0%) and Austin, Texas (2.0%) all saw a higher-than-average share of EV-friendly homes listed for sale. "We have found a clear and positive synergy between the housing market and EV adoption," remarked Jonathan Smoke, Chief Economist, Cox Automotive. "While we remain in the early innings in the electrification of the auto market with dramatic variation in adoption thus far, EV-friendly homes are proving to be key. Having access to a charger is fundamental to the ease of use for an EV, and when that charger is in a home it is both convenient and economical. This in turn makes EV-friendly homes stand out in markets with more EV owners." Opportunity for EV-Friendly Home Growth There's a growing demand for more EV-friendly homes to accommodate the increasing number of EV owners. Even in EV-friendly markets like Oxnard, Calif., Riverside, Calif., Urban Honolulu, Hawaii and Portland, Ore, where there's already a high concentration of EV-friendly listings, the crowded public charging facilities indicate a potential for even greater demand for EV-compatible homes. See more information on the top housing markets for EV owners and for a general snapshot of the state of EV ownership and home friendliness here. Methodology Top EV-friendly markets were first determined by calculating percentile levels for 1) share of EV-friendly listings and 2) congestion index (EV per public port). Then a weighted average was taken between the two metrics to come up with an EV-friendly housing score for each market, forming the basis for market rankings. According to a study from the U.S. Department of Energy, 80% of EV charging is done at home. We assign 0.8 as the weight to the home metric and 0.2 to the public charging metric. EV-friendly homes are single-family homes and condos/townhomes/rowhomes/co-ops listed for-sale on Realtor.com® with featuring terms such as 'electric vehicles' and '240-volt outlet' in the listing descriptions. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®. About Cox Automotive Cox Automotive is the world's largest automotive services and technology provider. Fueled by the largest breadth of first-party data fed by 2.3 billion online interactions a year, Cox Automotive tailors leading solutions for car shoppers, automakers, dealers, retailers, lenders and fleet owners. The company has 26,000+ employees on five continents and a family of trusted brands that includes Autotrader®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital™ and vAuto®. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with $22 billion in annual revenue. Visit coxautoinc.com or connect via @CoxAutomotive on X, CoxAutoInc on Facebook or Cox-Automotive-Inc on LinkedIn.

The US has a record-high 550 'million-dollar' cities
Low inventory is keeping competition high and home values rising SEATTLE, April 2, 2024 -- The U.S. has a record-high 550 "million-dollar" cities — cities where the typical home is worth $1 million or more — a new Zillow® analysis shows. That is 59 more million-dollar cities than a year ago,1 reversing losses from when home values were wobbling this time last year. A tight housing market with few homes available has kept home values rising, even while affordability challenges have hampered buyers. The good news for buyers in the market this home-shopping season is that new listings are on the rise as the effects of "rate lock" — occurring when homeowners are financially incentivized to keep their current home because of the low rate on their current mortgage — are weakening, and the hope for lower mortgage rates later this year may mean a second wave of buyer demand this summer. "Affordability is still a big challenge for buyers, but that hasn't stopped prices from growing," said Anushna Prakash, an economic research data scientist at Zillow. "Buyers this spring are going to see more options to choose from, but they'll also see a lot of other buyers wandering through the same open houses. Competition will stay fierce, especially for the most attractive and well-priced homes. If mortgage rates drop later this year, as many expect, we may see a surge in million-dollar cities as even more buyers jump in and drive prices higher." While million-dollar cities were affected more than the typical U.S. city when home values fell in late 2022, they have generally tracked with the national market over the past year. The typical U.S. home is worth 4.2% more than it was a year ago. In current million-dollar cities, the median year-over-year home value growth is 4.6%. California is home to 210 million-dollar cities, more than the next five states combined. New Jersey has added the most million-dollar cities over the past year, gaining 14. Florida, Texas and Delaware are the only states to have a net loss in million-dollar cities over the past year. Florida lost three million-dollar cities — Siesta Key, Santa Rosa Beach and Sanibel — while adding one, the Village of Palmetto Bay, near Miami. Texas lost two million-dollar cities in the Austin area, Sunset Valley and Volente, and added Bellaire, outside of Houston. The typical home in Delaware's Dewey Beach fell below the million-dollar cutoff. The New York City metro area, which includes parts of New Jersey and Pennsylvania, has the most million-dollar cities with 106 — 24 more than a year ago. San Francisco is next with 69, followed by Los Angeles with 63. Other than the New York City metro area, Los Angeles gained the most million-dollar cities over the past year, adding seven. Boston added four during that time, and San Diego, Chicago and San Luis Obispo each added three. Whether a buyer or renter is searching for a home in a million-dollar city or somewhere with home values closer to average, Zillow has tools that can help. An affordability calculator can help a buyer better understand what they can afford and set a budget. Buyers can then use Zillow to search for homes filtered for a monthly cost they are comfortable with, instead of only by list price. Buyers can also find and connect with a knowledgeable real estate professional and loan officer on Zillow to help guide them through the home-buying process. About Zillow Group Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated partners and agents, and easier buying, selling, financing and renting experiences. Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce® and Follow Up Boss®.

Renting Now Beats Buying in All of the Largest U.S. Metros
The top 5 metros with the largest savings for renters include Austin, Texas; Seattle; Phoenix; San Francisco and Los Angeles SANTA CLARA, Calif., March 26, 2024 -- Elevated mortgage interest rates, still-high home prices and falling rents have made it more affordable to rent than buy in all of the top 50 U.S. metros, according to the Realtor.com® Rental Report released today. In February, the mortgage payment on a starter home in the largest metros cost $1,027 (+60.1%) more than the monthly rent in those markets, on average. At the same time last year, 45 metros favored renting. The top 10 metros with the largest rent versus buy savings (see below for top 50 metros): Austin-Round Rock-Georgetown, Texas – $2,165 monthly rent savings (141.5% difference) Seattle-Tacoma-Bellevue, Wash. – $2,422 (121.1%) Phoenix-Mesa-Chandler, Ariz. – $1,528 (99.0%) San Francisco-Oakland-Berkeley, Calif. – $2,689 (95.5%) Los Angeles-Long Beach-Anaheim, Calif. – $2,539 (89.7%) San Jose-Sunnyvale-Santa Clara, Calif. – $2,780 (86.7%) Nashville-Davidson-Murfreesboro-Franklin, Tenn. – $1,366 (86.0%) Portland-Vancouver-Hillsboro, Ore. Wash. – $1,396 (84.4%) Sacramento-Roseville-Folsom, Calif. – $1,514 (82.1%) Houston-The Woodlands-Sugar Land, Texas – $1,103 (80.0%) "With rents continuing to fall and the cost of buying a home remaining high, exacerbated by the rise in mortgage rates in the later half of 2023, renting a home is now a more cost-effective option in all major U.S. markets," said Danielle Hale, Chief Economist at Realtor.com®. "Deciding whether to rent or buy often goes beyond a financial advantage though, and likely depends on a consumer's circumstances. Renters often prize flexibility while the biggest reasons homebuyers cite are that they want a place of their own and to be closer to family and friends. The financial scales have tipped monthly costs in favor of renting over buying, but it does not bring the benefit of housing wealth gains over time that owning does and movers should consider their long-term housing plans and personal situation as they make this decision." The overall advantage of renting continues to grow in most markets In February, the cost of buying a starter home in the top 50 metros was $1,027 (60.1%) higher than renting one; comparatively, the cost to buy was $865 higher than renting in February 2023 – a $162 higher monthly savings from renting compared to the prior year. The savings are mostly driven by declining rent prices and higher buying costs, especially interest rates – the 30-year fixed mortgage rate remained elevated at 6.78% in February 2024 compared to 6.26% 12 months ago. The advantages of renting have become more pronounced across the top metros. Looking specifically at the top 10 metros that favor renting over buying, the average monthly costs for buying a starter home were $1,950 (95.6%) higher than rents – nearly double the cost. Those metros are mostly markets with a higher concentration of tech workers and high earners, where both the average rent and buy costs are higher than the national average. Renting beats buying in all major metros, especially in south and west; five metros flip from last year In February, median rents fell across all unit sizes. Despite seven months of annual rent declines, median rents are still $252 (17.3%) higher than the same time in 2020, before the onset of the pandemic. Last February, 45 metros favored renting, but over the past 12 months Memphis, Tenn, Birmingham, Ala., Pittsburgh, St. Louis and Baltimore metros flipped from favoring buying to favoring renting. Four out of five of those markets were among the top markets seeing a high share of investor activity, which may have accelerated the growth of home prices there and increased the overall costs of buying a home, tilting those markets further toward favoring renting over buying. Austin, Texas, where the monthly cost of buying a starter home was $3,695 – 141.5% more than the monthly rent of $1,530, for a monthly savings of $2,165 – topped the list of markets most favoring renting. Other top markets favoring renting over buying were Seattle, Phoenix, San Francisco and Los Angeles. Metros with diminishing rental advantages were San Jose, Calif.; Dallas; San Francisco; Columbus, Ohio; Miami; and Minneapolis. Realtor.com®'s rent versus buy calculator can help consumers determine if the cost of homeownership is a better deal than renting based on their location and budget. National Rental Data – February 2024 Markets ranked by % of saving from buying vs renting a starter home – February 2024 * Buffalo, N.Y.; Hartford, Conn.; New Orleans; Providence, R.I.; and Rochester, N.Y. area metrics have been excluded while data is under review Methodology Rental data as of February 2024 for studio, 1-bedroom, or 2-bedroom units advertised as for-rent on Realtor.com®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within the top 50 largest metropolitan areas. Realtor.com® began publishing regular monthly rental trends reports in October 2020 with data history stretching back to March 2019. The monthly cost of buying a home was calculated by averaging the median listing prices of studio, 1-bed, and 2-bed homes, weighted by the number of listings, in each housing market. Monthly buying costs assume a 8% down payment, with a mortgage rate of 6.78%, and include taxes, insurance and HOA fees. With the release of its January 2024 rent report, Realtor.com® incorporated a new and improved methodology for capturing and reporting more comprehensive rental listing trends and metrics. The new methodology is expected to yield a cleaner, more representative and more consistent measurement of rental listings and trends at both the national and local level. The methodology has been adjusted to better represent the true cost of primary housing for renters. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the rental data released since January 2024 will not be directly comparable with previous releases and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.

Concessions cool as spring rental season approaches
Property managers' race to woo tenants eases, signaling a tighter market for renters this spring SEATTLE, March 20, 2024 -- After a winter that saw nearly a third of rental listings offering tenants tempting concessions such as free months of rent or free parking, Zillow's latest data reveals the share of rentals offering perks may have hit its peak. The good news for renters is that the market is friendlier than it was a year ago, with the share of rentals offering a concession rising 5.6 percentage points. As spring approaches, February data show 32.2% of rental listings on Zillow offered a concession, down slightly from December and up 5.6 percentage points from a year earlier. That marks the slowest annual growth pace since last June. After seven months of consecutive monthly increases to end 2023, the share of rentals offering concessions fell to 31.9% in January before a slight uptick last month. If past seasonal trends continue to hold, renters looking to secure a new lease in the upcoming spring or summer may encounter fewer incentives and increased competition. "The rental market always ebbs and flows with the seasons, so it's no shock that we're seeing concessions start to level off as we move into the warmer months," said Anushna Prakash, an economic research data scientist at Zillow. "It looks like we're beginning to see the market balance the ongoing high demand from renters with a competitive environment for property managers and landlords. While concessions are beginning to dip, they are more common than they were a year ago, helped by new buildings that have opened their doors." While the expected seasonal shift accounts for the stabilization of concessions, the pace of rent growth and vacancy levels offer deeper insights. Recently, rents haven't been going up as quickly as they did before the pandemic, and it looks like supply and demand are starting to balance out. The share of rental housing units that were vacant was at 6.6% in the fourth quarter of 2023, which is just a bit higher than the nearly forty-year low seen at the end of 2021. This indicates there are enough eager renters, nudging the market toward stability. The Metros Leading the Concession Charge Despite the national trend toward stabilization, certain markets continue to lead with high shares of concessions. These metros exemplify the diversity within the rental market, with strategies varying widely across regions to attract tenants. 10 Metro Areas with the Largest Share of Rental Concessions Source: Zillow data In nine of the ten metros where the share of rental concessions is highest, rents are growing more slowly than the nationwide 3.5% annual rate, and they are outright falling in Austin. This could mean there are more apartments available than there are people looking to rent them. On the other hand, areas where there are fewer of these kinds of deals available, such as Providence, R.I. (12.3% of rentals offered concessions in February), Hartford, Conn. (16.3%), and Cincinnati, Ohio (18.9%), are seeing some of the fastest rent increases. In Providence, typical rents have jumped by 8.1% since last year. Hartford and Cincinnati both saw rents increase by 6.4%. Zillow provides a user-friendly platform for housing providers to share concessions information with prospective renters. Property managers can easily list concessions for their properties, and renters can find all available offers under the "Special Offers" tab on participating building detail pages, enabling them to make well-informed housing decisions. About Zillow Group Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated partners and agents, and easier buying, selling, financing and renting experiences. Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce® and Follow Up Boss®.

California, New Jersey and Illinois Still Facing Higher Risk of Housing Market Decline
New York City and Chicago Areas More Exposed to Market Downturns; At-Risk Locations Have Weaker Affordability, Foreclosure, Underwater and Job Numbers; Lower Risk Again Mainly Spread Across Southern and Midwestern Regions IRVINE, Calif. — March 7, 2024 — ATTOM, a leading curator of land, property, and real estate data, today released a Special Housing Risk Report spotlighting county-level housing markets around the United States that are more or less vulnerable to declines, based on home affordability, underwater mortgages and other measures in the fourth quarter of 2023. The report shows that California, New Jersey and Illinois continue to have the highest concentrations of the most-at-risk markets in the country, with some of the biggest clusters in the New York City and Chicago areas, along with inland California. Less-vulnerable markets are spread mainly throughout the South and Midwest. The fourth-quarter patterns – derived from gaps in home affordability, underwater mortgages, foreclosures and unemployment – revealed that California, New Jersey and Illinois had 34 of the 50 counties considered most vulnerable to potential drop-offs. As with earlier periods over the past few years, those concentrations dwarfed other parts of the country, with the latest coming at a time of significant market uncertainty connected to increasingly unaffordable home ownership costs and relatively high home-mortgage interest rates. The 50 counties on the most-exposed list included six in and around New York City, five in the Chicago metropolitan area and 14 in areas of California away from the Pacific coast. The rest were scattered around other parts of the country. At the other end of the risk spectrum, the Midwest and South again had the most markets considered least likely to decline, including nine in Wisconsin and five in Kansas. "Fault lines running through the foundation of the U.S. housing market continue to appear in different parts of the country, with some areas remaining more or less vulnerable than others," said Rob Barber, CEO at ATTOM. "As always, this is not a warning sign for homeowners to run out and sell, or rush to buy, in any specific market. The housing market remains strong throughout most of the country despite some recent small downturns. Rather, this report again spotlights areas that appear more or less exposed to a market fall, should that start to happen, based on key measures." Counties were considered more or less at risk based on the percentage of homes facing possible foreclosure, the portion with mortgage balances that exceeded estimated property values, the percentage of average local wages required to pay for major home ownership expenses on median-priced single-family homes and local unemployment rates. The conclusions were drawn from an analysis of the most recent home affordability, home equity and foreclosure reports prepared by ATTOM. Unemployment rates came from federal government data. Rankings were based on a combination of those four categories in 580 counties around the United States with sufficient data to analyze in the fourth quarter of 2023. Counties were ranked in each category, from lowest to highest, with the overall conclusion based on a combination of the four ranks. See below for the full methodology. The ongoing risk disparities throughout the country persisted in the fourth quarter of 2023 as key market measures tracked downward and home ownership remained a financial stretch across much of the nation. The national median home price was flat during the Summer of last year and dropped 3 percent in the Fall after a springtime surge stalled out. Declining prices in late 2023 slightly deflated homeowner equity and raised underwater mortgage rates. But even as values dipped a bit, home affordability continued to consume at least a third of average local wages in most of the U.S., putting the nation's 12-year housing market boom at risk. Chicago and New York City metro areas face greater risk along with wide swaths of California The metropolitan areas around Chicago, IL, and New York, NY, as well as a stretch of inland California, had 25 of the 50 U.S. counties considered most vulnerable in the fourth quarter of 2023 to housing market troubles (from among 580 counties with enough data to analyze). The 50 most at-risk counties included one in New York City (Kings County, which covers Brooklyn), five in the New York City suburbs (Essex, Ocean, Passaic, Sussex and Union counties, all in New Jersey) and five in the Chicago metropolitan area (De Kalb, Kane, Lake, McHenry and Will counties). The 14 located across inland California were Butte County (Chico), Sacramento County, El Dorado County (outside Sacramento) and Solano County (outside Sacramento) in the northern part of the state, and Fresno County, Kern County (Bakersfield), Kings County (outside Fresno), Madera County (outside Fresno), Merced County (outside Fresno), San Joaquin County (Stockton), Stanislas County (Modesto) and Tulare County (outside Fresno) in central California. Two others, Riverside County and San Bernardino County, were in southern California. Elsewhere, the top-50 list included two in the Philadelphia, PA, metro area (Camden and Gloucester counties in New Jersey) and two near St. Louis, MO (Saint Clair and Madison counties in Illinois). Counties more vulnerable to declines have less-affordable homes as well as higher levels of underwater mortgages, foreclosures and unemployment Major home-ownership costs (mortgage payments, property taxes and insurance) on median-priced single-family homes consumed more than one-third of average local wages in 43 of the 50 counties that were considered most vulnerable to market drop-offs in the fourth quarter of 2023. Nationwide, major expenses on typical homes sold in the fourth quarter required 33.7 percent of average local wages – almost exactly one-third. The highest percentages in the 50 most at-risk markets were in Kings County (Brooklyn), NY (114 percent of average local wages needed for major ownership costs); Riverside County, CA (74.2 percent); El Dorado County, CA (outside Sacramento) (73.7 percent); Contra Costa County, CA (outside Oakland) (67.2 percent) and Passaic County, NY (outside New York City) (67.1 percent). At least 5 percent of residential mortgages were underwater in the fourth quarter of 2023 in 36 of the 50 most-at-risk counties. Nationwide, 6.1 percent of mortgages fell into that category, with homeowners owing more on their mortgages than the estimated value of their properties. Those with the highest underwater rates among the 50 most at-risk counties were Tangipahoa Parish, LA (east of Baton Rouge) (22.8 percent underwater); Saint Clair County, IL (outside St. Louis, MO) (17.4 percent); Montgomery County (Clarksville), TN (15.5 percent); Hardin County, KY (outside Louisville) (15.5 percent) and Madison County, IL (outside St. Louis, MO) (14.6 percent). More than one of every 1,000 properties faced a foreclosure action in the fourth quarter of 2023 in 36 of the 50 most vulnerable counties. Nationwide, one in 1,503 homes were in that position. The highest foreclosure rates among the top 50 counties were in Cumberland County (Vineland), NJ, (one in 456 properties facing possible foreclosure); Sussex County, NJ (outside New York City) (one in 540); Camden County, NJ (outside Philadelphia, PA) (one in 565); Madison County, IL (outside St. Louis, MO) (one in 575) and Madera County, CA (outside Fresno) (one in 597). The November unemployment rate was at least 4 percent in 39 of the 50 most at-risk counties, while the nationwide figure stood at 3.7 percent. The highest rates in the top 50 counties were all in central California: Tulare County, CA (outside Fresno) (10.2 percent); Merced County, CA (outside Fresno) (8.5 percent); Kings County, CA (outside Fresno) (8 percent); Kern County (Bakersfield), CA (7.8 percent) and Fresno County, CA (7.6 percent). Counties least at risk concentrated in South and Midwest Twenty-five of the 50 counties considered least vulnerable to housing-market problems from among the 580 included in the fourth-quarter report were in the Midwest and 14 were in the South. Nine were in the Northeast while just two were in the West. Wisconsin had nine of the 50 least at-risk counties in the fourth quarter: Brown County (Green Bay), Outagamie County (outside Green Bay), Dane County (Madison), Rock County (outside Madison), Eau Claire County, La Crosse County, Marathon County (Wausau), Washington County (outside Milwaukee) and Winnebago County (Oshkosh). Another five were in Kansas, all in or near Kansas City, Topeka and Wichita: Wyandotte County (Kansas City), Johnson County (Overland Park), Shawnee County (Topeka), Douglas County (outside Topeka) and Sedgwick County (Wichita). Less-vulnerable counties have better affordability along with other more favorable measures Major ownership costs on median-priced single-family homes required more than one-third of average local wages in 31 of the 50 counties that were considered least vulnerable to market problems in the fourth quarter of 2023 (compared to 43 of the most at-risk). The highest levels were in Gallatin County (Bozeman), MT (76.8 percent of average local wages needed for major ownership costs); Washington County, RI (outside Providence) (74.6 percent); Forsyth County GA (outside Atlanta) (66.2 percent); Williamson County, TN (outside Nashville) (62.2 percent) and Loudoun County, VA (outside Washington, DC) (59.3 percent). Less than 5 percent of residential mortgages were underwater in the fourth quarter of 2023 (with owners owing more than their properties were worth) in 39 of the 50 least-at-risk counties. Those with the lowest rates were Williamson County, TN (outside Nashville) (1.6 percent underwater); Loudoun County, VA (outside Washington, DC) (1.8 percent); Washington County, RI (outside Providence) (1.8 percent); Forsyth County GA (outside Atlanta) (2 percent) and Hillsborough County (Manchester), NH (2 percent). More than one in 1,000 properties faced a foreclosure action during the fourth quarter of 2023 in none of the 50 least-at-risk counties. Those with the lowest rates were Johnson County (Overland Park), KS (one in 49,771 properties facing possible foreclosure); Wyandotte County (Kansas City), KS (one in 17,086); La Crosse County, WI (one in 13,056); Williamson County, TN (outside Nashville) (one in 12,677) and Dane County (Madison), WI (one in 11,176). The November 2023 unemployment rate was less than 3 percent in 45 of the 50 least-at-risk counties. The lowest rates among those counties were in Cass County (Fargo), ND (1.3 percent); Olmsted County (Rochester), MN (1.4 percent); Howard County, MD (outside Baltimore) (1.4 percent); Minnehaha County (Sioux Falls), SD (1.6 percent) and Stearns County (St. Cloud), MN (1.8 percent). Report methodology The ATTOM Special Housing Market Impact Report is based on ATTOM's fourth-quarter 2023 foreclosure, home affordability and underwater property reports, plus November 2023 unemployment figures from the U.S. Bureau of Labor Statistics. (Press releases for affordability, foreclosure and underwater-property reports show the methodology for each.) Counties with sufficient data to analyze were ranked based on the fourth-quarter percentage of properties with a foreclosure filing, the percentage of average local wages needed to afford the major expenses of owning a median-priced home and the percentage of properties with outstanding mortgage balances that exceeded their estimated market values, along with November 2023 county unemployment rates. Ranks then were added up to develop a composite ranking across all four categories. Equal weight was given to each category. Counties with the lowest composite rank were considered most vulnerable to housing market problems. Those with the highest composite rank were considered least vulnerable. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency, and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include ATTOM Cloud, bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, making property data more readily accessible and optimized for AI applications– AI-Ready Solutions.

Home buyers need to earn $47,000 more than in 2020
The income needed to comfortably afford a home is up 80% since 2020, while median income has risen 23% in that time SEATTLE, Feb. 29, 2024 -- Home shoppers today need to make more than $106,000 to comfortably afford a home, a new Zillow® analysis finds. That is 80% more than in January 2020, showing how the math has changed for hopeful buyers, who are more often partnering with friends and family or "house hacking" their way to homeownership. In 2020, a household earning $59,000 annually could comfortably afford the monthly mortgage on a typical U.S. home, spending no more than 30% of its income with a 10% down payment. That was below the U.S. median income of about $66,000, meaning more than half of American households had the financial means to afford homeownership. Now, the roughly $106,500 needed to comfortably afford a typical home is well above what a typical U.S. household earns each year, estimated at about $81,000. "Housing costs have soared over the past four years as drastic hikes in home prices, mortgage rates and rent growth far outpaced wage gains," said Orphe Divounguy, a senior economist at Zillow. "Buyers are getting creative to make a purchase pencil out, and long-distance movers are targeting less expensive and less competitive metros. Mortgage rates easing down has helped some, but the key to improving affordability long term is to build more homes." A monthly mortgage payment on a typical U.S. home has nearly doubled since January 2020, up 96.4% to $2,188 (assuming a 10% down payment). Home values have risen 42.4% in that time, with the typical U.S. home now worth about $343,000. Mortgage rates ended January 2020 near 3.5%, keeping the cost of a home affordable for most households that could manage the down payment. At the time of this analysis, mortgage rates were about 6.6%. For a household making the median income, it would take almost 8.5 years before they would have enough saved to put 10% down on a typical U.S. home, about a year longer than it would have in 2020. It's no wonder, then, that half of first-time buyers say at least part of their down payment came from a gift or loan from family or friends. With the cost of a mortgage rising, most millennial and Gen Z buyers say "house hacking" — the ability to rent out all or part of a home for extra cash — is very or extremely important. Co-buying with a friend or relative is another way to help with affordability, something 21% of last year's buyers reported doing. Metro areas where a buyer could comfortably afford a typical home with the lowest income are Pittsburgh ($58,232 income needed to afford a home), Memphis ($69,976), Cleveland ($70,810), New Orleans ($74,048) and Birmingham ($74,338). The only major metros where a typical home is affordable to a household making the median income are Pittsburgh, St. Louis and Detroit. There are seven markets among the major metros where a household's income must be $200,000 or more to comfortably afford a typical home. The top four are in California: San Jose ($454,296), San Francisco ($339,864), Los Angeles ($279,250) and San Diego ($273,613). Seattle ($213,984), the New York City metro area ($213,615) and Boston ($205,253) complete the list. To help find a home within budget, home shoppers on Zillow can filter search results by monthly cost instead of by list price. The tool simplifies the complex calculation of translating a home's list price into the monthly cost, factoring in the latest mortgage rates. Those needing a down payment boost may qualify for down payment assistance. Home listings on Zillow include a down payment assistance module to help shoppers see what local resources could be available to them. *Table ordered by income needed to afford a mortgage in January 2024. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated partners and agents, and easier buying, selling, financing and renting experiences. Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce® and Follow Up Boss®.

Homebuyers on a $3,000 Monthly Budget Have Gained $40,000 in Purchasing Power Since Mortgage Rates Peaked Last Fall
Redfin reports buyers can afford a more expensive home now that mortgage rates have dropped to 6.7%, down from nearly 8% in October SEATTLE — A homebuyer on a $3,000 monthly budget has gained nearly $40,000 in purchasing power since mortgage rates peaked this past fall, according to a new report from Redfin, the technology-powered real estate brokerage. A $3,000 monthly budget will buy a $453,000 home with a 6.7% mortgage rate, roughly this week's average. That's compared to the $416,000 home the same buyer could have purchased in October with an average rate of 7.8%. To look at affordability from another perspective, the monthly mortgage payment on the typical U.S. home, which costs roughly $363,000, is $2,545 with a 6.7% rate. The monthly payment was nearly $200 higher— $2,713— when rates were at 7.8%. Homebuyers are getting some relief in 2024 as mortgage rates come down from the two-decade high they hit this past October. Weekly average rates dipped into the 6.6% range by the end of 2023, and ticked up slightly to 6.7% this week. While that's double the record-low 3% rates buyers scored during the pandemic, Redfin agents report that buyers have come to terms with the 6% range— but they were more hesitant when they were approaching 8%. "Bidding wars are picking up as mortgage rates decline and inventory stays low. I've seen a few homes get 15-plus offers recently, and one got more than 30," said Shoshana Godwin, a Redfin Premier agent in Seattle. "Late last year, many listings sat on the market as buyers sat on the sidelines, hoping for rates to drop. Now, buyers are snapping up homes because even though rates haven't plummeted, people are realizing that the longer they wait to buy a home, the more competition they're likely to face." Mortgage rates likely to stay in the 6's for the foreseeable future Redfin economists predict mortgage rates will end the year lower than they started, but the path is likely to be bumpy. Redfin is keeping an eye on next week's Fed meeting to provide more clues on how soon they will cut interest rates: It could be as soon as March, but it's likely to be later. Mortgage rates should come down a little— but not a lot— when interest rates are cut. "My advice to serious house hunters: Trying to time the market around mortgage rates is probably a waste of energy, as affordability is unlikely to change meaningfully in the next several months," said Redfin Chief Economist Daryl Fairweather. "Instead, buyers should consider their own personal and financial circumstances: What matters most is whether the home meets your needs long term and whether you can afford it. Timing the market mattered in 2021, when we were in a golden window of record-low rates— but that window is closed." View the full report here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with same day tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 people.

