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Realtor.com June Housing Report: For-Sale Home Supply Grows Faster than Ever as New Seller Activity Rebounds
In June, active inventory jumped 18.7% year-over-year as new listings surpassed typical pre-COVID levels, while the national median listing price hit a new high of $450,000 SANTA CLARA, Calif., June 30, 2022 -- The inventory recovery made major strides in June, with the number of homes available to buyers climbing at its fastest yearly pace of all time (+18.7%), according to the Realtor.com Monthly Housing Trends Report released today. Among key factors driving June's jump in active listings were new sellers, who entered the market at a higher rate than in 2017-2019 prior to the pandemic. "Our June data shows the inventory recovery accelerated, posting the second straight month of active listings growth in nearly three years. We expect these improvements to continue, as predicted in our newly-updated 2022 forecast," said Danielle Hale, Chief Economist for Realtor.com. "While we anticipate that more inventory will eventually cool the feverish pace of competition, the typical buyer has yet to see meaningful relief from quickly selling homes and record-high asking prices. However, a deeper dive into June's inventory gains by square footage reveals potential opportunities for move-up buyers, as newly-listed homes skewed larger. In other words, this first wave of supply improvements may be particularly opportune for summer sellers looking to upgrade from their starter homes, which could mean more equity to put towards purchasing a bigger property." Hale added, the increase in larger, more expensive homes as a share of new listings is one reason that overall asking prices continue to soar despite moderating demand. In June, homes with at least 1,750 square feet accounted for more new listings (54.3%, up from 52.7% in 2021) than relatively smaller homes (45.7%, down from 47.3% in 2021). June 2022 Housing Metrics – National Inventory climbs as buyer demand cools and seller activity rebounds The inventory recovery from 2021 declines continued to accelerate in June, due to the combination of rebounding new listings growth and moderating demand, reflected in recent home sales trends. While still-hot housing competition is motivating more new sellers to list, some buyers are being priced out of the market by rising mortgage rates and record-high asking prices that have driven up typical mortgage payments by 58% from a year ago. In June, the U.S. inventory of active listings grew 18.7% year-over-year, a faster pace than last month (+8.0%). However, there are still fewer than half (-53.2%) as many for-sale homes compared to June 2019. One factor behind June's accelerated inventory improvement was pending listings declines (-16.3% year-over-year), which means fewer for-sale homes under contract with a buyer. Additionally, new seller activity rebounded to 1.0% greater than its 2017-2019 pace, with new listings up 4.5% year-over-year. Compared to June 2021, active inventory increased in 40 of the 50 largest U.S. metros, led by Austin, Texas (+144.5%), Phoenix (+113.2%), and Raleigh, N.C. (+111.7%). June's biggest new listings gains were posted in southern markets (+11.0%): Raleigh (+37.6%), Nashville, Tenn. (+37.2%) and Charlotte, N.C. (+30.1%), as well as Las Vegas, Nevada (+34.8%). Home shoppers are still snatching up homes quickly, but there are early signs of relief Despite cooling demand, June time on market trends relative to last year show that buyers continued to snatch up homes at a near-record-fast pace. However, month-to-month data tells the beginnings of a different story, with overall time on market growing from May to June for the first time since 2019. Additionally, while homes moved more quickly than in June 2021 across all size tiers, declines were greater among larger for-sale homes. These trends suggest that one potential reason why the overall pace of time on market remains competitive, despite softening demand, could be a shift in the mix of home shoppers, such as an increase in move-up buyers. The typical U.S. home spent 32 days on market in June, nearly a full month (-27 days) faster than usual June 2017-2019 timing. Time on market held close to May's record-low, but posted a slightly smaller yearly decline month-to-month (-4 days vs. -6 days). Among June's active inventory, some listings with more square footage, such as those with 3,000-6,000 square feet sold faster year-over-year (-8.5 days) than relatively smaller homes like those with 750-1,750 square feet (-5 days). In June, 34 of the 50 largest markets posted annual declines in time on market, led by southern (-4 days) and northeastern (-2 days) metros: Miami (-22 days), Hartford, Conn. (-8 days) and Jacksonville, Fla., Orlando, Fla. and Atlanta, Georgia (-7 days). Meanwhile, time on market was flat year-over-year in six markets and grew in ten metros, led by Austin (+6 days), Denver and Detroit (+4 days each). Typical asking prices soar to latest record, reflecting still high seller expectations Nationally, typical asking prices again soared double-digits over 2021 levels in June, reaching their latest new high, suggesting that many sellers still have great expectations of the market. At the same time, a number of June trends indicate that sellers are beginning to compete for fewer buyers who have more options. Both active and pending listing prices posted smaller yearly gains than last month, while the share of total inventory with price reductions increased. In June, the U.S. median listing price hit its latest record-high of $450,000, up 16.9% year-over-year. However, active listing prices posted a slightly smaller gain than last month (+17.6%), as did pending listing prices (to 13.9% from 16.2%). Relative to June's national rate, listing prices grew at a faster annual pace in 15 large markets, led by: Miami (+40.1%), Orlando, Fla. (+30.6%) and Nashville (+30.6%). Four markets posted year-over-year declines: Pittsburgh (-8.6%), Rochester, N.Y. (-5.9%), Cincinnati (-5.7%) and Buffalo, N.Y. (-2.0%). However, in all of these metros aside from Pittsburgh, the price per square foot grew on an annual basis, indicating that a change in the mix of homes has pushed the median listing price lower. The share of total homes with a price reduction grew year-over-year nationwide (+7.6 percentage points) in June, as well as in all 50 but one of the largest metros, most significantly in: Austin (+24.7), Phoenix (+22.2) and Las Vegas (+20.1). Roughly one-in-seven homes in June had a price reduction, up from roughly one-in-13 in June 2021, but still below the one out of every four-to-five that was typical in 2017-2019. Spotlight On: Condos offer relative affordability in most U.S. counties Despite recent supply improvements, affordability remains a significant obstacle to homeownership for many Americans. Home shoppers are feeling the strain on their budgets due to higher-than-anticipated inflation, mortgage rates, home and rental prices, down payments and more. In this context, Realtor.com® recently compared 2021 home sales trends among single-family homes versus condos2 to identify potential opportunities for buyers to find relatively affordable housing, with key findings including: Nationwide, the typical condo sold for an average of 6.7% less than the typical single-family home in 2021. Location explains this understated trend. Common to crowded big cities where real estate typically comes at a premium, the vast majority (84.1%) of condos were sold in just 6% of counties. Drilling down to the county-level in New York, Massachusetts, Illinois and Washington, states with high levels of 2021 condo sales, reveals that condo prices were an average 13.5% lower than single-family homes. In the cities of New York, Boston, Chicago and Seattle, condo buyers paid an average of 33.2% less. While these opportunities are driving demand for condos, recent data shows home shoppers may still find relatively affordable condo listings. In June, condos made up 20.2% of active inventory and were listed at 17.5% lower prices (on average across the 50 largest metros) than single-family homes. "As big city buyers looked for ways to stay on budget in 2021, our analysis shows opting for a condo offered a solution in some counties. And there may still be opportunities going forward, even as condos' relatively lower price point is driving up their popularity and prices. If demand leads builders to ramp up condo construction, and the resulting increase in supply may help keep condo prices more manageable than those of single-family homes," said Hannah Jones, Economic Research Analyst for Realtor.com®. May 2022 Housing Metrics – 50 Largest U.S. Metro Areas *Note: Hartford active listing count growth is not available while data is under review. Methodology Realtor.com® housing data as of June 2022. Listings include active inventory of existing single-family homes and condos/townhomes/rowhomes/co-ops for the given level of geography; new construction is excluded unless listed via an MLS. Condo analysis: Based on full-year 2021 home sales data on condos/townhomes, referred to as condos in this release, for counties in the New York City, Boston, Chicago and Seattle areas, and the states of N.Y., Mass., Ill. and Wash. County-level analysis focuses on areas with at least 15 condo sales to ensure data quality. See more details here. 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®.
