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HUD and Census Bureau Report Residential Construction Activity in June 2019
WASHINGTON (July 17, 2019) - The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential construction statistics for June 2019. Building Permits Privately owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,220,000. This is 6.1 percent (±1.2 percent) below the revised May rate of 1,299,000 and is 6.6 percent (±1.1 percent) below the June 2018 rate of 1,306,000. Single‐family authorizations in June were at a rate of 813,000; this is 0.4 percent (±1.0 percent)* above the revised May figure of 810,000. Authorizations of units in buildings with five units or more were at a rate of 360,000 in June. Housing Starts Privately owned housing starts in June were at a seasonally adjusted annual rate of 1,253,000. This is 0.9 percent (±7.9 percent)* below the revised May estimate of 1,265,000, but is 6.2 percent (±7.8 percent)* above the June 2018 rate of 1,180,000. Single‐family housing starts in June were at a rate of 847,000; this is 3.5 percent (±9.6 percent)* above the revised May figure of 818,000. The June rate for units in buildings with five units or more was 396,000. Housing Completions Privately‐owned housing completions in June were at a seasonally adjusted annual rate of 1,161,000. This is 4.8 percent (±12.8 percent)* below the revised May estimate of 1,220,000 and is 3.7 percent (±10.5 percent)* below the June 2018 rate of 1,205,000. Single‐family housing completions in June were at a rate of 870,000; this is 1.8 percent (±11.5 percent)* below the revised May rate of 886,000. The June rate for units in buildings with five units or more was 283,000. Read more about new residential construction activity. Explanatory Notes In interpreting changes in the statistics in this release, note that month-to-month changes in seasonally adjusted statistics often show movements which may be irregular. It may take three months to establish an underlying trend for building permit authorizations, six months for total starts, and six months for total completions. The statistics in this release are estimated from sample surveys and are subject to sampling variability as well as nonsampling error including bias and variance from response, nonreporting, and undercoverage. Estimated relative standard errors of the most recent data are shown in the tables. Whenever a statement such as “2.5 percent (±3.2 percent) above” appears in the text, this indicates the range (-0.7 to +5.7 percent) in which the actual percentage change is likely to have occurred. All ranges given for percentage changes are 90 percent confidence intervals and account only for sampling variability. If a range does not contain zero, the change is statistically significant. If it does contain zero, the change is not statistically significant; that is, it is uncertain whether there was an increase or decrease. The same policies apply to the confidence intervals for percentage changes shown in the tables. On average, the preliminary seasonally adjusted estimates of total building permits, housing starts and housing completions are revised 3 percent or less. Explanations of confidence intervals and sampling variability can be found at the Census Bureau’s website. * The 90 percent confidence interval includes zero. In such cases, there is insufficient statistical evidence to conclude that the actual change is different from zero.
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Ben Caballero Sets a New World Record With $1.9 Billion in Home Sales
Guinness World Record Holder Smashes His Own Record, Sells Over 4,700 Homes in 2017 DALLAS, June 11, 2018 -- Guinness World Record holder Ben Caballero of HomesUSA.com in Addison, Texas, set a new world record for home sales in a single year. Caballero sold more than 4,700 homes worth in excess of $1.9 billion in 2017, smashing the world record he set in 2016. Caballero sold 4,799 homes last year totaling $1.906 billion in the state of Texas. In 2016, he sold 3,556 homes totaling $1.444 billion. It was his 2016 production that recently landed him the title of real estate's first Guinness World Record holder. Caballero lists homes for more than 60 builders in Dallas-Fort Worth, Houston, Austin and San Antonio. As published in The Wall Street Journal, and independently confirmed by REAL Trends, Ben Caballero is the top-ranked real estate professional in the U.S. in both total number of home sales and total annual dollar volume. To put Caballero's 2017 numbers in perspective, he sold an average of 92 homes a week – more than one dozen homes per day, every day of the year. That's more than one-and-a-half home sales every business hour. "Texas is my not-so-secret sauce," said Caballero. "It's the nation's most vibrant home-building market, with Dallas-Fort Worth being the highest-ranked market for builders in the country. When one factors Houston's recovering from Hurricane Harvey, Austin's continuing its burgeoning pace and the unique qualities that make San Antonio attractive, Texas continues to prove itself a winner for home builders." He added, "Because these markets have remained strong and stable in 2018, I'm on pace this year to break my 2017 record." First Billion Dollar Agent Recently, Guinness World Records (GWR) recognized Caballero as the world's most productive real estate agent. He holds the official GWR title for "Most annual home sales transactions through MLS by an individual sell side real estate agent." Unlike most top-producing agents who work in major cities on the East and West Coasts, Caballero's home sales are all in Texas. His business serves communities throughout Austin, Houston and San Antonio as well as his hometown market of Dallas-Fort Worth. By the numbers, market-by-market Last year, Caballero was also the first individual agent ever to sell more than $1 billion in home sales within a single market. In 2017, Caballero sold 3,035 homes in the Dallas-Fort Worth market, with sales totaling $1,200,477,303. The average home price in Dallas-Fort Worth of homes Caballero sold was $395,544. In Houston, he sold 836 homes in 2017, with sales totaling $328,425,587. The average home price in Houston of homes Caballero sold was $392,854. In Austin, Caballero sold 733 homes, with sales totaling $304,443,584. The average home price in Austin of homes Caballero sold was $416,475. In San Antonio, he sold 165 homes, with sales totaling $66,358,873. The average home price in San Antonio of homes Caballero sold was $402,175. What is not included in Caballero's final tally are the inside sales he handled for two large volume builders. He listed and sold an additional 597 new homes for these two builders with a sale volume that totaled $213,715,517. How does Caballero do it? By using the HomesUSA.com platform he created, Caballero leverages online technology to achieve his unprecedented sales volume. Nearly all his transactions are for home builders, which is different than those of most other top-producing agents. HomesUSA.com's cloud-based listing management and marketing platform streamlines the MLS listing process and speeds up sales for home builders. Agents receive data with improved accuracy, which increases their ability to sell new homes to consumers. Faster sales increase builder profitability. About Ben Caballero and HomesUSA.com Ben Caballero is the world's most productive real estate agent, as recognized by Guinness World Records. Top-ranked in the U.S. by REAL Trends since 2013, as advertised in The Wall Street Journal, he is the only agent to exceed the $1 billion in residential sales transactions, a feat first achieved in 2015 and repeated each year since. An award-winning innovator, Caballero is the founder and CEO of HomesUSA.com® Inc., working with more than 60 home builders in Dallas-Fort Worth, Houston, Austin and San Antonio. Learn more at HomesUSA.com.