Interstate movers chased affordability in 2023
People relocated to metros $7,500 less expensive, a Zillow study of United Van Lines data shows SEATTLE, Jan. 9, 2024 -- Households that moved across state lines in 2023 relocated to markets where homes cost on average $7,500 less than where they came from, a new Zillow® study of United Van Lines® data shows. That's down a bit from $8,900 at the peak of the pandemic housing market in 2021, but up from a savings of just $2,800 in 2019. Charlotte, Providence, Indianapolis, Orlando and Raleigh led major metros for inbound interstate moves relative to outbound, according to a Zillow study of Univted Van Lines data. The five metro areas that saw the largest net migration gains according to the United Van Lines data were relatively affordable markets in the South, Midwest and Northeast. Although housing affordability has always played a key role in explaining migration patterns, the increase in house prices during the pandemic and the subsequent jump in mortgage rates appears to have intensified the search for more tolerable monthly payments. "Affordability is one of the biggest considerations for home buyers and sellers, and clearly plays a major role in deciding where to put down roots," said Zillow Senior Economist Orphe Divounguy. "Housing costs hit record highs last year, and made both buying and selling difficult, even for homeowners sitting on massive equity. Finding a less expensive area where dollars aren't quite so stretched was a smart move for a lot of people." Affordability may improve slightly in 2024, but it has declined significantly over the past four years. The share of median household income needed to pay rent has risen from less than 27% in November 2019 to nearly 30% in November 2023. The share of income needed for a monthly mortgage payment on a typical home purchase has risen even more dramatically, from about 23% to nearly 39% over the same period. In many places, especially the West Coast, costs are so high that a family making the median household income won't even qualify for a mortgage. United Van Lines customers have higher average household incomes than movers overall, but migration flows in the U.S. Census Bureau's American Community Survey reveal a similar pattern. In 2021, the average interstate mover moved to a metro area where homes would save them about $10,000 when compared to where they came from; that's in comparison to savings of a little less than $700 in 2019, before the pandemic. Among the 50 largest metros by population, those with the highest net in-migration from United Van Lines customers in 2023 were Charlotte, Providence, Indianapolis, Orlando and Raleigh. Of those five metros, four ranked among Zillow's 10 hottest markets of 2024. This index is driven by expected home value growth, how fast home sellers are entering into contracts with buyers, job growth per new home permitted and growth in owner-occupied households. Metros with the highest net number of residents relocating were Chicago, San Diego, Cincinnati, Detroit and Boston. United Van Lines customers are also, increasingly, moving to markets with less potential competition for homes. Movers relocated to destination metros with an average of six fewer competitors per listing in 2019. That difference grew to 13 in 2023. Metros with more United Van Lines outbound moves than inbound moves tended to experience less growth in their working-age population in the same year, and lower growth in home values in the year that immediately followed.   Source: United Van Lines and Zillow data * Metropolitan Statistical Area (MSA) About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences. Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, and Spruce®. All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2023 MFTB Holdco, Inc., a Zillow affiliate. About United Van Lines United Van Lines is America's #1 Mover®. United Van Lines offers a full range of moving solutions. With headquarters in suburban St. Louis, United Van Lines maintains a network of 300 affiliated agencies. For more information about United Van Lines, visit: UnitedVanLines.com

Buffalo charges to the top of Zillow's 2024 hottest markets list
Affordability and job growth push the Great Lakes, Midwest regions to the forefront of the forecast SEATTLE, Jan. 4, 2024 -- Buffalo, New York, will be the hottest major housing market this year, according to a new analysis by Zillow®. Affordability is the most powerful force driving real estate, bringing lower-cost markets in the Great Lakes, Midwest and South regions to the top of Zillow's 2024 rankings. "Housing markets are healthiest where affordable home prices and strong employment are giving young hopefuls a real shot at buying and starting to build equity," said Anushna Prakash, data scientist for Zillow Economic Research. "I'm cautiously optimistic that the housing market will get back on stable footing in 2024 — we shouldn't see the massive price spikes of the early pandemic or fast-rising mortgage rates of recent years." This ranking of the nation's 50 most populous metros takes into account Zillow's forecast for local home value growth and the speed at which home sellers are entering contracts with buyers. It also considers job growth per new home permitted and growth in owner-occupied households. Among the front-runners, Buffalo has the highest number of new jobs per new home permitted — a measure of expected demand. New jobs often mean new residents, which increases competition and drives prices up unless new construction can match that additional demand. Inventory is moving extremely quickly in Cincinnati, and Columbus is home to the fastest expected rise in owner-occupied households, an indication of family formation and population growth. Housing costs hit record highs for both buyers and renters in 2023. This made buying and selling an expensive proposition, even for homeowners with plenty of equity. Zillow's most popular markets in 2023 were relatively affordable, and a Zillow study of United Van Lines data shows relocating households were attracted to areas where houses were roughly $7,500 less expensive than in the area they were leaving. Affordability should improve in 2024, but it is still going to be the biggest driver of the housing market. Competition for homes is already high in affordable Great Lakes and Midwest markets. Homes listed in these areas tend to go under contract faster than the national average. Charlotte was dubbed Zillow's hottest market for 2023, and Cleveland and Atlanta also returned from last year's top 10. San Antonio took a long fall to the 49th spot, after ranking 13th last year and fourth in 2022. Latest stats for Zillow's hottest markets in 2024 Methodology Zillow analyzed the 50 largest U.S. metro areas to forecast the hottest, or most competitive, housing markets of 2024. The analysis incorporates expected home value appreciation from December 2023 through November 2024, the anticipated change in home value appreciation from 2023, new jobs per new housing unit permitted, an estimate of the net new number of home owning households based on current demographic trends and the speed at which homes are being sold. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences.

Realtor.com 2024 Housing Forecast: Housing Affordability Finally Begins to Turnaround
Buyers will finally see lower prices (-1.7%) and mortgage rates of 6.8% (on average), but may scramble to find inventory (-14%) as current owners happy with their low mortgage rates and pandemic home purchases stay put. SANTA CLARA, Calif., (Nov. 29, 2023) – Lower mortgage rates and easing prices will help spark the beginning of an affordability turnaround in 2024, according to the Realtor.com® 2024 Housing Forecast released today. But the supply of existing homes will still be tight and renting will remain a competitive option in most markets. Overall in 2024, Realtor.com® forecasts that buyers and sellers can expect: Average mortgage rates of 6.8%, with rates edging down over the year to reach 6.5% by the end of the year. Home prices to ease slightly and drop by 1.7% after generally increasing since 2012. Rents to drop by 0.2%, making renting a more budget-friendly option than buying in most markets. A -14% year over year drop in inventory, as existing homeowners with low mortgage rates stay put. Home sales to hold steady, rising 0.1% year over year to 4.07 million. "Our 2024 housing forecast reveals the green shoots we've been waiting to see in the housing market and should give buyers some optimism after a grueling few years. Although mortgage rates are expected to ease throughout the course of the year, the continuation of high costs will mean that existing homeowners will continue to have a high threshold for deciding to move, but we will start to see some interest," said Danielle Hale, chief economist for Realtor.com®. "Moves of necessity – for job changes, family situation changes, and downsizing to a more affordable market – are likely to drive home sales in 2024. Home buyers will continue to seek out markets where they feel like they get the most out of their dollar as they look for homes that better meet their needs." Key 2023 housing trends and wildcards Affordability will officially turn around in 2024!! In 2024, the typical monthly purchase cost for the median priced home listing is expected to be slightly less than $2,200/month, or about 35% of the typical household income. That's an improvement from 2023, when purchase costs ate up nearly 37% of income and the typical for-sale home cost $2,240. This tick up in affordability will give a foothold to some buyers trying to break into the market. Buyers planning to get into the market this year should use Realtor.com®'s Buying Power tool which uses results from the affordability calculator to tag homes as "affordable," "stretching," or "difficult" based on typical lending criteria. Even more sellers hang back, but they could get motivated if rates drop faster than forecasted. Despite the fact that builders have been catching up, the lack of excess capacity in housing has been obvious over the last few years. With home sales activity forecasted to continue at a relatively low pace, the number of unsold homes on the market is also expected to remain low. But if rates drop faster than expected (which is possible given the roughly half point decline seen in November 2023), this could lessen rate lock sooner and bring more homes to the market than forecasted. Shiny new rental construction will hit the market. A once-hot rental market has slowed down, with the rental vacancy rate rising slightly, up to 6.6% in the third quarter of 2023, about where it was right before the pandemic. In 2024, an increase in new rentals will help push vacancy higher, closer to the 7.2% average seen from 2013-2019. While the surge in new rental options gives renters more to choose from, the sheer number of renters will minimize the potential price impact. The median asking rent in 2024 is expected to drop only slightly below its 2023 level (-0.2%). Sellers should be ready to compete with new construction. Home sales will likely be driven by moves of necessity in 2024. And even with the lower inventory of existing homes, sellers will be competing with new housing. Single-family home housing starts will increase an estimated 0.4% in 2024. Sellers will need to look at the new construction market in their area to make sure pricing and marketing are competitive. Geopolitics and inflation are among 2024's wildcards: Even as markets adjusted to Russia's war in Ukraine, conflict in the Middle East heated up to historic levels in the 4th quarter of 2023. Both wars have the potential to affect the global economy in ways that can't be fully anticipated. On the domestic front, the 2024 election season, with its attendant uncertainty, will be in full swing. And while inflation is expected to continue to subside, anything that reverses that trend could raise long-term interest rates, and in turn nudge mortgage rates higher than expected. That might discourage potential sellers from making a move and could keep potential buyers on the sidelines, putting a damper on home sales. "Buyers and sellers who are planning to get into the market this year should be prepared. Tools like Realtor.com®'s RealCost rent vs. buy and affordability calculators can help buyers ensure they are making a sound financial decision based on current interest rates and their personal financial situation. Sellers can use the RealValue™ tools in Realtor.com's My Home to understand what their proceeds from a sale could be, and plug this data into our mortgage payment calculator with current interest rates to understand exactly how much they would pay each month with a new home purchase. Additionally, everyone can see what our projections mean for home prices around the country by checking out the forecast layer in our RealViewTM mapping tool," Hale added. Realtor.com®'s RealViewTM mapping tool now shows 2024 forecasted home price data by ZIP code right on the map. To view this information, simply start a search on Realtor.com® and select the map view to start filtering. Then, select the Forecast map layer to see predicted average home prices in your ZIP codes of interest. This feature is included for the top 100 largest U.S. metros and is available on the Realtor.com® Mweb and desktop. Local Market Predictions – 100 Largest U.S. Metros (in alphabetical order) Methodology Realtor.com®'s model-based forecast uses data on the housing market and overall economy to estimate values for these variables in the year ahead. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Plunk and BHR Partner to Integrate AI-powered Property Analytics into RealReports Platform
Data partnership streamlines access to property research, comprehensive valuation, and remodeling insights into one platform BELLEVUE, WASH. – November 14, 2023 – Plunk, the world's first AI-powered analytics platform for residential real estate, announced a partnership with BHR, a leading provider of property intelligence for real estate professionals. This collaboration will see Plunk's proprietary AI technology integrated into BHR's RealReports™ platform, creating a streamlined and powerful solution for real estate professionals to access and leverage a wealth of property data effortlessly. "In this current market, the more insight you have into a property, the more competitive you can be. Plunk's real-time valuation and AI-powered remodel recommendations are a powerful layer of insight for agents using RealReports and their clients to drive more informed decision-making," remarked James Rogers, Co-founder and CEO of BHR. "Partnering with Plunk is a no-brainer for us because our mission and values are so intrinsically aligned. Both of our teams are passionate about increasing transparency within the real estate industry and driving innovation using cutting-edge technology to provide real value for all of our users," added Zach Gorman, Co-founder and COO of BHR. Property data and intelligence has become critical for agents looking to remain competitive in today's demanding real estate climate. Having easy access to Plunk's one-of-a-kind remodel data along with the extensive property information provided by RealReports enables agents to stand out to prospective clients. "The integration of Plunk's advanced analytics into RealReports™ will enable real estate professionals to access a comprehensive and powerful tool to optimize decision-making processes and drive business growth," commented Brian Lent, Co-founder and CEO of Plunk. To get a RealReport, visit bhr.fyi. To gain access to Plunk's AI-powered home analytics platform, visit getplunk.com/developers. About PlunkPlunk is bringing advanced analytics and unique data to residential real estate for more confident investing in the largest asset class in the world. Harnessing the power of Artificial Intelligence, computer vision and deep learning, Plunk delivers real-time insights into home valuation, risk assessment and remodeling analysis through its SaaS platform. For more information, visit www.getplunk.com. About BHR BHR is the ultimate property intelligence solution for real estate professionals. BHR's flagship product, RealReports provides comprehensive property information for every home in the United States, powered by over 30 top data providers and Aiden, an AI real estate copilot, which can answer any property question instantly.

Nearly 70% of prospective buyers would buy a haunted house if it checked all their boxes
Zillow survey finds 35% of prospective buyers would buy a haunted house if it cost less SEATTLE, Oct. 24, 2023 -- This spooky season, a new survey from Zillow® finds that a scary number of prospective home buyers would be willing to put up with a few ghosts in the attic if those spirits happened to haunt the right home. More than two-thirds of prospective buyers (67%) say they could be convinced to buy a haunted house if it had appealing features, were in the right location, were more affordable or for another reason. These findings highlight the extreme compromises buyers are willing to make in order to land a home in today's housing market. Zillow's survey of prospective buyers finds that 40% say they could be convinced to buy a haunted house if it had features such as a big backyard, a pool or a two-car garage. Nearly one-third of prospective buyers (32%) say the same if the home were in their desired location. Finding a home that checks all the boxes has become challenging with frighteningly few new listings hitting the market. Zillow's latest monthly market report finds that inventory is starting to creep back up, but it remains more than 10% lower than this time last year, and more than 40% lower than 2019 levels. More than one-third of prospective buyers (35%) say they could be convinced to buy a haunted house if it were priced lower than the rest of the market. Home values remain near record highs after the pandemic-era run-up in prices. Meanwhile, mortgage rates surpassed a 22-year high this month, slashing buying power and spooking many would-be home shoppers. A new Zillow analysis finds buyers now need a six-figure income to comfortably afford the typical U.S. home, assuming a 10% down payment. "The combination of high prices, limited inventory and rising interest rates is creating a witches' brew of trouble for would-be homeowners," said Manny Garcia, a senior population scientist at Zillow. "Despite these chilling conditions, life events like job changes, coupling up and having children still drive households to buy. These shoppers have to square their budgets with important home characteristics like bedrooms, bathrooms and floor plans. When balancing so many priorities in an inventory-starved market, avoiding ghosts and ghouls doesn't always make the cut." In order to afford a home, many buyers end up trick-or-treating at the bank of Mom and Dad. A new Zillow report finds that 43% of recent buyers received a gift or loan from family or friends to help finance their down payment. Others are seeking out down payment assistance programs, which are listed on every for-sale home on Zillow. To reduce monthly mortgage costs, 45% of buyers are paying more money up front to buy points and lower their interest rate, according to a survey by Zillow Home Loans. There are new tools helping buyers better understand what they can afford. Mortgage and affordability calculators can help shoppers set a budget. Those shoppers can then search for homes by monthly cost instead of by sticker price when they are shopping on Zillow. Teaming up with a great agent and lender can also help manage the fear factor. For some brave souls, an otherworldly roommate can be a selling point. Nearly 30% of prospective buyers say they would be more likely to purchase a home if it were haunted (29%), while 20% say ghostly apparitions wouldn't impact their purchase decision. Either way, buyers may not know who is haunting the halls of their dream home. A Zillow analysis finds most states don't require sellers to disclose paranormal activity in the home they're selling. A spine-tingling 12% of successful buyers say their home is definitely haunted, while an additional 17% say their home may be harboring spirits. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences.

Need to Move? We're Approaching the Best Time to Buy in 2023
Although mortgage rates remain high, the week of Oct. 1, 2023 is expected to offer buyers the best overlap of reduced home prices and competition alongside increased inventory, according to Realtor.com®. SANTA CLARA, Calif., Sept. 13, 2023 -- As mortgage rates hit their highest peak in more than two decades, Americans determined to make a home purchase this year are navigating a dauntingly difficult housing market. With approximately 4.2 million home sales expected in 2023, Realtor.com® analyzed the numbers in its fifth annual Best Time to Buy Report, identifying key factors to consider when buying a home, apart from mortgage rates. According to the new report: inventory, prices, and competition from other buyers are in peak alignment across the nation during the week of Oct. 1, offering homebuyers a window of opportunity to make the most of their purchase this year. This early-fall period will offer buyers the most favorable moment to buy during the remainder of the year, with more home listings, less competition, and lower prices. This week may offer: Up to 17% more active listings than at the start of the year. Savings of more than $15,000 relative to the summer's peak price of $445,000 More time to decide as homes are expected to stay on the market for one week longer than during this year's peak Less competition with demand expected to be 18.7% lower than peak buying periods "Mortgage rates have been more than 6% since September 2022 and could continue this trend for another year. Even as prices fell this summer, the monthly payment to finance a median-priced home was still more than 20% higher than last year,"1 said Danielle Hale, chief economist, Realtor.com®. "Mortgage rates continue to be a big wild card for Americans hoping to buy a home. Our analysis shows that buying in the fall does give buyers some more predictable advantages that could potentially ease the pain of higher rates and other stressful aspects of the home buying process, including making fast decisions and bidding wars." Hale added, "For buyers trying to close this fall, saving a search on Realtor.com® can help them stay up to date on homes in their price range without the work of having to refresh or recreate their search." Since 2018, Realtor.com® has analyzed home prices, inventory, listing views, and time on market, indicators that tend to follow regular seasonal patterns, to determine the best time to buy. Here's how these factors breakdown during this unique window: Reduced Prices: Historically, an average of 5.5% of homes have price reductions during the Best Time to Buy period, which means roughly 40,000 homes across the U.S. could see price reductions, based on inventory estimates. During this week, prices typically dip 3.3%, compared to the typical season high, translating to $15,000 in savings. And in several of the largest housing markets around the country, home prices during the best week to buy can dip more than 10% below their peak price earlier in the year, potentially saving buyers tens of thousands of dollars. Increased Listings to Choose From: This year, inventory will likely be lower than in years past as hesitant sellers shy away from the market. However, seasonal inventory trends are still expected and project 11.7% more active listings for the week of Oct.1 than the average week of the year, and 17.2% more than the start of the year. Less Competition From Other Buyers: Home buyers shopping during the best week to buy can expect less competition from other buyers. This year, we saw a return to some pre-pandemic home shopping trends – with the most views per listing in the spring, and prospective buyers continuing to explore the housing market during the summer months – meaning fewer buyers to compete with this fall. While there may still be more competition than pre-pandemic, buyers can expect demand to be 18.7% lower than peak buying periods in 2023, and 13.5% lower than the average week. A More Manageable Timeline: While homes are still spending less time on the market than pre-pandemic, the breakneck pace of the housing market has slowed. During the best time to buy, buyers can spend more time considering their options rather than making quick decisions, and sellers may become more flexible as their listings linger. Historically slowing by 29% compared to the year's peak pace – homes were on the market for an average of 43 days in June 2023 – buyers can expect more than one week extra to deliberate in early October. More Fresh Listings: Despite the count of new listings having fallen this year as homeowners hesitate to sell amidst financial concerns tied to record-high mortgage rates, new listing declines have leveled off. Historically, the best week to buy has seen the addition of 18.9% more homes than at the start of the year, and early October is set to offer the highest influx of fresh listings compared to the remainder of the year. Methodology: Realtor.com analyzed six supply and demand metrics at a national and metropolitan level that follow seasonal patterns, using data for 2018-2022 period (2020 data was omitted due to anomalies caused by the pandemic). Those metrics analyzed include: 1) listing prices, 2) inventory levels, 3) new "fresh" listings, 4) time on market, 5) homebuyer demand (realtor.com views per property) and 6) price reductions. Interest rates, which do not follow seasonal patterns, were not included. To account for 2022 market conditions, estimates reflect typical seasonal patterns layered on top of the most recent 2022 weekly data. Each week of the year was scored from 0 to 100 based on the number of active listings. A given week scored highly if it had more listings compared to other weeks of the year. The other metrics were scored in the same way, such that each week had six different scores for active listings, new listings, listing prices, days on market, price reductions, and views per property. (In the case of prices, lower prices score higher. Same with views per property). Each week was then ranked by the average of those scores. The week with the highest composite score was considered the best time to buy. This week represents a balanced view of market conditions favorable for buyers. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®. 1 The monthly payment to finance 80% of a median-priced home was more than 20% higher in July 2023 than it was in July 2022

The Typical Teacher Can Afford Just 12% of Homes for Sale Near Their School, Down From 30% in 2019
In San Jose and San Diego, no homes for sale near the schools Redfin analyzed are affordable on the local teacher's median salary. Just three metros had a share above 50%: Detroit, Cleveland and Pittsburgh. SEATTLE -- The average teacher can afford just 12% of homes for sale within commuting distance of their school, according to a new report from Redfin, the technology-powered real estate brokerage. That's down from 17% last summer and 30% in 2019, before the pandemic homebuying boom drove up housing prices. Additionally, the average teacher can afford just over one-quarter (27%) of available rentals within commuting distance of their school. This is based on a Redfin analysis of median teacher salaries (2022) in the 50 most populous U.S. metro areas and more than 70,000 PreK-12 public and private schools in those metros. "Commuting distance" means a teacher can drive between home and work within 20 minutes during rush hour. Teachers are struggling to find affordable housing near the workplace in large part because their wages aren't keeping pace with inflation. The average U.S. public school teacher salary rose 2% in 2021-2022 from the prior year to $66,745, but when adjusted for inflation, teachers are making $3,644 less than they were a decade ago, according to the National Education Association. Almost half of the 50 most populous metros saw teacher pay decrease in 2022 from a year earlier. As teacher salaries stagnate, housing prices continue to climb—a confluence of events that has forced many educators to drop out of the field, fueling a dire teacher shortage in some areas. The typical homebuyer's monthly mortgage payment is up nearly 20% from a year ago as a shortage of homes for sale props up home prices. Rent prices are also inching back toward their record high. There are an average of 796 homes for sale within commuting distance of U.S. schools, down 24% from 2022 and down 46% from 2019. The housing shortage has intensified over the past year because high mortgage rates are prompting many homeowners to stay put. That has left buyers with limited options—an imbalance of supply and demand that's keeping prices elevated. "The shortage of affordable homes is exacerbating the shortage of teachers," said Redfin Senior Economist Sheharyar Bokhari. "Many teachers who can't afford to buy a house near work are either renting and missing out on the opportunity to build wealth through home equity, or leaving education in search of more lucrative careers." Some cities are coming up with creative ways to retain teachers, converting old schools, convents and historic buildings into affordable housing for educators. And the federal government offers homebuying programs for eligible teachers in the form of grants and down payment assistance. Half of U.S. states have also proposed laws to boost teacher pay this year, though only a handful have succeeded. The Midwest Is the Most Affordable Place for Teachers Looking to Buy or Rent In Detroit, the average teacher can afford two-thirds (67%) of homes for sale within commuting distance of their school—the highest share among the 50 most populous U.S. metros. Next comes Cleveland, where 59% of commutable homes, on average, are affordable on the median teacher salary. Rounding out the top five are Pittsburgh (53%), Philadelphia (49%) and St. Louis (40%). The list is similar for rentals. Ranking first is Cleveland, where the typical teacher can afford 82% of available rentals within commuting distance of their school. It's followed by Pittsburgh (76%), Detroit (73%), Milwaukee (73%) and Philadelphia (62%). These metros have a couple of things in common: They rank among the most affordable when it comes to home prices, and they don't rank at the bottom of the list when it comes to teacher salaries. That's why these areas have relatively high shares of homes affordable for teachers. In Detroit, for example, the median home sale price is $187,000—lower than any other major metro in the country. Still, Detroit ranks 26th for teacher pay among the 50 biggest metros, with a median salary of $64,221. That's higher than the typical salary in, say, Miami, where the median home sale price is $515,000 but the typical teacher only makes $60,463. California Is the Least Affordable Place for Teachers Looking to Buy a home; Florida Is the Least Affordable for Teachers Looking to Rent In San Jose, CA and San Diego, none of the for-sale homes within commuting distance of schools, on average, are affordable on the median teacher salary. The following metros all came in at roughly 1%: Austin, TX, Los Angeles, San Francisco, Nashville, Denver, Boston and Oakland, CA. While California has the highest teacher salaries, it's also home to some of the most expensive housing in the country. In San Francisco, for example, the median teacher salary is $98,789—the second highest among the top 50 metros (Riverside, CA ranked first, at $100,326). But San Francisco's median home sale price is $1.5 million—the highest in the nation. Most people earning a $98,789 annual salary can't afford a $1.5 million home. Florida dominated the list of places with the smallest shares of rentals affordable for teachers. In Miami, the typical teacher can afford 2% of available rentals within commuting distance of their school—the lowest share among the metros Redfin analyzed. Next came three other Florida metros: Fort Lauderdale (4%), Orlando (4%) and West Palm Beach (6%). Nashville rounded out the bottom five, also at 6%. Florida ranked 48th in the nation for teacher pay in 2021-2022, with an average salary of $51,230, according to the National Education Association. Orlando has lower teacher pay than any other U.S. metro, with a median salary of $49,561—down 8% from 2021—according to the metro ranking in this report. Florida has faced one of the fastest housing-cost increases in the nation as scores of remote workers have moved in. Earlier this year, Gov. Ron DeSantis said he would ask lawmakers to set aside $1 billion for teacher pay increases—a $200 million bump from the current year—but also signed a bill restricting teacher unions, which negotiate pay increases. Orlando has seen teacher employment fall 30% since 2019—more than any other major U.S. metro. It's followed by three expensive California metros: San Jose (-27%), Sacramento (19%) and San Diego (-17%). Virginia Beach, Providence and Tampa See Biggest Drop in Housing Affordability for Teachers Since 2019 In Virginia Beach, the average teacher can afford 9% of homes for sale within commuting distance of their school, down from 71% in 2019. That 62-percentage-point drop is the largest among the 50 most populous metro areas. It's followed by Providence, RI (-45 ppts), Tampa (-44 ppts), Jacksonville, FL (-41 ppts) and Las Vegas (-41 ppts). Virginia Beach is one of 10 metros that has seen teacher pay decline since 2019. The median teacher salary is $59,316, down 18% from $72,148 in 2019. Pricey coastal metros saw the smallest changes. In San Francisco, an average of 1% of for-sale homes within commuting distance of schools are affordable on the median teacher salary, unchanged from 2019. It's followed by San Jose, Oakland, New York and Seattle, which all saw their shares decline by fewer than 5 percentage points for the same reason: There were hardly any homes affordable for teachers to begin with, so the numbers didn't have much room to fall. Teacher Pay Fell Most Last Year in Baltimore and Orlando, Rose Most in St. Louis Nearly half (21) of the 50 largest metros saw teacher pay decline in 2022 from the year earlier. In Baltimore, the median teacher salary was $63,601 last year, down 15% from $74,476 the prior year—the largest decline among the 50 largest metros. Next come Orlando (-8%), Virginia Beach (-8%), Minneapolis (-8%) and Pittsburgh (-7%). The largest pay increase was in St. Louis, where the median teacher salary in 2022 was $59,610, up 10% from the prior year. It was followed by four pricey West Coast metros: Seattle (9%), Oakland (8%), San Francisco (8%) and San Diego (7%). Thousands of teachers in Missouri recently received pay bumps thanks to the Teacher Baseline Salary Grant program. Teacher employment in St. Louis is up 9% from 2019—a bigger jump than any other major metro. View the full report, including charts, tables with metro-level data, and methodology, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with same day tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.

Home values reach new peak as owners hang on to houses
SEATTLE, July 12, 2023 -- The typical home value eclipsed $350,000 for the first time ever as healthy demand from buyers continues to collide with reluctant sellers, according to the latest Zillow® Market Report. "Home buyers have persisted this spring despite daunting affordability challenges and record-low inventory," said Jeff Tucker, senior economist at Zillow. "Demand typically begins to ease in the summer, and there are signs that competition is waning, but large price declines are unlikely until more homeowners list their homes for sale." The typical U.S. home value climbed 1.4% from May to June, continuing a four-month hot streak. The new peak of $350,213 is almost 1% higher than last June and barely edges out the previous Zillow Home Value Index record set in July 2022. From hot spots to soft spots: Local home value trends Affordability remains the key to market strength, as lower-priced metro areas posted the largest monthly gains; Chicago, Buffalo, New Orleans and Hartford all notched 2.1% monthly growth, with Detroit close behind at 2%. Those markets all have typical home values lower than the national average. As in May, home values rose from the previous month in all 50 of the largest metro areas. The slowest monthly growth was in Austin (0.4%), followed by Jacksonville, Memphis, San Antonio and Birmingham, which all saw 0.8% increases. Drought of new listings intensifies The flow of new homes for sale ticked up 2.4% month over month, but the annual deficit deepened, now standing at 28% fewer listings than a year ago. June is usually one of the best months for fresh inventory, but this year only 376,500 new listings arrived on the market. That's closer to levels seen in the slower months of February and October than to average new listings in June (505,100), according to Zillow data reaching back to 2018. A lack of new listings has dogged the housing market for nearly a year, and higher mortgage rates remain the chief suspect. Rates at 6.8% this week (the highest since November, up from 5.1% a year ago and 3% two years ago) make it especially costly for homeowners — most of whom have a mortgage well below today's rates — to borrow for their next home purchase. Another explanation could be that homeowners are holding out for higher prices. Home values have steadily increased since January in much of the country, but remain below peaks reached last summer in many markets. "It could be that some homeowners have been waiting until prices set new highs in their market before opting to cash in their chips," Tucker said. The total pool of existing homes for sale is lower than any June since at least 2018. It's down 10% from last year and a tremendous 45% below June 2019. Drop-off in demand means less competition for buyers Potential buyers could see some slight relief on the horizon, as a few metrics indicate demand and competition are cooling. Sales measured by newly pending listings dipped almost 5% from May to June, following seasonal trends seen in 2022 and before the pandemic, when accepted offers crested in May. Listings also lasted longer in June, 11 days before the typical listing went pending, compared to 10 in May. But that's still a much faster market than in 2019, when listings went pending in 21 days. Rent growth is back to normal Zillow's latest monthly rent report shows rent growth is back to pre-pandemic norms for this time of year, about 0.6% per month. San Diego overtook San Francisco as the third-most-expensive place to rent. * Table ordered by market size About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences. Zillow Group's affiliates, subsidiaries and brands include Zillow®; Zillow Premier Agent®; Zillow Home Loans℠; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which includes ShowingTime®, Bridge Interactive®, and dotloop®. All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2023 MFTB Holdco, Inc., a Zillow affiliate.

Zillow's top markets for college grads offer a balance of opportunity and affordability
Colorado Springs and Spokane named best areas for recent college graduates in new Zillow study analyzing rent-to-income ratio and job prospects SEATTLE, May 24, 2023 -- Colorado Springs, Colorado, has been named Zillow's top market for college grads in 2023, highlighting how, this year, markets with a smaller population, relatively affordable rents and lots of career prospects contribute to a high quality of life for individuals beginning a new phase in their lives. Trailing behind Colorado Springs are Spokane, Washington, and Des Moines, Iowa — two relatively small markets with plenty of job opportunities and lower rents than the national median. To determine the ranking, Zillow created an index combining1 each metropolitan area's rent-to-income ratio, average salary for recent college graduates, job openings and the share of the population in their 20s. The analysis identifies cities that not only provide promising career prospects but also ensure a manageable rent burden for fresh graduates embarking on their next exciting chapter. "Graduating from college and moving to a new city to start your career is a major milestone. For many, it's a reality check when they realize how much of their hard-earned paycheck goes straight to rent," said Anushna Prakash, an economic data analyst at Zillow. "Zillow's top markets for college grads are buzzing with abundant job opportunities, a chance to connect with fellow 20-somethings, and rent prices that allow more freedom to spend on nights out or even start saving for a down payment. They're great places to kick-start life's exciting next chapter." Second-largest markets offer college grads a quality life Both Colorado Springs and Spokane hold the distinction of being the second-largest markets by population in their respective states. These vibrant regions offer abundant job opportunities along with rents that are more affordable than their larger metro counterparts Denver and Seattle. In Colorado Springs, the typical rent is $1,824, compared to $2,031 in Denver. In Spokane, the typical rent is $1,563, compared to $2,223 in Seattle. College graduates flock to these areas, seeking an excellent quality of life, outdoor recreation and economic prospects at a reasonable cost. The two are also college towns, anchored by UC-Colorado Springs and Gonzaga University, respectively, giving them a head start at attracting 20-somethings when many recent graduates stick around to start their careers. Phoenix and Portland are the largest markets on the list Among the top metros, Phoenix and Portland stand out as the largest markets by population size. While their typical rents rank highest on our top-10 list, Portland's generous average salary for recent college grads offsets the higher living costs, ensuring a relatively manageable rent-to-income ratio. Phoenix, on the other hand, takes the crown for its abundance of job opportunities, surpassing all other analyzed metro areas. When combined with factors such as the vibrant population of 20-somethings and favorable rent-to-income ratios, both Phoenix and Portland emerge as exceptional choices for recent graduates seeking a flourishing start to their professional journeys. Peak rental season is in full swing, and new college grads looking to sign a lease only add to the competition for rentals. The rental market can be expensive and competitive, but there are steps first-time renters can take to make the process easier: Search smarter, not harder To save time on in-person tours, renters can take advantage of virtual 3D Home tours and interactive property maps on many apartment listings from the comfort of their own couch and avoid wasting time touring rentals that are not a good fit. Once they decide they want to see something in person, renters can automatically schedule tours in the same way they book restaurant reservations — no need to wait for a response from the property manager. Create a budget and explore options Once they land a job and know their salary, college grads should also do research on their market to better understand what they can expect to pay and if they should negotiate. Zillow has a rental market trends tool showing typical rents, number of available units and market temperature down to the ZIP code. Know a renter's rights Zillow's local legal protections tool provides information about local laws that protect LBGTQ renters from housing discrimination. It also includes information on local laws that prevent housing discrimination based on the source of income used to pay the rent, such as housing vouchers. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences. Zillow Group's affiliates, subsidiaries and brands include Zillow®; Zillow Premier Agent®; Zillow Home Loans℠; Zillow Closing Services℠; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which includes ShowingTime®, Bridge Interactive®, and dotloop®.