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New Jersey, Illinois and California Have Highest Concentration of Vulnerable Housing Markets
Chicago and New York City Areas Most Exposed to Downturns in First Quarter of 2022; East Coast, Midwest and Inland California Have Other At-Risk Markets; South Region Less Vulnerable IRVINE, Calif. - June 22, 2022 -- ATTOM, a leading curator of real estate data nationwide for land and property 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, unemployment and other measures in the first quarter of 2022. The report shows that New Jersey, Illinois, and inland California had the highest concentrations of the most at-risk markets in the first quarter of 2022 – with the biggest clusters in the New York City and Chicago areas. Most southern states were less exposed. The first-quarter 2022 patterns – based on home affordability, underwater mortgages, foreclosures and unemployment – revealed that New Jersey, Illinois and California had 34 of the 50 counties most vulnerable to the potential declines. The 50 most at-risk included eight counties in the Chicago metropolitan area, six near New York City and 10 sprinkled throughout northern, central and southern California. Elsewhere, the rest of the top 50 counties were scattered mainly along the East Coast and in the Midwest. They included three each in the Cleveland, OH, and Philadelphia, PA, metropolitan areas, plus two of Delaware's three counties. At the other end of the risk spectrum, the South had the highest concentration of markets considered least vulnerable to falling housing markets. "While the housing market has been exceptionally strong over the past few years, that doesn't mean there aren't areas of potential vulnerability if economic conditions continue to weaken," said Rick Sharga, executive vice president of market intelligence at ATTOM. "Housing markets with poor affordability and relatively high rates of unemployment, underwater loans, and foreclosure activity could be at risk if we enter a recession or even face a more modest downturn." 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, 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 586 counties around the United States with sufficient data to analyze in the first 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 wide disparities in risks come at a time when the U.S. housing market remains relatively strong but shows signs that a decade-long boom may be easing. Home prices have climbed more than 15 percent in most of the country over the past year, with new highs hit in about half the nation, boosting homeowner equity to record levels. But as interest rates on 30-year mortgages rates have climbed to 6 percent, worsening affordability for prospective homebuyers, home sales have declined every month in 2022, and home price appreciation is showing signs of retreating rapidly. "The housing market has been one of the strongest components of the U.S. economy since the onset of the COVID-19 pandemic," Sharga noted. "But Federal Reserve actions aimed at bringing inflation down from its 41-year high are having an immediate impact on home affordability, sales, and pricing. Whether the Fed can execute a relatively soft landing, or inadvertently steers the economy into a recession will determine the fate of the housing market over the next 12-18 months." Amid that backdrop, the national median home value rose up just 3 percent from late-2021 through early-2022, seller profits are starting to dip and home affordability is inching downward. Lender foreclosures against delinquent mortgages also are up. Most-vulnerable counties clustered in the Chicago, New York City, Cleveland and Philadelphia areas, along with Delaware and sections of California Thirty-two of the 50 U.S. counties most vulnerable in the first quarter of 2022 to housing market troubles (from among 586 counties with enough data to be included in the report) were in the metropolitan areas around Chicago, IL; New York, NY; Cleveland, OH, and Philadelphia, PA, and as well as in Delaware and interior California. They included eight in Chicago and its suburbs (Cook, De Kalb, Kane, Kendall, Lake, McHenry and Will counties in Illinois and Lake County, IN) and six in the New York City metropolitan area (Bergen, Essex, Ocean, Passaic, Sussex and Union counties in New Jersey). The three in the Philadelphia, PA, area were Philadelphia County, plus Camden and Gloucester counties in New Jersey, while the three in the Cleveland area were Cuyahoga, Lake and Lorain counties in Ohio. Kent County (Dover), DE, and Sussex County (Georgetown), DE, also were among the top 50 most at-risk in the first quarter. In other states, California had 10 counties in the top 50 list: Butte County (Chico), San Joaquin County (Stockton), Shasta County (Redding) and Solano County (outside Sacramento) in the northern part of the state; Fresno County, Kings County (outside Fresno), Madera County (outside Fresno), Merced County (outside Modesto) and Stanislaus County (Modesto) in central California, and Kern County (Bakersfield) in the southern part of the state. Maryland had also three among the top 50. They were Baltimore County, Charles County (outside Washington, DC) and Prince George's County (outside Washington, DC). Counties most at-risk have higher 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 consumed more than 30 percent of average local wages in 25 of the 50 counties that were most vulnerable to market problems in the first quarter of 2022. The highest percentages in those markets were in San Joaquin County, (Stockton), CA (48.9 percent of average local wages needed for major ownership costs); Bergen County, NJ (outside New York City) (48.3 percent); Solano County, CA (outside Sacramento) (46.6 percent); Passaic County, NJ (outside New York City) (46.5 percent) and Ocean County (Toms River), NJ (42.5 percent). Nationwide, major expenses on typical homes sold in the first quarter required 26.3 percent of average local wages. At least 10 percent of residential mortgages were underwater in the first quarter of 2022 in 22 of the 50 most at-risk counties. Nationwide, 6.5 percent of mortgages fell into that category. Those with the highest underwater rates among the 50 most at-risk counties were Peoria County, IL (20.6 percent of mortgages underwater); Kings County, CA (outside Fresno) (19.9 percent); Lake County, IN (outside Chicago) (18.3 percent); Rock Island County (Moline) IL (18.1 percent) and La Salle County, IL (outside Peoria) (17.8 percent). More than one in 1,000 residential properties faced a foreclosure action in the first quarter of 2022 in 29 of the 50 most at-risk counties. Nationwide, one in 1,795 homes were in that position. Foreclosure actions have risen since the end of a federal moratorium on lenders taking back properties from homeowners who fell behind on their mortgages during the early part of the virus pandemic. The moratorium ended July 31 of last year and foreclosures are expected to continue increasing over the coming year. The highest rates in the top 50 counties were in Cumberland County, NJ (outside Philadelphia, PA) (one in 402 residential properties facing possible foreclosure); Cuyahoga County (Cleveland), OH (one in 426); Gloucester