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Housing Economists Call for Increase in Home Construction
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Despite Record-High Costs, New Home Construction Showed Modest Growth in the Fourth Quarter, Redfin Finds
Builders Cited Labor and Land Shortage, Rising Lumber and Regulatory Costs as Top Barriers to Building More Homes SEATTLE , March 1, 2018 -- New construction homes accounted for 16.4 percent of all single-family homes for sale in the fourth quarter of 2017, up from 14.2 a year earlier, according to Redfin, the next-generation real estate brokerage. The median price of new single-family homes that sold last quarter was $377,800, the analysis found, up 1.6 percent year over year. Compared with existing homes, new construction sold at an average premium of $86,400 in the fourth quarter. Existing home prices increased 7.3 percent year over year. "New homes are more expensive than existing homes, and their prices tend to grow at a slower rate," said Redfin chief economist Nela Richardson. "However, new homes' slower price growth belies their advantage to buyers in the hottest markets. Buyers in these highly competitive markets have been attracted to new construction as a way to avoid bidding wars. They often find it's easier to negotiate with a single builder than to compete with several buyers and negotiate with a traditional seller." A key factor in the high price of new homes is rising construction costs. The estimated labor and materials cost of constructing a single-family home increased 1.2 percent year over year in the fourth quarter to $244,000 , the highest level since the Census Bureau began reporting it in 1988. Despite record-high construction costs, housing starts—the number of new residential homes that began construction—rose to 1.3 million in January, the strongest pace on record since 2007 and 7.3 percent above the January 2017 rate of 1.24 million. As housing starts provide insight into what's ahead for the housing market, this growth marked a key milestone in post-downturn recovery for housing. Still, the supply situation at present remains dire. In January, housing starts were 11.6 percent below the historical average (see chart). The total number of homes for sale in January was 14.4 percent below where it was a year prior, marking 28 consecutive months of declining inventory. With strong buyer demand expected to continue this year, there are still not nearly enough homes for sale. Though building more homes would seem like the obvious solution, a number of obstacles are standing in the way of construction. "We are growing, but not fast enough to keep up with demand," said Robert Dietz, chief economist for the National Association of Home Builders (NAHB). So Why Aren't More Homes Being Built? The largest challenges facing homebuilders and hindering residential construction, according to Dietz, include: Labor Shortage: Cost/availability of labor was builders' top concern in 2017, cited by 82% in a December NAHB survey. "The residential construction industry lost 1.5 million jobs during the Great Recession," said Dietz. "We haven't gained more than 800,000 back since then." Lumber Prices: Lumber prices have risen steadily since 2015 to their highest on record, peaking on February 23—up 45% year over year. Prices are likely to continue to rise due to a tariff on Canadian lumber added last year. According to Dietz, Canadian lumber accounts for one-third of all that used in constructing American homes. Land Shortage: Cost/availability of developed lots was cited by 58% of builders as a major challenge in 2017, and 65% expect the same in 2018. Zoning restrictions and evolving government regulation of where and how homes can be built exacerbate the land shortage. Regulatory Costs: According to the NAHB, there are more regulatory agencies involved in the building process at all levels of government than ever before, resulting in a 29.8% increase in regulatory costs between 2011 and 2016. The same study found that regulatory costs from all levels of government account for 24.3% of the final price of a home in the U.S., consistent with 2011, when regulatory costs accounted for an estimated quarter of a home's final price. Limited Credit Since the Recession: According to Dietz, lenders mostly granted loans for multi-family projects after the recession, which were considered less risky. This limited construction of single-family houses. The third quarter of 2017 marked 18 consecutive quarters of loan growth, according to the NAHB. While still strict, lending conditions have eased somewhat. Metro-Level Highlights for New Construction in the Fourth Quarter: Raleigh, NC had the highest portion of new home sales over the last three months, with 31.2% of all homes sold being new construction. Austin, TX and Nashville, TN followed behind at 26.3% and 26.1%, respectively. Three of the four metro areas with the lowest shares of new construction sales were in New York led by Buffalo, NY at just 0.9 percent of home sales followed by Rochester, NY (1.7%) and Hudson Valley , NY (2.0%). San Diego followed behind (2.2%), along with four other California metros that ranked in the bottom 20% of all metros for lowest portion of new construction—each with under one in 30 home sales being new construction. The metro areas with the highest year-over-year price growth per square foot for new construction sales last quarter were Tucson, AZ (16.3%), Chicago, IL (16%) and Las Vegas, NV (14%). The coastal Florida metros of Miami and West Palm Beach each posted price drops per square foot for new construction homes—falling 18.2% and 13.4% year-over-year. Honolulu, HI posted the largest year-over-year decline in price per square foot for new construction with a 36.2% drop. The estimated cost of constructing a new unit during fourth quarter was the highest in Long Island , NY at an average of $403,000 per home. Tucson, AZ ($280,000) , Hudson Valley , NY ($260,000) and Honolulu, HI ($258,000) rounded out the top four for average cost per unit permitted. North Port, FL , Raleigh, NC , and Austin, TX are building the most homes per capita at 29, 26 and 26 units per 10,000 residents, respectively. In contrast, Allentown, PA and Long Island , NY had far fewer new homes in the pipeline both with only 0.7 units permitted per 10,000 residents in each metro. A look at the total volume of building permits reveals that the metro areas poised to build the most new homes in the coming months are Houston, TX (10,182), Dallas, TX (9,249), Phoenix, AZ (6,933), and Seattle, WA (6,827). Those with the largest year-over-year increase in units permitted include Honolulu, HI (161%), Detroit, MI (104.9%) and Boston, MA (69.2%). In conjunction with its quarterly report on new residential construction, Redfin makes available on its Data Center a downloadable set of data on new construction prices, sales, inventory and other new residential market statistics. Redfin is also releasing building permit data—provided by the Census—allowing users to analyze average construction costs and compare the number of units built per capita across regions. Both datasets are available for download at the National, Metro, and County Levels since 2012. To read the full report, complete with data visualizations and downloadable datasets, click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.