U.S. Home-Sellers Experience Further Decline in Profits in Q1 2023
Profit Margins on Typical Home Sales Nationwide Drop to Two-Year Low as Home Prices Remain Flat; Investment Returns Decline Quarterly by Five Points; Median Home Values Down Again in Most Markets IRVINE, Calif. – Apr. 27, 2023 — ATTOM, a leading curator of land, property, and real estate data, today released its first-quarter 2023 U.S. Home Sales Report, which shows that profit margins on median-priced single-family home and condo sales across the United States decreased to 44.2 percent as home prices stayed flat or kept declining around most of the nation. The drop-off in typical profit margins, from 48.7 percent in the fourth quarter of 2022, marked the third straight quarterly decrease nationwide and resulted in the lowest investment return since mid-2021. It came as the national median home price rose just 1 percent quarterly, to $321,135, and values commonly went down in almost three-quarters of major housing markets around the country. The typical investment return nationwide did remain high in the first quarter – almost double where it stood four years ago. But the margin was off by 12 points from the peak of 56.1 percent hit in the second quarter of last year. "Homeowners are starting to take a significant hit in the form of lost profits from the recent market slowdown. Nine months of varying price declines around the country have carved away almost a quarter of the profit margin sellers were enjoying in early 2022. That's a striking reversal of what we saw for a decade," said Rob Barber, chief executive officer for ATTOM. "It is possible that the upcoming peak buying season of 2023 could lead to increased profits, owing to favorable mortgage rates and other factors. Over the next few months, we can expect to gain more clarity regarding whether the current market stagnation is a short-term aberration or a more significant trend." The latest round of faltering profits and prices around the U.S. reflects a housing market that has been stalled since the middle of last year following a decade of almost continuous gains. The nationwide median home price fell 7 percent from the record hit in the second quarter of last year, taking profit margins with it. That happened as home mortgage rates doubled to more than 6 percent for a 30-year fixed-rate loan, consumer price inflation soared to 40-year highs and the stock market fell back from all-time records. Those forces cut into what prospective home buyers could afford, helping to tamp down demand and lower prices despite short supplies of properties for sale. As the 2023 home-buying season kicks into gear, the forecast for the market remains murky. Small declines in mortgage and inflation rates over the past few months have come amid predictions among economists of more interest rate hikes and a possible recession. Profit margins stay the same or decrease in two-thirds of U.S. Typical profit margins – the percent difference between median purchase and resale price – stayed the same or went down from the fourth quarter of 2022 to the first quarter of 2023 in 93 (68 percent) of the 137 metropolitan statistical areas around the U.S. with sufficient data to analyze. They were flat or down in 123, or 90 percent, of those metros compared to the second quarter of last year, when returns hit a high point nationwide. Metro areas were included if they had a population greater than 200,000 and at least 1,000 single-family home and condo sales in the first quarter of 2023. The biggest quarterly decreases in typical profit margins came in the metro areas of Akron, OH (margin down from 66.7 percent in the fourth quarter of 2022 to 47.8 percent in the first quarter of 2023); Stockton, CA (down from 76.7 percent to 59.4 percent); Louisville, KY (down from 48.6 percent to 32 percent); Prescott, AZ (down from 73.3 percent to 58.1 percent) and Buffalo, NY (down from 66.2 percent to 51.5 percent). Aside from Louisville and Buffalo, the biggest quarterly profit-margin decreases in metro areas with a population of at least 1 million in the first quarter of 2023 were in St. Louis, MO (return down from 33.7 percent to 23.6 percent); San Francisco, CA (down from 58.9 percent to 49.1 percent) and Salt Lake City, UT (down from 53.6 percent to 44.5 percent). Typical profit margins increased quarterly in just 44 of the 137 metro areas analyzed (32 percent). The biggest quarterly increases were in Trenton, NJ (margin up from 43.6 percent in the fourth quarter of 2022 to 78.6 percent in the first quarter of 2023); Scranton, PA (up from 63.3 percent to 87.5 percent); Lake Havasu City, AZ (up from 63.6 percent to 82.8 percent); Atlantic City, NJ (up from 33.2 percent to 48.5 percent) and Reading, PA (up from 53.9 percent to 68.8 percent). The largest quarterly increases in profit margins among metro areas with a population of at least 1 million came in Pittsburgh, PA (up from 47.8 percent to 53.1 percent); Memphis, TN (up from 46.3 percent to 51.1 percent); Richmond, VA (up from 52.1 percent to 55.6 percent); Indianapolis, IN (up from 46.7 percent to 50 percent) and Grand Rapids, MI (up from 64.4 percent to 67.1 percent). Raw profits flat or down in three-quarters of nation Profits on median-priced home sales, measured in raw dollars, stayed the same or decreased from the fourth quarter of 2022 to the first quarter of 2023 in 100, or 73 percent, of the metro areas analyzed for this report. The biggest quarterly raw-profit decreases in areas with a population of at least 1 million were in St. Louis, MO (down 30 percent); Louisville, KY (down 29 percent); Birmingham, AL (down 28 percent); New Orleans, LA (down 24 percent) and Buffalo, NY (down 22 percent). The largest raw profits on median-priced sales in the first quarter of 2023 were in San Jose, CA (profit of $475,000); San Francisco, CA ($316,000); Naples, FL ($255,750); San Diego, CA ($242,750) and Seattle, WA ($236,000). Prices even or down in three-quarters of metro areas around the U.S. Median home prices in the first quarter of 2023 decreased or remained the same compared to the prior quarter in 104 (75 percent) of the 139 metro areas around the country with enough data to analyze, although they were still up annually in 102 of those metros (73 percent). Nationally, the median first-quarter price of $321,135 was up 1 percent from $318,000 in the fourth quarter of 2022 and up 1.6 percent from $316,000 in the first quarter of last year. The biggest decreases in median home prices from the fourth quarter of 2022 to the first quarter of 2023 were in Toledo, OH (down 13.7 percent); Trenton, NJ (down 13.3 percent); Pittsburgh, PA (down 11.1 percent); Detroit, MI (down 9.5 percent) and San Francisco, CA (down 8.8 percent). Aside from Pittsburgh, Detroit and San Francisco, the largest median-price declines during the first quarter of 2023 in metro areas with a population of at least 1 million were in Buffalo, NY (down 8.7 percent) and Baltimore, MD (down 7.3 percent). Home prices hit new highs during the first quarter of 2023 in only six of the 139 metro areas in the report. The largest increases in median prices from the fourth quarter of 2022 to the first quarter of 2023 came in Ogden, UT (up 7.2 percent); Naples, FL (up 6 percent); Savannah, GA (up 5.8 percent); Fort Myers, FL (up 5 percent) and Crestview-Fort Walton Beach, FL (up 4.9 percent). The biggest quarterly increases in metro areas with a population of at least 1 million during the first quarter of 2023 were in Virginia Beach, VA (up 2.3 percent); San Diego, CA (up 1.6 percent); Miami, FL (up 1.2 percent); Riverside, CA (up 1 percent) and Richmond, VA (up 0.6 percent). Homeownership tenure hits 12-year low Homeowners who sold in the first quarter of 2023 had owned their homes an average of 5.59 years. That was down from 5.81 years in the fourth quarter of 2022 and 5.68 years in the first quarter of 2022, to the lowest point since mid-2011. Average tenure decreased from the first quarter of 2022 to the same period this year in 56 percent of metro areas with sufficient data. They largest declines were in Atlantic City, NJ (tenure down 27 percent); Dayton, OH (down 19 percent); Tallahassee, FL (down 16 percent); Chattanooga, TN (down 15 percent) and St. Louis, MO (down 14 percent). Fourteen of the 15 longest average tenures among sellers in the first quarter of 2023 were in the Northeast or West regions. They were led by Honolulu, HI (8.21 years); Manchester, NH (8.17 years); Kahului-Wailuku, HI (7.93 years); Bellingham, WA (7.87 years) and New Haven, CT (7.29 years). The smallest average tenures among first-quarter sellers were in Lakeland, FL (1.22 years); Memphis, TN (2.92 years); Cleveland, OH (3.83 years); Tucson, AZ (3.95 years) and Salem, OR (4.08 years). Lender-owned foreclosures tick upward, but remain low Home sales following foreclosures by banks and other lenders represented 1.7 percent, or only one of every 59 U.S. single-family home and condo sales in the first quarter of 2023. That was up from 1.3 percent in the fourth quarter of 2022 and from 1.2 percent in the first quarter of last year. But it remained just a tiny fraction of the 30 percent peak this century hit in 2009 during the aftermath of the Great Recession of 2007. Among metropolitan statistical areas with sufficient data, those areas where REO sales represented the largest portion of all sales in the first quarter of 2023 included Peoria, IL (13.6 percent, or one in seven sales); Flint, MI (11.9 percent); Lansing, MI (7.3 percent); St. Louis, MO (7.2 percent) and Kalamazoo, MI (6.6 percent). Cash sales hit 10-year high Nationwide, all-cash purchases accounted for 39.3 percent of single-family home and condo sales in the first quarter of 2023, the highest level since the first quarter of 2013. The latest portion was up from 37.9 percent in the fourth quarter of 2022 and up from 36.9 percent in the first quarter of last year. Among metropolitan areas with sufficient cash-sales data, those where cash sales represented the largest share all transactions in the first quarter of 2023 included Amsterdam, NY (75.9 percent of all sales); Claremont-Lebanon, NH (69.9 percent); Seneca, SC (69.3 percent); Hudson, NY (68.1 percent) and Palatka, FL (65.2 percent). Those where cash sales represented the smallest share of all transactions in the first quarter of 2023 included Vallejo, CA (21.4 percent); Seattle, WA (22.5 percent); Spokane, WA (22.6 percent); Washington, DC (22.6 percent) and Kennewick, WA (22.9 percent). Institutional investment declines Institutional investors nationwide accounted for 5.4 percent, or one of every 19 single-family home and condo purchases in the first quarter of 2023. That was down from 6.6 percent in the fourth quarter of 2022 and from 6.1 percent in the first quarter of 2022. Among states with enough data to analyze, those with the largest percentages of sales to institutional investors in the first quarter of 2023 were Georgia (8.4 percent of all sales), Tennessee (7.7 percent), Alabama (7.5 percent), Texas (7.5 percent) and Arizona (7.3 percent). States with the smallest levels of sales to institutional investors in the first quarter of 2023 included Massachusetts (2.6 percent of all sales), Wisconsin (3 percent), Louisiana (3.2 percent), New York (3.3 percent) and Delaware (3.6 percent). FHA-financed purchases hold steady Nationwide, buyers using Federal Housing Administration (FHA) loans comprised 8.3 percent of all single-family home and condo purchases in the first quarter of 2023 (one of every 12). That was unchanged from the fourth quarter of 2022 and up from 7.3 percent a year earlier. Among metropolitan areas with sufficient FHA-buyer data, those with the highest levels of sales to FHA purchasers in the first quarter of 2023 included Bakersfield, CA (21 percent of all sales); Lakeland, FL (20.1 percent); Dover, DE (19 percent); Pueblo, CO (18.5 percent) and Modesto, CA (18.1 percent). Report methodology The ATTOM U.S. Home Sales Report provides percentages of REO sales and all sales that are sold to institutional investors and cash buyers, at the state and metropolitan statistical area. Data is also available at the county and zip code level, upon request. The data is derived from recorded sales deeds, foreclosure filings and loan data. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Paying the Price: Realtor.com finds LGBTQ+ and BIPOC Buyers Spend More of Their Income to Own a Home
Realtor.com® now displays down payment assistance information on all home listings, so shoppers can easily see if financial help is available SANTA CLARA, Calif., April 5, 2023 -- Housing affordability remains near all-time lows and is a challenge for many homebuyers. According to new survey data from Realtor.com®, recent LGBTQ+ and BIPOC (Black, Indigenous, and people of color) buyers are going into homeownership weighed down and more burdened by housing costs than white and non-LGBTQ+ individuals. Lower down payment, higher sales price and loan denials creates cost crunch for communities challenged by lower incomes April is Fair Housing Month and it creates an opportunity to shine a light on the need to create more equitable housing opportunities and access for all individuals. Realtor.com®'s data shows that LGBTQ+ and BIPOC buyers are more likely to put smaller down payments on a home, with nearly two-thirds (65%) putting down 20% or less of a home's purchase price when buying compared to about half (53%) of white, non-LGBTQ+ buyers. LGBTQ+ and BIPOC buyers were also nearly 9% more likely to pay over a home's asking price to get their offer accepted – 86% paid over asking compared to 79% of white and non-LGBTQ+ individuals. A smaller down payment on top of an above-asking home price generally equates to a higher interest rate and monthly mortgage payment, and that means LGBTQ+ and BIPOC buyers are likely to pay a larger share of their income toward housing than other buyers. That's especially challenging for budgets, as a higher percentage of LGBTQ+ and BIPOC homebuyers were also more likely to fall into lower income groups than white and non-LGBTQ+ buyers. Realtor.com® also found that LGBTQ+ and BIPOC buyers face challenges during the mortgage process, and are 1.7 times more likely to have been denied mortgages two or more times. "More Americans than ever before are stretched thin because of the growing housing cost burden, but our data shows that LGBTQ+ and BIPOC buyers are potentially spending even more of their income to own a home of their own, which can make it difficult to afford other essentials like food and transportation and creates even greater inequalities," said Laura Eddy, Realtor.com® vice president, Research and Insights. "With the rising costs of homeownership taking a greater toll on budgets, resources like down payment assistance can help reduce the overall financial burden of buying a home and make it more accessible to a wider range of individuals." Down payment assistance helps reduce upfront costs of buying a home To help address the homeownership disparity in America, Realtor.com® teamed up last year with the Homeownership Council of America to donate to and raise funds for HCA's Equity Down Payment Assistance Fund, which helps make owning a home more accessible for BIPOC and low-to moderate-income homebuyers. Since its inception, the Equity Down Payment Assistance Fund has already helped several buyers close on a home, including Jose, a Mexican-American from the Los Angeles area. Jose is a first-generation homeowner and is proud and excited to be celebrating the magic of many "first" experiences, like celebrating the holidays with his daughter for the first time in their own home. "I believe there is a huge problem with the homeownership gap and the effects of those gaps go on for generations," said Jose. "Being the first one in my family to purchase a home is definitely a proud moment – I get choked up thinking about it, because my parents came to this country with a dream. Having a home of my own felt like freedom." There are 5.37 million Americans who qualify for down payment assistance, according to the Urban Institute, but data from the National Association of Realtors® shows only 3–4% of recent homebuyers have taken advantage of these programs when buying a home. Realtor.com® aims to raise awareness of down payment assistance programs and other tools to help address the homeownership disparity in America. "At Realtor.com®, we believe the dream of homeownership should be achievable by all, but inequality and a history of discriminatory housing policies have made it harder for BIPOC and LGBTQ+ individuals to overcome housing hurdles, and since housing is a predominant way to build wealth, that's led to a significant wealth gap across generations," said Mickey Neuberger, CMO, Realtor.com®. "Reducing unfair housing cost burdens and giving greater access to communities who have been locked out of homeownership opportunities can help address that gap, and it's why we're joining forces with others in the industry and bringing new tools and resources to more individuals to help lift their financial strain." To increase awareness of down payment assistance programs and make them more accessible to shoppers, all for-sale home listings on Realtor.com® now include information about down payment assistance under the Monthly Payment section. The tool, also available at Realtor.com/fairhousing, puts information about more than 2,000 programs right at consumers' fingertips, so they can quickly and easily find available local, state or national programs by sharing some basic information. The tool's functionality is provided by Down Payment Resource, whose technology matches buyers with assistance programs that meet their individual home buying needs. To watch a video about Jose's home journey, search for down payment assistance programs, and find more Fair Housing tools and resources from Realtor.com®, visit Realtor.com/fairhousing. Methodology Realtor.com® conducted a proprietary online quantitative survey in January 2023 among 7,514 consumers who visited a website or real estate app in the last 12 months and who were a primary or shared decision maker of living situations and had no critical industry affiliations. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.

Redfin Reports Cross-Country Movers Largely Undeterred by High Mortgage Rates
Redfin.com user search data shows that 14% fewer homebuyers looked to move within their own metro area in February than a year earlier, compared with a 4% drop for out-of-town movers SEATTLE — The number of Redfin.com home searchers looking to relocate to a new metro fell 3.6% year over year in February, according to a new report from Redfin, the technology-powered real estate brokerage. That compares with a 14.4% drop in Redfin.com home searchers looking to relocate within their current metro. Those are both the biggest declines in Redfin's records, which go back through 2018. The rise in mortgage rates over the last year has made purchasing a home more expensive almost across the board, but elevated rates often aren't as big of a deterrent for relocating homebuyers because they're typically moving to more affordable areas. Someone moving from Los Angeles to Las Vegas, for instance, could buy a home comparable to the one they're selling in Los Angeles for half the price. High rates don't impact that buyer as much because they're getting a cheaper house and may be using proceeds from a home sale in a more expensive area. People moving from one part of the country to another may also be doing so for a higher-paying job, which would help offset high mortgage rates. Additionally, homebuyers relocating to a different part of the country may have a non-negotiable reason for their move: Maybe they are moving for that higher-paying job, or to be closer to family. High rates are less likely to deter those homebuyers than ones simply considering a different house within the same town. Share of Buyers Looking to Move to a New Metro Is at a Record High One-quarter (25.1%) of house hunters nationwide looked to relocate to a new metro in February, a record high. That's up from 22.9% a year earlier and roughly 18% before the pandemic. Relocators made up a bigger portion of homebuyers than ever because elevated mortgage rates, still-high home prices, inflation and economic uncertainty are motivating the few people who are still buying homes to move to more affordable areas. Remote work has also made it more feasible for Americans to relocate. Florida, other Sun Belt destinations are most popular with relocating buyers Miami, Phoenix, Las Vegas, Sacramento, CA and Tampa, FL were the most popular destinations for house hunters looking to move to a different metro in February. Other parts of Florida and a couple Texas metros round out the top 10: Orlando, Cape Coral, Dallas, North Port-Sarasota and Houston. Popularity is determined by net inflow, a measure of how many more Redfin.com users looked to move into an area than leave. Relatively affordable Sun Belt metros perennially top the list of places people are looking to move, due mainly to their comparatively cheap housing and warm weather. While homes in these places cost considerably more than pre-pandemic, they remain comparatively affordable. The typical home in most of the popular destinations is less expensive than the typical home in the top origins. The typical Miami home sold for $485,000 in February, compared with $640,000 in New York, the most common origin for homebuyers looking to move in. And the typical Phoenix home sold for $425,000, compared with $710,000 Seattle, the most common origin. "For buyers coming from the Bay Area or another expensive place, homes in Phoenix seem cheap. That's why out-of-towners are still buying homes even though rates are high," said Phoenix Redfin agent Heather Mahmood-Corley. "Desirable, well-priced homes are selling quickly, sometimes with a bidding war–largely because there are still so many buyers moving in from out of town." House hunters are leaving expensive job centers Homebuyers looked to leave San Francisco, New York and Los Angeles more than any other metro in February, followed by Washington, D.C. and Chicago. This ranking is determined by net outflow, a measure of how many more Redfin.com users looked to leave a metro than move in. While San Francisco tops the list of places people are looking to leave, fewer homebuyers are leaving than a year ago. That may be partly because Bay Area home prices are falling. Expensive coastal job centers typically top the list of places people are leaving. That trend became more pronounced in recent years as remote work allowed homebuyers to relocate to more affordable areas. View the full report, including charts and methodology, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.

Gender gap widens: Growth trend reverses for young single women homeowners
Women have returned to the workforce in near pre-pandemic numbers, but homeownership remains elusive for those who are single SEATTLE, March 24, 2023 -- Single men have long been more likely than single women to own a home, but that gap narrowed sharply in recent years, nearly closing in 2021. However, a new Zillow® analysis shows that it widened again last year, shining light on the homebuying challenges single women face, including lower salaries and a more volatile workforce experience. In 2016, 19.4% of young single women owned a home, compared with 29.6% of young single men — a gap of 10.1 percentage points. The gap shrunk throughout the next five years as more and more women entered the workforce — leading to record-high numbers in 2020 — and women's incomes began to rise. By 2021, that gap was a mere 1.8 percentage points. But that progress was wiped out in 2022. The first year of the pandemic saw an outsize share of women leave their jobs to take on caregiving responsibilities, as child-care and eldercare options were in flux. Women also continue to earn significantly less than men on average, receiving approximately 82 cents to every dollar earned by men. As a result, young single women have fewer options when it comes to affordable home listings than young single men. "Single women had made great strides in narrowing the homeownership gap, but the pandemic reminded us that progress is not always linear," said Skylar Olsen, chief economist at Zillow. "Despite women showing remarkable resilience in returning to the workforce, single women's homeownership rate took a heavy hit in 2022. With rising and volatile mortgage rates furthering affordability challenges, the road to affordable homeownership remains an uphill battle, and it may take creative solutions or even doubling up in a home to achieve that dream." After growing to 28.6% by 2021, the homeownership rate for single women dropped to 24.5% last year, wiping out almost half the gains made since 2016, when single women's homeownership was at an all-time low of 19.4%. At the same time, the homeownership rate for single men increased 2.7 percentage points in 2022 to 33.1%. Single women looking to buy a home in Pittsburgh, St. Louis or Detroit — which are among the nation's 50 largest metro areas — will find the highest share of affordable listings. Single women in Atlanta, Baltimore, Washington, D.C., and Raleigh are most able to compete with single men in the for-sale market; single women in those metros, on average, can afford at least 2% of all active listings and at least 90% of the listings single men can afford. On the other hand, Cincinnati, Kansas City, Oklahoma City, Minneapolis, Jacksonville and New Orleans see the largest gender-based disparity in housing affordability, with single women able to afford fewer than 70% of the homes that single men can afford. Sources and Methodology Labor force participation rates for working age adults (ages 16–64 years) are produced by the Bureau of Labor Statistics and pulled from the FRED API. Annual homeownership rates of households headed by 25- to 35-year-olds (annually from 1980 to 2022) and broken out by employment, marital status and living arrangement were estimated by Zillow Economic Research using individual records from the Current Population Survey provided by IPUMS CPS, at the University of Minnesota, www.ipums.org. Information regarding gender pay equity was obtained from the Pew Research Center, www.pewresearch.org. The number and share of active listings on Zillow that are affordable for single women and single men (limited here to employed singles between ages 18 and 44) were estimated using all listings ever active on Zillow during February 2023 and median individual incomes by gender, estimated by Zillow Research using individual responses to the American Community Survey, also provided by IPUMS at the University of Minnesota. A home is considered "affordable," in this case, if the estimated mortgage payment on the listing takes up no more than 30% of income. We set the mortgage rate for this analysis at the average weekly mortgage rate, reported by Freddie Mac, for February. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and brands include Zillow®; Premier Agent®; Zillow Home Loans℠; Zillow Closing Services℠; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which includes ShowingTime®, Bridge Interactive®, and dotloop® and Listing Media Services. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