County, NJ (outside Philadelphia, PA) (one in 484); Ocean County (Toms River), NJ (one in 496) and De Kalb County, IL (outside Chicago) (one in 510). The March 2022 unemployment rate was at least 5 percent in 29 of the 50 most at-risk counties, while the nationwide figure stood at 3.6 percent. The highest levels among the top 50 counties were in Merced County, CA (outside Modesto) (8.4 percent); Winnebago County (Rockford), IL (8.3 percent); Lorain County, OH (outside Cleveland) (7.9 percent); Kern County (Bakersfield), CA (7.8 percent) and Kings County, CA (outside Fresno) (7.6 percent). Counties least at-risk concentrated in South Twenty-six of the 50 counties least vulnerable to housing-market problems from among the 586 included in the first-quarter report were in the South. Just five were in the Northeast. Tennessee had eight of the 50 least at-risk counties, including five in the Nashville metropolitan area (Davidson, Rutherford, Sumner, Williamson and Wilson counties), while Virginia also had five, including three in the Washington, DC area (Arlington, Fairfax and Loudoun counties), and Wisconsin also had four – Brown County (Green Bay), Dane County (Madison), Eau Claire County and Winnebago County. Counties with a population of at least 500,000 that were among the 50 least at-risk included King County (Seattle), WA; Santa Clara County (San Jose), CA; Middlesex County, MA (outside Boston); Travis County (Austin), TX, and Hennepin County (Minneapolis), MN. Lower levels of underwater mortgages, foreclosure activity and unemployment in least-vulnerable counties Less than 5 percent of residential mortgages were underwater in the first quarter of 2022 (with owners owing more than their properties are worth) in 31 of the 50 least at-risk counties. Among those counties, those with the lowest rates among those counties were Williamson County, TN (outside Nashville) (1.5 percent of mortgages underwater); San Mateo County, CA (outside San Francisco) (1.6 percent); Chittenden County (Burlington), VT (1.7 percent); Santa Clara County (San Jose), CA (1.9 percent) and Travis County (Austin), TX (1.9 percent). Less than one in 5,000 residential properties faced a foreclosure action during the first quarter of 2022 in 27 of the 50 least at-risk counties. Those with the lowest rates in those counties were Chittenden County (Burlington), VT (no residential properties facing possible foreclosure); Washington County, RI (outside Providence) (one in 32,847); Johnson County (Overland Park), KS (one in 22,880); Boone County, KY (outside Cincinnati, OH) (one in 17,156) and Arlington County, VA (outside Washington, DC) (one in 17,012). The March 2022 unemployment rate was more than 5 percent in none of the 50 most at-risk counties. The lowest levels among the top 50 counties were in Shelby County, AL (outside Birmingham) (1.6 percent); Chittenden County (Burlington), VT (1.6 percent); Davis County, UT (outside Salt Lake City) (1.9 percent); Limestone County, AL (outside Huntsville) (1.9 percent) and Williamson County, TN (outside Nashville) (1.9 percent). 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.
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Existing-Home Sales Fell 3.4% in May; Median Sales Price Surpasses $400,000 for the First Time
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U.S. Foreclosure Activity Increases Slightly in May 2022
Foreclosure Starts Decrease 1 Percent from Last Month, While Completed Foreclosures Increase 1 Percent IRVINE, Calif. - June 14, 2022 -- ATTOM, a leading curator of real estate data nationwide for land and property data, today released its May 2022 U.S. Foreclosure Market Report, which shows there were a total of 30,881 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 1 percent from a month ago but up 185 percent from a year ago. Illinois, New Jersey and Delaware had the highest foreclosure rates Nationwide one in every 4,549 housing units had a foreclosure filing in May 2022. States with the highest foreclosure rates were Illinois (one in every 2,000 housing units with a foreclosure filing); New Jersey (one in every 2,346 housing units); Delaware (one in every 2,426 housing units); Ohio (one in every 2,667 housing units); and Florida (one in every 2,788 housing units). "While there's some volatility in the monthly numbers, foreclosure activity overall is continuing its slow, steady climb back to normal after two years of government intervention led to historically low levels of defaults," said Rick Sharga, executive vice president of market intelligence at ATTOM. "But with inflation now at a 41-year high, and runaway prices on necessities like food and gasoline, we may see foreclosure activity ramp up a little faster than most forecasts suggest." Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in May 2022 were Jacksonville, NC (one in every 1,052 housing units with a foreclosure filing); Cleveland, OH (one in every 1,389 housing units); Chicago, IL (one in every 1,777 housing units); Fayetteville, NC (one in every 1,823 housing units); and Rockford, IL (one in every 1,861 housing units). Those metropolitan areas with a population greater than 1 million, with the worst foreclosure rates in May 2022 including Cleveland, OH and Chicago, IL were: Jacksonville, FL (one in every 1,985 housing units); Orlando, FL (one in every 2,295 housing units); and Miami, FL (one in every 2,432 housing units). Florida, California and Texas had the greatest number of foreclosure starts Lenders started the foreclosure process on 22,099 U.S. properties in May 2022, down 1 percent from last month but up 274 percent from a year ago. States that had the greatest number of foreclosure starts in May 2022 included: Florida (2,483 foreclosure starts); California (2,238 foreclosure starts); Texas (2,019 foreclosure starts); Illinois (1,757 foreclosure starts); and Ohio (1,285 foreclosure starts). Those major metropolitan areas with a population greater than 1 million and that had at least 100 foreclosure starts in May 2022 and saw increases from last month included: Miami, FL (up 81 percent); Washington, DC (up 60 percent); Birmingham, AL (up 56 percent); Cincinnati, OH (up 54 percent); and Jacksonville, FL (up 54 percent). "It's interesting that there were almost ten times more foreclosure starts than foreclosure completions," Sharga added. "This suggests that financially-distressed borrowers may be finding ways to avoid losing their home to a foreclosure sale." Foreclosure completion numbers increase 1 percent from last month Lenders repossessed 2,857 U.S. properties through completed foreclosures (REOs) in May 2022, up 1 percent from last month and up 117 percent from last year. States that had the greatest number of REOs in May 2022, included: Illinois (350 REOs); Michigan (249 REOs); Pennsylvania (226 REOs); New Jersey (175 REOs); and Ohio (146 REOs). Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in May 2022 included: Chicago, IL (289 REOs); New York, NY (133 REOs); Detroit, MI (124 REOs); Philadelphia, PA (98 REOs); and Pittsburgh, PA (79 REOs). Report methodology The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM's report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month. 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.