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HUD and Census Bureau Report Residential Construction Activity in November 2017
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HUD and Census Bureau Report Residential and Construction Activity in July 2017
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential construction statistics for July 2017. Building Permits: Privately owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,223,000. This is 4.1 percent (±0.9 percent) below the revised June rate of 1,275,000 and is 4.1 percent (±1.8 percent) above the July 2016 rate of 1,175,000. Single-family authorizations in July were at a rate of 811,000; this is unchanged from the revised June figure of 811,000. Authorizations of units in buildings with five units or more were at a rate of 377,000 in July. Housing Starts: Privately owned housing starts in July were at a seasonally adjusted annual rate of 1,155,000. This is 4.8 percent (±10.2 percent)* below the revised June estimate of 1,213,000 and is 5.6 percent (±8.5 percent)* below the July 2016 rate of 1,223,000. Single-family housing starts in July were at a rate of 856,000; this is 0.5 percent (±8.5 percent)* below the revised June figure of 860,000. The July rate for units in buildings with five units or more was 287,000. Housing Completions: Privately owned housing completions in July were at a seasonally adjusted annual rate of 1,175,000. This is 6.2 percent (±14.3 percent)* below the revised June estimate of 1,252,000 and is 8.2 percent (±12.6 percent)* above the July 2016 rate of 1,086,000. Single-family housing completions in July were at a rate of 814,000; this is 1.6 percent (±11.9 percent)* below the revised June rate of 827,000. The July rate for units in buildings with five units or more was 354,000. The August report is scheduled for release on September 19, 2017. Read more about today's release of housing construction activity. EXPLANATORY NOTES In interpreting changes in the statistics in this release, note that month-to-month changes in seasonally adjusted statistics often show movements which may be irregular. It may take three months to establish an underlying trend for building permit authorizations, six months for total starts, and six months for total completions. The statistics in this release are estimated from sample surveys and are subject to sampling variability as well as nonsampling error including bias and variance from response, nonreporting, and undercoverage. Estimated relative standard errors of the most recent data are shown in the tables. Whenever a statement such as “2.5 percent (±3.2 percent) above” appears in the text, this indicates the range (-0.7 to +5.7 percent) in which the actual percentage change is likely to have occurred. All ranges given for percentage changes are 90 percent confidence intervals and account only for sampling variability. If a range does not contain zero, the change is statistically significant. If it does contain zero, the change is not statistically significant; that is, it is uncertain whether there was an increase or decrease. The same policies apply to the confidence intervals for percentage changes shown in the tables. On average, the preliminary seasonally adjusted estimates of total building permits, housing starts and housing completions are revised 3 percent or less. Explanations of confidence intervals and sampling variability can be found at the Census Bureau’s website. * The 90 percent confidence interval includes zero. In such cases, there is insufficient statistical evidence to conclude that the actual change is different from zero.
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BuildersUpdate.com Selected as Exclusive New Construction Data Supplier to Realtors Property Resource®
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Top Producing Tech Platform offered to Homebuilders in Top U.S. Markets
Addison, TX (June 15, 2016) – HomesUSA.com – the Texas-based firm that has catapulted Ben Caballero to become America's number one Realtor® and America's first billion-dollar agent – announces it is now offering its online sales and marketing platform to builders nationwide, targeting top U.S. new home construction markets in Florida, Arizona, North Carolina, Georgia and the Washington D.C. metro area. Top markets that HomesUSA.com initially is targeting include Atlanta, Phoenix, Charlotte, Raleigh, Orlando, Tampa, Arlington and Alexandria. These cities, together with the Texas markets HomesUSA.com serves (Houston, Dallas, Austin and San Antonio metro areas), represents nine of the top 10 homebuilder markets as measured by 2015 single family permits issued. Caballero, who is the president of HomesUSA.com and created its online sales and marketing platform, became the first billion-dollar producer in history for total home sales last year, as he was personally responsible for 2,491 home sales, totaling to $1,022,000,000 in 2015. Now Caballero is offering the technology platform he used to accomplish this feat to top builders throughout the U.S. "This Internet-based technology solves two of the biggest problems all homebuilders face and the bigger the builder, the bigger the problem: it centralizes their listing process and connects them to local agents that will help sell their homes," says Caballero. "If they have a system to manage their listings at all, it is often paper-intensive, highly inefficient, and non-standardized, with outdated methods for posting, updating and tracking their sales inventory. The result is what they do in every market is different, and builders end up with a hodgepodge system and no ability to track in real-time what is happening with their inventory or sales trends on a company wide basis," he adds. The HomesUSA.com online technology delivers to homebuilders the ability to monitor their Multiple Listing Service (MLS) marketing and management in real-time. Dashboards provide builders with instant insight into their local, regional and national inventory, showing average marketing time, if completed homes have photos, if property descriptions are adequate, and how long each home, has been available for sale on a market-by-market basis, and more. According to Caballero, the HomesUSA.com platform helps homebuilders eliminate price and availability discrepancies between their website and their local MLS listings. "Our online Realtor reports are available 24/7/365 and are generated in seconds, identifying for builders the Realtors who have sold new homes in specified price ranges and zip codes. These reports also enable builders to monitor their competitions' listings: by sales, price, zip codes, the selling agent for the most recent 12 months, and a whole lot more," Caballero adds. Boasting an average 13-minute turnaround for processing new listings and changes, HomesUSA.com is focused on providing builders "with the utmost attention to data accuracy," Caballero says. "Homebuilders who deploy HomesUSA.com technology gain the best conduit to