ATTOM Ranks Best Counties for Buying Single-Family Rentals in 2023
Highest Potential SFR Returns in Indian River, Collier, Wayne, Mercer, Charlotte Counties; Best Returns Concentrated in South, Midwest and Northeast, Lowest in West; Rental Returns Increase From 2022 in About 90 Percent of Counties Analyzed, Reversing Years of Decline IRVINE, Calif. – Mar. 16, 2023 — ATTOM, a leading curator of land, property, and real estate data, today released its Q1 2023 Single-Family Rental Market report, which ranks the best U.S. markets for buying single-family rental properties in 2023. The report analyzed single-family rental returns in 212 U.S. counties with a population of at least 100,000 and sufficient rental and home price data. The analysis for this report incorporated median rents on 3-bedroom properties and median single-family home prices collected from ATTOM's nationwide property database, as well as publicly recorded sales deed data licensed by ATTOM (see full methodology below). The report shows that the average annual gross rental yield on three-bedroom properties, (annualized gross rent income divided by purchase price) among the 212 counties analyzed is projected to be 7.5 percent in 2023. That is up from an average of 6.7 percent in 2022 in those same markets and marked the first time since at least 2019 that the figure rose across the country. The single-family rental yield is increasing from 2022 to 2023 in 91 percent of those counties, after declining from 2021 to 2022 in 72 percent of them. With rental yields on the rise, rents are increasing faster than home prices across most of the country. From 2022 to 2023, three-bedroom rents rose more than single-family home prices in 192, or 91 percent, of the markets analyzed. Rents commonly have risen by around 5 percent to 20 percent over the past year, while changes in home values have typically ranged from a 5 percent loss to a 5 percent gain. "The broader housing market didn't fare nearly as well in 2022 as it did in 2021. Prices finally hit the wall, at least temporarily. But that appears to be benefitting the growing number of investors around the U.S. who rent out single-family properties," said Rob Barber, chief executive officer at ATTOM. "Rents for single-family homes are growing while prices have flattened out, which has helped boost yields for landlords for the first time in at least several years." The improving scenario for single-family landlords has come following a year in which the U.S. housing-market changed course. The nation's 11-year price runup abruptly stalled as home-mortgage rates doubled to near 7 percent, consumer price inflation remained at 40-year highs and the stock market fell. All those factors cut into what prospective home buyers could afford, helping to lower the nationwide home price by 8 percent in the second half of 2022 but allowing rental yields to rise. Additional price declines "could cut both ways for landlords," Barber added. "They could raise yields even more but also rekindle super-heated demand for home purchases, away from rentals." Top rental returns in Indian River, Collier, Wayne, Mercer and Charlotte counties, as well as other parts of South, Midwest and Northeast regions Counties with the highest potential annual gross rental yields for 2023 are Indian River County, FL, in the Sebastian-Vero Beach metro area (15 percent); Collier County, FL, in the Naples metro area (14.7 percent); Wayne County, MI, in the Detroit metro area (13 percent); Mercer County, NJ, in the Trenton metro area (12.7 percent) and Charlotte County, FL, in the Punta Gorda metro area (12 percent). Aside from Wayne County, the highest potential annual gross rental yields in 2023 among counties with a population of at least 1 million are in Cook County (Chicago), IL (11.5 percent); Cuyahoga County (Cleveland), OH (10.1 percent); Oakland County, MI (outside Detroit) (9.1 percent) and Palm Beach County (West Palm Beach), FL (8.5 percent). Among the top 50 rental returns for counties analyzed in 2023, 29 are in the South, with another 13 in the Midwest and eight in the Northeast. None are in the West. Rental returns increase in most counties analyzed Potential annual gross rental yields for 2023 have increased compared to 2022 in 192 of the 212 counties analyzed in the report (91 percent). They are led by Orange County, CA (outside Los Angeles) (yield up 42.7 percent); San Mateo County, CA (outside San Francisco) (up 41.6 percent); Suffolk County (Boston), MA (up 41.2 percent); New Castle County (Wilmington), DE (up 40.5 percent) and San Francisco County, CA (up 38.1 percent). Aside from Orange County, the biggest increases in potential annual gross rental yields from 2022 to 2023 among counties with a population of at least 1 million are in Miami-Dade County, FL (yield up 34.1 percent); Broward County (Fort Lauderdale), FL (up 32.4 percent); Santa Clara County (San Jose), CA (up 30.1 percent) and Palm Beach County (West Palm Beach), FL (up 29.5 percent). The only counties with a population of 1 million or more showing decreases in potential gross rental yields from 2022 to 2023 are St. Louis County, MO (yield down 19.8 percent); Nassau County, NY (outside New York City) (down 2.2 percent) and Collin County (Plano), TX (down 0.4 percent). Lowest rental returns in San Francisco, San Jose, Provo, Honolulu and Washington, D.C., metro areas, along with other western markets Counties with the lowest potential annual gross returns for 2023 on three-bedroom rentals are Santa Clara County, CA, in the San Jose metro area (3.3 percent); San Mateo County, CA, in the San Francisco metro area (3.7 percent); Utah County, CA, in the Provo metro area (3.8 percent); Honolulu County in the Honolulu, HI, metro area (4.2 percent) and Loudoun County, VA (4.2 percent). Aside from Santa Clara and Honolulu counties, the lowest potential annual gross rental yields in 2023 among counties with a population of at least 1 million are in Alameda County (Oakland), CA (4.3 percent); Fairfax County, VA (outside Washington, D.C.) (4.3 percent) and Montgomery County, MD (outside Washington, D.C.) (4.5 percent). Among the bottom 50 potential rental returns for counties analyzed 2023, 34 are in the West and 14 are in the South. The Northeast and the Midwest have just one each. Rents rising faster than wages in two-thirds of counties measured Rental amounts are rising faster than wages in 147 of the 212 counties analyzed (69 percent), including Los Angeles County, CA; Cook County (Chicago), IL; Harris County (Houston), TX; San Diego County, CA, and Orange County, CA (outside Los Angeles). Wages are increasing faster than rents in 65 of the 212 counties analyzed (31 percent), including Maricopa County (Phoenix), AZ; Dallas County, TX; Clark County (Las Vegas), NV; Tarrant County (Fort Worth), TX, and Hillsborough County (Tampa), FL. Rents rising faster than home prices in 91 percent of nation Rental amounts are rising faster than home prices in 192 of the 212 counties analyzed (91 percent). They include Los Angeles County, CA; Cook County (Chicago), IL; Harris County (Houston), TX; Maricopa County (Phoenix), AZ, and San Diego County, CA. Home prices are going up faster than rental amounts in just 20 of the counties analyzed (9 percent), including Nassau County, NY (outside New York City); Collin County (Plano), TX; Pima County (Tucson), AZ; St. Louis County, MO, and Westchester County, NY (outside New York City). Wages rising faster than prices in more than three-quarters of markets Wages are increasing faster than home prices in 169 of the 212 counties analyzed (80 percent), including Los Angeles County, CA; Cook County (Chicago), IL; Harris County (Houston), TX; Maricopa County (Phoenix), AZ, and San Diego County, CA. Home prices are increasing faster than wages in 43 of the counties analyzed (20 percent). They include Collin County (Plano), TX; St. Louis County, MO; Westchester County, NY (outside New York City); Hartford County, CT, and Macomb County, MI (outside Detroit). Best SFR growth markets include Chicago, Detroit and Cleveland The report identified 17 "SFR Growth" counties where wages grew over the past year and potential 2023 annual gross rental yields exceed 10 percent. The 17 SFR Growth markets include Cook County (Chicago), IL; Wayne County (Detroit), MI; Cuyahoga County (Cleveland), OH; Shelby County (Memphis), TN, and New Haven County, CT. Methodology For this report, ATTOM looked at U.S. counties with a population of 100,000 or more and sufficient home price and rental rate data. ATTOM used single-family home price data from its publicly recorded sales deed data, as well as three-bedroom median priced rental data, collected and licensed by ATTOM. The analysis also incorporated second-quarter 2022 average weekly wage data from the Bureau of Labor Statistics (most recent available). About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Housing Markets in California, Illinois and East Coast Still Top List of Areas Around U.S. More Vulnerable to Declines
Chicago and New York City Areas Remain More At Risk Based on Key Market Measures from Fourth Quarter of 2022; East Coast and Swaths of Interior California Also More Vulnerable to Downturns; South Region and Sections of Midwest are Less Vulnerable IRVINE, Calif. — Mar. 9, 2023 — ATTOM, a leading curator of land, property, and real estate data, today released a Special Housing Risk Report spotlighting county-level housing markets around the United States that are more or less vulnerable to declines, based on home affordability, foreclosures and other measures in the fourth quarter of 2022. The report shows that inland California, Illinois, New Jersey, and Delaware continued to have some of the highest concentrations of the most-at-risk markets in the country, with the biggest clusters in the New York City and Chicago metropolitan areas. Southern and midwestern states remained less exposed. The fourth-quarter patterns – based on gaps in home affordability, underwater mortgages, foreclosures, and unemployment – revealed that New Jersey, Illinois, and California had 31 of the 50 counties most vulnerable to potential declines around the U.S. That was roughly the same as the 28 more-at-risk markets that were in those states in the third quarter of last year. During a time when the broader U.S. housing market boom stalled, those concentrations dwarfed other parts of the country. The 50 most at-risk included seven in the Chicago metropolitan area, five in and around New York City, three in or near Cleveland, OH, and 13 spread through northern, central, and southern California. The rest were clustered mainly in other parts of the East Coast, including two of the three counties in Delaware. At the other end of the risk spectrum, the South, Midwest, and western areas outside California continued to have the biggest concentration of markets considered least vulnerable to falling housing markets. "With the U.S. housing market cooling off considerably since the middle of last year, some areas of the country continue to show signs of being more at risk of a larger downturn than others. That's based on several key factors that can either boost or damage local housing markets, including unusually high home ownership costs, foreclosures, and relatively weak homeowner equity," said Rob Barber, chief executive officer at ATTOM. "It remains important to note that we are not identifying markets headed for an imminent fall, just those that look to be more exposed to market troubles. Heading into the peak buying season of 2023, we will keep monitoring those areas closely to see if anything changes." Counties were considered more or less at risk based on the percentage of homes facing possible foreclosure, the portion with mortgage balances that exceeded estimated property values, the percentage of average local wages required to pay for major home ownership expenses on median-priced single-family homes and condos, and local unemployment rates. The conclusions were drawn from an analysis of the most recent home affordability, equity and foreclosure reports prepared by ATTOM. Unemployment rates came from federal government data. Rankings were based on a combination of those four categories in 581 counties around the United States with sufficient data to analyze in the fourth quarter of 2022. Counties were ranked in each category, from lowest to highest, with the overall conclusion based on a combination of the four ranks. See below for the full methodology. The ongoing wide disparities in risks throughout the country remained in place during a time when the overall U.S. housing market had one of its worst second-half performances in more than a decade. Key measures showed the national median home value decreasing 8 percent (down 4 percent specifically in the fourth quarter), while home-seller profits dipped lower, homeowner equity stopped growing, foreclosures continued to increase and mortgage lending plummeted to its lowest level in almost nine years. That happened as 30-year mortgages rates climbed close to 7 percent, inflation remained at a 40-year high and the stock market fell. Each of those forces cut into what home buyers could afford. Most-vulnerable counties again clustered in the Chicago, New York City and Cleveland areas, along with sections of California and Delaware Thirty of the 50 U.S. counties considered most vulnerable in the fourth quarter of 2022 to housing market troubles (from among 581 counties with enough data to be included in the report) were in the metropolitan areas around Chicago, IL, New York, NY, and Cleveland, OH, as well as in Delaware and California. California markets on the list remained mostly inland, away from the coast. The 50 most at-risk counties included seven in the Chicago area (Cook, De Kalb, Kane, Kendall, Lake, McHenry, and Will counties, all in Illinois), two in New York City (Kings and Richmond counties, which cover Brooklyn and Staten Island) and three in the New York City suburbs (Essex, Passaic and Sussex counties in New Jersey). The three in the Cleveland metro area that were among the top 50 in the fourth quarter were Cuyahoga, Lake, and Lorain counties. Elsewhere, California had 13 counties in the top 50 list: Butte County (outside Sacramento), Humboldt County (Eureka), San Joaquin (Stockton), Solano County (outside Sacramento) and Shasta County (Redding) in the northern part of the state; Fresno County, Madera County (outside Fresno), Merced County (outside Modesto), Stanislaus County (Modesto) and Tulare County (outside Fresno) in central California, and Kern County (Bakersfield), Riverside County and San Bernardino County in the southern part of the state. Counties most at-risk of downfalls seeing elevated levels of unaffordable housing, underwater mortgages, foreclosures and unemployment Major home ownership costs (mortgage payments, property taxes and insurance) on median-priced single-family homes and condos consumed more than one-third of average local wages in 34 of the 50 counties that were most vulnerable to market problems in the fourth quarter of 2022. The highest percentages in those markets were in Kings County (Brooklyn), NY (114.6. percent of average local wages needed for major ownership costs); Richmond County (Staten Island), NY (70.1 percent); Riverside County, CA (70 percent); San Joaquin County (Stockton), CA (63.6 percent) and Passaic County, NJ (outside New York City) (59.6 percent). Nationwide, major expenses on typical homes sold in the fourth quarter required 32.3 percent of average local wages. At least 7 percent of residential mortgages were underwater in the fourth quarter of 2022 in 25 of the 50 most at-risk counties. Nationwide, 5.9 percent of mortgages fell into that category, with homeowners owing more on their mortgages than the estimated value of their properties. Those with the highest underwater rates among the 50 most at-risk counties were Peoria County, IL (18.5 percent underwater); Tangipahoa Parish, LA (outside New Orleans) (16.3 percent); Rock Island County (Moline), IL (16.1 percent); Saint Clair County, IL (outside St. Louis, MO) (15.5 percent) and Kankakee County, IL (outside Chicago) (14.6 percent). More than one of every 1,000 residential properties faced a foreclosure action in the fourth quarter of 2022 in 44 of the 50 most at-risk counties. Nationwide, one in 1,549 homes were in that position. The highest foreclosure rates in the top 50 counties were in Saint Clair County, IL (outside St. Louis, MO) (one in 126 residential properties facing possible foreclosure); Cumberland County, NJ (outside Philadelphia, PA) (one in 376); Sussex County, NJ (outside New York City) (one in 435); Madison County, IL (outside St. Louis, MO) (one in 469) and Will County, IL (outside Chicago) (one in 523). The November 2022 unemployment rate was higher than the national 3.7 percent level in 41 of the 50 most at-risk counties. The highest levels among the top 50 counties were in Tulare County, CA (outside Fresno) (8.6 percent); Merced County, CA (outside Modesto) (7.3 percent); Kern County (Bakersfield), CA (6.8 percent); Fresno County, CA (6.6 percent) and Madera County, CA (outside Fresno) (6.3 percent). Midwest and South continue to have larger concentrations of less at-risk markets Seventeen of the 50 counties least vulnerable to housing-market problems from among the 581 included in the fourth-quarter report were in the Midwest, while another 15 were in the South. Just nine were in the West and nine were in the Northeast. Wisconsin had six of the 50 least at-risk counties in the fourth quarter of 2022. Spread throughout the state, they were Brown County (Green Bay), Dane County (Madison), Eau Claire County, La Crosse County, Washington County (outside Milwaukee) and Winnebago County (Oshkosh). Three others among the 50 least-exposed counties were in the Nashville, TN, metro area (Davidson, Rutherford and Williamson). Counties with a population of at least 1 million that were among the 50 least at-risk included Santa Clara County (San Jose), CA; Middlesex County, MA (outside Boston); Travis County (Austin) TX; Hennepin County (Minneapolis), MN, and Salt Lake County (Salt Lake City), UT. Smaller underwater mortgages rates, less foreclosure activity and lower unemployment benefitting least-vulnerable counties Less than 5 percent of residential mortgages were underwater in the fourth quarter of 2022 (with owners owing more than their properties were worth) in 31 of the 50 least-at-risk counties. Those with the lowest rates among those counties were Chittenden County (Burlington), VT (1.1 percent of mortgages were underwater); Martin County (Palm City), FL (1.6 percent); San Mateo, CA (1.9 percent); Santa Clara County (San Jose), CA (2 percent) and Gallatin County (Bozeman), MT (2.3 percent). More than one in 1,000 residential properties faced a foreclosure action during the fourth quarter of 2022 in none of the 50 least at-risk counties. Those with the lowest rates were Chittenden County (Burlington), VT (no residential properties facing possible foreclosure); Dane County (Madison), WI (one in 24,880); La Crosse County, WI (one in 17,591); Johnson County (Overland Park), KS (one in 12,584) and Lebanon County, PA (one in 11,817). The November 2022 unemployment rate was less than 3 percent in every one of the 50 least-at-risk counties. The lowest rates among those counties were in Cass County (Fargo), ND (1.5 percent); Olmsted County (Rochester), MN (1.6 percent); Shelby County, AL (outside Birmingham) (1.7 percent); Gallatin County (Bozeman), MT (1.7 percent); and Yellowstone County (Billings), MT (1.8 percent). Among the least-vulnerable counties, those where home ownership consumed the smallest portion of average local wages were Morgan County, AL (outside Huntsville) (22.6 percent of average local wages needed for major ownership costs); Winnebago County, WI (Oshkosh) (24.8 percent); Limestone County, AL (outside Huntsville) (25.5 percent); Tippecanoe County (Lafayette), IN (27.2 percent) and Olmsted County (Rochester), MN (27.9 percent). Report methodology The ATTOM Special Housing Risk Report is based on ATTOM's fourth-quarter 2022 residential foreclosure, home affordability and underwater property reports, plus November 2022 unemployment figures from the U.S. Bureau of Labor Statistics. (Press releases for affordability, foreclosure and underwater-property reports show the methodology for each.) Counties with sufficient data to analyze were ranked based on the fourth-quarter percentage of residential properties with a foreclosure filing, the percentage of average local wages needed to afford the major expenses of owning a median-priced single-family home and condo and the percentage of properties with outstanding mortgage balances that exceeded their estimated market values, along with November 2022 County unemployment rates. Ranks then were added up to develop a composite ranking across all four categories. Equal weight was given to each category. Counties with the lowest composite rank were considered most vulnerable to housing market problems. Those with the highest composite rank were considered least vulnerable. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Homes owned by Black families appreciated the fastest during the pandemic
Black Americans' housing wealth has made strides, but remains well below that of the typical U.S. household SEATTLE, Feb. 27, 2023 -- Homes owned by Black families appreciated more than any others since the start of the pandemic, with the typical Black homeowner gaining nearly $84,000 in equity. Black Americans also made slight gains in homeownership rates, despite disproportionate job and income loss. The gap between the typical Black-owned home's value and the value of the typical U.S. home is now the smallest it's been in more than two decades, according to a new analysis of data from Zillow and the Home Mortgage Disclosure Act. "These gains are extremely important in terms of increasing wealth among the Black community, as homeowners of color are more likely to have the bulk of their household wealth tied up in their homes," said Nicole Bachaud, senior economist at Zillow. "Due to years of redlining and other forms of systemic discrimination, housing disparities between Black and white families persist. Policies and interventions like expanding access to credit, building more affordable homes and finding new approaches to mitigate appraisal bias are keys to achieving housing equity." From February 2020 to January 2023,1 Black homeowners saw their home values increase 42.5%, compared to 38.2% for U.S. home values overall, and 37.8% for white-owned home values. Hispanic- and Asian-owned home values increased by 38.3% and 37%, respectively. Home value appreciation among Black homeowners has outpaced all other races since 2014, and that trend accelerated at the start of the pandemic, further shrinking the home value gap. In February 2020, the typical Black-owned home was worth 17.3% less than the typical home overall. By January 2023, that gap closed to 14.8%, which is the closest Black-owned home values have been to overall values since at least the year 2000. Among the 50 largest metros in the country, that home value gap has shrunk the most in Detroit — by 9 percentage points — since February 2020. Kansas City, Chicago, Cleveland, Milwaukee and Louisville, among other markets, also saw large improvements, with the gap closing by more than 5 percentage points in that time. Homeownership In 2021, the latest available data from the U.S. Census Bureau, 44% of Black households owned their homes, compared with 73.3% of white households — a gap of more than 29 points. According to the most recent U.S Census Bureau data, Black homeownership increased 2 percentage points from 2019 to 2021, compared to 1.3% for the nation at large. Black women ages 45–54 and 75 and older saw the largest increase among Black homeowners during the pandemic, with 2.9 percentage points of growth. Black men ages 35–44 saw a 2.5 percentage-point jump in homeownership rate over that period, the second-largest increase in the group. Still, for many Black Americans, barriers to accessing homeownership abound. Many markets with the highest appreciation in Black home values also have the highest mortgage denial rates for Black applicants, meaning the markets where Black homeowners have the best chance of improving their household wealth and gaining equity with homeowners overall are markets where it's most difficult for Black mortgage applicants to actually become homeowners. Pandemic-era Changes in Black Americans' Housing Wealth *Ranked by largest reduction in home value gap between Black-owned homes and the overall typical home in the region About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠ , which houses ShowingTime®, Bridge Interactive®, and dotloop® and interactive floor plans. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

Renters pay a 'singles tax' of nearly $7,000 for living alone
Roses are red, violets are blue, if you're single and rent, more money is due SEATTLE, Feb. 13, 2023 -- This Valentine's Day, Zillow has uncovered a heartbreaking truth for apartment-hunting singles: Renters living in a one-bedroom on their own face a yearly "singles tax"1 of nearly $7,000, according to an analysis by Zillow. While singles across the country pay a high price for a solo living arrangement, the size of that "tax" varies widely depending on where they live. The price of living alone in a one-bedroom apartment is the highest in New York City, where StreetEasy data finds that singles pay $19,500 more a year than someone living with a partner in the same place. This rises to nearly $24,000 in Manhattan, the priciest borough. San Francisco isn't too far behind with a $14,000 "singles tax" for a one-bedroom apartment. Of the 50 largest U.S. cities (by population), Detroit and Cleveland have the lowest "singles tax" at $4,483 and $4,387 respectively. It is, of course, worth mentioning that singles can avoid this "tax" by taking in roommates — an extremely popular choice for saving on rent. "Living alone has its perks — you never have to share a bathroom, you have a claim to the TV at all times, and dirty dishes can stack up as long as you want, judgment free. But all that freedom comes with a cost," says Amanda Pendleton, Zillow home trends expert. "Even though rent prices are starting to cool, they are still significantly higher than they were a year ago. Renters considering going solo this year must decide how valuable living alone is to them, and if the cost is worth it." Zillow's analysis also found that cohabitating renters in the U.S. save a collective $14,000 annually, compared to renters living alone. Couples in more expensive cities can save even more, with the discount reaching up to $39,000 in New York City. That's a sizable amount of money that can be used toward paying off student loans, a wedding or even a down payment on a home. In the end, moving in together or deciding to live roommate-free are extremely personal decisions. This data highlights the importance of finding a rental that's the right fit for each individual and household. Zillow has a variety of resources available (and more are coming soon) to help renting couples, roommates and independent renters make the best financial decisions and find the perfect apartment to call home: Rent affordability calculator: For renters living alone or with a roommate or partner, setting a realistic budget is an important place to start. Solo renters can use this Zillow tool to determine if the "singles tax" is something they're able to afford. Move-in date filter: Aligning lease start and end dates is a hassle for one person, let alone a couple potentially living in two different apartments with two different leases. Zillow's move-in date filter ensures all renters are seeing apartments that are available when they need them to avoid paying double rent. Renter Hub: Organization is key for renters during their search. Within Renter Hub, renters can see the status and next step for every apartment they've saved, shared or contacted. They can also update their renter profile to share basic information with property managers, and keep up with conversations with potential landlords — all within the Zillow app. Automated tour scheduling: This is ideal for both busy couples and single renters seeking apartment tours. With this new integration for participating properties, renters can instantly book an apartment tour online without needing to wait for a response — making a cumbersome process as simple as booking a restaurant reservation. Room for Rent (coming soon to Zillow): With the "singles tax" being so high, many renters don't have the option of living in a one-bedroom apartment alone. This new feature, which is coming soon to Zillow, will allow renters to search and rent single bedrooms within rental units, opening up more affordable options for those looking for their place. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠ , which houses ShowingTime®, Bridge Interactive®, and dotloop® and interactive floor plans. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

U.S. Home Seller Profits Top 50 Percent in 2022 Despite Market Slowdown
Profits on Typical Sales Nationwide Rise from 45 percent to 51 Percent; National Median Home Price for Full Year Up 10 Percent to $330,000 Even as Values Drop in Second Half; Home Sellers Continue Staying in Their Homes Less Than Six Years IRVINE, Calif. – Jan. 26, 2023 — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its Year-End 2022 U.S. Home Sales Report, which shows that home sellers nationwide realized a profit of $112,000 on the typical sale in 2022, up 21 percent from $92,500 in 2021 and up 78 percent from $63,000 two years ago. Despite a market slowdown in the second half of last year, profits rose from 2021 to 2022 in 98 percent of housing markets with enough data to analyze. The latest nationwide profit figure, based on median purchase and resale prices, marked the highest level in the United States since at least 2008. The $112,000 profit on median-priced home sales in 2022 represented a 51.4 percent return on investment compared to the original purchase price, up from 44.6 percent last year and from 32.8 percent in 2020. The latest profit margin also represented a high point since at least 2008. "It seems pretty likely that home seller profits peaked for this cycle in 2022," said Rick Sharga, executive vice president of market intelligence at ATTOM. "Median prices have declined on a monthly basis since mortgage rates doubled between January and October and are likely to decline further in many markets across the country in 2023, reducing profitability for home sellers." Both raw profits and ROI have improved nationwide for 11 straight years, shooting up again in 2022 as the national median home price increased 10 percent to $330,000 – yet another annual record. At the same time, though, profits increased at a slower pace than in 2021, reflecting a year when the nation's decade-long housing boom stalled. The national median home value dipped 8 percent over the second half of last year as home-mortgage rates doubled, consumer price inflation soared to a 40-year high and the stock market slumped. Those forces cut into the amounts potential home buyers could afford, generating multiple headwinds that threaten to further erode the housing market, cutting demand and potentially pushing seller profits down. Total sales last year declined after rising in eight of the previous 10 years. Among 157 metropolitan statistical areas with a population greater than 200,000 and sufficient sales data, those in western and southern states reaped the highest returns on investment in 2022. The West and South regions had 14 of the 15 metro areas with the highest ROIs on typical home sales last year, led by Hilo, HI (100 percent return on investment); Lake Havasu City-Kingman, AZ (88.4 percent); Spokane, WA (86.2 percent); Fort Myers, FL (85.4 percent) and Port St. Lucie, FL (84.8 percent). Prices up at least 10 percent in more than half the country as most markets again hit new highs The U.S. median home price increased 10 percent in 2022, hitting another all-time annual high of $330,000. The full-year median home-price appreciation in 2022 fell below the 17.6 percent nationwide gain in 2021. Still, the latest increase in the national median value remained among the best over the past decade. Since 2012, when the U.S. housing market was just starting to recover from the Great Recession of the late 2000s, the national median price has grown 120 percent. Median prices rose from 2021 to 2022 in all but two of the 157 metropolitan statistical areas around the U.S. with a population of 200,000 or more and sufficient home price data in 2022. Values shot up at least 10 percent in 85 of those metros (54 percent). Those with the biggest year-over-year increases were in Florida, led by Naples, FL (median up 26.9 percent); Fort Myers, FL (up 26.7 percent); Lakeland, FL (up 25.7 percent); Port St. Lucie, FL (up 24.6 percent) and Ocala, FL (up 23.8 percent). The largest median-price increases in metro areas with a population of at least 1 million in 2022 came in Tampa, FL (up 21.9 percent); Raleigh, NC (up 17.9 percent); Austin, TX (up 17.9 percent); Orlando, FL (up 17.7 percent) and Tucson, AZ (up 17.2 percent). Typical home prices in 2022 reached new peaks in 153 of the 157 metros analyzed (97 percent), including New York, NY; Los Angeles, CA; Chicago, IL; Dallas, TX, and Houston, TX. Metro areas where median prices dropped in 2022, or rose by the smallest amounts, were Davenport, IA (down 2 percent); Shreveport, LA (down 1.7 percent); Baltimore, MD (up 2.7 percent); Pittsburgh, PA (up 2.7 percent) and Toledo, OH (up 2.8 percent). Profit margins increase in 90 percent of nation Profit margins on typical home sales improved from 2021 to 2022 in 141 of the 157 metro areas with sufficient data to analyze (90 percent). That happened as the 10 percent jump in sale prices nationwide in 2022 surpassed the 5 percent increases recent sellers had been paying when they originally bought their homes. Nine of the 10 largest increases in investment returns were in Florida, led by Fort Myers, FL (ROI up from 51 percent in 2021 to 85.4 percent in 2022); Ocala, FL (up from 49.7 percent to 82.4 percent); Naples, FL (up from 44.7 percent to 74.4 percent); Port St. Lucie, FL (up from 62.8 percent to 84.8 percent) and Miami, FL (up from 42.9 percent of 64.1 percent). Aside from Miami, the largest ROI gains from 2021 to 2022 in metro areas with a population of at least 1 million were in Orlando, FL (ROI up from 42.2 percent to 62.2 percent); Tampa, FL (up from 53.8 percent to 73.8 percent); Jacksonville, FL (up from 43.7 percent to 58.4 percent) and Las Vegas, NV (up from 48.8 percent to 59.8 percent). The biggest decreases in investment returns from 2021 to 2022 came in Salem, OR (ROI down from 82.7 percent to 43.1 percent); Atlanta, GA (down from 43.9 percent to 36 percent); Boise, ID (down from 75.9 percent to 68.9 percent); Prescott, AZ, (down from 82.7 percent to 75.9 percent) and Sacramento, CA (down from 61 percent to 54.7 percent). Aside from Atlanta and Sacramento, metro areas with a population of at least 1 million and declining profit margins in 2022 included Minneapolis, MN (down from 43.8 percent to 40 percent); Los Angeles, CA (down from 48.2 percent to 45.2 percent) and San Francisco, CA (down from 75.2 percent to 72.8 percent). Raw profits top $100,000 in half the country, with largest clustered on West Coast Raw profits on median-priced home sales in 2022 topped $100,000 in 79, or 50 percent, of the 157 metro areas with sufficient data to analyze. The West region had 17 of the top 20 raw profits in 2022, led by San Jose, CA ($621,000); San Francisco, CA ($473,000); Seattle, WA ($304,063); San Diego, CA ($295,500) and Los Angeles, CA ($272,500). The smallest raw profits in 2022 were mainly in the South and Midwest, reflecting lower homes prices in those areas than elsewhere. Those regions had 19 of the 20 lowest profits on typical sales, led by Columbus, GA ($19,000); Shreveport, LA ($20,000); Beaumont, TX ($22,991); Rockford, IL ($34,500) and Davenport, IA ($38,500). Home seller tenure remains near 10-year low Home sellers in the U.S. who sold in the fourth quarter of 2022 had owned their homes an average of 5.85 years, down from 5.96 years in the previous quarter and from 6.05 years in the fourth quarter of 2021. The latest figure represented the third-shortest average home-seller tenure since 2012. Average seller tenures were down, year over year, in 77, or 72 percent, of the 107 metro areas with a population of at least 200,000 and sufficient data. The biggest declines in average seller tenure from the fourth quarter of 2021 to the fourth quarter of 2022 were in Rockford, IL (down 23 percent); Atlantic City, NJ (down 22 percent); Dayton, OH (down 20 percent); Knoxville, TN (down 19 percent) and Salem, OR (down 18 percent). The longest tenures for home sellers in the fourth quarter of 2022 were in Bellingham, WA (9.87 years); Manchester, NH (8.58 years); Honolulu, HI (8.38 years); Bridgeport, CT (7.78 years) and New Haven, CT (7.57 years). Cash sales at nine-year high Nationwide, all-cash purchases accounted for 36.1 percent, or one of every three single-family home and condo sales in 2022. The latest percentage – the highest since 2013 – was up from 34.4 percent in 2021 and from 22.7 percent in 2020, although still off the 38.5 percent peaks in 2011 and 2012. "Cash buyers – many, but not all of whom are investors – are in a position of competitive advantage in today's higher interest rate environment, and will continue to account for a higher-than-usual share of market at least until mortgage rates dip back down a bit," Sharga noted. "With affordability a problem for many buyers – especially first-time buyers – it wouldn't be a surprise to see the percentage of cash purchases actually increase in 2023." Among those metropolitan statistical areas with a population of at least 200,000 and sufficient cash-sales data, those where cash sales represented the largest share of all transactions in 2022 were Augusta, GA (72.1 percent of sales); Columbus, GA (69 percent); Athens, GA (60.6 percent); Flint, MI (59.5 percent) and Gainesville, GA (58.9 percent). Lender-owned foreclosure purchases in U.S. at lowest level in at least 17 years Foreclosure sales to lenders accounted for just 1.2 percent, or one of every 87 single-family home sales in 2022 – the lowest level since at least 2005. The 2022 figure was down from 1.5 percent of sales, or one in 68, in 2021 and 3.6 percent, or one in 28, in 2020. States where lender-purchased (REO) foreclosure sales comprised the largest portion of total sales in 2022 were Michigan (3.2 percent of sales), Illinois (3 percent), Connecticut (2.2 percent), New York (1.9 percent) and Arkansas (1.9 percent). Among 156 metropolitan statistical areas with a population of at least 200,000 and sufficient data, those where lender-purchased foreclosure sales represented the largest portion of all sales in 2022 were Flint, MI (8.3 percent of sales); Binghamton, NY (4.9 percent); Kalamazoo, MI (4.6 percent); Lansing, MI (4.5 percent) and Huntington, WV (3.7 percent). Among 55 metropolitan statistical areas with a population of at least 1 million, those with the highest levels of lender-purchased foreclosures in 2022 were Chicago, IL (2.8 percent of sales); St. Louis, MO (2.4 percent); Detroit, MI (2.1 percent); Grand Rapids, MI (2 percent) and Baltimore, MD (2 percent). Those with the smallest shares were Raleigh, NC (0.2 percent of sales); Denver, CO (0.2 percent); Tucson, AZ (0.3 percent); San Francisco, CA (0.3 percent) and Colorado Springs, CO (0.3 percent). Aside from Raleigh, Denver, Tucson and San Francisco, metro areas with at least 1 million people where lender-purchased foreclosures represented the smallest share of total sales also included Phoenix, AZ (0.3 percent). Institutional investing down in 2022 Institutional investors nationwide accounted for 6.5 percent, or one of every 15 single-family home and condo sales in 2022 in the U.S. The latest figure was down from 8.1 percent in 2021, but was still more than twice the 2.9 percent level in 2020. Among those metropolitan statistical areas with a population of at least 200,000 and sufficient institutional-investor sales data, those with the highest portions of institutional-investor transactions in 2022 were Atlanta, GA (19 percent of sales); Memphis, TN (18.4 percent); Jacksonville, FL (17.9 percent); Charlotte, NC (16.8 percent) and Tucson, AZ (16.6 percent). FHA sales at lowest point in 15 years Nationwide, buyers using Federal Housing Administration (FHA) loans accounted for 7.5 percent, or one of every 13 single-family home and condo purchases in 2022. That was down from 8.3 percent in 2021 and from 11.8 percent in 2020, to the lowest point since 2007. Among those metropolitan statistical areas with a population of at least 200,000 and sufficient FHA- buyer data in 2022, those with the highest share of purchases made with FHA loans were Bakersfield, CA (18.9 percent of sales); Visalia, CA (18.3 percent); Merced, CA (17.7 percent); Hagerstown, MD (15.8 percent) and Modesto, CA (15.6 percent). Report methodology The ATTOM U.S. Home Sales Report provides percentages of REO sales and all sales that are sold to institutional investors and cash buyers, at the state and metropolitan statistical area. Data is also available at the county and zip code level, upon request. The data is derived from recorded sales deeds, foreclosure filings and loan data. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Renting More Affordable than Homeownership Across Most of the Nation in 2023
Rents Rising Faster Than Home Prices in Almost Half the U.S.; Both Renting and Owning Unaffordable for Average Workers Throughout the Country; Renting Still More Manageable in Vast Majority of Markets IRVINE, Calif. – Jan. 19, 2023 — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its 2023 Rental Affordability Report, which shows that the average three-bedroom rent is more affordable than owning a comparably sized median-priced home in 210, or 95 percent, of the 222 U.S. counties analyzed for the report. Both renting and owning a three-bedroom home are significant financial burdens for households around the U.S., consuming more than one-third of average wages in most major housing markets. But average rents still require a significantly smaller portion of wages than major home-ownership expenses on three-bedroom properties. That gap has emerged even as rents have risen faster than home prices over the past year in roughly half the nation. The analysis for this report incorporated 2023 rental prices and 2022 home prices, collected from ATTOM's nationwide property database, as well as publicly recorded sales deed data licensed by ATTOM (see full methodology below). Those two data sources were combined with average wage figures from the Bureau of Labor Statistics (see full methodology below). "What a difference a year makes," said Rick Sharga, executive vice president of market intelligence for ATTOM. "Last year our study concluded that it was more affordable to own than to rent in 60 percent of the markets analyzed. But with mortgage rates doubling, monthly payments for new homeowners rose by 45-50 percent compared to a year ago, even though home price appreciation has slowed down dramatically. This has made renter more affordable in the majority of markets, despite rental rates continuing to rise over the past year." The report shows that renting is more affordable in most of the country following a year of mixed market patterns around the country, flowing from a rapidly changing housing market. Average three-bedroom rents climbed more than median sales prices on single-family homes in 46 percent of the markets analyzed. That happened at a time when a decade-long run of price spikes slowed considerably across the U.S., amid rising mortgage rates, high inflation, a declining stock market and other factors that cut into what potential buyers could afford. Still, rents didn't go up fast enough to keep them from being the more financially viable option for workers earning average local wages in most markets. Average rents commonly consume a smaller portion of average wages than major home ownership by anywhere from 5 to 30 percentage points. The patterns hold throughout the country, but are most pronounced in the most populous urban markets. Rents rising faster than home prices in half the nation Average rents for three-bedroom homes are increasing more than median prices for single-family homes in 103 of the 222 counties analyzed in this report (46 percent). Counties were included in the report if they had a population of 100,000 or more, at least 100 sales from January through November of 2022, and sufficient data. The most populous counties where three-bedroom rents are rising faster than median sales prices for single-family homes are Cook County (Chicago), IL; San Diego County, CA; Orange County, CA (outside Los Angeles); Kings County (Brooklyn), NY, and Miami-Dade County, FL. The largest 119 counties where sales for single-family homes are rising faster than rents are Los Angeles County, CA; Harris County (Houston), TX; Maricopa County (Phoenix), AZ; Dallas County, TX, and Clark County (Las Vegas), NV. Widest affordability gaps between renting and owning in most populous counties Renting the average three-bedroom home is more affordable compared to owning a single-family home in the nation's largest counties, with populations of at least 1 million. Among 46 counties with a population of at least 1 million included in the report, the biggest gaps are in Honolulu, HI (average three-bedroom rents consume 66 percent of average local wages while single-family home ownership expenses consumes 140 percent); Alameda County (Oakland), CA (47 percent for renting versus 110 percent for owning); Santa Clara County (San Jose), CA (28 percent versus 83 percent); Orange County, CA (outside Los Angeles) (73 percent versus 125 percent) and Contra Costa County, CA (outside San Francisco) (49 percent versus 90 percent). The only county with a population of more than 1 million where it is more affordable to buy than rent is Cook County (Chicago), IL (average rents consume 40 percent of average local wages while home ownership consumes 38 percent). The biggest gaps among counties in the report with populations of less than 1 million are in San Mateo County, CA (outside San Francisco) (average three-bedroom rents consume 39 percent of average local wages while single-family home ownership expenses consumes 103 percent); Alexandria City/County, VA (outside Washington, DC) (46 percent versus 101 percent); Loudoun County, VA (outside Washington, DC) (44 percent versus 97 percent); San Francisco County (41 percent versus 92 percent) and Utah County (Provo), UT (37 percent versus 84 percent). Renting three-bedroom homes difficult for average wage earners, but most affordable in South and Midwest The report shows that renting the typical three-bedroom property requires more than one-third of average local wages in 174 of the 222 counties analyzed for the report (78 percent). Among the 48 markets where average three-bedroom rents require less than one-third of average local wages, 44 are in the Midwest and South. The most affordable counties for renting a 3-bedroom property are Jefferson County (Birmingham), AL (20 percent of average local wages needed to rent); Pulaski County (Little Rock), AR (23 percent); Cuyahoga County (Cleveland), OH (23 percent); Wayne County (Detroit), MI (24 percent) and Summit County (Akron), OH (25 percent). Aside from Cuyahoga and Wayne counties, the most affordable counties for renting, among those with a population of at least 1 million, are St. Louis County, MO (25 percent of average local wages needed to rent); Allegheny County (Pittsburgh), PA (26 percent) and Philadelphia County, PA (26 percent). The least affordable counties for renting are spread through the South, Northeast and West, including Kings County (Brooklyn), NY (126 percent of average local wages needed to rent); Indian River County (Vero Beach), FL (100 percent); Charlotte County, FL (outside Fort Myers) (84 percent); Monterey County, CA (outside San Francisco) (82 percent) and Riverside County CA (outside Los Angeles) (77 percent). Aside from Kings and Riverside counties, the least affordable for renting among counties with a population of at least 1 million are Orange County, CA (outside Los Angeles) (73 percent of average local wages needed to rent); Palm Beach County (West Palm Beach), FL (71 percent) and Westchester County, NY (outside New York City) (69 percent). South and Midwest also have most-affordable home ownership markets; least affordable are in West and Northeast The report shows that major expenses on a median-priced single-family home requires more than one-third of average local wages (assuming a 20 percent down payment) in 206 of the 222 counties analyzed for the report (93 percent). The most affordable markets for owning are Wayne County (Detroit), MI (24.1 percent of average local wages needed to own); Montgomery County, AL (27.6 percent); Cuyahoga County (Cleveland), OH (27.7 percent); Richmond County (Augusta), GA (28.7 percent) and Allegheny County (Pittsburgh), PA (29.2 percent). Aside from Wayne, Cuyahoga and Allegheny counties, the most affordable for owning among counties with a population of at least 1 million are St. Louis County, MO (32.9 percent of average local wages needed to own) and Cook County (Chicago), IL (38.3 percent). The least affordable markets for owning among those analyzed are Honolulu County, HI (139.8 percent of average local wages needed to own); Kings County (Brooklyn), NY (125.9 percent); Orange County, CA (outside Los Angeles) (124.7 percent); Monterey County, CA (outside San Francisco) (117.3 percent) and Alameda County (Oakland), CA (110.1 percent). Aside from Honolulu, Kings, Orange and Alameda counties, the least affordable county among others with a population of at least 1 million is Queens County, NY (102.6 percent of average local wages needed to own). Rents growing faster that wages in almost three-quarters markets Average fair-market rents are increasing more than average local wages in 156 of the 222 counties analyzed in the report (70 percent), including Los Angeles County, CA; Cook County (Chicago), IL; Harris County (Houston), TX; San Diego County, CA, and Orange County, CA (outside Los Angeles). Average local wages are growing faster than average rents in 66 of the 222 counties in the report (30 percent), including Maricopa County (Phoenix), AZ; Dallas County, TX; Clark County (Las Vegas), NV; Tarrant County (Fort Worth), TX, and Hillsborough County (Tampa), FL. Home prices rising faster than wages in more than 90 percent of nation Median single-family home prices are rising faster than average weekly wages in 207 of the 222 counties analyzed in the report (93 percent), including Los Angeles County, CA; Harris County (Houston), TX; Maricopa County (Phoenix), AZ; San Diego County, CA, and Orange County, CA (outside Los Angeles). Average weekly wages are rising faster than median home prices in just 15 of the 222 counties in the report (7 percent), including Cook County (Chicago), IL; Cuyahoga County (Cleveland), OH; Westchester County, NY (outside New York City); Washington, D.C., and Jefferson County (Birmingham), AL. Methodology For this report, ATTOM looked at January-November (YTD) 2022 single-family home price data from ATTOM's publicly recorded sales deed data, as well as 3-bedroom average rental data for 2023, collected and licensed by ATTOM. This data was then analyzed for U.S. counties with a population of 100,000 or more and sufficient home price and rental rate data. The analysis also incorporated second-quarter 2022 average weekly wage data from the Bureau of Labor Statistics (most recent available). Rental affordability represents the average fair market rent for a three-bedroom property as a percentage of the average monthly wage (based on average weekly wages). Home-buying affordability represents the monthly house payment for a single-family median-priced home (including mortgage, based on a 20 percent down payment, plus property tax, homeowner's insurance and private mortgage insurance) as a percentage of the average monthly wage. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Zillow names Charlotte as 2023's hottest housing market
Zillow's 10 hottest markets are based on factors such as expected home value growth and buyer demand SEATTLE, Jan. 12, 2023 -- Charlotte will be this year's hottest housing market, according to a Zillow® analysis. Cleveland, Pittsburgh, Dallas and Nashville join Charlotte in the top five of the Zillow 2023 hottest markets list. "This year's hottest markets will feel much chillier than they did a year ago," said Anushna Prakash, economic data analyst at Zillow. "The desire to move hasn't changed, but both buyers and sellers are frozen in place by higher mortgage rates, slowing the housing market to a crawl. Markets that offer relative affordability and room to grow are poised to stand out, especially given the prevalence of remote work. The good news for buyers is that monthly housing costs have stopped climbing. Home shoppers who can overcome affordability hurdles will find a more comfortable market this year, with more time to consider options and less chance of a bidding war, even if they're shopping in one of the hottest markets." Zillow's 10 hottest housing markets of 2023: Charlotte Cleveland Pittsburgh Dallas Nashville Jacksonville Kansas City Miami Atlanta Philadelphia Unlike in recent years, fast-growing home values are not a requirement for making this year's list of hottest markets. Higher mortgage rates and severe affordability challenges have chilled demand and brought home values down from last summer's peak. Home value growth in Charlotte is expected to be much slower this year than its 11.8% pace of 2022, as is the case in all of Zillow's 2023 hottest markets and the U.S. as a whole. Charlotte ranks second among large markets in projections for both home value growth and growth in owner-occupied households, which helped shoot it to the top of this year's hottest markets list. Both Cleveland and Pittsburgh ranked high in projections for time on market and new jobs per new home built. There are only four holdovers from last year's top 10, an indicator of how much the housing market has changed in just one year. Last year's hottest market, Tampa, just missed the cut this year, coming in at 11. Austin, 2021's hottest market, has fallen all the way to 29th on the list, in large part because it now ranks among the country's most expensive large markets. San Jose, Sacramento, Minneapolis–St. Paul, Denver and San Francisco make up the five coolest large markets in Zillow's 2023 projections. While affordability remains a major hurdle, the good news for home buyers is that the cost of a typical mortgage fell in November, thanks to lower mortgage rates. Zillow economists expect affordability to stabilize in 2023, if not improve, making it easier for households to budget and plan for their housing decisions. For those able to buy now, less competition from other buyers means homes are staying on the market longer, many sellers are cutting their list price, and there is less chance of being caught in a bidding war. Methodology Zillow analyzed the 50 largest U.S. metro areas to forecast the hottest, or most competitive, housing markets of 2023. Seven metro areas were excluded due to missing data. The analysis incorporates expected home value appreciation from December 2022 through November 2023, the anticipated change in home value appreciation from 2022, new jobs per new housing unit permitted, an estimate of the net new number of home-owning households based on current demographic trends and the speed at which homes are being sold. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+™, which houses ShowingTime®, Bridge Interactive®, and dotloop®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