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Realtor.com May Housing Report: Inventory Stages a Comeback While Home Prices Soar to All-Time High
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April Slowdown in Showing Activity 'Unusual,' Reflecting a Slight Softening of Competition Among Buyers According to ShowingTime Data
Overall, the U.S. experienced a 10.7% year-over-year decline in buyer demand in April, though 103 markets still recorded double-digit showings per listing, led by Burlington, Vt., and Bloomington-Normal, Ill., for the second month in a row. CHICAGO, May 31, 2022 -- Buyer competition for listings was slightly subdued in April as 103 markets across the country recorded double-digit showings per listing, compared to 146 in April 2021 and 121 in March of 2022, according to the latest data from ShowingTime, one of the residential real estate industry’s leading technology providers of showing management and market stats. Year-over-year declines occurred throughout most of the country, according to ShowingTime’s Showing Index®. A combination of tapering demand and comparisons to the hectic pace set last year partly explain April’s decrease, though the numbers still indicate robust buyer activity. The top 25 markets averaged more than 14 showings per listing, with Burlington, Vt., and Bloomington-Normal, Ill., leading all markets with 20.30 and 16.42 showings per listing, respectively. Other busy markets included Richmond, Va.; Denver; Akron, Ohio; Rochester, N.Y.; and Bridgeport, Conn. "April buyer activity was rather unusual, since it typically matches March levels," said ShowingTime Vice President and General Manager Michael Lane. "But this year, April traffic was slower across all markets, pointing to competition softening. It contrasts with last year's dynamic, when demand reached a feverish peak in April." Regionally, the Midwest’s 7.3% year-over-year decline in buyer demand was the lowest, followed closely by the Northeast’s drop of 8.6%. The South saw an 11.6% decline in showing activity year-over-year, with the West’s 35.3% decline rounding out the regions. 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 an 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.
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Pending Home Sales Descend 3.9% in April
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National Rents Hit their 14th Straight Month of Record-Highs
The majority of renters report that rental costs are their biggest financial strain and barrier to putting aside savings, according to Realtor.com's Avail Quarterly Landlord and Renter Survey SANTA CLARA, Calif., May 19, 2022 -- New data indicates that rental competition remained relentless in April, as the U.S. median rental price hit a new high ($1,827) for the 14th month in a row, according to the Realtor.com Monthly Rental Report released today. These trends spotlight the affordability struggles reported by renters in Realtor.com®'s Avail Quarterly Landlord and Renter Survey also published today, which found higher rents are increasingly cutting into households' budgets for regular expenses and savings. "April data illustrates the perfect storm of supply and demand dynamics behind the continued rent surge, from a low number of available rentals to higher for-sale housing costs forcing many would-be buyers to rent for longer than planned," said Realtor.com® Chief Economist Danielle Hale. "Renters are being left with few options but to meet higher rents and, in some cases, even offer above asking – whether they can afford to or not. Avail's new survey shows rents are not only maxing out renters' housing budgets but are the biggest strain on their overall finances, even as inflation drives up expenses across the board. For renters trying to stay on budget, making a list of must-have features is key and using a tool like the Realtor.com® Rentals app can help you find (and stick to) your parameters. This will be especially important as, if recent trends continue, we expect the typical U.S. asking rent to eclipse $2,000 by August." April 2022 Rental Metrics – National April rents maintain record-breaking run, despite annual growth cooling slightly Realtor.com®'s April data showed national rents maintained their record-breaking run that began in January 2021, despite posting a slightly smaller year-over-year gain than in March. The continued rent surge is attributed to the mismatch between rental supply and rising demand, largely from would-be homebuyers. Some of these aspiring homeowners are staying in the rental market for longer than they may have intended, due to intensifying cost pressures driven by both the longstanding housing supply shortage and more recent inflationary economy. If these trends continue, national asking rents will likely surpass 2022's forecasted year-over-year growth projections (+7.1%) by end of year. The U.S. median rental price hit a new high of $1,827 in April, while the annual growth rate (+16.7%) moderated slightly from the March pace (+17.0%). Still, rents continued to rise at a double-digit annual pace, reaching 21.0% higher than in April 2020 right after the onset of COVID. Studio rents grew at a faster year-over-year pace (+17.2%) than one-bedrooms (+15.6%) and two-bedrooms (+15.9%). This is largely due to the ongoing rental market comeback in major downtowns where smaller living spaces are common, with studio rents up double-digits over April 2021 in all 10 of the biggest tech hubs, led by: New York City (29.1%), Boston (+27.4%) and Austin, Texas (+25.0%). In a potential reflection of shifting migration patterns during the pandemic, the five large markets that posted April's biggest overall rental price gains year-over-year were in the Sun Belt: Miami (+51.6%), Orlando, Fla. (32.9%), Tampa, Fla. (27.8%), San Diego (25.6%) and Las Vegas (24.8%). Avail survey finds renters are struggling to keep up with rising costs With rental demand on the rise, landlords with limited available units are able to adjust asking rents on both new and renewing leases to reflect the increasingly competitive market. In fact, the majority of landlords surveyed by Realtor.com®'s Avail reported plans to increase rental prices within the next 12 months. This could mean further rental affordability challenges, with many surveyed renters already feeling the squeeze on their finances and savings, as inflation drives up the cost of everything from rent to regular household expenses. Among renters surveyed in April, 66.1% said higher rents and related household costs are their top cause of financial strain – ahead of other expenses like food and groceries (57.3%) and auto and transportation (50.8%). Higher rents are also limiting renters' ability to save, with more than three-quarters of renters (76.1%) saving less each month than at the same time last year. The typical household surveyed reported being able to save just $50 each month. Of respondents whose rents have gone up on their current unit, 72.9% are considering a move to a more affordable rental. However, lower-cost options are dwindling, with renters who moved in the past year typically paying higher rents ($350) than they did previously. Those who are staying put are trying to cut costs, most commonly on entertainment (67.1%) and food and groceries (62.3%). Additionally, trends among surveyed landlords indicate that renters aren't likely to see relief any time soon. Nearly three-quarters of landlords (72.1%) plan to raise the rent of at least one property this year, up from 65.1% in the January survey. "Our survey data underscores how renters and landlords alike are feeling the squeeze of inflation and higher costs. For renters in particular, many may understandably feel caught between a rock and a hard place, but remember that there are resources that can help. Doing your research can go a long way in helping you prepare to navigate rent increases and their impact on your family's finances," said Ryan Coon, Avail co-founder and VP of Rentals at Realtor.com®. Renters grappling with higher costs can access free financial counseling through the Renter Advantage program, a collaboration between Realtor.com®'s Avail, the National Foundation for Credit Counseling, the Housing Partnership Network, and Wells Fargo. Learn more here. April 2022 Rental Metrics – 50 Largest U.S. Metro Areas Methodology Realtor.com® Monthly Rental Trends: Data as of April 2022 for studio, 1-bedroom, or 2-bedroom units advertised as for-rent on Realtor.com®. Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). National rents were calculated by averaging the medians of the 50 largest U.S. metropolitan areas, defined by the Core-Based Statistical Area (CBSA). Realtor.com® began publishing regular monthly rental trends reports in October 2020 with data history going back to March 2019. Note: With the release of its February 2022 Rental Report, Realtor.com® incorporated a new and improved methodology (see details here). As a result of these changes, the rental data released since March 2022 will not be directly comparable with prior publications. However, future releases, including historical data, will consistently apply the new methodology. Realtor.com®'s Avail Quarterly Landlord and Renter Survey: Survey responses collected from a nationally representative sample of more than 2,400 independent landlords and their renters. The survey was conducted between April 21st, 2022 and May 2nd, 2022. The margin of error for landlords is ± 2.9%, and ± 2.7% for renters. 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.
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Existing-Home Sales Retract 2.4% in April
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Redfin Reports More Sellers Dropping Their Prices, But Buyers Find Little Relief
Homebuying is as competitive and costly as ever as soaring mortgage rates make the market less inviting for many would-be sellers SEATTLE -- The share of home sellers who dropped their asking price shot up to a six-month-high of 15% for the four weeks ending May 1, according to a new report from Redfin, the technology-powered real estate brokerage. That's up from 9% a year earlier, and represents the largest annual gain on record in Redfin's weekly housing data back through 2015 For homebuyers, the typical monthly mortgage payment skyrocketed a record 42% to a new high during the same period. Although a growing share of sellers are responding to the palpable drop in homebuyer demand by lowering their prices, sellers remain far outnumbered by buyers, so the typical home flies off the market at the fastest pace on record and for more than its asking price. "Homebuyers continue to be squeezed in nearly every way possible, which is causing some to take a step back from the market," said Redfin Chief Economist Daryl Fairweather. "Unfortunately for buyers hoping to find a deal as competition cools, sellers are pulling back even faster, which is keeping the market deep in seller's territory. So even though price drops are becoming more common, most homes are still selling above asking price and in record time." Leading indicators of homebuying activity: Fewer people searched for "homes for sale" on Google—searches during the week ending April 30 were down 7% from a year earlier. The seasonally-adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other home-buying services from Redfin agents—was down 1% year over year during the week ending May 1. It dropped 10% in the past four weeks, compared with a 1% decrease during the same period a year earlier. Touring activity from the first week of January through May 1 was 24 percentage points behind the same period in 2021, according to home tour technology company ShowingTime. Mortgage purchase applications were down 11% from a year earlier, while the seasonally-adjusted index increased 4% week over week during the week ending April 29. For the week ending May 5, 30-year mortgage rates increased to 5.27%—the highest level since August 2009. Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending May 1. Redfin's weekly housing market data goes back through 2015. The median home sale price was up 17% year over year—the biggest increase since August—to a record $396,125. The median asking price of newly listed homes increased 16% year over year to $408,458, a new all-time high. The monthly mortgage payment on the median asking price home rose to a record high of $2,404 at the current 5.27% mortgage rate. This was up 42%—an all-time high—from $1,688 a year earlier, when mortgage rates were 2.96%. Pending home sales were down 4% year over year, the largest decrease since mid-February. New listings of homes for sale were down 6% from a year earlier, and have been down from 2021 since mid-March. Active listings (the number of homes listed for sale at any point during the period) fell 18% year over year. 56% of homes that went under contract had an accepted offer within the first two weeks on the market, up from 54% a year earlier, down less than a percentage point from the record high during the four-week period ending March 27. 42% of homes that went under contract had an accepted offer within one week of hitting the market, up from 41% a year earlier, down less than a percentage point from the record high during the four-week period ending March 27. Homes that sold were on the market for a record-low median of 15.5 days, down from 21.2 days a year earlier. A record 56% of homes sold above list price, up from 47% a year earlier. On average, 3.7% of homes for sale each week had a price drop. Overall, 14.9% dropped their price in the past four weeks, up from 11.2% a month earlier and 9.1% a year ago. This was the highest share since mid-November. The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, rose to an all-time high of 102.8%. In other words, the average home sold for 2.8% above its asking price. This was up from 101% a year earlier. To view the full report, including charts and methodology, please 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.
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It's a Three-Peat! Ben Caballero Sets New Guinness World Record for Home Sales
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121 Markets Nationwide See Double-Digit Home Showings Per Listing in March
Among the 25 busiest markets, Bloomington-Normal, Ill., at 63% and Burlington, Vt., at 41% recorded the largest year-over-year increases in showing activity, joining perennial leaders Denver and Seattle as the nation’s three busiest markets for showings CHICAGO, Apr. 28, 2022 -- The number of markets seeing double-digit showings per listing jumped 46% in the past two months as buyer demand continues to outpace slightly rising inventory, according to the latest data from ShowingTime, one of the residential real estate industry’s leading technology providers of showing management and market stats. That's despite March seeing a slight slowdown in showing traffic nationwide compared to last year’s unprecedented numbers. March’s showing activity stands in contrast to March 2021’s torrid pace, in which each of the four regions in the U.S. saw year-over-year growth in foot traffic of at least 40%. The 25 busiest individual markets averaged more than 16 showings per listing, including Burlington, Vt.; Bridgeport, Conn.; Fort Collins, Colo.; and Bloomington-Normal, Ill. The growth in the number of markets with double-digit showings jumped from 83 in January to 109 in February and 121 markets in March of this year. "We are sensing a slight slowdown in the Western region of the U.S. in year-over-year Showing Index values, although there is still very strong activity," said ShowingTime Vice President and General Manager Michael Lane. "The demand per listing is still at historically unprecedented levels, but for the first time in the last 12 months it is neutral." 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. By region, the Midwest’s 5.9% year-over-year increase in showings per listing led the country, while demand in the South was flat compared to March 2021. The Northeast dropped slightly by 0.9%, with the West’s 18.5% year-over-year dip in traffic marking the third consecutive month the region has recorded a decline, attributable in large part to its heavy activity in March 2021. About ShowingTime ShowingTime is an 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.