reach local real estate agents in their markets. That's always been one of the biggest challenges for most builders, as local agents typically don't make new home sales a priority. Our marketing system helps homebuilders solve that problem, and delivers more buyers and generates faster home sales." The HomesUSA.com platform, used by many of the top homebuilders in Texas, features a robust media management system, allowing builders to place orders for a listing photo package (a minimum of 25 photos). The system tracks the status of each assignment, from the acceptance by the professional photographer, to confirming that matching the images were uploaded to the listing in the HomesUSA.com system and are ready for distribution to the MLS and syndicated sites. Caballero says that homebuilders receive more than 40 different services, from CMA reports and automated email alerts, to a comprehensive weekly summary report that is emailed to management and each sales counselor. "Builders have been slow to adopt technology that leverages the MLS and that translates to slower sales cycles," says Caballero. "HomesUSA.com has reinvented the listing and marketing process for homebuilders to rapidly accelerate new home sales," he adds, noting that in Texas, his 45 homebuilder clients have reduced their average inventory Days on Market by 15 to 40 days. "Reducing days on market directly and indirectly increases profitability for homebuilders." HomesUSA.com reports that the net savings to its builder clients is several times greater than its flat fee. Caballero, who became a real estate agent at the age of 21, was a homebuilder himself, developed his online platform in 2007 based on a paper-system he perfected over two decades. Caballero explains that HomesUSA.com can become the broker of record for builders looking to maintain brand consistency across all markets. "Big builders typically use in-house MLS solutions that are notoriously inefficient and real estate agents say builder listings habitually contain inaccurate information. This is because it is impossible to ensure MLS listings are input timely, accurately and completely with a manual system. MLS listings can have 400 fields or more. We update some listings as many as 30 or more times before they are sold. To fully manage changes in MLS for price, construction stages, sales status, contact information, and incentives requires the power of an specialized online system," he adds. Builders interested can contact HomesUSA.com directly at (800) 856-2132 x317 or email Caballero at ben[at]homesusa.com. About Ben Caballero + HomesUSA.com Ben is an acclaimed innovator and technological pioneer within the real estate industry. His drive to leverage technology has allowed him to reach unprecedented, historic levels of sales. Ben has developed a proprietary technology platform, HomesUSA.com, to aid him in servicing his clients. Ben Caballero is the #1 ranked real estate professional in the USA since 2013 in two categories: (1) number of real estate sales transactions and (2) cumulative transaction (dollar) volume, as published by The Wall Street Journal and as independently confirmed by REAL Trends. In 2015, he had 2,491 home sales representing $1.022 billion in volume, becoming America’s first billion-dollar real estate agent. His lifetime production includes 20,000 home sales totaling more than $6 billion in volume. Caballero received the 2014 Pinnacle Award for Real Estate Entrepreneurship, presented by Keller Williams Realty and in 2013, was named "Most Innovative Real Estate Agent" by Inman News in 2013. He is a lifelong REALTOR® and has been a real estate broker since the age of 21. He is a current member of the board of directors of the Greater Metro Multiple Listing System of the MetroTex Association of REALTORS®.  Follow Ben on Twitter at @bcaballero and learn more about HomesUSA.com online.
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Builders Digital Experience (BDX) Updates New Home Source Professional Platform For Real Estate Agents
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Realtor.com® Identifies America's Boom Towns
  SANTA CLARA, Calif., April 18, 2016 -- Realtor.com®, a leading online real estate destination operated by News Corp subsidiary Move, Inc., today released its list of America's Top 'Boom Towns'. Led by Gilbert, Ariz. (85297); Los Angeles (90012), and Dallas (75201), these neighborhoods are striking it rich when it comes to new home construction, job creation and an increasing number of households – the gold mine for housing market growth. "The strength of the residential real estate market is closely correlated to growth in jobs and households," said Jonathan Smoke, chief economist for realtor.com®. "The good news for these markets is that these growth factors have already started to translate into new construction. At the same time, it may be a year or so before some markets on our list start to see an increase in inventory. If anything, this is a road map for where builders should be thinking about where to break ground next." America's Top Boom Towns are demonstrating some of the strongest growth in jobs, household formation, and housing starts across the country. Every market on the list has experienced between one and five times the average job growth of the top 100 counties in the country. Household growth in each of these areas is between one and seven times the average growth of the top 100 areas. New home starts are between one and six times the average growth in the top 100 counties. Most importantly, each individual ZIP code is projected to see a growth in households of between nine and 19 percent over the next five years. Methodology: Realtor.com® combined projected measures of job creation, household formation and new construction for 2016 to identify the top growth counties. Based on this information, the top ZIP code for each county was identified based on its five year projected household growth. Boom Towns 1. 85297 Gilbert, Ariz.Largest Neighborhood: Power Ranch Part of the Phoenix metropolitan area, Gilbert is located just over 30 miles east of downtownPhoenix in close proximity to where GoDaddy and PetSmart® have significant operations. The sunny neighborhood of 85297 is highly sought after by both snowbirds and locals for its close proximity to golf courses and country clubs. The biggest draw for locals is the strong school district, Higley Unified School District, that's home to Centennial Elementary, which was ranked No. 1 in the state in 2014. ZIP code 85297 is expected to see households grow by 15.9 percent over the next five years, 4.2 times faster than the rest of Maricopa County, where more than 25,000 new housing starts and in excess of 53,000 new jobs are forecast for 2016 – that's 5.7 and 5.8 times more than the average of the top 100 counties in the country, respectively. 2. 