Prairie Village, Kansas, was Zillow's most popular city in 2022
Midwest and Northeast cities rise in the rankings this year as affordability issues grow SEATTLE, Dec. 21, 2022 -- Prairie Village, Kansas, was Zillow®'s most popular market of 2022, showcasing rising interest in the Midwest and headlining a dramatic shift from 2021's predominantly West Coast leaders. Grand Rapids, Michigan, won out for most popular large city, while top vacation, seaside and small towns were found in the Northeast. Florida won out for favorite retirement towns, and Tempe, Arizona, retained its title as the top college town. Using Zillow page-view traffic, available housing inventory, price appreciation, sales data and other housing metrics that indicate consumer demand, Zillow analyzed thousands of ZIP codes within the nation's 100 largest metropolitan areas to create a ranking of the site's most popular U.S. cities. "The most popular places on Zillow showcase a few trends we've noticed over the course of the year — most notably that affordability has become the chief driver of the market. The Midwest and most Northeastern markets saw relatively small run-ups in home values over the course of the pandemic, and now are still affordable enough for residents to shop in," said Anushna Prakash, economic data analyst at Zillow. A shift from fully remote to hybrid working situations may also be a factor. While the percentage of employees working remotely all or most of the time is lower than in the early pandemic, the share working from home at least some of the time is now much higher, according to Pew Research. This may help explain the higher popularity in 2022 of vacation spots and small towns within a somewhat reasonable, occasional commute to downtown employment centers. Most popular on Zillow overall: Prairie Village, Kansas An upscale suburban community just minutes from downtown Kansas City, Prairie Village was pushed to the top of Zillow's popularity rankings with site-leading page views of for-sale listings per day. Established on the Kansas-Missouri state line and featuring a number of activity-filled parks, posh shops and restaurants, Prairie Village was also tops on Zillow's popularity rankings for small towns. "I think when most people are looking at houses, they are looking at building a home, and that goes beyond the four walls of the structure you live in and expands to the community," said Earvin Ray, owner of Ray Homes in Kansas City. "Prairie Village offers the trifecta of beautiful homes, a spectrum of accessible price points and great amenities, such as highly rated schools, community events and local shopping." The Kansas City metro area is one of a host of Midwest markets still seeing robust competition for houses because they're relatively affordable. Mortgage costs as a share of income and the years needed for renters to save up for a down payment are far lower than the national average. Rounding out the top three are Derry, New Hampshire, a charming New England town less than 45 minutes from downtown Boston; and Bon Air, Virginia, a small residential community near Richmond with historic Victorian cottages lining its main road. Most popular large city: Grand Rapids, Michigan Grand Rapids, Michigan, topped the popularity chart among cities with populations greater than 200,000, driven by category-leading page views per listing and relatively affordable homes. A wide selection of breweries and a growing local foodie scene are putting Grand Rapids on the map for connoisseurs. Richmond, Virginia — still a very competitive area for home buyers — landed in second place, and Omaha, Nebraska, took third. The three top results led the category for page views per listing, and all feature typical home values significantly lower than the national average of $357,733. Most popular seaside town: Beverly, Massachusetts This Boston suburb features miles of coastline and easily accessible public parks, helping to make it Zillow's most popular seaside town1 in 2022. Top rankings for page views and relatively low home values compared to its competition helped propel Beverly to the crest of the category. Gloucester, Massachusetts, and Newport, Oregon, (the most popular beach town in 2021) ranked second and third for similar reasons. Most popular retirement town: Dunedin, Florida With Dunedin's location on the Gulf Coast west of Tampa, along with local access to plenty of waterfront parks and country clubs, its popularity as a retirement town2 is easy to understand. Florida is home to the top three cities in the category, with Sarasota placing second, and St. Pete Beach in third. Demand for homes has surged in Florida throughout the pandemic, as the state is both a sunny, relatively affordable locale and a prime retirement destination, and it has stayed hot as expensive Western markets cooled in 2022. Most popular small town: Windham, New Hampshire Windham, a bedroom community outside Boston, scored highest on Zillow's index after Prairie Village. Typical home values of $738,574 in Windham are higher than the Boston metro ($643,642). Zillow defined "small towns" as cities with populations between 15,000 and 25,000. Hockessin, Delaware, located outside Philadelphia, followed Windham for third. Most popular vacation town3: Lavallette, New Jersey A popular summer vacation destination for dwellers of nearby New York, Lavallette features long, sandy beaches for swimming, surfing and fishing in the Atlantic; space for bocce, tennis and rollerblading; and opportunities for crabbing, sailing and other water sports in Barnegat Bay. It's also a hot spot for retirees. Indian Rocks Beach, Florida, and South Lake Tahoe, California, followed Lavallette in Zillow's results. Vacation areas have seen a surge in popularity over the course of the pandemic as remote work makes them viable for visits longer than just weekends and holidays. Applications for mortgages in vacation areas rose 30% from 2019 to 2020, with activity concentrated around mountains and coasts, according to a Zillow analysis of Home Mortgage Disclosure Act data. Applicants for vacation home mortgages across the U.S. had more than twice the median household income as applicants for primary homes — $170,000 versus $79,000 — and skewed much older than applicants for primary homes, with the majority of second-home applications coming from Gen Xers and Boomers, the analysis found. Top college town: Tempe, Arizona Part of the Phoenix megaplex, Tempe is home to Arizona State University. Reigning as Zillow's top college town4 for the second year in a row, the city is home to the second-highest total number of rental listings among college towns studied, after Cambridge, Massachusetts, and has one of the largest populations of undergraduate and graduate college students. Smithfield, Rhode Island, where Bryant University is located, came in second place; while Bowling Green, Ohio, home of Bowling Green State University, landed third. 1 Listing description data was included in index scoring for the "most popular seaside town" category. Zillow defined "seaside towns" as areas where more than half of listings mentioned the beach, and excluded all cities that don't feature the word "beach" in at least 50 listings on Zillow.2 Using the latest available U.S. Census data, Zillow defined "retirement towns" as areas where at least 33% of the population is over the age of 65 and has no children or other relatives (other than a spouse) living in the home.3 Zillow defines "vacation towns" as areas where more than 33% of the housing units are designated for non-primary use. Based on 2021 American Community Survey data.4 In this analysis, "college towns" are defined as cities with the share of an area's population of college students at least 20% or more based on 2021 U.S. Census data; also used were ZIP code–level populations, aggregated to the city level. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+™, which houses ShowingTime®, Bridge Interactive®, and dotloop®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

2023 Housing Outlook: A Post-Pandemic Sales Slump Will Push Home Prices Down for the First Time in a Decade
While Redfin expects high mortgage rates to keep housing costs up and prevent people from moving, high homeowner equity and a resilient job market will stave off a wave of foreclosures SEATTLE — Mortgage rates will take center stage in 2023, with high rates likely to make it the slowest housing-market year since 2011, according to annual end-of-year predictions from Redfin, the technology-powered real estate brokerage. Redfin’s forecasts for mortgage rates, home sales and home-sale prices account for a range of outcomes for inflation, employment and other macroeconomic factors. As such, predictions for those key housing metrics lead with the most likely scenario, followed by other possible outcomes highlighted in the full report that could happen if, for instance, a better-than-expected inflation report results in an earlier or bigger-than-expected mortgage-rate drop. Prediction #1: Home sales will fall to their lowest level since 2011, with a slow recovery in the second half of the year Redfin expects about 16% fewer existing home sales in 2023 than 2022, landing at 4.3 million, with would-be buyers pressing pause due mostly to affordability challenges including high mortgage rates, still-high home prices, persistent inflation and a potential recession. People will only move if they need to. Prediction #2: Mortgage rates will decline, ending the year below 6% Redfin expects 30-year fixed mortgage rates to gradually decline to around 5.8% by the end of the year, with the average 2023 homebuyer’s rate sitting at about 6.1%. Mortgage rates dipping from around 6.5% to 5.8% would save a homebuyer purchasing a $400,000 home about $150 on their monthly mortgage payment. To look at it another way, a homebuyer on a $2,500 monthly budget can afford a $383,750 home with a 6.5% rate; that same buyer could afford a $406,250 home with a 5.8% rate. Still, that’s much less affordable than a few years earlier. With a 3% rate, which was common in 2020 and 2021, that same buyer could afford a $517,000 home. Prediction #3: Home prices will post their first year-over-year decline in a decade, but the U.S. will avoid a wave of foreclosures Redfin predicts the median U.S. home-sale price to drop by roughly 4%—the first annual drop since 2012—to $368,000 in 2023. That’s due to elevated rates and final sale prices starting to reflect homes that went under contract in late 2022. Prices would fall more if not for a lack of homes for sale: Redfin expects new listings to continue declining through most of next year, keeping total inventory near historic lows and preventing prices from plummeting. Very few homeowners are likely to see their mortgages fall underwater even with next year’s anticipated price declines. That’s because the homeowners who’ve had their home for at least a few years have fixed low mortgage payments and plentiful home equity after values skyrocketed during the pandemic. Prediction #4: Midwest, Northeast will hold up best as overall market cools Housing markets in relatively affordable Midwest and East Coast metros, especially in the Chicago area and parts of Connecticut and upstate New York, will hold up relatively well, even as the U.S. market cools. Those areas tend to be more stable than expensive coastal areas, and they didn’t heat up as much during the pandemic homebuying frenzy. Prediction #5: Rents will fall, and many Gen Zers and young millennials will continue renting indefinitely Redfin expects U.S. asking rents to post a small year-over-year decline by mid-2023, with drops coming much sooner in some metros. Some large landlords are likely to offer concessions, such as a free month’s rent or free parking, before dropping asking rents. The rental price declines will be partly due to increasing supply, which has already led to an uptick in vacant units in apartment buildings. Increasing rental supply and declining prices—along with high mortgage rates, limited inventory and other affordability barriers—mean few renters will become buyers next year. Many prospective first-time homebuyers may instead become move-up renters, upgrading from a small urban apartment to a larger apartment or a single-family rental to fit their growing families. Prediction #6: Builders will focus on multifamily rentals Builders will continue to pull back on constructing new homes next year, with year-over-year declines of roughly 25% in building permits and housing starts continuing into 2023. Builders will back off most from building new single-family homes. Construction of single-family homes surged during the pandemic, which means builders need to offload the homes they have on hand without adding more supply to limit their financial losses. They’ll pull back dramatically in some markets like Phoenix and Dallas, where they built too many homes in anticipation of demand that’s failing to materialize. Constructing rental units, including apartment buildings and multifamily houses, will make more financial sense for builders next year, as rental demand won’t fall off as much. Prediction #7: Investor activity will bottom out in the spring, then rebound Real estate investors will purchase about 25% fewer homes than a year earlier, with purchases likely to bottom out in the spring. Investors’ business model is to buy low and sell–or rent–high, and the cash they borrow to buy homes outright is no longer cheap. Fewer iBuyers in the market is also a factor in slowing activity. Some investors, especially newer and smaller ones, will bow out of the housing market entirely and others will slow their activity. But if inflation slows and the Fed eases up on rate hikes as expected, investors will likely start buying more homes in the second half of the year, taking advantage of slightly lower home prices. Prediction #8: Gen Zers will seek jobs and apartments in relatively affordable mid-tier cities Gen Zers are entering into a workforce with more remote-work opportunities than ever before, which means they’ll have more flexibility in where they’ll choose to start their careers than older generations. They can prioritize things like affordability, lifestyle, weather and proximity to family. Prediction #9: Migration from one part of the country to another will ease from the pandemic boom Redfin expects the share of Americans relocating from one metro to another will slow to about 20% in 2023, down from 24% this year. That’s still above pre-pandemic levels of around 18%. In 2023’s slow market, there won’t be a next Austin. Even Austin isn’t Austin anymore: The wave of homebuyers moving into Austin has slowed to a trickle, as many people are now priced out and many remote workers who wanted to relocate have already done so. Prediction #10: Rising disaster-insurance costs will make extremely climate-risky homes even more expensive Some Americans will be priced out of climate-risky areas like beachfront Florida and the hills of California because of ballooning insurance costs. Redfin expects disaster-insurance rates to continue rising next year (and beyond), rendering housing in some areas more expensive. Prediction #11: More cities will follow Minneapolis’ YIMBY example to curb housing expenses More U.S. cities will look to Minneapolis, which in 2019 became the first major city to eliminate single-family-only zoning, for inspiration in keeping rental and home prices under control. Earlier this year, Minneapolis became the first metro area to see rents decline. Prediction #12: Buyers’ agent commissions will rise slightly as fewer agents broker fewer deals at lower prices Next year’s slow housing market is likely to reverse or at least halt the downward trend in buyers’ agent commissions. The hot pandemic-era housing market pushed the typical U.S. buyers’ agent commission down to 2.63% of the home’s sale price in 2022, its lowest level since at least 2012. But declines in home prices and sales will prop up buyers’ agent commissions next year. Sellers will also play a part, with some offering to pay higher commission for buyers’ agents to attract bidders. View the full report, including charts and more detail on predictions, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.

Most Home Buying Pet Parents Would Pass on Their Dream Home if It Doesn't Work for Fido, According to Realtor.com Survey
More than two-thirds of prospective buyers with pets say they'd buy a home specifically because of features that cater toward their pet SANTA CLARA, Calif., Dec. 12, 2022 -- From adding "catios" to foregoing a home that's not pet-friendly, many homeowners and buyers are prioritizing their furry friends when making pivotal real estate decisions. According to a new survey conducted by Realtor.com® and HarrisX among 3,001 U.S. adults, 82% of Americans with pets who are planning to buy a home within the next year consider their pets' needs just as important, if not more so, than their own needs or those of their family. More than three-quarters (77%) of U.S. homeowners have a pet at home, and 79% of pet owners say they factored their pet in when choosing which home or apartment to live in. Pet owners looking to buy a house this year are prioritizing their pets even more, with 91% saying they'll be a factor in their decision. "People love their pets. And they're prioritizing the needs of these furry members of their families when choosing a home to rent or buy," said Clare Trapasso, executive editor at Realtor.com®. "Having an animal-accessible home is more important to many pet owners than extra square footage or a shorter commute to work." Buyers are saying, "No Pet, No Deal." Many prospective homebuyers have decided to abandon their buying process completely if they do not find a home to accommodate their pets. Almost three-quarters (72%) of prospective buyers with pets admit that they would forgo buying their dream home if it didn't accommodate their pets, while 62% of current homeowners with pets say they would. Sixty-six percent of prospective buyers with pets have declined to live in an otherwise perfect home because it couldn't accommodate their pets; and 44% of homeowners with pets say they would decline to live in an otherwise perfect home if it didn't accommodate their pets. Pets take priority over extra space, a short commute, and more. Some homebuyers are willing to adjust their search – and give up sought-after amenities – in order to prioritize their pets. About one third of pet owners planning to buy would give up a bonus room (37%) or extra bedroom (33%) – to be able to afford more/better space for their pet. Nearly one quarter would even give up a shorter commute (23%), an extra bathroom (22%) or an office (21%). Two-thirds (67%) of prospective buyers with pets say they'd buy a home specifically because of features that cater toward their pet, while almost half (49%) of current homeowners with pets would do so. Eighty-seven percent of those with pets looking to buy a house within the next year say they are factoring their pet in when choosing which neighborhood to live in, and more than two-thirds (70%) of current homeowners say they would factor in their pet when choosing a new neighborhood. Homeowners making "purr-fect" spaces with catios, dog doors and fenced-in yards. In some cases, homeowners have decided to take measures into their own hands by adding pet-friendly features, such as patios, dog doors and fenced-in yards, to their space. More than two thirds (69%) of pet owners looking to buy a home within a year say they would build or install special pet features in their home, and half (51%) of current homeowners with pets have built these features. The #1 feature in both groups: a dog door. Of the homeowners who have built special pet features in their home, about two in five (39%) fenced in their yard, 32% built a horse barn/facility, or installed a climbing post (32%); 28% installed a dog shower/bath station, 22% added a dog run in their yard, and 21% built a "catio." Anyone looking for a pet-friendly rental can check out the "pets" filter on realtor.com/rentals which can help you search for homes that will accept furry family members. Methodology: This survey was conducted online within the U.S. from Aug. 9-12, 2022 among 3,001 adults by HarrisX. The sampling margin of error of this poll is plus or minus 1.8 percentage points. The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.

Redfin Reports Homebuying Demand Ticks Up Slightly After Recent Rate Drop
SEATTLE -- Mortgage-purchase applications and Redfin's Homebuyer Demand Index both increased as rates stayed around 6.6%, down sharply from 7% earlier this month, saving the typical buyer over $100 in monthly mortgage payments. Still, supply is piling up--posting a record annual increase--as pending sales fell the most on record. This is according to a new report from Redfin, the technology-powered real estate brokerage. Leading indicators of homebuying activity: For the week ending November 23, 30-year mortgage rates ticked down to 6.58%. Mortgage purchase applications during the week ending November 18 increased 8.7% from a month earlier, seasonally adjusted. Purchase applications were down 41% from a year earlier. Fewer people searched for "homes for sale" on Google than this time in 2021. Searches during the week ending November 19 were down about 38% from a year earlier. The seasonally adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other homebuying services from Redfin agents— was up 1.6% from a month earlier but down 33% from a year earlier during the four weeks ending November 20. Touring activity as of November 20 was down 35% from the start of the year, compared to a 3% year-over-year decrease at the same time last year, according to home tour technology company ShowingTime. Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending November 20. Redfin's weekly housing market data goes back through 2015. The median home sale price was $356,149, up 2.1% year over year, the smallest increase since the start of the pandemic. Among the 50 most populous U.S. metros, home-sale prices fell from a year earlier in five of them. Prices declined 9.5% year over year in San Francisco, 2.1% in Sacramento, 1.7% in Detroit and less than 1% in San Jose, CA and San Diego. Among the 50 most populous U.S. metros, pending sales fell the most from a year earlier in Las Vegas (-64%), Austin (-58.2%), Phoenix (-57%), Jacksonville, FL (-57%) and Sacramento (-54%). The median asking price of newly listed homes was $363,600, up 4.6% year over year, the slowest growth rate since the beginning of the pandemic. The monthly mortgage payment on the median-asking-price home was $2,384 at the current 6.58% mortgage rate. That's down slightly from a week earlier and down 6% from two weeks earlier, when mortgage rates were at 7.08%. That's equal to $140 in monthly mortgage savings from two weeks ago for the typical buyer. Still, monthly mortgage payments are up 41% from a year ago. Pending home sales were down 35.2% year over year, the largest decline since at least January 2015, as far back as this data goes. New listings of homes for sale were down 20% from a year earlier, one of the largest declines since the beginning of the pandemic. Active listings (the number of homes listed for sale at any point during the period) were up 11.6% from a year earlier, the biggest annual increase since at least 2015. Months of supply—a measure of the balance between supply and demand, calculated by dividing the number of active listings by closed sales—was 3.5 months, the highest level since June 2020. 32% of homes that went under contract had an accepted offer within the first two weeks on the market, little changed from the prior four-week period but down from 40% a year earlier. Homes that sold were on the market for a median of 36 days, up more than a week from 28 days a year earlier and up from the record low of 17 days set in May and early June. 27% of homes sold above their final list price, down from 42% a year earlier and the lowest level since July 2020. On average, 7.3% of homes for sale each week had a price drop, up from 3.4% a year earlier but down slightly from the previous two weeks. The average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, fell to 98.5% from 100.4% a year earlier. That's the lowest level since June 2020. View the full report, including charts, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.