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U.S. Foreclosure Activity Sets Post Pandemic Highs in First Quarter of 2022
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Average Closing Costs for Purchase Mortgages Increased 13.4% in 2021, CoreLogic's ClosingCorp Reports
The Eastern region of the U.S. had the highest average closing costs in 2021, with Washington, D.C. topping the list at $29,888 Irvine, Calif., April 21, 2022 -- CoreLogic's ClosingCorp, a leading provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, today released its most recent Purchase Mortgage Closing Cost Report which showed that in 2021, the national average for mortgage closing costs for a single-family property were $6,905 including transfer taxes and $3,860 excluding transfer taxes. These amounts represent a 13.4% and 11.2% year-over-year increase, respectively. Key Takeaways: The average U.S. home price increased by more than $50,000 last year, while the average purchase closing costs increased by $818 including taxes and $390 excluding taxes. Despite an increase in the absolute dollar amounts of closing fees, closing costs as a percentage of home sales prices were down slightly from 2020. Average purchase fees as a percentage of the average sales price in 2021 were 1.81% compared to 1.85% in 2020 and when taxes are excluded, were 1.01%, down from 1.06% in 2020. "As the mortgage industry comes off two years of record-low interest rates and red-hot consumer demand, lenders are now pivoting to address increasing headwinds from higher loan origination costs and lower origination volumes," said Bob Jennings, executive, CoreLogic Underwriting Solutions. "The Mortgage Bankers Association recently reported lender origination costs show a 13.2% year-over-year increase, which corresponds closely to the 13.4% increase we are seeing on purchase mortgage closing costs. As the market tightens in 2022, it will be interesting to see how lenders and borrowers respond and how these key metrics move." State and Metro Takeaways: The 2021 report shows the states with the highest average closing costs, including transfer taxes, were Washington, D.C. ($29,888), Delaware ($17,859), New York ($16,849), Maryland ($14,721) and Washington ($13,927). The states with the lowest closing costs, including taxes, were Missouri ($2,061), Indiana ($2,200), North Dakota ($2,501), Wyoming ($2,589) and Mississippi ($2,756). The most significant drivers to differences in closing costs were the types and percentages of imposed specialty and transfer taxes. The states with the highest average closing costs, excluding taxes, were Washington, D.C. ($6,502), New York ($6,168), Hawaii ($5,879), California ($5,665) and Massachusetts ($4,904). The states with the lowest closing costs, excluding taxes, were Missouri ($2,061), Indiana ($2,200), Nebraska ($2,210), Arkansas ($2,281) and West Virginia ($2,465). At the metro level, those with the highest average fees with taxes were primarily in the Eastern region of the United States including Vineyard Haven, Massachusetts ($28,724); Bremerton-Silverdale-Port Orchard, Washington ($16,003) and Salisbury, Maryland ($15,723). Comparatively, metros with highest average fees without taxes were in Santa Maria-Santa Barbara, California ($7,063); Kahului-Wailuku-Lahaina, Hawaii ($7,016) and San Jose-Sunnyvale-Santa Clara, California ($6,412). Cost calculations include the lender's title policy, owner's title policy, appraisal, settlement, recording fees, land surveys and transfer tax. The calculations use home price data from CoreLogic to estimate closing costs for an average home at the state, core-based statistical area (CBSA) and county levels. Ranges, rather than single values, are used to more accurately capture fees associated with the real transactions. On May 5, 2022, CoreLogic's ClosingCorp will be releasing the annual 2021 Refinance Mortgage Closing Cost Report. Source: CoreLogic, Inc. © 2022 CoreLogic,Inc., All rights reserved. Source: CoreLogic, Inc. © 2022 CoreLogic,Inc., All rights reserved. Source: CoreLogic, Inc. © 2022 CoreLogic,Inc., All rights reserved. Source: CoreLogic, Inc. © 2022 CoreLogic,Inc., All rights reserved. Source: CoreLogic, Inc. © 2022 CoreLogic, Inc., All rights reserved. Methodology CoreLogic's ClosingCorp average closing costs are defined as the average fees and transfer taxes required to close a conventional purchase transaction in a geographical area. These costs consist of fees from the following service types: title policies (both owners and lenders), appraisals, settlement fees, recording fees, land surveys and transfer tax. Actual closing fees for 4.4 million single-family home purchases from January 1 through December 31, 2021 were analyzed. Homes within a $100,000 range of the average home price (source CoreLogic) were used to estimate closing costs for an average single family residential home at the state, core-based statistical area (CBSA) and county levels. The average service type component fee was computed for every geographical area where at least 10 transactions occurred in the specified range during the period under review. Total cost to close was then computed as the sum of the service type averages. Land survey fees only were included for Florida and Texas single-family homes where land surveys are required. Cost to close was computed with and without transfer taxes. About CoreLogic CoreLogic, a leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy and protect their homes. For more information, please visit www.corelogic.com.