90012 Los AngelesLargest Neighborhoods: Historic, Cultural, Elysian Park, Mission Junction Los Angeles is the second-largest city in the U.S. The 90012 ZIP code is located in central Los Angeles and encompasses several neighborhoods, including Elysian Park, Mission Junction, Little Tokyo and Chinatown. In recent years, the area has seen a surge in interest among higher income residents, driven by vibrant cultural offerings – such as the Walt Disney Concert Hill and Dorothy Chandler Pavilion – restaurants and nightlife, as well as new residential development. ZIP code 90012 is expected to experience household growth of 8.8 percent over the next five years. Los Angeles County is expected to see more than 22,000 new housing starts and 65,000 new jobs created in 2016, five times and 7.2 times more than the average of the top 100 counties in the country, respectively. 3. 75201 DallasLargest Neighborhoods: Downtown, Arts District, Uptown, Farmers Market Located in downtown Dallas, the 75201 zip code is home to the Dallas Museum of Art, American Airlines Center—where the city's National Basketball Association and National Hockey League teams play – and is just steps away from Baylor University Medical Center. This neighborhood has undergone a dramatic transformation since the early 2000s when the "Dallas Trinity River Project" began bringing parks, trails, and nature centers in the area. Its close proximity to major employers, shopping, restaurants and Klyde Warren Park make this neighborhood highly sought after by millennials. Urban condos, lofts, and townhomes are popping up everywhere. Households in 75201 are forecast to grow by 14.9 percent over the next five years. Dallas County is expected to see more than 16,000 new housing starts and 40,000 new jobs created in 2016, 3.8 times and 4.5 times more, respectively, than the average of the top 100 counties in the country. 4. 33132 MiamiLargest Neighborhoods: Downtown, Midtown, Seaport Famous for its beaches and warm climate, Miami is also a hub for finance, commerce, culture, media, entertainment and the arts. Traditionally, downtown Miami was a bustling business center by day that became a ghost town by night, but urban development with projects such as Miami Worldcenter have brought tens of thousands of new residents to the area, many of whom are millennial professionals attracted to the shopping and nightlife as well as their ability to walk to work. ZIP code 33132 is expected to see households grow by 14.9 percent over the next five years. The forecast calls for more than 13,000 new housing starts and 44,000 new jobs created in 2016 in Miami-Dade County. This is three times the housing growth and 4.8 times the jobs anticipated on average in the top 100 counties in the country, respectively. 5. 89179 Las VegasLargest Neighborhoods: Mountain's Edge Las Vegas is the most populous city in the state of Nevada and is internationally known as a resort destination. Located roughly 14 miles from the Las Vegas strip, the 89179 zip code primarily encompasses part of a planned community known as Mountain's Edge. Since the development of Mountain's Edge began in 2004, it has ranked among the top-selling master planned communities in the U.S. due to its extensive outdoor amenities such as its large scale community parks, trails and open spaces. Two elementary schools – William V. Wright Elementary School and Carolyn S. Reedom Elementary School – are located within the community itself and in close proximity to ZIP code 89179. Households in ZIP code 89179 are expected to grow by 19.4 percent over the next five years. Clark County is anticipated to see more than 14,000 new housing starts and 23,000 new jobs created in 2016 which is 3.3 times housing growth and 2.5 times the job growth anticipated on average in the top 100 counties in the country, respectively. 6. 98121 SeattleLargest Neighborhood: Belltown The 98121 zip code is home to the largest proportion of residents in downtown Seattle, as well as the largest retail area. Ten percent of Seattle residents now live downtown, representing a 12 percent growth in population since 2010. New residential developments like the 707-unit Insignia Towers and the area's wide variety of restaurants, bars, and cultural offerings, have made Belltown a major draw in recent years. This is especially true for employees of the area's major employers like Amazon, Microsoft, and Starbucks, who are looking for close proximity to work. ZIP code 98121 is expected to see households grow by 11.9 percent over the next five years. King County is expected to see more than 13,000 new housing starts and 21,000 new jobs formed in 2016; that's 3.1 times more new homes and 2.3 times more jobs than the average of the top 100 counties in the country, respectively. 7. 27571 Rolesville, N.C.Largest Neighborhoods: Villages of Rolesville, Carlton Pointe, Cedar Lakes Thirty minutes from Raleigh, N.C., Rolesville is a suburb situated along U.S. Highway 401 in northeastern Wake County and is only 30 minutes from 'Research Triangle Park,' the largest research park in the country with more than 150 companies. Rolesville is known for its strong regional economy and prime positioning, with North Carolina State University, Duke University, and The University of North Carolina all less than an hour away. The realtor.com® Boom Town list isn't the first honor for Rolesville, which has ranked as the Fastest Growing North American City (Forbes.com), Top Housing Market for Investors (Forbes), and Top Public Schools in the U.S. (Greatschools.org). People come here for the jobs, schools and nice weather. Households in ZIP code 27571 are forecast to grow by 12.1 percent over the next five years. Wake County is expected to see more than 10,000 new housing starts and 12,000 new jobs in 2016, that's 2.4 times more new homes and 1.3 times more jobs than the average of the top 100 counties in the country, respectively. 8. 11249 BrooklynLargest Neighborhood: Williamsburg ZIP code 11249 encompasses the Williamsburg neighborhood. Over the past 15 years, the neighborhood has become known as a "hipster" hotspot because of the many artists and creative-minded millennials who have moved there. It is filled with restaurants, bars, art galleries, shops and music venues. Housing developments are popping up throughout this region, including several new residential towers, including Rocket Factory Lofts, distributed throughout Williamsburg. ZIP code 11249 is expected to see households grow by 9.2 percent over the next five years. Kings County is expected to see more than 8,000 new housing starts and 18,000 new jobs created in 2016; that's 1.9 times more new homes and two times more jobs than the average of the top 100 counties in the country, respectively. 9. 