Homebuyers Need $107,000 Annually to Afford the Typical U.S. Home -- Up 46% From a Year Ago
Homebuyers across the country need to earn substantially more money than they did a year ago to buy a home, due to high mortgage rates and persistently high home prices SEATTLE -- A homebuyer must earn $107,281 to afford the $2,682 monthly mortgage payment on the typical U.S. home, up 45.6% from $73,668 a year ago, according to a new report from Redfin, the technology-powered real estate brokerage. That's due to mortgage rates that have more than doubled over the last 12 months, combined with persistently high home prices. From February 2020 (just before the pandemic started) to October 2022, the monthly payment for an American family buying the median-priced home increased by roughly 70%. Affordability challenges are a major reason why home sales have slowed so dramatically over the last few months. "High rates are making buyers rethink their priorities, as many of them can no longer afford the home they want in the location they want," said Washington, D.C. Redfin agent Chelsea Traylor. "If you had a $900,000 budget a few months ago, rising rates mean it's now around $700,000–and sellers aren't dropping their prices enough to make up for the change. So buyers are searching further away from the city in more affordable areas or waiting for prices and/or rates to come down before making a move." "I'm encouraging buyers to think long term," Traylor continued. "Prices are unlikely to fall drastically in the long run, so buying a home now–if you can afford the monthly payment–will still help you build wealth over time, especially if you plan to live in it for several years. Even though rates are high, another advantage of buying now is the lack of competition and opportunity to negotiate with sellers." Increases in income required to buy a home are especially eye-popping in Florida Buyers in North Port, FL need to earn $131,535 annually to afford the metro area's typical monthly mortgage payment of $3,288. That's up 73.9% from $75,659 a year earlier, the biggest percent increase of any major U.S. metro. It's followed by Miami, where homebuyers need to earn $128,892, up 63.7% year over year. El Paso, TX ($64,580, up 63.6%), Tampa ($101,682, up 62.4%) and Cape Coral, FL ($104,943, up 60.6%) round out the top five. Sixteen of the 20 metros where the income necessary to afford a home has increased most are in the Sun Belt. Sun Belt destinations have long been popular with homebuyers due to their relative affordability and warm weather, and remote work has made them even more popular, driving up prices in the process. Several Florida metros, including North Port and Cape Coral, were hit hard by Hurricane Ian in September, resulting in sharp drops in pending sales and new listings. It remains to be seen whether that will translate to outsized price declines. Chicago area, Bay Area had smallest upticks in income necessary to afford a home Buyers need to earn at least 50% more income to afford a home than they did a year ago in 39 of the 93 metros included in this analysis. They need to earn at least 30% more in all 93. Lake County, IL–near Chicago–had the smallest gain in income necessary to afford the median-priced home, though buyers still need 33.5% more than a year ago. The Bay Area also had smaller-than-average increases, but the income necessary to buy there is still enormous. Buyers need to earn $402,821 to pay San Francisco's typical $10,071 monthly mortgage payment, up 33.6% from a year ago. It's followed by San Jose ($363,265, up 36.1%) and Oakland ($247,559, up 36.2%). The increases are smaller in Lake County and the Bay Area than other places because they're among the only parts of the country where home prices are falling year over year. Homebuyers in 45 major metros need $100,000-plus income to afford the typical home The incomes buyers need to purchase a home in San Francisco and San Jose are the highest in the country, followed by Anaheim, CA, where the typical buyer must earn $254,286 to afford the typical monthly mortgage payment of $6,357 (+42.1% YoY). Oakland and Los Angeles ($221,592, up 40.7%) round out the top five. Homebuyers must earn at least $100,000 annually to buy a home in roughly half (45) of the metros in this analysis. That's up from 16 metros a year ago. Detroit requires the lowest income to afford the area's median-priced home ($48,435), but that's still up 42.3% from a year ago. It's followed by Dayton, OH ($51,126, up 46.1%), Cleveland ($53,817, up 45.7%), Rochester, NY ($56,508, up 56.2%) and Pittsburgh ($57,853, up 41.7%). View the full report, including additional metro-level data and methodology, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

Zombie Property Count Ticks Upward Again Across U.S. in Fourth Quarter but Remains Tiny Portion of Housing Market
Vacant Homes in Foreclosure Show Third Straight Quarterly Increase; Yet Zombie Properties Still Represent Just One of Every 13,000 Residential Properties Nationwide; Counts Continue Growing Since Lifting of Foreclosure Moratorium Last Year IRVINE, CA – Oct. 27, 2022 — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its fourth-quarter 2022 Vacant Property and Zombie Foreclosure Report showing that 1.3 million (1,264,241) residential properties in the United States sit vacant. That figure represents 1.26 percent, or one in 79 homes, across the nation. The report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure status, equity and owner-occupancy status — matched against monthly updated vacancy data. (See full methodology below). Vacancy data is available for U.S. residential properties at https://www.attomdata.com/solutions/marketing-lists/. The report also reveals that 284,423 residential properties in the U.S. are in the process of foreclosure in the fourth quarter of this year, up 5.2 percent from the third quarter of 2022 and up 27.4 percent from the fourth quarter of 2021. A growing number of homeowners have faced possible foreclosure since a nationwide moratorium on lenders pursuing delinquent homeowners, imposed after the Coronavirus pandemic hit in 2020, was lifted at the end of July 2021. Among those pre-foreclosure properties, 7,722 are zombie foreclosures (pre-foreclosure properties abandoned by owners) in the fourth quarter of 2022, up 0.2 percent from the prior quarter and 3.9 percent from a year ago. The count of zombie properties has grown in each of the last three quarters. "The government's foreclosure moratorium dramatically reduced the number of properties in foreclosure," said Rick Sharga, executive vice president of market intelligence at ATTOM. "Vacant and abandoned properties were among the few homes that could still be foreclosed on during the moratorium, so the number of zombie properties shrank as well. Now that the foreclosure ban has been lifted, we're likely to see a gradual return to pre-pandemic levels." Despite the increase, the number of zombie-foreclosures remains historically low, representing just a tiny segment of the nation's total stock of 100.1 million residential properties. Just one of every 12,963 homes in the fourth quarter of 2022 is vacant and in foreclosure, meaning that most neighborhoods still have no such properties. That ratio is almost exactly the same as in the third quarter of this year, although up 2.5 percent from one in 13,292 in the fourth quarter of 2021. The portion of pre-foreclosure properties that have been abandoned into zombie status, meanwhile, continues to decline, from 3.3 percent a year ago to 2.8 percent in the third quarter of 2022 and 2.7 percent in the fourth quarter of this year. The latest trends – zombie foreclosure numbers up slightly but remaining tiny – again reflect one of many high points from a housing market that has seen 11 years of nearly uninterrupted gains. Median home values nationwide have more than doubled since 2012, home-seller profits have shot up over 50 percent and the vast majority of homeowners have equity built up in their homes. Those forces provide enormous incentive for owners behind on their mortgages to do everything they can to avoid abandoning their properties even as foreclosure activity increases. Home values dipped over the Summer of this year amid rising interest rates, a declining stock market and soaring inflation that have cut into what buyers can afford. But that has yet to significantly boost the presence of vacant properties in foreclosure. Zombie foreclosures inch up again but remain miniscule portion of overall market A total of 7,722 residential properties facing possible foreclosure have been vacated by their owners nationwide in the fourth quarter of 2022, up slightly from 7,707 in the third quarter of 2022 and from 7,432 in the fourth quarter of 2021. While zombie foreclosures continue to be few and far between in most neighborhoods around the U.S., the biggest increases from the third quarter of 2022 to the fourth quarter of 2022 in states with at least 50 zombie properties are in Kansas (zombie properties up 32 percent, from 44 to 58), Nevada (up 25 percent, from 81 to 101), Connecticut (up 15 percent, from 65 to 75), Georgia (up 15 percent, from 72 to 83) and Indiana (up 13 percent, from 239 to 270). The biggest quarterly decreases among states with at least 50 zombie foreclosures are in Michigan (zombie properties down 23 percent, from 99 to 76), New Jersey (down 12 percent, from 240 to 211), North Carolina (down 10 percent, from 144 to 130), Ohio (down 9 percent, from 925 to 841) and Maine (down 7 percent, from 72 to 67). New York has the highest overall number of zombie homes to all residential properties (1,995 pre-foreclosure vacant properties), followed by Florida (1,030), Ohio (841), Illinois (780) and Pennsylvania (368). "Low vacancy rates are also a major factor in there being few zombie homes," Sharga added. "And with demand from both traditional homebuyers and investors still relatively strong, and the inventory of homes for sale still very low, vacancy rates for residential homes is about as low as it's ever been," Overall vacancy rates dip for third straight quarter The vacancy rate for all residential properties in the U.S. has dropped for three quarters in a row. It now stands at 1.26 percent (one in 79 properties), down from 1.28 percent in the third quarter of 2022 (one in 78) and from 1.33 percent in the fourth quarter of last year (one in 75). States with the biggest annual drops are Tennessee (down from 2.3 percent of all homes in the fourth quarter of 2021 to 1.25 percent in the fourth quarter of this year), Minnesota (down from 1.18 percent to 0.81 percent), Wisconsin (down from 1.02 percent to 0.69 percent), Georgia (down from 1.79 percent to 1.5 percent) and Oregon (down from 1.14 percent to 0.94 percent). Other high-level findings from the fourth quarter of 2022: Among metropolitan statistical areas in the U.S. with at least 100,000 residential properties and at least 100 properties facing possible foreclosure in the fourth quarter of 2022, the highest zombie rates are in Wichita, KS (12.7 percent of properties in the foreclosure process are vacant); Peoria, IL (9.9 percent); Syracuse, NY (8.2 percent); Toledo, OH (7.8 percent) and Cleveland, OH (7.1 percent). Aside from Cleveland, the highest zombie-foreclosure rates in major metro areas with at least 500,000 residential properties and at least 100 homes facing foreclosure in the fourth quarter of 2022 are in Baltimore, MD (6.1 percent of homes in the foreclosure process are vacant); Pittsburgh, PA (5.6 percent); Portland, OR (5.5 percent) and Indianapolis, IN (5.4 percent). Among the 26.8 million investor-owned homes throughout the U.S. in the fourth quarter of 2022, about 868,000 are vacant, or 3.2 percent. The highest levels of vacant investor-owned homes are in Indiana (6.8 percent vacant), Kansas (5.8 percent), Oklahoma (5.3 percent), Alabama (5.3 percent) and Ohio (5.2 percent). Among the roughly 5,000 foreclosed, bank-owned homes in the U.S. during the fourth quarter of 2022, 9.3 percent are vacant. In states with at least 50 bank-owned homes, the largest vacancy rates are in Illinois (21.2 percent vacant), Ohio (13.3 percent), New York (12,.3 percent), Florida (11.4 percent) and Maryland (11.2 percent). The highest zombie-foreclosure rates in U.S. counties with at least 500 properties in the foreclosure process during the fourth quarter of 2022 are in Baltimore County, MD (12.4 percent zombie foreclosures); Broome County (Binghamton), NY (11.5 percent); Peoria County, IL (11.2 percent); Pinellas County (Clearwater), FL (9 percent) and Onondaga County (Syracuse), NY (8.6 percent). Among 424 counties with at least 50,000 residential properties homes facing possible foreclosure in the fourth quarter of 2022, zombie foreclosures represent the highest portion of overall residential properties in Broome County (Binghamton), NY (one of every 620 properties); Peoria County, IL (one of every 1,184); Cuyahoga County (Cleveland), OH (one of every 1,226); Suffolk County, NY (eastern Long Island) (one of every 1,259) and Bronx County, NY (one of every 1,347). Report Methodology ATTOM analyzed county tax assessor data for about 100 million residential properties for vacancy, broken down by foreclosure status and owner-occupancy status. Only metropolitan statistical areas with at least 100,000 residential properties and counties with at least 50,000 residential properties were included in the analysis. Vacancy data is available at https://www.attomdata.com/solutions/marketing-lists/. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Homeownership Still Unaffordable Across Most of U.S. But Declining Home Prices May Provide Relief for Homebuyers
Major Home-Ownership Costs Require 30 Percent of Average National Wage in Third Quarter of 2022; But Portion of Wages Needed for Home Ownership Dips as Home Prices Decrease Quarterly, to $340,000; Historic Affordability Remains Worse Than Average Almost Everywhere Across Nation IRVINE, Calif. - Sept. 29, 2022 -- ATTOM, a leading curator of real estate data nationwide for land and property data, today released its third-quarter 2022 U.S. Home Affordability Report showing that median-priced single-family homes and condos remain less affordable in the third quarter of 2022 compared to historical averages in 99 percent of counties across the nation with enough data to analyze. That continues to be far above the 69 percent of counties that were historically less affordable in the third quarter of 2021 and marked yet another high point reached during the country's 11-year housing market boom. However, the report also shows some potential relief for homebuyers as the portion of average wages nationwide required for median major home-ownership expenses has dipped slightly from 30.9 percent in the second quarter of the year to 30 percent in the third quarter. "Homeownership remains largely unaffordable for the majority of homebuyers in the majority of markets across the country," said Rick Sharga, executive vice president of market intelligence at ATTOM. "While home prices have declined a bit quarter-over-quarter, they're still higher than they were a year ago, and interest rates have essentially doubled. Many prospective homebuyers simply can't afford the home they hoped to buy, and in many cases no longer qualify for the mortgage they'd need." The third-quarter figure does remain above the 28 percent ceiling lenders generally like to see when issuing a mortgage. It also is well above the 23.4 percent level from a year ago. But the current decline in the portion of wages needed to afford the typical home nationwide marks the first quarterly improvement in almost two years and comes as the median national single-family home price has taken a rare third-quarter fall. The latest median value of $340,000 is down 3 percent from the second quarter of 2022 – the first Spring-to-Summer decline since 2008. The report determined affordability for average wage earners by calculating the amount of income needed to meet major monthly home ownership expenses — including mortgage, property taxes and insurance — on a median-priced single-family home, assuming a 20 percent down payment and a 28 percent maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics (see full methodology below). Compared to historical levels, median home prices in 574 of the 581 counties analyzed in the third quarter of 2022 are less affordable than in the past. The latest number is up from 568 of the same group of counties in the second quarter of 2022, 398 in the third quarter of 2021 and just 284, or less than half, two years ago. The increase has continued as the median national home price – despite dipping quarterly – is still up 10 percent over the past year, while average annual wages across the country have grown just 6 percent. Affording a home remains slightly out of reach but may begin to get easier for average workers amid a time if significant headwinds stall or even reverse a boom in prices that dates back to 2012. Some recent measures point to the market's ongoing strength: prices are still historically high, home-seller profits have surpassed 50 percent and homeowner equity keeps rising across the country. That has happened as homebuyers continue chasing an extremely small supply of properties for sale. Elevated demand has helped push the national median home price up over the past year faster than the pace of wage growth. But home sales are down as mortgage rates have steadily climbed this year from just above 3 percent to near 6 percent for a 30-year loan, driving up expenses for buyers. Higher interest rates, growing inflation, elevated fuel costs and a declining stock market all strain the finances of prospective homebuyers, and threaten to stall or reverse a nearly unrelenting rise in home values that began when the market started recovering in 2012 from Great Recession of the late 2000s. Amid those mixed trends, major home-ownership expenses on typical homes are still unaffordable to average local wage earners during the third quarter of 2022 in 400, or 69 percent, of the 581 counties in the report, based on the 28-percent guideline. Counties with the largest populations that are unaffordable in the third quarter are Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, CA (outside Los Angeles) and Kings County (Brooklyn), NY. Home prices still up at least 10 percent annually in slight majority of country but dip quarterly in close to half Median single-family home and condo prices in the third quarter of 2022 are up by at least 10 percent over the third quarter of 2021 in 302, or 52 percent, of the 581 counties included in the report. However, typical values have dropped from the second to the third quarter in 230, or 40 percent, of those counties, which has contributed to the nationwide decrease. Data was analyzed for counties with a population of at least 100,000 and at least 50 single-family home and condo sales in the third quarter of 2022. "Home price appreciation has slowed dramatically in most markets – and there are even price corrections in some areas – as home sales have declined significantly over the past few months," Sharga added. "But mortgage rates have risen more rapidly and dramatically than they have in several decades, and as a result a monthly mortgage payment today is 35-45 percent higher than a year ago, making affordability too much of a challenge for many would-be buyers." Among the 48 counties in the report with a population of at least 1 million, the biggest year-over-year gains in median sales prices during the third quarter of 2022 are in St. Louis County, MO (up 37 percent); Collin County (Plano), TX (up 25 percent); Hillsborough County (Tampa), FL (up 24 percent); Palm Beach County (West Palm Beach), FL (up 21 percent) and Tarrant County (Fort Worth), TX (up 19 percent). Counties with a population of at least 1 million where median prices have stayed the same or gone up the least, year-over-year, during the third quarter of 2022 are Philadelphia County, PA (no change); Honolulu County, HI (up 1 percent); Alameda County (Oakland), CA (up 1 percent); Contra Costa County, CA (outside Oakland) (up 2 percent) and Cook County (Chicago), IL (up 2 percent). Counties with a population of at least 1 million where median prices have dropped most from the second quarter of 2022 to the third quarter of 2022 are Alameda County (Oakland), CA (down 11 percent); Travis County (Austin), TX (down 9 percent); Santa Clara County (San Jose), CA (down 8 percent); Contra Costa County, CA (outside Oakland) (down 7 percent) and Fairfax County, VA (outside Washington, DC) (down 7 percent). Annual price gains still outpacing wage growth in more than 80 percent of markets Annual home-price appreciation has been greater than weekly annualized wage growth in the third quarter of 2022 in 488 of the 581 counties analyzed in the report (84 percent), with the largest including Los Angeles County, CA; Harris County (Houston), TX; Maricopa County (Phoenix), AZ; San Diego County, CA, and Orange County, CA (outside Los Angeles). Average annualized wage growth has surpassed home-price appreciation in the third quarter of 2022 in only 93 of the counties in the report (17 percent). The largest of those counties include Cook County, (Chicago), IL; King County (Seattle), WA; Santa Clara County (San Jose), CA; Alameda County (Oakland), CA, and Philadelphia County, PA. Share of wages needed for home ownership declining, but still exceeds 28 percent in two-thirds of the nation The portion of average local wages consumed by major ownership costs on median-priced, single-family homes has decreased from the second to the third quarter of 2022 in 45 percent of the 581 counties analyzed, helping to drop the level nationwide. But the amount needed remains more than 28 percent of average local wages in 400 of those (69 percent), assuming a 20 percent down payment. That is up from the 66 percent figure in the second quarter of 2022 for the same group of counties and from 43 percent in the third quarter of last year. Counties that require the largest percentage of wages are Kings County (Brooklyn), NY (106.1 percent of annualized weekly wages needed to buy a single-family home); Santa Cruz County, CA (98.9 percent); Marin County, CA (outside San Francisco) (96.1 percent); Napa County, CA (86.4 percent) and Monterey County, CA (84.5 percent). Aside from Kings County, NY, counties with a population of at least 1 million where major ownership expenses typically consume more than 28 percent of average local wages in the third quarter of 2022 include Orange County, CA (outside Los Angeles) (76 percent); Queens County, NY (73.8 percent); Nassau County, NY (outside New York City) (67.2 percent) and Alameda County (Oakland), CA (67.2 percent). Counties where the smallest portion of average local wages are required to afford the median-priced home during the third quarter of this year are Schuylkill County, PA (outside Allentown) (10.5 percent of annualized weekly wages needed to buy a home); Peoria County, IL (13.4 percent); Bibb County (Macon), GA (14 percent); Macon County (Decatur), IL (14.1 percent) and Rock Island County (Moline), IL (14.1 percent). Counties with a population of at least 1 million where major ownership expenses typically consume less than 28 percent of average local wages in the third quarter of 2022 include Wayne County, (Detroit), MI (15.4 percent); Philadelphia County, PA (18.3 percent); Cuyahoga County (Cleveland), OH (18.4 percent); Allegheny County (Pittsburgh), PA (21 percent) and Cook County (Chicago), IL (24.4 percent). Historic affordability inching upward but remains worse than historic averages in nearly all counties Among the 581 counties analyzed in the report, 574 (99 percent) are less affordable in the third quarter of 2022 than their historic affordability averages. That is virtually the same as the 98 percent level in the second quarter of 2022, but up from 69 percent a year ago. Despite that, historic indexes have improved quarterly in 45 percent of those counties, helping to boost the nationwide index for the first time since late 2020. Counties with a population of at least 1 million that are less affordable than their historic averages (indexes of less than 100 are considered less affordable compared to historic averages) include Wayne County (Detroit), MI (index of 60); Hillsborough County (Tampa), FL (60); Tarrant County (Fort Worth), TX (61); Maricopa County (Phoenix), AZ (61) and Collin County (Plano), TX (61). Counties with the worst affordability indexes in the third quarter of 2022 are Clayton County, GA (outside Atlanta) (index of 47); Newton County, GA (outside Atlanta) (49); Rutherford County, TN (outside Nashville) (49); Canyon County, ID (outside Boise) (51) and Muskegon County, MI (outside Grand Rapids) (52). Among counties with a population of at least 1 million, those where the affordability indexes have improved most from the second quarter of 2022 to the third quarter of 2022 are Alameda County (Oakland), CA (index up 12 percent); Travis County (Austin), TX (up 11 percent); Santa Clara County (San Jose), CA (up 8 percent); Contra Costa County, CA (outside Oakland) (up 8 percent) and Fairfax County, VA (outside Washington, DC) (up 8 percent). Only 1 percent of markets are more affordable than historic averages Among the 581 counties in the report, only seven (1 percent) are more affordable than their historic averages in the third quarter of 2022. That is down from 31 percent a year ago and 51 percent in the third quarter of 2020. The only county with a population of at least 1 million that is more affordable than historic averages (indexes of more than 100 are considered more affordable compared to historic averages) is New York County (Manhattan), NY (index of 105). Counties with the best affordability indexes in the third quarter of 2022 include San Francisco County, CA (index of 125); Macon County (Decatur), IL (122); Peoria County, IL (111); Schuylkill County, PA (outside Allentown) (108) and San Mateo County, CA (outside San Francisco) (106). Report Methodology The ATTOM U.S. Home Affordability Index analyzed median home prices derived from publicly recorded sales deed data collected by ATTOM and average wage data from the U.S. Bureau of Labor Statistics in 581 U.S. counties with a combined population of 257.8 million during the third quarter of 2022. The affordability index is based on the percentage of average wages needed to pay for major expenses on a median-priced home with a 30-year fixed-rate mortgage and a 20 percent down payment. Those expenses include property taxes, home insurance, mortgage payments and mortgage insurance. Average 30-year fixed interest rates from the Freddie Mac Primary Mortgage Market Survey were used to calculate monthly house payments. The report determined affordability for average wage earners by calculating the amount of income needed for major home ownership expenses on a median-priced home, assuming a loan of 80 percent of the purchase price and a 28 percent maximum "front-end" debt-to-income ratio. For example, the nationwide median home price of $340,000 in the third quarter of 2022 requires an annual wage of $73,716. That is based on a $68,000 down payment, a $272,000 loan and monthly expenses not exceeding the 28 percent barrier — meaning households would not be spending more than 28 percent of their wages on mortgage payments, property taxes and insurance. That required income is more than the $68,692 average wage nationwide based on the most recent average weekly wage data available from the Bureau of Labor Statistics, making a median-priced home nationwide unaffordable for average workers. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Redfin Reports Nearly One-Third of U.S. Homes Are Bought With Cash, Well Above Pre-Pandemic Levels
For buyers taking out loans, the share of homes purchased using FHA and VA loans are both up slightly from record lows as the market cools down SEATTLE -- Nearly one-third (31.4%) of U.S. home purchases were paid for with all cash in July, according to a new report from Redfin, the technology-powered real estate brokerage. That's near the eight-year high reached in February and up from 27.5% a year earlier. The share of all-cash purchases jumped in early 2021 during the pandemic-driven homebuying frenzy and has remained elevated since then. All-cash purchases are prevalent with today's affluent buyers largely because mortgage rates have doubled from a year ago, reaching 6% in mid-September. Buyers who don't use loans avoid high interest payments that exacerbate home prices, which remain near record highs even as the housing market slows. All-cash purchases jumped in popularity last year because they allowed buyers to stand out among fierce competition: Bidding-war rates reached record highs in early 2021 due to sub-3% mortgage rates and remote work driving homebuyer demand. Remote work has also given more Americans the option to use all cash, as it allowed a record share of homebuyers to relocate, often from expensive to affordable parts of the country. U.S. home values have skyrocketed since the start of the pandemic, which means Americans who sell a home in a pricey place like San Francisco may use equity to pay cash in a more affordable area like Las Vegas. Investors are also contributing to the all-cash boom. Real estate investors bought up a record share of the U.S. housing stock in the fourth quarter of last year, and their share has remained above pre-pandemic levels since then. About three-quarters of investor home purchases are made with cash. All-cash purchases are most prevalent in Long Island, NY and Florida Three of the five metro areas with the highest share of all-cash purchases are in Florida, partly because the state is home to a lot of affluent buyers. But Long Island, NY–which includes the Hamptons–is home to the highest share of cash buyers, with two-thirds (66.5%) of home purchases made in cash in July. Next come West Palm Beach (56.4%), Jacksonville (45.5%), Milwaukee (45.3%) and Fort Lauderdale (43.3%). A trio of expensive West Coast markets have the lowest share of all-cash purchases, partly because high prices make it more challenging to pay in cash: Oakland, CA (15.1%), San Jose, CA (16%) and Seattle (16.7%). Washington, D.C. (17.5%) and Pittsburgh (17.8%) round out the bottom five. FHA loans are somewhat more popular than they were at the height of the market, but less prevalent than before the pandemic Even though all-cash purchases are at an eight-year high, most home purchases use loans. Conventional loans are by far the most common type, followed by Federal Housing Administration (FHA) and Veterans Affairs (VA) loans. More than eight in 10 (81.3%) of home sales that used a mortgage in July took out a conventional loan, down slightly from 81.9% a year earlier and down from the record high of 83.8% set in April. Roughly 12% of home sales that used a mortgage in July took out an FHA loan, flat from a year earlier but up from the all-time low of 10.4% in the spring. And 6.8% used a VA loan, up slightly from 6.2% a year earlier but up from the record low of 5.4% in spring 2021. "The spike in interest rates is pricing some buyers out of the market, but it's also helping some buyers get into the market because there's less competition," said Tampa Redfin agent Eric Auciello. "A lot of buyers who were repeatedly outbid earlier this year are having their offers accepted, including those using FHA loans, those with smaller down payments and ones that include inspection and financing contingencies. In 2021, hardly any buyers used FHA loans. The story is completely different now, as low down payments are no longer an automatic deal breaker for sellers." But FHA loans are still much less prevalent than they were pre-pandemic; about 17% of mortgaged purchases used them in 2019. That's partly because even though the market has cooled and FHA buyers are less likely to face competition, homes are still quite expensive: The typical U.S. home that sold in July cost about 8% more than a year earlier. That means a lot of the people who would use an FHA loan–lower-income, first-time homebuyers–are priced out of the market. VA purchases are about as popular as before the pandemic; roughly 7% of mortgaged purchases used them in 2019. Read the full report, including charts, methodology and additional metro-level data, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

Millennial and Gen Z Renters Have Inflation Rates Above 11%, Compared with 8.5% For the Typical American
Inflation is hitting young renters hard because the cost of rent and other expenses has increased much faster than their incomes SEATTLE -- Millennials who took on a new rental lease in July saw their overall cost of goods and services increase 11.6% year over year, substantially higher than 8.5% for the U.S. population as a whole. The personal inflation rate for Gen Z renters taking on a new lease came nearly as high at 11.3%, according to a new report from Redfin, the technology-powered real estate brokerage. That's largely due to soaring rental costs, with asking rents up 13.5% year over year in July. While rental price increases have slowed after skyrocketing in 2021, asking rents are roughly 25% higher than they were before the pandemic. Millennials and Gen Zers allocate more than one-quarter of their income to housing, the largest chunk of all spending categories. "Inflation is hitting young renters hard because not only have prices of everything from food to fuel soared, but so have rental prices," said Redfin Senior Economist Sheharyar Bokhari. "Homeowners are forking over more money at the grocery store and the gas pump, but at least the number on their mortgage statement isn't going up every month. Combine high rental prices with student loan debt and relatively low incomes, and it's difficult for millennials and Gen Z renters to put money into savings, retirement accounts and down-payment funds to eventually buy a house. They may also have higher interest rates on debt, which cuts further into their potential savings." While inflation has cut into the budgets of most Americans, it's more severe for younger generations. Gen Zers overall have an inflation rate of 9.2% and millennials clock in at 9.6%. That's lower than the 11%-plus rates specifically for members of those generations who rent, but it's higher than 8.5% for the general population. Inflation is also more severe for renters overall, who tend to be young. The price of goods and services rose 9.2% year over year in July for all renters. Less than half (48.5%) of millennials own their home, and while official data isn't available for Gen Zers, the rate is likely significantly lower. That's compared with homeownership rates near 80% for baby boomers and 70% for Gen Xers. Older generations tend to have lower personal inflation rates partly because they're more likely to own their homes and earn money from rising equity rather than spend money on rent. Inflation is particularly difficult for Gen Z adults to grapple with because they typically have relatively low entry-level incomes and don't own many assets—but they're still bearing the brunt of rising costs. Inflation is also having an outsized impact on millennials, as older millennials have been playing financial catch-up since starting their careers during the Great Recession and younger ones are early in their careers with fewer savings and lower incomes. Gen Zers have just 2% of their income left over after paying for housing and other necessities Incomes for both Gen Zers and millennials have increased 9.7% from 2020 to 2022—but expenses rose much more, about 17%. Costs increasing faster than incomes have left young Americans without much disposable income. For the typical Gen Z adult, just 1.9% of their $40,953 median income is left over after accounting for housing payments and other expenses including food and transportation. That's down from 7.7% of their income in 2020. While that technically leaves just a sliver of their income for discretionary spending, many Gen Z adults—which includes those who are college aged—live with their parents and/or receive financial help from them. The typical millennial has about 26% of their income left over after accounting for housing payments and other expenses, down from 30% in 2020. These figures are higher for millennials mostly because they earn more money. The typical millennial income of $85,233 is more than double the typical Gen Z income. If the typical Gen Zer saved all of their disposable income, they would have just $766 at the end of the year. Millennials would have $21,959. At that rate, it would take millennials four years to save enough for a 20% down payment for the median-priced U.S. home ($413,000). It would theoretically take Gen Zers more than 100 years to save at that rate, but that figure isn't realistic because we expect the youngest workers' incomes to grow as they age. Four in 10 (39%) recent or current first-time homebuyers didn't buy a home sooner because of the high cost of rent, according to an August Redfin survey. The high cost of rent was the most commonly cited obstacle, ahead of other obstacles including debt and pandemic-related financial setbacks. Nearly 80% of the respondents to this question were millennials or Gen Zers. "The combination of expensive housing, high inflation and relatively low incomes have forced many young renters to save money in creative ways," Bokhari said. "Some are living with their parents or roommates longer than they would like, and others are moving to more affordable areas." Young renters in Seattle, Miami and New York are hit hardest by inflation Seattle Gen Zers who signed a new lease in June—the most recent month for which data is available—saw prices of goods and services rise 17.1%, the highest inflation rate of the 21 metros in this analysis and substantially higher than the 10.1% overall June Seattle inflation rate. The metros included in this analysis are ones for which metro-level inflation data is available. Next comes Miami, where members of Gen Z signing a new lease in June had an inflation rate of 14.2%, compared with 10.6% for the metro overall. Rounding out the top three is New York, where Gen Zers taking on a new lease in July have an inflation rate of 12.8%, nearly double the metro's overall rate of 6.5%. The list is the same for millennials, with those signing a new lease in Seattle experiencing 16.8% inflation, followed by 14% in Miami and 12.6% in New York. That's partly due to quickly increasing rental costs in those three coastal metros. Seattle and New York are both among the 10 metros with the fastest-rising rents in July, with the typical asking rents increasing 22% year over year to $3,157 in Seattle and 23% to $4,209 in New York. Miami asking rents rose 18% to $3,068. To read the full report, including a chart, metro-level table, and methodology, click here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