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Home Prices Hit $405,000 for the First Time Ever
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Affordability Issues Rise as National Rents Reach 30% of Americans' Incomes
In February, national rents grew 17.1% year-over-year to a new high of $1,792 per month, representing a higher share of household incomes (29.7%) than in 2021 (24.8%) SANTA CLARA, Calif., March 23, 2022 -- New rental data shows affordability issues are on the rise, as Americans spent 30% of their monthly budgets on rents in February on average, according to the Realtor.com Monthly Rental Report released today. February rents accounted for an even higher portion of household incomes in 14 of the 50 largest U.S. markets, with the list of least affordable areas dominated by Sun Belt metros like Miami, Tampa, Fla. and San Diego, Calif. In February, the U.S. median rental price hit a new high of $1,792 and soared by double-digit percentages (+17.1% year-over-year) for the seventh month in a row. Among unit sizes, studio rents increased at the fastest annual pace, up 17.1% (+$215) to a median of $1,474. Larger unit rents also posted double-digit gains over February 2021: 1-bedrooms, up 16.4% (+$232) to $1,648; and 2-bedrooms, up 16.2% ($278) to $2,002. "Whether it's rent or mortgage payments, the general rule of thumb is to keep monthly housing costs to less than 30% of your income. And with rents surging nationwide, February data indicates that many renters' budgets may be stretched beyond the affordability limit," said Realtor.com® Chief Economist Danielle Hale. "With rents up by nearly 20% over the past two years, rental prices are likely to remain high, but we do expect some cooling from the recent accelerated pace. In light of mounting economic uncertainties and the conflict in Ukraine, some households will prefer to buy, in an effort to lock-in a largely fixed monthly payment as a hedge against further inflation. But fast-rising mortgage rates and still-limited numbers of homes for sale could mean some would-be buyers may stick with the flexibility of renting. With rental demand already outmatching supply, rental affordability will remain a challenge. For renters eager to make the transition to first-time buying, finding a relatively affordable rental is key to saving for a downpayment. Tools like the Realtor.com® Rent vs. Buy Calculator can help you frame the numbers in a meaningful way and make the choice that is right for you." February 2022 Rental Metrics – National Affordability issues soar nationwide, led by Sun Belt metros February data indicates that rents are increasingly straining Americans' budgets, representing roughly 30% of typical household incomes. Year-over-year rent growth in February 2022 was four-times higher when compared to March 2020, before the onset of COVID, highlighting limited supply relative to demand. The acceleration in rents is largely driven by a growing segment of young households, many of whom are turning to renting in the face of the for-sale inventory crunch, record-high listing prices and climbing mortgage rates. In turn, many of the least affordable rental markets are also some of the most competitive areas for buying. These trends are illustrated in Sun Belt metros like Miami, Tampa and San Diego, which topped February's lists of fastest-growing and least affordable rental markets, as well as the hottest homebuying destinations. February rents made up 29.7% of the typical household income in the 50 largest U.S. metros, a higher share than during the same month in 2021 (25.3%). The rental share of income was even greater in 14 of these markets, led by Miami, at 59.5%; Los Angeles, at 46.0%; and Riverside, Calif., at 45.9% (see table below). Representing nearly half of the country's largest markets, the Sun Belt claimed half of February's least affordable areas and all 10 of the fastest-growing rental markets, including four in Florida. The state's low vacancy rates highlight rising rental affordability, with the Florida supply of vacant rental units (6.6%) declining drastically since 2009 (17.9%). In Miami, the median rental price spiked 55.3% year-over-year in February, bringing it to the top of February's least affordable markets. Although buying a starter home is more affordable than renting one in Miami, the local for-sale home market is also exploding. Compared to February 2021, listing prices were up 31.6% in Miami, which jumped 25 spots on the latest Realtor.com® Hottest Markets Ranking. Least Affordable Rental Markets (Feb. 2022) Middle America rental markets offer relative affordability Although rental affordability is dwindling at the national level, February data offers some good news for some renters, depending on where they live. In many large markets in Middle America, for instance, February rents came in below the recommended max share of monthly paychecks. Additionally, the area accounted for more than half of February's most affordable rental markets, including Kansas City, Oklahoma City and St. Louis. Still, with February rent growth outpacing incomes even in these relatively affordable areas, renters devoted more of their monthly paychecks towards housing costs than in 2021. After making a swift recovery from earlier COVID setbacks, rents grew over 2021 in each of the 50 largest U.S. metros in February, up by double-digits in 39 markets. February rent growth was in single-digit territory in the remaining 11 metros, keeping rental costs to a lower share of incomes in many of these areas. At No. 8 on the February list of most affordable rental markets, Minneapolis posted the country's second lowest annual rental price gains, up just 4.5% year-over-year. Compared to a metro like Miami, where rental affordability has dropped dramatically, Minneapolis rents were significantly lower in February ($1,558 vs. $2,929). In February, Middle America dominated the top 10 list of most affordable rental markets, with rents taking up less than 30% of typical household incomes in metros like Kansas City, at 19.9%; Oklahoma City, at 21.1%; and St. Louis, at 22.3%. At the same time, with housing affordability declining and mortgage rates climbing nationwide, Middle America renters might consider putting their monthly savings on rent towards buying a first home. In the No. 1 most affordable rental market of Kansas City, monthly starter home costs were 21.7% lower than rents in January, but also grew double-digits over 2021. Most Affordable Rental Markets (Feb. 2022) January 2022 Rental Metrics – 50 Largest U.S. Metros 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®.
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Realtor.com February Housing Report: Home Prices Hit All-Time High Ahead of Spring Buying Season
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U.S. Home Buyer Activity Leaps in January as 83 Markets Hit Double-Digit Showings Per Listing
Top 25 markets were up an average of 14% year over year, with Seattle and Denver leading in showings per listing, followed by Salt Lake City; Boulder, Colo.; Manchester, N.H.; Dallas; and Orlando, according to ShowingTime data CHICAGO, Feb. 24, 2022 -- The latest data from ShowingTime, a residential real estate industry leading technology provider of showing management and market stats, shows a surge in home buyer demand in January, with the average number of showings per listing at double digits in 83 markets nationwide. This enormous activity occurred in a month when buyer activity typically slows and followed a historic 2021, where buyer demand across the country was extraordinarily strong. In January, the entire country experienced a 7.7% year-over-year uptick nationally in home tours, according to the latest data from the ShowingTime Showing Index®. The top 25 markets were up an average of 14% compared with the heavy traffic numbers recorded last January. As was the case in much of last year, Seattle*and Denver recorded the highest claimed the first and second spots for showings per listing in January, with 26 and 25, respectively. Of note, Seattle showed a 2 percent drop in showing year-over-year, due to phenomenal activity in January 2021. Numbers of showings outperformed all other markets nationwide, regardless. Next, Salt Lake City; Boulder, Colo.; and Manchester, N.H. trailed Seattle and Denver, all averaged 17 showings per listing, while Orlando, Fla. and Dallas each had 16 showings per listing to begin the year. "Given last year's historic flurry of activity, it's not surprising that buyers were motivated to meet their home ownership goals so shortly after the holidays," said ShowingTime Vice President and General Manager Michael Lane. "With buyer demand showing no sign of letting up, we remain committed to helping busy real estate professionals handle the ensuing surge in business, just as we did throughout last year." Regionally, the South led the country with a 12.3% year-over-year jump in showing traffic in January, with Dallas and the Florida cities of Orlando, Sarasota and Miami having enormous home touring action. The Midwest's 8.2% climb and Northeast's 7% bump in activity closely followed, while the West - despite very active traffic in Seattle and Denver - saw a 4.5% dip in showings compared to its historic January 2021 numbers. 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. *Note: Seattle shows a -2% in the Y-O-Y chart below, due to a phenomenal January 2021. Numbers of showings outperformed all other markets nationwide, regardless. 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.