60603 ChicagoLargest Neighborhoods: The Loop, downtown Chicago Chicago is the economic heart of the Midwest, and third most populous city in the U.S. Its metropolitan area includes prominent businesses such as United Airlines, Boeing, and Kraft, universities like Northwestern, the University of Chicago, DePaul and Loyola and cultural institutions such as the Art Institute of Chicago. The 60603 zip code extends from Lake Michiganto South Wells Street and West Madison to the North and West Adams to the South and is in proximity to businesses and public transportation. In addition to the West Loop's thriving social scene of popular restaurants and bars, Google, Uber and Twitter all have offices nearby. ZIP code 60603 is expected to see households grow by 18.9 percent over the next five years. More than 6,000 new housing starts and over 38,000 more jobs are forecast for Cook County in 2016. This translates to 1.4 times more new homes and 4.2 times more jobs than the average of the top 100 counties in the country, respectively. 10. 30363 AtlantaLargest Neighborhood: Atlantic Station The Atlanta metropolitan area is home to 5.5 million people and is the 10th-largest metropolitan area in the nation. The 30363 zip code of Atlantic Station is located on the site of the former Atlantic Steel Mill, now a thriving urban community. The neighborhood's luxury condos, such as The Atlantic, as well as its shopping, restaurants and entertainment options, are attracting an influx of young professionals to the neighborhood. ZIP code 30363 is expected to see households grow by 15.7 percent over the next five years. Fulton County is projected to have more than 10,000 new housing starts and 12,000 new jobs created in 2016; that's 2.3 times more new homes and 1.4 times more jobs than the average of the top 100 counties in the country, respectively. About Move, Inc. and realtor.com® Move, Inc. operates the realtor.com® website and mobile experiences, which provide buyers, sellers and renters of homes with the information, tools and professional expertise they need to discover and create their perfect home. News Corp acquired Move in November 2014, and realtor.com® quickly established itself as the fastest growing online real estate service provider as measured by comScore. As the official website of the National Association of REALTORS®, consumers know they can look to realtor.com® for the most comprehensive and accurate information anytime, anywhere. With relationships with nearly 800 multiple listing services (MLS), realtor.com® has more than 3 million for-sale listings, which account for more than 97 percent of all MLS-listed for-sale properties. More than 90 percent of the listings are updated every 15 minutes. Move's network of websites provides consumers a wealth of innovative tools, including Doorsteps®, Moving.com™, SeniorHousingNet and others. Move supports real estate professionals by providing many services to grow their businesses in an increasing digital, on-demand world, including ListHub™, the nation's leading listing syndicator and centralized intelligence platform for the real estate industry; TigerLead®; Top Producer® Systems; and FiveStreet and Reesio as well as many free services.
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NAR HOME Survey Underscores Need for More Single-family Home Construction
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Realtor.com® 2016 Housing Forecast Predicts Healthy Market with New Construction Driving Highest Level of Home Sales Since 2006
SAN JOSE, California, December 2, 2015 — New home construction and moderate gains in the existing home market will deliver the necessary one-two punch to push total home sales to the highest levels since 2006, according to the 2016 housing forecast issued today by realtor.com®, a leading destination of online real estate services operated by News Corp subsidiary Move, Inc. The forecast also identifies the top 10 markets for growth, as well as expectations for home prices and sales, interest rates and new home sales and starts. 2016 national housing outlook The 2016 housing market is expected to be a picture of moderate, but solid growth as acceleration in existing home sales and prices both slow to 3 percent year over year due to higher mortgage rates, continuing tight credit standards, and lower affordability. The new construction market will see more significant gains in the coming year as new home starts increase 12 percent year over year and new home sales grow 16 percent year over year. Total sales for existing and new homes will reach 6 million for the first time since 2006, a result of a strong gross domestic product increase of 2.5 percent and continued job creation. These healthy economic indicators will be tempered by lack of access to credit and rising home prices, which will ultimately limit housing demand and growth. [See table 1 for full forecast.] "Next year's moderate gains in existing prices and sales, versus the accelerated growth we've seen in previous years, indicate that we are entering a normal, but healthy housing market," said Jonathan Smoke, chief economist for realtor.com®. "The improvements we've seen over the last few years have enabled a recovery in the existing home market, but we still need to make up ground in new construction, which we could begin to see in 2016. New home sales and starts will bring overall sales to levels we have not seen since 2006 and will help set the stage for a healthy new home market." Who are the 2016 home buyers? Next year's standout year in total sales will be driven by three distinct segments of home buyers – older millennials (25-34 years old), younger gen X'ers (35-44 years old), and retirees (65-74 years old), according to Smoke. Millennials: They are expected make up the largest demographic of home buyers in 2016, having represented 30 percent of the existing home market. Driven by increasing income, millennials will seek out homes that meet the needs of their growing families – putting the most weight on the safety of the neighborhood and the quality of the home. Commute time and a preference for older homes have these buyers looking in city-centers and closer-in suburbs. According to realtor.com®'s proprietary research, the following markets are expected to be some of the most sought out markets for millennial home buyers in 2016 due to their large numbers of millennials, strong employment growth, and relative affordability. Young gen X'ers: Accounting for 20 percent of home purchases in 2015, buyers between the ages of 35-44 will be back in the market again likely making up the second largest population of buyers in 2016. These buyers have rebounded from the financial crisis and are entering their prime family-raising and earning years. More than two-thirds of the buyers in this age group already own a home. They will be moving out of a starter home into a larger home or more desirable neighborhood. All the markets on this list are seeing an uptick in growing families, declining unemployment and growing household incomes. Individuals or couples looking to relocate or retire: This group is expected to make up the third largest home buying segment in 2016. Ages 65-74, they will be selling their current home in an effort to downsize and lower their cost of living. Last year, they represented 14 percent of home buyers. They will likely put their