Realtor.com's 2022 Hottest ZIP Codes in America: Historic New England is the Newest Homebuying Hotspot
Realtor.com® now provides "Hot Market Insights" on listings in areas with fast-selling homes and high buyer demand SANTA CLARA, Calif., Aug. 16, 2022 -- One of America's most historic regions is its newest homebuying hotspot, with New England ZIPs representing over half of 2022's top 10 list in the eighth annual Realtor.com® Hottest ZIP Codes Report released today. In these ZIPs, homes sold in just over a week (8 days) and received nearly four times (3.7) more buyer views than a typical U.S. listing1. To help buyers better understand if they're shopping in a hot market, Realtor.com® now provides "Hot Market Insights" on listings that show how fast homes in that neighborhood are selling and how popular they are compared to other properties in the area and across the country. A key theme of this year's wicked-hot ranking is demand from out-of-ZIP home shoppers, driven by factors including relative affordability and convenient travel to big East Coast cities. The 2022 Hottest ZIP Codes in America, in rank order, are: 14618 Brighton, N.Y. 03062 Nashua, N.H. 43085 Worthington, Ohio 03038 Derry, N.H. 04062 Windham, Maine 18017 Bethlehem, Penn. 37604 Johnson City, Tenn. 03106 Hooksett, N.H. 02760 North Attleboro, Mass. 04210 Auburn, Maine "With rising inflation and mortgage rates squeezing monthly housing budgets, this year's determined buyers are breathing new life into competition for homes in historic areas like New England. Our 2022 Hottest ZIPs ranking illustrates how many Americans are redefining their priorities to achieve homeownership while building their careers, by trading downtown life for relatively affordable areas with reasonable part-time commutes to big cities," said Danielle Hale, Chief Economist for Realtor.com®. "Even as the housing market resets, home shoppers in the competitive Hottest ZIPs may need to take extra measures to win. It all starts with understanding the local market, and buyers can use Realtor.com®'s Hot Market Insights to arm themselves with knowledge that will be key to success when deciding where, when and how to make an offer." With the launch of Realtor.com®'s "Hot Market Insights" announced today, the "neighborhood" section of property listings on Realtor.com® will now show homebuyers if they are shopping in a hot market. Home shoppers can click the button to learn more about the local housing market, including how fast homes are selling and how many more views they get compared to others in the area and in the U.S. These insights are updated each month, to provide buyers with a timely view of the competition they're likely to face. Key trends driving homebuying demand in the 2022 Hottest ZIPs Many Americans are feeling the strain on their finances due to the whirlwind of economic shifts that have occurred so far in 2022, including mortgage rate hikes. Combined with record-high home prices, rising affordability challenges are forcing many buyers to get creative if they want to beat the competition without breaking their budgets. Home shoppers are doing just that in the 2022 Hottest ZIP Codes, with nine of the top 10 making the list for the first time in the ranking's eight-year history, including eight northeastern ZIPs making their debut. Six of these newcomers are located in New England, offering buyers a balance of new opportunities with historic charm. On average across the top 10, 13.4% of homes were built before 1939, compared to just 11.6% nationwide. New England is a hot new homebuying destination for big city transplants Many of the top 10's new entries are attracting home shoppers looking to relocate from high-priced big cities on the East Coast, based on migration patterns among prospective buyers viewing Realtor.com® listings. In the first half of the year, at least one big East Coast city – Boston, New York and D.C. – was among the top five sources of buyers viewing listings in all 10 of the hottest ZIPs. Buyers in these major metros are exploring ZIPs further away than in prior years, enabled by more widespread adoption of remote work. Even for those with hybrid schedules, many of this year's hottest ZIPs provide the perfect combination of relative housing affordability and a reasonable part-time commute to big city business hubs. From all six New England ZIPs on the list, Boston can be reached in 2.5 hours or less. ZIP Spotlight – No. 2 03681 Nashua, N.H.: At No. 2 on the 2022 list, Nashua is located just 42 miles from Boston, or within a 1.5 hour commute. In the first six months of 2022, listings in the ZIP attracted more viewers from Boston (38%) than from local buyers (32%). The influx of demand is fueling competition for homes in Nashua, where listings received 4.6 times more views and sold 23 days faster than the typical U.S. home (7 vs. 40 days) in the first half of this year. As a result, the ZIP's supply of active listings was down 26.9% year-over-year by June. Affordability challenges drive demand in relatively small ZIPs offering high-value homes As a result of rising inflation and higher costs for housing and everyday expenses, homebuyers have set their sights on areas that offer good bang for their buck, making value a key theme among this year's hottest ZIPs. Controlling for home size, the average price per square foot in the top 10 was 8.7% lower than in their surrounding metro areas in June. Among the ZIPs on this year's list, the average asking price ($432,000) was 4.0% lower than the U.S. median listing price in June ($450,000). At the same time, driven by the rise in demand, home prices across the hottest ZIPs grew at a faster year-over-year pace (+18.6%) than listing prices nationwide (16.9%). ZIP Spotlight – No. 8 03106 Hooksett, N.H.: Coming in at No. 8 on this year's list is Hooksett, N.H., located just 59 miles away from Boston. While Hooksett's median listing price ($482,000) was higher than the U.S. median as of June, it is considerably more affordable than in the Boston metro area ($759,000). Additionally, Hooksett homes tend to have more square footage (2,008, on average) than the typical U.S. listing (1,887). These price trends are likely attracting East Coast urbanites looking for value, with 26.5% of Hooksett's listings viewers coming from Boston in the first half of 2022. Aspiring millennial homeowners are financially prepared for success in the hottest ZIPs Now aged between 25 and 44 years-old, millennials are a key cohort of aspiring homeowners, whether first-time or repeat buyers. This generation is ready and willing to pursue homebuying opportunities in the hottest ZIPs, where they have the advantage of strong financial qualifications. Millennials are entering the top 10 with incomes that are higher than the national averages among those aged 25-34 ($83,782 vs. $70,510) and aged 34-45 ($100,966 vs. $89,365). On average, buyers in the hottest ZIPs are well-qualified with higher credit scores (742 vs. 728) and larger down payments (15.0% vs. 14.2%) compared to the typical U.S. home shopper. Millennials' strong financial footing is paying off when it comes to achieving homeownership in the top 10. In fact, a higher share of millennials have successfully become homeowners in these ZIPs (57.1%), on average, than in the U.S. overall (51.3%). ZIP Spotlight – No. 1 14618 Brighton, N.Y.: Topping this year's ranking with its debut is ZIP 14618 located in the Rochester metro area., which has now been represented on the list by other ZIPs for three years in a row. The rising popularity of Rochester ZIPs like 14618 may be partly due to buyers' success in the area. Compared to the U.S. averages, ZIP 14618's homeownership rates are higher among millennials (56.9% vs. 51.3%) and overall (70.8% vs. 65.2%). Local buyers also have strong qualifications, with a typical down payment of 15.7% and credit score of 745, as well as a higher median income than the U.S. average ($106,150 vs. $72,465). 2022 Hottest ZIP Codes in America – Top 50 Housing Metrics   Methodology Realtor.com® analyzed listings data on over 29,000 ZIP codes to determine its Hottest ZIP Code rankings, which are based on January-June 2022 averages of: 1) demand, as measured by unique viewers per property on Realtor.com®; 2) the pace of the market as measured by the number of days a listing remains active on Realtor.com®; limited to one ZIP Code per metropolitan area and ZIP Codes with at least 15 active listings each month. Time frames for metrics not factored into the ranking as noted, e.g. listing price trends based on June 2022 data. Note: The markets where Realtor.com®'s "Hot Market Insights" are featured on listings and neighborhoods on its website may vary from the 2022 Hottest ZIP Codes, due to methodology differences such as time frames (monthly data updated each month vs. Jan.-June 2022 data). About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp (Nasdaq: NWS) (Nasdaq: NWSA) (ASX: NWS) (ASX: NWSLV) subsidiary Move, Inc. For more information, visit Realtor.com.

The Wall Street Journal and Realtor.com Release Summer 2022 Emerging Housing Markets Index Report
Elkhart-Goshen, Ind., rises to No. 1 amid local economic recovery, declining unemployment and a highly competitive market with homebuyers seeking affordability and quality of life NEW YORK and SANTA CLARA, Calif., July 26, 2022 -- The Wall Street Journal and Realtor.com today released the WSJ/Realtor.com Summer 2022 Emerging Housing Markets Index, which revealed Elkhart-Goshen, Ind., is now the No. 1 emerging market in America. The index analyzes key housing market data, as well as economic vitality and lifestyle metrics, to surface emerging housing markets that offer a high quality of life and are expected to see future home price appreciation. The 2021 inaugural spring, summer, fall and 2022 winter and spring reports captured sweeping real estate market trends amid an uneasy economy, decreasing unemployment numbers and return-to-office efforts, more Americans traveling and a highly competitive market with homebuyers returning to larger cities. Within a dynamically changing landscape, the summer 2022 index shines a light on a noticeable flight to affordability and higher quality of life. The top of the list is populated with housing markets displaying solid economic fundamentals, in-demand amenities and lifestyle options, along with a critical dose of affordable homes. The index also identifies markets that we believe are good areas in which to purchase a home for homeowners and investors alike, with expectations of price appreciation complementing vibrant and diverse communities. The Top 20 Emerging Housing Markets for Summer 2022 are: Elkhart-Goshen, Ind. Burlington, N.C. Johnson City, Tenn. Fort Wayne, Ind. Billings, Mont. Raleigh, N.C. Rapid City, S.D. North Port-Sarasota-Bradenton, Fla. Topeka, Kan. Visalia-Porterville, Calif. Fort Collins, Colo. Durham-Chapel Hill, N.C. Santa Cruz-Watsonville, Calif. Boulder, Colo. Huntsville, Ala. Vallejo-Fairfield, Calif. Eureka-Arcata-Fortuna, Calif. Jefferson City, Mo. Elizabethtown-Fort Knox, Ky. Colorado Springs, Colo. Key Trends Among the Spring 2022 Top 20 Emerging Housing Markets Affordability, Availability and Quality of Life Lead Summer Housing Despite high market demand, the latest index reveals prospective homebuyers are either pursuing affordable housing or high quality of life in areas where options are more abundant. Twelve of the markets had a median home listing price near or below the national median during the second quarter of 2022, led by Topeka, Kan. and Jefferson City, Mo., with median listing prices just over $200,000. The summer 2022 index shows young professionals and growing families are looking for better work-life balance, along with a lower cost of living. To find that, they are looking in areas with more homes for sale. On average, across the top 20 markets in our index, active listing counts were up by 33.2% year-over-year and the number of newly-listed homes was up by 11.1%, compared to the national active listing growth rate of 4.9% and new listing growth rate of 4.0%. Growing Local Economies Boost Buying Power As we saw in the spring 2022 report, the summer index’s top-ranked housing markets have diversified economies and low unemployment, a prerequisite for a healthy housing market—16 out of the top 20 metros boast unemployment rates at or below the national 3.6% average. The top metros offer a wide range of job opportunities, higher wages and shorter work commutes at a time when the cost of gasoline reached new highs. Despite surging inflation, consumers also maintained an active pace of retail and travel spending, thanks to slightly higher than average wages. Active and Outdoor Lifestyles are the New Benefit Metros like Durham-Chapel Hill, N.C., Fort Collins, Colo. and Elizabethtown-Fort Knox, Ky., offer access to outdoors amenities but are still within driving distance from larger cities. Despite a slightly lower vacation profile than the spring index, the summer index’s top 20 markets offer an active outdoor lifestyle. Whether it’s access to mountains in North Carolina, Tennessee, Colorado or Montana, or beach destinations like California or Florida, top emerging markets provide residents with easy access to the outdoors. Mid-sized Cities Lead the Emerging Pack The summer index continues to highlight mid-sized cities. Amid rising costs of living and relatively stagnant wages across industries, the index indicates a move toward middle-class jobs in mid-size Midwestern markets. The top 20 metros averaged a population of 402,000 people. Nine out of the top 20 cities have populations below the 250,000 threshold, including this quarter’s leading metro, Elkhart-Goshen, Ind. City Spotlight: Elkhart-Goshen, Ind. The index’s top emerging housing market is Elkhart-Goshen, Ind. Industry manufacturers including Jayco, Keystone and Conn-Selmer—in addition to regional healthcare and local service providers—are based in Elkhart-Goshen, contributing to one of the lowest unemployment rates among index metros (1.6%). Who’s In and Who’s Out Twelve of the summer 2022 index top markets have appeared in previous index rankings, most notably Elkhart-Goshen, Ind., and all of the top nine were ranked in the spring 2022 index. Among the repeat markets are coastal vacation destinations like North Port-Sarasota-Bradenton, Fla. and Santa Cruz-Watsonville, Calif. Eight markets fell off the spring 2022 list but remained in the top 50 metros. Spring 2022’s top-ranked Santa Rosa, Calif. and Cape Coral-Fort Myers, Fla. dropped out of the top 20, falling to spots 105 and 69 respectively. With the exception of Columbia, Mo. and Yuma, Ariz., the markets that fell off the top 20 tend to be more expensive vacation destinations. Methodology The ranking evaluates the 300 most populous core-based statistical areas, as measured by the U.S. Census Bureau, and defined by March 2020 delineation standards for eight indicators across two broad categories: real estate market (50%) and economic health and quality of life (50%). Each market is ranked on a scale of 0 to 100 according to the category indicators, and the overall index is based on the weighted sum of these rankings. The real estate market category indicators are: real estate demand (16.6%), based on average unique viewers per property; real estate supply (16.6%), based on median days on market for real estate listings, median listing price trend (16.6%). The economic and quality of life category indicators are: unemployment (6.25%); wages (6.251%); regional price parities (6.25%); the share of foreign born (6.25%); small businesses (6.25%); amenities (6.25%), measured as per capita "everyday splurge" stores in an area; commute (6.25%); and estimated effective real estate taxes (6.25%). Note: The Summer 2022 index is using a 12-month average for the real estate market indicators. About The Wall Street Journal The Wall Street Journal is a global news organization that provides leading news, information, commentary and analysis. The Wall Street Journal engages readers across print, digital, mobile, social, podcast and video. Building on its heritage as the preeminent source of global business and financial news, the Journal includes coverage of U.S. & world news, politics, arts, culture, lifestyle, sports, and health. It holds 38 Pulitzer Prizes for outstanding journalism. The Wall Street Journal is published by Dow Jones, a division of News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV). About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.

Down Payment Resource releases Q2 2022 Homeownership Program Index
More U.S. homebuyer assistance programs are introduced during a quarter of difficult homebuying conditions ATLANTA, Ga., July 19, 2022 -- Down Payment Resource (DPR), the nationwide database for U.S. homebuyer assistance programs, today announced findings from its latest Homeownership Program Index (HPI). The firm's analysis of 2,273 homebuyer assistance programs in its DOWN PAYMENT RESOURCE® database revealed that the net number of homebuyer assistance programs increased by 1.6% from Q1 to Q2 2022. This marks the third consecutive quarter the number of homebuyer assistance programs has grown. Down Payment Resource Q2 2022 Homeownership Program Index Key Findings The Q2 2022 HPI examined a total of 2,273 homebuyer assistance programs that were active as of July 5, 2022. Key findings are as follows: The net number of homebuyer assistance programs increased. The number of programs increased by 35 Q2 2022. Among them were five nationwide or multi-state programs and 12 statewide programs. Assistance for first mortgages, combined down payment and closing cost support, community second mortgages and deed restriction programs were also added. Support for manufactured homes increased again. For the third consecutive quarter the number of programs that support manufactured home purchases have increased. 625 programs now support manufactured home loans, up from 594 in Q1 2022. Programs offering veteran exemptions grew. The number of programs that waive first-time homebuyer requirements for veterans increased from 176 to 184 (4.5%) this quarter. "Despite a slight increase in the number of inactive and suspended programs, our analysis indicates that opportunities for homebuyer assistance are continuing to grow," said DPR CEO Rob Chrane. "With inflation reaching 40-year highs, aggressive interest rate hikes and limited housing inventory, connecting consumers with financial support for down payment and closing costs is more important than ever. In this especially challenging housing market, program providers are finding creative ways to help qualified homebuyers overcome economic obstacles and achieve the long-term financial benefits of homeownership." Further analysis of the Q2 2022 HPI findings, including infographics and examples of many of the programs described in this release, can be found on DPR's website here. View a complete, state-by-state list of homebuyer assistance programs here. Methodology Published quarterly, DPR's HPI surveys the funding status, eligibility rules and benefits of U.S. homebuyer assistance programs administered by state and local housing finance agencies, municipalities, nonprofits and other housing organizations. DPR communicates with over 1,200 program providers throughout the year to track and update the country's wide range of homeownership programs, including down payment and closing cost programs, Mortgage Credit Certificates and affordable first mortgages, in the DOWN PAYMENT RESOURCE® database. About Down Payment Resource Down Payment Resource (DPR) is a nationwide database of down payment assistance and affordable lending programs. The company tracks funding status, eligibility rules, benefits and more for approximately 2,200 programs in 11 categories. Its award winning technology helps the housing industry connect more homebuyers to the down payment help they need. DPR has been recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. DPR's subscription based service, Down Payment Connect, helps agents and loan officers match buyers to available programs. For more information, please visit DownPaymentResource.com.

Down Payment Resource analysis finds that 33% of declined mortgage applications are declined for reasons addressable with homebuyer assistance
Analysis highlights profound opportunity to improve homeownership accessibility with homebuyer assistance programs ATLANTA, Ga., June 7, 2022 -- Down Payment Resource (DPR), the nationwide database for U.S. homebuyer assistance programs, today announced findings from an analysis showing that a substantial share of mortgage loan applications are both declined for reasons that can be addressed with homebuyer assistance and eligible for homebuyer assistance programs. Methodology Findings were derived by analyzing HMDA data for tens of thousands of declined purchase mortgage loan applications representing $3.7 billion in volume furnished by mortgage lenders. Loan applications declined for either insufficient cash-to-close or disqualifying debt-to-income (DTI) ratios were categorized as potentially recoverable with homebuyer assistance. Homebuyer assistance eligibility for this group of applications was determined by running loan application data — including location, home price, loan amount, income and homeownership history — through the DOWN PAYMENT RESOURCE® database. Matching assistance programs were then applied to each loan to determine how applying homebuyer assistance to eligible declined loan files would have impacted loan-to-value (LTV) ratios. Key Findings Key findings are as follows: A large share of declined loan files were eligible for homebuyer assistance. 33% of all declined purchase mortgage loan applications were declined for either insufficient cash-to-close or disqualifying DTI ratios and also eligible for homebuyer assistance at the time of declination. The large share of loans potentially recoverable with homebuyer assistance highlights a significant, low-cost opportunity for lenders to increase purchase volume. Declined loan applications were typically eligible for multiple programs. On average, declined loan applications were eligible for 10 homebuyer assistance programs, indicating there are often multiple options available to homebuyers financing with homebuyer assistance. Many declined loans could have been recovered with homebuyer assistance. Applying homebuyer assistance to eligible declined loan applications would have reduced LTV by an average of 5.85%, making many of the loan applications recoverable. Lowering LTV can open the door to better and more affordable first mortgage scenarios, including conventional (rather than FHA) financing, reduced mortgage insurance costs and better interest rates. "In light of National Homeownership Month and the state of the housing market, it is important for the mortgage industry to reflect on ways it can improve financing outcomes for homebuyers," said DPR CEO Rob Chrane. "Our analysis definitively shows that homebuyer assistance programs are the most promising pathway to homeownership for a sizable share of the homebuyer population. Yet, homebuyer assistance programs are seldom offered as an option. It is my hope that this information will help lenders better serve their communities by showing that qualified homebuyers who need down payment assistance are not a niche market, but a major market that continues to grow." About Down Payment Resource Down Payment Resource (DPR) is a nationwide database of down payment assistance and affordable lending programs. The company tracks funding status, eligibility rules, benefits and more for approximately 2,200 programs in 11 categories. Its award-winning technology helps the housing industry connect more homebuyers to the down payment help they need. DPR has been recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. DPR's subscription-based service, Down Payment Connect, helps agents and loan officers match buyers to available programs. For more information, please visit downpaymentresource.com.

Home buyers may find less competition near city centers for the first time in years
Suburbs are generally seeing home values grow more than urban areas, indicating more competition SEATTLE, May 18, 2022 -- For the first time since the Great Recession, buyers may have an easier time buying a home in the city than in nearby suburbs this home shopping season. That's because homes in the suburbs recently have been appreciating faster than urban homes, a new Zillow analysis shows, indicating stronger demand and fiercer competition. While competition is strong in most of the country, there are pockets of opportunity for home buyers. Home values in suburban ZIP codes have been growing faster than those in urban areas since July 2021. The typical home in the suburbs gained $66,490 in value in the past year, compared to $61,671 for the typical urban home. That is a reversal from previous norms and from the first 15 months of the pandemic. From January 2013 — about the time when home values began to recover following the housing crash — through June 2021, urban homes were generally gaining value more quickly. "In the beginning of the pandemic, home values in urban areas generally outpaced suburban areas, counter to what many expected during the rush for more space," said Zillow economist Nicole Bachaud. "And while urban home value gains have continued to accelerate, the suburbs are even hotter, showing just how strong demand is for limited suburban inventory. That could mean competition for homes will be lighter near city centers this home shopping season, something we haven't been able to say for nearly a decade. That's not to say shopping for a home in the city will be a leisurely affair, but any sliver of opportunity for buyers is welcome in this market." Faster home value growth in the suburbs comes as remote work has changed the U.S. housing landscape. Research from the National Bureau of Economic Research found the shift to remote work is responsible for more than half of the gain in U.S. home prices since late 2019, and that the evolution of remote work is likely to have a major impact on the future path of home values. To be sure, urban real estate has seen incredible growth, as well. This is not a case of housing in the suburbs gaining value at the expense of urban real estate; rather, it's something akin to one world-class sprinter edging out another. And there are signs that demand may be shifting back in favor of urban homes. In each of the first three months of this year, the gap between annual home value growth in the suburbs and in urban areas has shrunk. Annual suburban home value growth outpaced urban home value growth by about $7,250 in December, but only by about $4,820 in March. The shift has been more pronounced in a few metro areas where suburban home values grew especially fast compared to urban home values in 2021: San Francisco, Columbus, Seattle and Boston. This may reflect home buyers reacting to employers' return-to-office plans, realizing that the cost savings of a move to the suburbs are not as big as they once were, or sensing that competition may not be as stiff for homes in urban parts of the metro. Nashville and Raleigh are two notable counterexamples. In both metros, urban home values rose more than those in the suburbs in 2021. However, after the first three months of 2022, those positions have been reversed. In the year ending March 2022, the typical suburban home in Nashville gained $7,350 more than the typical urban home, and in Raleigh, the typical suburban home gained about $9,800 more. This could signal a shift in demand in these markets, with home shoppers searching for more-affordable options in the suburbs, especially as mortgage rates keep rising. In today's hot sellers market, buyers should consider Zillow's tips to win a competitive bid. Hiring the right local agent and embracing new real estate technology for a speed advantage can help during the home search. Securing mortgage pre-approval and using strategies such as submitting an offer before the offer review date can help an offer stand out. *Table ordered by market size About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®,, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

Women could afford 18% more of the housing market if they made as much money as men
The pay equity gap is slowly shrinking, and closing the home value gap as it does so. SEATTLE, March 30, 2022 -- A new Zillow study shows how severe an impact the gender pay gap is for women in the housing market. An additional 18% of the U.S. housing market is affordable to men but is out of reach to women. This gap in access can be as wide as 22% of the housing market depending on the industry they work in. The analysis combined income data from the U.S. Census Bureau with Zillow housing data to estimate how much of the market is affordable to women and men. The study examined a number of job sectors and regions and found that across the country, women can afford far fewer homes than men without being considered cost burdened. "This study shows how severely the gender pay gap limits women in the housing market, but that's only the start of a compounding impact," said Zillow economist Nicole Bachaud. "Owning a home represents the dominant form of wealth building for most Americans. So not only are women starting from behind, but they're falling even further behind with each passing day as homes build equity." The impact of income inequality on housing affordability differs by industry. For example, women who work in the utilities industry have more homes available to them (71.1% of the market) than women working in all other industries analyzed. Women working in the leisure and hospitality industry can only afford 9.6% of the market. Men in both industries can afford 9–10 percentage points more of the market than women. In all 13 job categories analyzed nationally, men can afford more of the housing stock than women. Regionally, gender disparities by industry can become even more severe. In Denver, for example, women working in the financial services industry can reasonably afford fewer than one in five (19.1%) homes in the area, while men can expect to afford more than two-thirds (71.1%). In Portland, Oregon, the numbers for the financial industry stand at 13.9% of the market available to women and 66.0% to men. Equal Pay Day — which symbolizes how far into a new year a woman making a typical salary needs to work to make the same amount of money as a man making a typical salary in the previous calendar year — shows that the pay equity gap is slowly shrinking. This year, Equal Pay Day fell on March 15, nine days earlier than it did in 2021 and 16 days earlier than in 2020. Simultaneously, the home value gap for women is also narrowing. Homes owned by female-headed households, although still below the value of those owned by male-headed households and of median home values overall, have crept closer to parity over the past decade. "The drive to eliminate pay inequity and other biases in the workplace needs to come from senior leaders with clear and measurable goals," said Bachaud. "Taking actions like regularly evaluating salaries or reevaluating other HR benefits and policies to attract and retain women could help reduce disparities." While the tide is starting to turn, there remains much work to do to achieve pay equity, especially when taking race into account. For Asian American and Pacific Islander women, Equal Pay Day (relative to the typical pay for white men) is May 3; for Black women, it's September 21; for Native American women, it's November 30;, and for Latina women, it's December 8. Differences in Incomes and Housing Affordability by Gender and Job Sector About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Zillow Homes, Inc., Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

Middle-income Households Gain $2.1 Trillion in Housing Wealth in a Decade
WASHINGTON (March 9, 2022) -- Homeownership is widely recognized as the leading source of net worth among families. Housing wealth itself is primarily achieved by price appreciation gains, and the nation has seen home prices accelerate at a record pace during the course of the last decade. A new study from the National Association of Realtors® – Housing Wealth Gains for the Rising Middle-Class Markets – examines the distribution of housing wealth between 2010 and 2020 across income groups and in 917 metropolitan or micropolitan areas. NAR found that during those 10 years, nearly 980,000 middle-income households became homeowners. Within that timeframe, total housing wealth for this income group surged by $2.1 trillion. "Owning a home continues to be a proven method for building long-term wealth," said Lawrence Yun, NAR chief economist. "Home values generally grow over time, so homeowners begin the wealth-building process as soon as they make a down payment and move to pay down their mortgage." From 2010 through 2020, 529 of 917, or 58%, of metropolitan and micropolitan areas gained middle-income homeowners. NAR identifies these locations as rising middle-income class housing markets, i.e., markets that saw the largest increase in middle-class owner-occupied housing units in 2020 compared to 2010. The top 10 rising middle-income housing markets, with at least 50,000 more middle-income homeowner households, were Phoenix-Mesa-Scottsdale (103,690), Austin-Round Rock (61,323), Nashville-Davidson-Murfreesboro-Franklin (55,252), Dallas-Fort Worth-Arlington (53,421), Houston-The Woodlands-Sugarland (52,716), Atlanta-Sandy Springs-Roswell (48,819), Orlando-Kissimmee-Sanford (35,063), Portland-Vancouver-Hillsboro (34,373), Seattle-Tacoma-Bellevue (31,284) and Tampa-St. Petersburg-Clearwater (28,979). NAR defines a middle-class homeowner as one earning an income of over 80% to 200% of the area median income. "Middle-income households in these growing markets have seen phenomenal gains in price appreciation," said Yun. "Given the rapid migration and robust job growth in these areas, I expect these markets to continue to see impressive price gains." As of the fourth quarter of 2021, the largest price gains (as a percent of the purchase price) over the preceding decade were in Phoenix-Mesa-Scottsdale (275.3%), Atlanta-Sandy Springs (274.7%), Las Vegas-Henderson-Paradise (251.7%), Cape Coral-Fort Myers (233.9%) and Riverside-San Bernardino-Ontario (207.6%). Nationally, a homeowner who purchased a typical single-family existing home 10 years ago at the median sales price of $162,600 is likely to have accumulated $229,400 in housing wealth. Of this wealth gain, 86% can be attributed to price appreciation, with the median single-family existing-home sales price rising at an annual pace of 8.3% from the fourth quarter of 2011 through the fourth quarter of 2021. A small percentage of U.S. markets did record a decrease in middle-income homeowner households over the past decade, including New York-Newark-Jersey City (-100,214), Los Angeles-Long Beach-Anaheim (-73,839), Chicago-Naperville-Elgin (-34,420), Boston-Cambridge-Newton (-28,953), Detroit-Warren-Dearborn (-25,405) and Philadelphia-Camden-Wilmington (-22,129). Nevertheless, some markets saw housing wealth rise as home prices climbed, such as the Los Angeles metro area ($164.5 billion) and the New York metro area ($59.4 billion). "These escalating home values were no doubt beneficial to homeowners and home sellers," said Yun. "However, as these markets flourish, middle-income wage earners face increasingly difficult affordability issues and are regrettably being priced out of the home-buying process." While housing wealth grew among all income groups, low- and middle-income households ultimately received a smaller share of the gains. NAR found that of the $8.2 trillion amassed in housing wealth from 2010 through 2020, high-income homeowners claimed roughly 71% of all wealth accumulation. Among middle-income homeowners, total housing wealth jumped by $2.1 trillion, or 26% of the housing wealth gains, with nearly 980,000 additional middle-income homeowner households. Among low-income homeowners, housing wealth rose by $296 billion, or 4% of the housing wealth gain. Low-income homeowners comprised a smaller fraction of all homeowners in 2020, at just 27.2%. This is down from 38.1% in 2010, with nearly 5.8 million fewer lower-income households that were homeowners from 2010 through 2020. There were 979,143 more middle-income homeowners over this decade, but they consisted of a smaller fraction of homeowners in 2020, at 43%, from 45.5% in 2010. High-income homeowners made up a larger portion of owners, at 29.8%. This is an increase from 16.4% in 2010 and is 11.1 million more high-income households in 2020 compared to 2010. Since the Great Recession, the homeownership rate has declined across all income groups, with the largest drop among the middle-income homeownership rate, which fell from 78.1% to 69.7%. Low-income households observed homeownership rates fall, but to a smaller degree – two percentage points – while high-income households saw declines at four percentage points. "Homeownership is rewarding in so many ways and can serve as a vital component in achieving financial stability," said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "Now, we must focus on increasing access to safe, affordable housing and ensuring that more people can begin to amass and pass on the gains from homeownership." The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.

U.S. Homeownership Rate Experiences Largest Annual Increase on Record, Though Black Homeownership Remains Lower Than a Decade Ago, NAR Analysis Finds
Hispanic American homeownership is at an all-time high and above 50% for the first time WASHINGTON (February 23, 2022) -- The U.S. homeownership rate climbed to 65.5% in 2020, up 1.3% from 2019 and the largest annual increase on record. More Americans are likely to own a home now than during any year following the Great Recession (65.4% homeownership rate in 2010); however, Black Americans continue to face significant obstacles along the path to homeownership, according to the National Association of Realtors®. The homeownership rate for Black Americans – 43.4% – trails behind that of a decade ago (44.2% in 2010). Conversely, White Americans (72.1%), Asian Americans (61.7%) and Hispanic Americans (51.1%) all achieved decadelong highs in homeownership in 2020, with the rate for Hispanic Americans setting a record and reaching above 50% for the first time. NAR's 2022 Snapshot of Race and Home Buying in America report examines homeownership trends and challenges by race and location to explain current racial disparities in the housing market. Using data from the 2021 Profile of Home Buyers and Sellers, the report looks at the characteristics of who purchases homes, why they purchase, what they purchase and the financial background for buyers based on race. "As the gap in homeownership rates for Black and White Americans has widened, it is important to understand the unique challenges that minority home buyers face," said Jessica Lautz, NAR vice president of demographics and behavioral insights. "Housing affordability and low inventory has made it even more challenging for all buyers to enter into homeownership, but even more so for Black Americans." Housing affordability has eroded for many consumers since the start of the pandemic due to the combination of record-high home prices and record-low inventory. Since 2019, home prices have spiked 30% – or about $80,000 for a typical home, while housing inventory has declined to under one million units available for sale. Approximately half of all homes currently listed for sale (51%) are affordable to households with at least $100,000 income. Nationwide, nearly half of all Asian households annually earn more than $100,000. However, 35% of White households, 25% of Hispanic households and only 20% of Black households have incomes greater than $100,000. NAR's analysis found that the most affordable states for Black households to purchase a home are Maryland, West Virginia, Kansas, Ohio and Indiana. Conversely, the least affordable states for Black households are Utah, Oregon, California, Nevada and Rhode Island. In terms of renter households, half of Black Americans spend more than 30% of their monthly income on rent. Almost three out of 10 Black renter households (28%) and one in five White renter households (20%) are severely cost-burdened – defined as spending more than 50% of monthly income on rent. Nationwide, NAR estimates that 47% of White renter households and 36% of Black renter households can afford to buy a typical home when comparing the qualifying income to purchase a home and the median income of renter households. "Black households not only spend a bigger portion of their income on rent, but they are also more likely to hold student debt and have higher balances," Lautz added. "This makes it difficult for Black households to save for a down payment and as a result, they often use their 401(k) or retirement savings to enter homeownership." Black households (41%) are more than twice as likely as Asian households (18%) and nearly twice as likely as White households (22%) to have student loan debt. Approximately a quarter of Hispanic households (26%) reported having student loan debt. The median student loan debt for Black households ($45,000) exceeded that of Hispanic ($35,500), White ($30,000) and Asian ($24,400) households. Student debt is often a major impediment for prospective home buyers in saving for a down payment. Black and Hispanic applicants (7% each) were rejected for mortgage loans at greater rates than White and Asian applicants – 4% and 3%, respectively. Black Americans (14%) and Hispanic Americans (12%) were at least twice as likely than White Americans (6%) to tap into their 401(k) or pension funds as a down payment source for a home purchase. Such actions can diminish future wealth growth. Conversely, almost four out of 10 White Americans (38%) used the funds from the sale of their primary residence to serve as a down payment for a home compared to only 25% of Hispanic, 21% of Black and 16% of Asian Americans. The study noted that for those who said they witnessed or experienced discrimination in a real estate transaction, nearly a third of Black respondents (32%) said they faced stricter requirements because of their race. That compares to 19% of White respondents, 16% of Hispanic respondents and 4% of Asian respondents. Approximately one-third of Black and White home buyers (32% each) and almost a quarter of Hispanic home buyers (23%) said they witnessed or experienced discrimination with the type of loan product offered. Approximately seven in 10 White Americans (69%) said they purchased a home in a neighborhood where the majority of the residents were of the same race. However, about a quarter of Hispanic Americans (26%) and less than a fifth of Black (17%) and Asian Americans (15%) said the same. NAR is working to ensure Realtors® are active leaders in the fight to close the racial homeownership gap. NAR serves on the steering committee of the Black Homeownership Collaborative, whose seven-point plan aims to increase Black homeownership by a net 3 million by 2030. NAR has also stepped up the real estate industry's efforts to end bias and discrimination. Its "ACT" plan emphasizes "Accountability, Culture Change, and Training" to advance fair housing in the industry. NAR's interactive training platform, Fairhaven, puts real estate professionals in simulated situations where discrimination in a real estate transaction can occur. Also, NAR's implicit bias video and classroom trainings offer strategies to help Realtors® override biases in their daily interactions. To increase the nation's housing inventory, NAR is advocating that all levels of government include funding for affordable housing construction; preserve, expand and create tax incentives to renovate distressed properties; convert unused commercial space to residential units; and encourage and incentivize zoning reform. Moreover, expanding new-home construction by an additional 550,000 units a year for 10 years would create 2.8 million new jobs and generate more than $400 billion in economic activity. NAR and the Rosen Consulting Group's Housing is Critical Infrastructure: Social and Economic Benefits of Building More Housing report examines the causes of America's housing shortage and provides a range of actions that can effectively address this longtime problem. View NAR's Snapshot of Race & Home Buying in America report here. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.