home up for sale at the start of the home-buying season in March or April, and aim to make a home purchase following the sale of their home. This age cohort has a very strong preference for newly constructed homes and put the most weight on their ability to customize their home. Homes in the following markets are expected to see the most retiree buying activity in 2016 due to a large share of population as well as rapidly rising home values. Top 10 growth markets and other winners According to Smoke, several markets are poised for substantial growth in prices and sales. Each market demonstrates strong demand dynamics, evidenced by 60 percent more listing page views on realtor.com® than the U.S. overall and inventory that moves 16 days faster than the U.S. average. Surging demand in each market can be attributed to growing household formation, a prosperous job market, and low unemployment rates as well as large populations of millennials, young gen-X'ers and retirees. Realtor.com®'s 10 hottest markets for 2016 are: Table 1: Realtor.com® Forecast for Key Housing and Economic Indicators For more realtor.com data and trend information, please visit: http://www.realtor.com/data-portal/realestatestatistics/. About Move, Inc. and realtor.com® Move, Inc. operates the realtor.com® website and mobile experiences, which provide buyers, sellers and renters of homes with the information, tools and professional expertise they need to discover and create their perfect home. News Corp acquired Move in November 2014, and realtor.com® quickly established itself as the fastest growing online real estate service provider in the first half of 2015 as measured by comScore. As the official website of the National Association of REALTORS®, consumers know they can look to realtor.com® for the most comprehensive and accurate information anytime, anywhere. With relationships with more than 800 multiple listing services (MLS), realtor.com® has more than 3 million for-sale listings, which account for more than 97 percent of all MLS-listed for-sale properties. More than 90 percent of the listings are updated every 15 minutes. Move's network of websites provides consumers a wealth of innovative tools, including Doorsteps®, Moving.com™, SeniorHousingNetSM and others. Move supports real estate professionals by providing many services to grow their businesses in an increasing digital, on-demand world, including ListHub™, the nation's leading listing syndicator and centralized intelligence platform for the real estate industry; TigerLead®; Top Producer® Systems; and FiveStreetSM and Reesio as well as many free services.
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New Home Listings From BDX Now Featured on Homes.com
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Builders Digital Experience Continues to Build Support for Industry Initiative
Austin, TX – With the recent additions of MLS partners in Miami, Tampa/Orlando, Bakersfield, Staten Island and Palm Beach, Builders Digital Experience, Inc. (BDX) continues to cultivate the industry's initiative to make new construction inventory more accessible to brokers and agents. To date, 25 MLSs across the country have partnered with Austin-based BDX to give members access to the New Home Source Professional platform, which the MIAMI Association of REALTORS® called "the MLS for new homes." The organizations are working to build mutually-beneficial relationships between U.S. builders and brokers, who missed out on approximately $2.8 billion in potential new home commissions in 2014. The group includes: Arizona Regional MLS (ARMLS) in Phoenix MLSListings in the Greater San Francisco Bay Area Greater Las Vegas Association of REALTORS® (GLVAR) San Diego County Regional Multiple Listing Service (Sandicor) Tucson Association of REALTORS® MLS (TAR/MLS) Regional MLS (RMLS) in Portland, OR Austin Board of REALTORS® (ABOR) Jupiter Tequesta Hobe Sound Association of REALTORS® (JTHS MLS) in Jupiter, FL Northeast Florida Multiple Listing Service (RealtyWeb) in Jacksonville California Regional Multiple Listing Service (CRMLS) in Los Angeles and Orange County East Bay Regional Data Inc. (EBRDI) in Concord, CA Contra Costa Association of REALTORS® (CCAR) in Walnut Creek, CA Bay East Association of REALTORS® in Pleasanton, CA Midwest Real Estate Data (MRED) in Chicago, IL Information and Real Estate Services (IRES), in Northern Colorado Greater Albuquerque Association of REALTORS® (GAAR) Metropolitan Regional Information Systems (MRIS) in the Washington, DC and Baltimore areas ?Montgomery Area Association of REALTORS® (MAAR) Northern Ohio Regional Multiple Listing Service (NORMLS) in Cleveland Memphis Area Association of REALTORS® (MAAR) REALTORS® Association of the Palm Beaches (RAPB/BeachesMLS) MIAMI Association of REALTORS® Staten Island Board of REALTORS® (SIBOR) My Regional Florida MLS (MFRMLS) in the Tampa, St. Petersburg and Orlando areas Bakersfield Association of REALTORS® "With our partners in this effort, nearly 400,000 REALTORS® have direct access to New Home Source Professional through their MLS today," said Tim Costello, President and CEO of BDX. "More than half of all home shoppers consider new construction, so it's imperative that we continue this industry collaboration to help agents and brokers serve their clients." New construction data differs from resale data in both structure and search mechanisms, making it difficult to put all builder inventory into an MLS. Brokers and agents often have to turn to multiple, disparate sources to cull information on new homes in their market. New Home Source Professional includes daily-updated data directly from builders and was built specifically to allow brokers and agents to research inventory (including plans), communicate with builders, share listings with clients and learn how to sell new construction homes. BDX operates similarly to an MLS: It is owned by the building industry, directed by a board, and charged with aggregating and distributing all new construction data. In 2011, the builders tasked BDX with improving the relationships with brokers and agents. Together with the Arizona Regional MLS in Phoenix, BDX built the first integrated version of New Home Source Professional in 2012. Each MLS partner contributes to the development of the platform, which is scheduled to undergo a large-scale update in the first quarter of 2016. About Builders Digital Experience Builders Digital Experience (BDX) is the leading provider of digital marketing and sales solutions for home builders. In addition to operating www.NewHomeSourceProfessional.com – the most accurate and comprehensive new home research site for real estate professionals – BDX serves as the preferred provider of new construction data for Realtor.com and the National Association of REALTORS®. BDX also offers website development, interactive floor plans, photo realistic renderings, and digital sales solutions to builders and real estate developers. For more information, visit www.theBDX.com.
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Homes.com and BDX Announce Exclusive Partnership
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Builders Update Joins Forces with My Florida Regional MLS
May 1, 2015 - Florida real estate agents have a new and robust resource that places new-home construction information at their fingertips. With the launch of a joint effort between Austin, Tex.-based new home inventory source Builders Update and My Florida Regional MLS (MFRMLS), Florida's largest multiple listing service with more than 43,000 subscribers, Florida real estate professionals can now benefit from up-to-the-minute data on new construction in the central part of the state. "A tool that identifies new home construction is something our members have been asking for, especially during times of low inventory for re-sales," said Merri Jo Cowen, MFRMLS CEO. "We're excited to offer Builders Update for our members." In anticipation of the launch, hundreds of agents have already signed up directly with Builders Update in order to gain access to the constantly updated information, which encompasses more than 2,800 floor plans and new homes available for sale in more than 550 subdivisions in the MFRMLS service area. They will have one-touch access to the data via Single Sign-On within their MLS portal. "Now that MFRMLS agents have direct access to Builders Update through their portal, it will be much easier for them to locate new-home inventory when they have been considering showing only re-sales to their clients," Builders Update CEO Bill Gaul said. "With one click, agents are presented with all the new-home inventory in their area instead of having to search site after site to get incomplete or outdated data." "The Builders Update team have been great partners, and we've enjoyed working with them to get their product launched for our members," said Cowen. MFRMLS agents will also have access to the full suite of productivity tools available through Builders Update, including the Builders Update New Home Spotlight ® and the Search Assistant. The former lets agents offer new home searches straight from their websites, while the latter enables agents to receive automatic updates on new-home inventory based on customized criteria. "Agents can rely on Builders Update to deliver time-and-date stamped, complete data that they need in order to sell new-home inventory," Gaul said. As the premier online source for new-home inventory, Builders Update harnesses the power of map-based search technology to offer the most comprehensive and accurate listings of new home construction and soon-to-be-built homes directly to real estate agents and homebuyers. The firm's exclusive tool suite and patented Homebuyer Pre-Registration process is designed to dramatically accelerate sales with new levels of transparency and accountability.
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New Home Source Professional Launches New Home Data for MRIS Customers
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CyberCity 3D, Inc., Partners with HomeGain®
HomeGain® is partnering with CyberCity 3D to provide HomeGain's agent members the ability to display CyberCity's 3D Virtual Viewing marketing products directly on www.HomeGain.com. 3D Virtual Viewing, an innovative Internet marketing tool for real estate agents, promotes homes for sale through the Google Earth™ API virtual globe. This unique marketing tool provides an interactive, 3D model of the home designed to increase web advertising exposure and attract consumers searching for their next home. El Segundo, CA (PRWEB) November 9, 2009 — HomeGain® is partnering with CyberCity 3D to provide HomeGain's agent members the ability to display CyberCity's 3D Virtual Viewing marketing products directly on www.HomeGain.com. 3D Virtual Viewing, an innovative Internet marketing tool for real estate agents, promotes homes for sale through the Google Earth™ API virtual globe. This unique marketing tool provides an interactive, 3D model of the home designed to increase web advertising exposure and attract consumers searching for their next home.   "This innovative and engaging rich media solution enhances and completes the consumer's search for a home. Virtual Viewing provides the right amount of content consumers now demand; it's visually engaging, supplying realistic perspectives of the home and surroundings; and most importantly, it connects the consumer to our real estate agents," states Louis Cammarosano, General Manager of HomeGain.com. Viewing properties in eye-catching 3D on the most popular virtual globe, Google Earth™ API plug-in, is quickly becoming the hottest online, 3D search experience. CyberCity's 3D Virtual Viewing product supplies pertinent information buyers request before making a purchasing decision: the proximity of the home is to work, freeways, restaurants, shopping malls, schools, churches, and more. 3D Virtual Viewing visually represents all of this on one platform while showcasing a property's unique location. "Online Real Estate search trends are changing. Consumers want accurate information, relevant content, website innovation, and a great consumer experience," observes Jackie Murphy, Director of Product Management for CyberCity 3D. "Our goal is to expand our 3D product road map to include additional innovative marketing tools and ground-breaking technologies that will continue to enhance the consumer experience, drive additional traffic, and increase engagement on our clients' real estate internet listing sites and agent/broker websites necessary to keep up with the ever-evolving internet search trends." HomeGain® agent members can now link their CyberCity 3D models to their property listings directly from their AgentView product. Agents simply enter the 3D model URL in their HomeGain® account for that listing and a "View in 3D" button will automatically appear on HomeGain®'s Search Results and Listing Detail pages linking the Google Earth™ API 3D model to the listing. Using 3D Virtual Viewing marketing products, real estate companies now have the opportunity to leverage new media tools — and gain a key competitive advantage. About HomeGain® HomeGain® (www.homegain.com) is a leading provider of online marketing solutions that connect real estate agents and brokers with home buyers and sellers. HomeGain® offers free services to find and compare real estate agents, research home values, and view homes for sale. Real estate agents and brokers use HomeGain®'s real estate marketing solutions and real estate lead generation tools to connect to consumers, promote their services, and grow their business. About CyberCity 3D, Inc. CyberCity 3D (www.cybercity3d.com) is a state-of-the-art, 3D geospatial modeling company specializing in emerging GeoWeb advertising and marketing solutions for residential and commercial real estate, travel destinations, government agencies, the environment, and geographic information systems (GIS). The company is one of the first to offer realistic, three-dimensional, building and city models through the Google Earth™ API plug-in. Please contact: Jackie Murphy Director of Product Management CyberCity 3D (310) 760-2563 jmurphy (at) cybercity3d (dot) com www.cybercity3d.com  
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