Record-High Prices and Record-Low Inventory Make It Increasingly Difficult to Achieve Homeownership, Particularly for Black Americans
NAR and Realtor.com identify most affordable housing markets for Black households WASHINGTON (February 7, 2022) -- The surging residential real estate market of the last two years led to record-high home prices and record-low inventory. This simultaneous "double trouble" has made it increasingly difficult for consumers, particularly Black Americans, to achieve homeownership, according to a new analysis from the National Association of Realtors and Realtor.com. The Double Trouble of the Housing Market report examines the impact that rapidly escalating home prices and diminishing housing inventory has on housing affordability. Unlike previous affordability research and indices, NAR and Realtor.com® considered affordability for all income groups, accounted for the affordability of homes currently available for sale instead of homes that have already sold and provided affordability data by race for the 100 largest U.S. metro areas. Nationally, more than 400,000 fewer affordable homes are available for sale for households earning $75,000 to $100,000 when compared to the start of the pandemic (245,300 in December 2021 vs. 656,200 in December 2019). For that same income group, there's one affordable listing available for every 65 households, a significant drop in availability from one affordable listing for every 24 households in 2019. The total home valuation across the country is estimated to have risen by $8.1 trillion from the first quarter of 2020 through the end of 2021. However, this sizable increase in real estate values was not accompanied by a rise in homeownership as the ownership rate remained at approximately 65%. "The housing wealth gain has been sizable over the past two years," said NAR Chief Economist Lawrence Yun. "However, due to the ongoing inventory shortage and rising interest rates, homeownership attainment will become especially challenging unless drastically more housing supply is available." For households with higher incomes, some expensive metro areas – San Francisco, San Jose, Washington, D.C., for example – surprisingly are more affordable than before the start of the pandemic due to increasing incomes and lower mortgage rates. Since 2019, household incomes rose 15% and 13%, respectively, in San Jose and San Francisco. However, while some households in these markets can afford to buy a greater share of homes, fewer options exist as a result of the record-low inventory. For example, households earning $100,000 to $125,000 in the San Francisco metro area can afford to buy 180 fewer homes now compared to December 2019. For households in San Francisco earning $125,000 to $150,000, there are about 300 fewer affordable homes available than in December 2019. "In general, an increase in salary makes housing more affordable to a buyer. But due to the reductions in inventory over the last few years, today's buyers in large tech markets can actually afford a smaller number of homes than they could two years ago, despite an uptick in wages," said Realtor.com® Chief Economist Danielle Hale. "The low inventory challenge is particularly acute for some racial and ethnic groups who have faced greater hurdles to homeownership stemming from, among other things, lower incomes as a group." A significant and persistent racial homeownership gap exists in America. Since 2017, the annual homeownership rate for White Americans has remained comfortably above 70%; however, the homeownership rate for Black Americans has been slightly above 40% – nearly 30 percentage points lower. NAR and Realtor.com® analyzed housing affordability by racial group to help explain the differences in homeownership. Nationwide, 35% of White households and only 20% of Black households have incomes greater than $100,000. Approximately half of all homes currently listed for sale (51%) are affordable to households with at least $100,000 income and substantial variances in affordability exist by metro area. "Moreover, the homeownership rate has been around 50% for all households in the expensive metro markets, such as Los Angeles and San Francisco, and therefore it's becoming nearly impossible to afford a home, especially for Black households," Yun added. "At the same time, there are affordable markets that still provide opportunities to achieve homeownership as inventory at affordable price points is reasonably available." NAR and Realtor.com® also identified the top 10 most affordable housing markets for Black households. In alphabetical order, the markets are Akron, Ohio; Baltimore, Md.; Birmingham, Ala.; Dayton, Ohio; Detroit, Mich.; McAllen, Texas; Memphis, Tenn.; St. Louis, Mo.; Toledo, Ohio; and Youngstown, Ohio. In these metro areas, Black households can afford to buy homes roughly in proportion to their income distributions. To increase the nation's housing inventory, NAR is advocating that all levels of government include funding for affordable housing construction; preserve, expand and create tax incentives to renovate distressed properties; convert unused commercial space to residential units; and encourage and incentivize zoning reform. Moreover, expanding new-home construction by an additional 550,000 units a year for 10 years would create 2.8 million new jobs and generate more than $400 billion in economic activity. NAR and the Rosen Consulting Group's Housing is Critical Infrastructure: Social and Economic Benefits of Building More Housing report examines the causes of America's housing shortage and provides a range of actions that can effectively address this longtime problem. View The Double Trouble of the Housing Market report here. About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.

More than a third of recent movers say it's harder to find a house than a spouse
New Zillow survey finds most Americans enjoy home shopping more than dating SEATTLE, Feb. 2, 2022 -- Love is in the air this Valentine's Day, at least when it comes to home. A new survey from Zillow finds 80% of Americans say they love their home. However, finding a home is a lot more challenging in today's hypercompetitive and rapidly appreciating housing market. About one-third of recent movers (34%) say it's harder to find a house to buy than a spouse, yet most say shopping for a home is more enjoyable. Women are more likely than men to say shopping for a home is more enjoyable than dating; 62% compared to 39% of men. Some psychologists believe looking at for-sale listings can create a mood-boosting chemical reaction in the brain similar to the excitement of a romantic relationship, a phenomenon parodied on SNL. During the pandemic, a record number of users surfed Zillow to escape the stress of their lives and dream of the possibilities a move could bring. "The way we shop for homes is in many ways similar to the way we meet romantic partners," said Zillow home trends expert Amanda Pendleton. "Both involve wish lists, compromises and deal breakers, and much of the legwork happens online. But unlike dating apps, tools like interactive floor plans and virtual 3D home tours mean fewer home shoppers are disappointed when they see a home in person for the first time. Perhaps that's one reason this survey found that far more people think they'll be successful using an app to find a home to buy (76%) than to find a romantic partner (24%)." Another reason may be expectations. Most people (62%) say their wish list for a romantic partner is more difficult to satisfy than their wish list for a home (38%), and 61% say they have more deal breakers when it comes to choosing a partner. Two-thirds of Americans are more willing to compromise on qualities in a home to buy (67%) than qualities in a romantic partner (33%). Still, most people are romantics at heart, at least when it comes to their home. Nearly 3 in 4 Americans believe they could fall in love at first sight with a home (73%), while more than half believe they could fall in love at first sight with a person (54%). While 65% of singles would consider moving to improve their dating prospects, 84% say they would consider moving in order to buy a home. Once they find it, most people love their home (80%). The most common reasons people love their home are the memories associated with it (82%), and their home's location, neighborhood or neighbors (77%). Tools like Zillow's travel-time function, walk score and transit score can help shoppers choose a neighborhood they'll love. As with dating, finding "the one" in today's housing market may be tough, but shoppers can take steps to land their dream home with the right partners, preparation and persistence. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and nearly seamless end-to-end service. Zillow Home Loans™, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase. Zillow recently launched Zillow Homes, Inc., a licensed brokerage entity, to streamline Zillow Offers transactions.

Housing Markets at Risk from Pandemic Downturns Concentrated in New Jersey, Illinois and California
Chicago and New York City Areas Still Most At-Risk from Damage Connected to Coronavirus Pandemic in Fourth Quarter of 2021; Other Vulnerable Markets Again Mainly Along East Coast; West Region Outside Pockets of California Remain Least Exposed IRVINE, Calif. - Jan. 20, 2022 -- ATTOM, curator of the nation's premier property database, today released its fourth-quarter 2021 Special Coronavirus Report spotlighting county-level housing markets around the United States that are more or less vulnerable to damage from the ongoing Coronavirus pandemic still endangering the U.S. economy. The report shows that New Jersey, Illinois and parts of California had the highest concentrations of the most at-risk markets in the fourth quarter – with the biggest clusters still in the New York City and Chicago areas. The West, meanwhile, remained far less exposed outside of California. The fourth-quarter trends, which generally continued patterns from throughout the past year, revealed that New Jersey, Illinois and California had 31 of the 50 counties most vulnerable to the potential economic impact of the pandemic. The 50 most at-risk included eight counties in the Chicago metropolitan area, eight near New York City and seven sprinkled through northern, central and southern California. Elsewhere, the rest of the top 50 counties were scattered mainly along the East Coast, including two of Delaware's three counties and three counties in the Philadelphia, PA, metropolitan area. Outside of California, no other western counties made it into the top 50 during the fourth quarter of last year. On the contrary, the West region again had the highest concentration of markets considered least vulnerable to pandemic-related damage. Markets were considered more or less at risk based on the percentage of homes facing possible foreclosure, the portion with mortgage balances that exceeded estimated property values and the percentage of average local wages required to pay for major home ownership expenses on median-priced single-family homes. The conclusions were drawn from an analysis of the most recent home affordability, equity and foreclosure reports prepared by ATTOM. Rankings were based on a combination of those three categories in 575 counties around the United States with sufficient data to analyze in the third and fourth quarters of 2021. Counties were ranked in each category, from lowest to highest, with the overall conclusion based on a combination of the three ranks. See below for the full methodology. Disparities in pandemic-related risks to housing markets across the country remained in place during the fourth-quarter of last year even as a decade-long boom in the broader U.S. market continued roaring ahead. Prices climbed more than 10 percent in most of the nation last year, both because of and in spite of the ongoing pandemic that slowed or idled major sectors of the economy in 2020. Throughout the past year, a surge of buyers has flooded the housing market amid a combination of historically low home-mortgage rates and a desire by many to trade congested virus-prone areas for the perceived safety and larger space offered by a house or condominium. As they have chased a tight supply of homes choked further by the pandemic, prices have soared. Despite the continued price runups, a few signs of a possible market slowdown have emerged recently in the form of declining home affordability, slumping investor profits and rising inflation. The pandemic also remains a threat to the market as a third wave surges across the U.S. With that danger still looming, the risk of a downturn remained higher in the fourth quarter of 2021 in counties with some combination of three warning signs: housing that is unaffordable for average workers, higher levels of foreclosures and larger portions of homeowners who are underwater on their mortgages. "The U.S. housing market keeps powering on despite of the Coronavirus pandemic that's still raging across the country. Indeed, home prices keep rising in part because of the crisis," said Todd Teta, chief product officer with ATTOM. "Nevertheless, the virus remains a potent threat to the broader economy and the housing market, with some of the same counties we've seen in the past continuing to look vulnerable to potential downturns. No immediate warning signs hang over any one part of the country, but pockets are more vulnerable to the market taking a turn for the worse." Most-vulnerable counties clustered in the Chicago, New York City and Philadelphia areas, as well as Delaware and parts of California Twenty-eight of the 50 U.S. counties most vulnerable in the fourth quarter of 2021 to housing market troubles connected to the pandemic (from among 575 counties with enough data to be included in the report) were in the New York, NY, Chicago, IL, and Philadelphia, PA, metropolitan areas, as well as in Delaware and California. They included eight in Chicago and its suburbs (Cook, De Kalb, Du Page, Kane, Kendall, Lake, McHenry and Will counties) and eight in the New York City metropolitan area (Bergen, Essex, Hunterdon, Middlesex, Ocean, Passaic and Sussex counties in New Jersey and Rockland County in New York). The three in the Philadelphia, PA, area were Burlington, Camden and Gloucester counties in New Jersey. Kent County (Dover), DE, and Sussex County (Georgetown), DE, also were among the top 50 most at-risk in the fourth quarter. In other states, California had seven counties in the top 50 list: Butte County (Chico), El Dorado County (east of Sacramento), Humboldt County (Eureka) and Shasta County (Redding) in the northern part of the state; as well as Kern County (Bakersfield), Madera County (outside Fresno) and Riverside County (east of Los Angeles) in the central and southern sections of the state. Florida had also three among the top 50. They were Bay County (Panama City), Flagler County (Palm Coast) and Lake County (outside Orlando). Counties most at-risk have higher levels of unaffordable housing, underwater mortgages and foreclosures Major home ownership costs (mortgage payments, property taxes and insurance) on median-priced single-family homes consumed more than 30 percent of average local wages in 32 of the 50 counties that were most vulnerable to market problems connected to the virus pandemic in the fourth quarter of 2021. The highest percentages in those markets were in Rockland County, NY (outside New York City) (57.9 percent of average local wages needed for major ownership costs); El Dorado County, CA (east of Sacramento) (52.5 percent); Riverside County, CA (east of Los Angeles (52 percent); Bergen County, NJ (outside New York City) (47.6 percent) and Passaic County, NJ (outside New York City) (44.7 percent). Nationwide, major expenses on typical homes sold in the fourth quarter required 25.2 percent of average wages. At least 10 percent of residential mortgages were underwater in the third quarter of 2021 (the latest data available on owners owing more than their properties are worth) in 18 of the 50 most at-risk counties. Nationwide, 7.1 percent of mortgages fell into that category. Those with the highest underwater rates among the 50 most at-risk counties were Kennebec County (Augusta), ME (29.6 percent of mortgages underwater); Webb County (Laredo), TX (23.3 percent); Kankakee County, IL (outside Chicago) (19 percent); Saint Clair County, IL (outside St. Louis, MO) (18.3 percent) and Cumberland County (Fayetteville), NC (18.1 percent). More than one in 1,500 residential properties faced a foreclosure action in the fourth quarter of 2021 in 36 of the 50 most at-risk counties. Nationwide, one in 2,446 homes were in that position. (Foreclosure actions have risen over the past few months since the end of a federal moratorium on lenders taking back properties from homeowners who fell behind on their mortgages during the virus pandemic. The moratorium ended July 31 and foreclosures are expected to spike over the coming year.) The highest rates in the top 50 counties were in Saint Clair County, IL (outside St. Louis, MO) (one in 121 residential properties facing possible foreclosure); Camden County, NJ (outside Philadelphia, PA) (one in 606); Sussex County, NJ (outside New York City) (one in 709); Cumberland County, NJ (outside Philadelphia, PA) (one in 743) and Cook County (Chicago), IL (one in 757). Counties least at-risk spread throughout South, Midwest and West Forty-two of the 50 counties least vulnerable to pandemic-related problems from among the 575 included in the fourth-quarter report were in the South, Midwest and West. Just eight were in the Northeast. Oregon had eight of the 50 least at-risk counties, including three in the Portland metropolitan area (Multnomah, Washington and Yamhill counties), while Washington had four, including King County (Seattle) and Spokane County. Colorado had three, including two in the Denver metropolitan areas (Denver and Arapahoe counties). Also on the list of least-vulnerable counties were Blount and Knox counties in the Knoxville, TN, metro area; Erie and Niagara counties in the Buffalo, NY, metro area and Kent and Ottawa counties in the Grand Rapids, MI, area. Others among the top-50 least at-risk counties that had a population of 500,000 or more included Maricopa County (Phoenix), AZ; Hennepin County (Minneapolis), MN); Travis County (Austin), TX; Mecklenburg County (Charlotte), NC, and Suffolk County (Boston), MA. Lower levels of unaffordable housing, underwater mortgages and foreclosure activity in least-vulnerable counties Major home ownership costs (mortgage, property taxes and insurance) on median-priced single-family homes consumed less than 30 percent of average local wages in 35 of the 50 counties that were least at-risk from market problems connected to the virus pandemic in the fourth quarter of 2021. The lowest percentages among those counties were in Kenton County, KY (outside Cincinnati, OH) (16.1 percent of average local wages needed for major ownership costs); Washington County, PA (outside Pittsburgh) (16.6 percent); Saint Louis County (Duluth), MN (16.7 percent); Richmond City/County, VA (17.5 percent) and Madison County (Huntsville), AL (18 percent). More than 10 percent of residential mortgages were underwater in the third quarter of 2021 (with owners owing more than their properties are worth) in only one of the 50 least at-risk counties. Those with the lowest rates among those counties were Deschutes County, (Bend) OR (2 percent of mortgages underwater); Chittenden County (Burlington), VT (2 percent); Travis County (Austin), TX (2.2 percent); Maricopa County (Phoenix), AZ (2.4 percent) and Lane County (Eugene), OR (2.5 percent). More than one in 1,500 residential properties faced a foreclosure action during the fourth quarter of 2021 in none of the 50 least at-risk counties. Those with the lowest rates in those counties were Chittenden County (Burlington), VT (one in 69,734 residential properties facing possible foreclosure); Yamhill County, OR (outside Portland) (one in 39,069); Lane County (Eugene), OR (one in 32,522); Marion County (Salem), OR (one in 31,553) and Deschutes County (Bend), OR (one in 29,571). Report methodology The ATTOM Special Coronavirus Market Impact Report is based on ATTOM's fourth-quarter 2021 residential foreclosure and home affordability reports and third-quarter 2021 underwater property report. (Press releases for those reports show the methodology for each.) Counties with sufficient data to analyze were ranked based on the percentage of residential properties with a foreclosure filing during the fourth quarter of 2021, the percentage of average local wages needed to afford the major expenses of owning a median-priced home in the fourth quarter of 2021 and the percentage of properties with outstanding mortgage balances that exceeded their estimated market values in the third quarter of 2021. Ranks then were added up to develop a composite ranking across all three categories. Equal weight was given to each category. Counties with the lowest composite rank were considered most vulnerable to housing market problems. Those with the highest composite rank were considered least vulnerable. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

ShowingTime Data Reveals Impressive Year-Over-Year Demand Across the U.S. as Holiday Home Showing Traffic Heats Up
Led again by Seattle, listings in 13 markets across the country averaged double-digit showings CHICAGO, Dec. 21, 2021 -- The latest data from ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, shows that home buyers continued aggressively shopping for homes throughout most of the U.S. in November, driving year-over-year gains in home showings in all regions according to the latest data from the ShowingTime Showing Index®. Seattle once again led all markets, averaging nearly 15 showings per listing, and was closely followed by Denver, which averaged 13 showings per listing. Orlando, Fla. was next with 12 showings per listing, and four more Florida cities – Miami, Port St. Lucie, Tampa and Sarasota – all averaged double-digit showings per listing. Burlington, Vt., Salt Lake City, Dallas, Manchester, N.H., Boulder, Colo. and Bridgeport, Conn. rounded out the list of top markets. "Showings traditionally lag during the holiday season, but the data we're seeing tells us that buyer demand remains strong," said ShowingTime Vice President & General Manager Michael Lane. "The fact that every region showed a year-over-year increase indicates that buyers are undeterred by the approaching holidays. It speaks to their desire to keep searching for their next home." Both the Midwest and Northeast regions saw 14 percent increases in year-over-year showing activity, with the South's 13.6 percent growth close behind. The West saw a more modest 3 percent boost in activity, with the U.S. overall seeing an increase of 12.5 percent in November. Of the cities on the list with double-digit showings, only Manchester, N.H. recorded a year-over-year decline in buyer activity. The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. It tracks the average number of appointments received on active listings during the month. About ShowingTime ShowingTime is the industry leader in home touring technology and a proud affiliate of Zillow Group, Inc. ShowingTime's technology and services simplify the tour scheduling process for buyers, sellers and agents across the industry. ShowingTime products are used in hundreds of MLSs representing more than one million real estate professionals across the U.S. and Canada.

Looking for Space and Willing to Pay for It: Realtor.com Survey Shows Shifting Priorities for First-Time Homebuyers
These buyers are increasingly willing to up their budget and pay over asking price to land a home in this competitive market SANTA CLARA, Calif., Dec. 16, 2021 -- Millennials are settling down, starting families and looking for more space -- and they know that it won't come cheap. A new Realtor.com survey suggests shifting priorities among first-time homebuyers who are increasingly looking for flex space such as finished basements, guest rooms and guest houses. These home shoppers have also increased their budgets since the spring, and are more willing to bid over asking price and use other tactics to get ahead of the competition. Realtor.com® and HarrisX surveyed first-time homebuyers in spring 2021 and again in fall 2021 to understand how their priorities have shifted in a competitive housing market. The survey found that while more than a quarter of hopeful first-time homebuyers were unsuccessful at purchasing a home in 2021, 72% are aiming to buy in 2022. And after months of trying, home shoppers have a better understanding of what it will take to write a winning offer. "Despite a challenging year, aspiring first-time homebuyers are surprisingly optimistic about 2022," said George Ratiu, manager of economic research, Realtor.com. "They're looking at the new year as a fresh opportunity to make their dreams of owning a home come true and our survey suggests that they're armed with information and ready to compete for their first home." First-time homebuyers know what it takes to win Home sales are expected to hit their highest level in 16 years in 2022 according to the Realtor.com® 2022 Housing Market Forecast. In this fast-paced, competitive market there are a number of tactics that buyers can use to get ahead such as checking online listings every day, putting more than 20% down and making an offer quickly. In the spring, 79% of first-time homebuyers were planning to use these tactics to win a home, but that number jumped to 91% in the fall, indicating that buyers know what it takes to win. First-time homebuyers have also become more willing to offer over asking price. In the spring 39% said they would not pay over asking, but that number fell to 24% in the fall. In the fall, three percent of first-time buyers were willing to offer 30% over asking (in the spring, no respondents selected this option), which equates to more than $110,000 on a typical home -- a significant premium. Expanding budgets to match the market With the median home price in the U.S. hitting $380,000, many first-time homebuyers found that they needed to up their budget to land a home. In the spring, 75% of first-time shoppers were looking for a home at or below $350,000, but that number fell to 62% by the fall, as budgets increased. While those shopping in the $350,000 - $500,000 range held relatively steady, the number of first-time shoppers in the $500,000 - $750,000 range doubled, jumping from 6% in the spring to 13% in the fall. Staying closer to home During the pandemic, many people moved from cities to suburbs to find more space and affordability. As we head into 2022, survey respondents are planning to stay closer to their current location. First-time homebuyers planning to stay in their current city or town increased from 40% in the spring to 47% in the fall. Those planning to move to a different city or town within their state decreased from 42% in the spring to 36% in the fall. Those planning to move to a different state held relatively steady at 17% in the spring and 16% in the fall. "Our survey data suggests that many people have found the location they'd like to settle down in, and are now focused on landing the right home. And with more homes expected to hit the market in the coming months, there should be plenty of opportunity for prepared buyers to find their dream home," said Ratiu. Methodology: The survey was conducted online from Sept. 23 - Oct. 1, 2021 among 2,583 adults by HarrisX (which includes an oversample achieving 502 respondents buying a house for the first time in the next year). The sampling margin of error of this poll is +/- 1.9 percentage points for all respondents, and 4.4 percentage points for first-time homebuyers. The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, income, and the status of those first-time homebuyers where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.

Realtor.com 2022 Housing Forecast Reveals a Whirlwind Year Ahead for Buyers, Especially First-Timers
2022 will be very competitive as home sales hit a 16-year high and trends like workplace flexibility enable more homebuyer success SANTA CLARA, Calif., Dec. 1, 2021 -- Americans will have a better chance to find a home in 2022, but will face a competitive seller's market as first-time buyer demand outmatches the inventory recovery, according to the Realtor.com 2022 Housing Forecast. Additionally, with listing prices, rents and mortgage rates all expected to climb while incomes rise, 2022 will present a mixed bag of housing affordability challenges and opportunities. "Whether the pandemic delayed plans or created new opportunities to make a move, Americans are poised for a whirlwind year of home buying in 2022. With more sellers expected to enter the market as buyer competition remains fierce, we anticipate strong home sales growth at a more sustainable pace than in 2021," said Realtor.com® Chief Economist Danielle Hale. "Affordability will increasingly be a challenge as interest rates and prices rise, but remote work may expand search areas and enable younger buyers to find their first homes sooner than they might have otherwise. And with more than 45 million millennials within the prime first-time buying ages of 26-35 heading into 2022, we expect the market to remain competitive." Realtor.com® forecasts strong 2022 home sales and competition, as first-time buyers overwhelm recovering inventory levels Realtor.com® forecasts 2022 home sales (+6.6% year-over-year) will hit their highest level in 16 years as buyers remain active and for-sale inventory begins to recover from recent steep declines. 2022 buyers will face a competitive seller's market, with record-high listing prices, fast-paced sales and limited for-sale home options as existing-home listings continue to lag behind pre-COVID levels. The new construction supply gap of 5.2 million new homes may shrink somewhat in 2022 as builders continue to ramp up production with a projected increase of 5% year-over-year. With prospective sellers planning to increasingly enter the market this winter, Americans can look forward to more opportunities to make a successful home purchase. Affordability will be a growing consideration as mortgage rates and home prices rise, but a growing economy, strong employment market and workplace flexibility will enable more home shoppers to successfully buy their first homes without breaking their budgets. Additionally, with rents forecasted to grow at a faster annual pace (+7.1%) than for-sale home prices (+2.9%) in 2022, homebuying may become the more affordable option, when compared to renting, in many markets. Despite the challenging market, the homeownership rate is expected to grow slightly in 2022 (65.8%). 2022 housing trends reflect new homebuying opportunities combined with the past decade of growing challenges Millennials fuel fierce first-time buying competition for limited inventory through 2025: Millennial housing demand has been rising for years, but the pandemic ignited a first-time buying frenzy as the decade-long housing shortage converged with new opportunities for young buyers to pursue their first homes. Recent survey data shows millennials account for over half (53%) of prospective buyers who plan to purchase their first home within the next year. Despite positive signs of inventory's return to growth in 2022, this first-time buyer demand is expected to outmatch both new and existing-home inventory. As a result, home shoppers will face fierce competition in 2022 – and for at least the next three years as millennials finish their first time buying years, the relatively smaller Gen Z population increasingly enters the housing market, and more older Americans begin downsizing for retirement. Housing affordability issues will be a mixed bag: While historically-low mortgage rates helped buyers better manage monthly housing costs in 2021, affordability will be an important consideration in 2022 as mortgage rates climb and home prices continue to rise 2.9%. However, a number of factors will help keep homeownership in reach for many buyers, including expected income growth of 3.3% by year end and declining unemployment, expected to drop from a projected 4.8% in the last three months of 2021 to 3.5% during the same time period in 2022. Additionally, with rental prices expected to surge in 2022 as they catch-up from below-average growth seen during COVID, many markets may offer more affordable monthly first-time buying costs relative to rents. Shifting workplace dynamics create new homebuying opportunities: From workplace flexibility to higher incomes, 2022 will see employees call the shots on issues that will play an increasingly important role in the housing market. As the economy grows and unemployment declines, bigger paychecks will enable buyers to compete even as housing costs rise, while more power to negotiate flexible workplace arrangements will allow home shoppers to explore lower-priced housing markets further from expensive city centers. In fact, recent survey data shows nearly one-in-five prospective sellers (19%) are looking to move because they no longer need to live near the office, up from just 6% in the spring. COVID compounds demand for more space – both inside and outside the home: Demand for more space has been a consistent trend throughout the pandemic and one that is expected to carry into 2022. With the number of Realtor.com® viewers of suburban home listings rising 42.1% since the onset of COVID, the suburbs will continue to be more popular than big urban metros as home shoppers search for relatively affordable and larger homes. Recent data suggests builders will account for buyer preferences for more space in their 2022 production plans as new single-family homes have begun to get larger. However, with demand expected to outpace new construction growth and the typical 2,000 square foot single-family home price still rising at a double-digit annual pace in October (+16.7%), buyers may have to sacrifice extra space in order to afford a home in their desired area. Homeowner diversity will play an increasingly important role in the market: With U.S. demographic diversity increasing in younger generations, populations like Hispanic Americans will play a growing role in the 2022 housing market. Although they are underrepresented among homebuyers relative to their share of the population, the number of hispanic home shoppers is rising at a faster pace than non-Hispanics. Additionally, as the majority of new hispanic homeowners fell in the critical first-time buyer category, the population will increasingly drive housing demand and impact the homeownership rate in 2022 and beyond. "Our Housing Forecast suggests that we're in store for another dynamic year of activity, but 2022 will also come with growing pains as we navigate the path forward from the height of the pandemic toward a new normal," said George Ratiu, Manager of Economic Research for Realtor.com®. "With most real estate markets expected to be competitive in 2022, it's important to remember that you're in the driver's seat of your real estate journey. The bottom line for buyers is to make sure you're comfortable with your timeline and budget – and especially for younger buyers making this massive financial decision for the first time. For sellers, take into account your local market conditions as well as the likely increase in the number of homes for sale, and price yours competitively. The good news is that sites like Realtor.com® provide more advanced digital real estate tools than ever before, including personalized matching to high-quality real estate agents in your local area, to help you chart the best path forward for you and your family." Homebuyers can use Realtor.com® tools like its affordability calculator to get a sense of how much they can afford in the 2022 housing market, as well as the Realtor.com® app to set up personalized searches and price alerts on new listings matching their criteria. Additionally, sellers can use Realtor.com® resources like My Home and Seller's Marketplace to explore multiple home valuations, instant offers from Opendoor, the Knock Home Swap™ for those buying a next home at the same time, and more. Realtor.com® 2022 Housing Forecast – 100 Largest U.S. Metros (in alphabetical order) Methodology Realtor.com®'s model-based forecast uses data on the housing market and overall economy to estimate values for these variables in the year ahead. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.