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Vacant Zombie Properties Inch Down Again in First Quarter of 2022 Even as Foreclosure Activity Rises
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Existing-Home Sales Surge 6.7% in January
WASHINGTON (February 18, 2022) -- Existing-home sales rose in January, making a notable move upward following a previous month where sales declined, according to the National Association of Realtors. On a month-over-month basis, each of the four major U.S. regions experienced an increase in sales in January. However, year-over-year, activity was mixed as two regions reported sagging sales, another watched sales increase and a fourth region remained flat. Total existing-home sales — completed transactions that include single-family homes, townhomes, condominiums and co-ops — climbed 6.7% from December to a seasonally adjusted annual rate of 6.50 million in January. Year-over-year, sales fell 2.3% (6.65 million in January 2021). "Buyers were likely anticipating further rate increases and locking-in at the low rates, and investors added to overall demand with all-cash offers," said Lawrence Yun, NAR's chief economist. "Consequently, housing prices continue to move solidly higher." Total housing inventory at the end of January amounted to 860,000 units, down 2.3% from December and down 16.5% from one year ago (1.03 million). Unsold inventory sits at a 1.6-month supply at the current sales pace, down from 1.7 months in December and from 1.9 months in January 2021. "The inventory of homes on the market remains woefully depleted, and in fact is currently at an all-time low," Yun said. According to Yun, homes priced at $500,000 and below are disappearing, while supply has risen at the higher price range. He noted that such increases will continue to shift the mix of buyers toward high-income consumers. "There are more listings at the upper end – homes priced above $500,000 – compared to a year ago, which should lead to less hurried decisions by some buyers," Yun added. "Clearly, more supply is needed at the lower-end of the market in order to achieve more equitable distribution of housing wealth." The median existing-home price for all housing types in January was $350,300, up 15.4% from January 2021 ($303,600), as prices rose in each region. This marks 119 consecutive months of year-over-year increases, the longest-running streak on record. Properties typically remained on the market for 19 days in January, equal to days on market for December, and down from 21 days in January 2021. Seventy-nine percent of homes sold in January 2022 were on the market for less than a month. First-time buyers were responsible for 27% of sales in January, down from 30% in December and down from 33% in January 2021. NAR's 2021 Profile of Home Buyers and Sellers – released in late 2021 – reported that the annual share of first-time buyers was 34%. Yun explained that the forthcoming increase in mortgage rates will be problematic for at least two market segments. "First, some moderate-income buyers who barely qualified for a mortgage when interest rates were lower will now be unable to afford a mortgage," he said. "Second, consumers in expensive markets, such as California and the New York City metro area, will feel the sting of nearly an additional $500 to $1000 in monthly payments due to rising rates." Individual investors or second-home buyers, who make up many cash sales, purchased 22% of homes in January, up from 17% in December and from 15% in January 2021. All-cash sales accounted for 27% of transactions in January, up from 23% in December and from 19% in January 2021. Distressed sales – foreclosures and short sales – represented less than 1% of sales in January, equal to the percentage seen in both December and January 2021. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.45% in January, up from 3.10% in December. The average commitment rate across all of 2021 was 2.96%. Single-family and Condo/Co-op Sales Single-family home sales jumped to a seasonally adjusted annual rate of 5.76 million in January, up 6.5% from 5.41 million in December and down 2.4% from one year ago. The median existing single-family home price was $357,100 in January, up 15.9% from January 2021. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 740,000 units in January, up 8.8% from 680,000 in December and down 1.3% from one year ago. The median existing condo price was $297,800 in January, an annual increase of 10.8%. "The market is still thriving as an abundance of home sales took place in January," said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "We will continue to beat the drum for more inventory, which will give buyers additional options and will also help alleviate increasing costs." Regional Breakdown Existing-home sales in the Northeast grew 6.8% in January, posting an annual rate of 780,000, an 8.2% decline from January 2021. The median price in the Northeast was $382,800, up 6.0% from one year ago. Existing-home sales in the Midwest rose 4.1% from the prior month to an annual rate of 1,510,000 in January, equal to the level seen from a year ago. The median price in the Midwest was $245,900, a 7.8% rise from January 2021. Existing-home sales in the South jumped 9.3% in January from the prior month, reporting an annual rate of 2,940,000, a gain of 0.3% from one year ago. The median price in the South was $312,400, an 18.7% surge from one year prior. For the fifth straight month, the South witnessed the highest pace of appreciation. "The migration to the Southern states is clearly getting reflected in higher home sales and fast rising home prices compared to other regions," Yun said. Existing-home sales in the West increased 4.1% from the previous month, registering an annual rate of 1,270,000 in January, down 6.6% from one year ago. The median price in the West was $505,800, up 8.8% from January 2021. 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.
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Two-Thirds of Metros Reached Double-Digit Price Appreciation in Fourth Quarter of 2021
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CoreLogic Reports Upward Trend in Annual Home Price Appreciation Continues; Up 18.5% in December
Home price gains averaged 15% in 2021, up from 6% in 2020 IRVINE, Calif., February 1, 2022 -- CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for December 2021. Consumer desire for homeownership against persistently low supply of for-sale homes created one of the hottest housing markets in decades in 2021 — and spurred record-breaking home price growth. Price appreciation averaged 15% for the full year of 2021, up from the 2020 full year average of 6%. Home price growth in 2021 started off at 10% in the first quarter, steadily increasing and ending the year with an increase of 18% for the fourth quarter. While there have been questions surrounding whether we are currently in a housing bubble, the CoreLogic Market Risk Indicators suggest a small probability of a nationwide price decline, and points to the larger likelihood that a fall in price will be limited to specific, at-risk markets (Table 2). Still, the CoreLogic HPI Forecast shows the national 12-month growth steadily slowing over 2022. During the early months of the year, it's projected to remain above 10% while decelerating each month to a 12-month rise of 3.5% by December 2022. Comparing the average projected National HPI for 2022 with the previous year, the CoreLogic HPI Forecast shows the annual average up 9.6% in 2022. "Much of what we've seen in the run-up of home prices over the last year has been the result of a perfect storm of supply and demand pressures," said Dr. Frank Nothaft, chief economist at CoreLogic. "As we move further into 2022, economic factors – such as new home building and a rise in mortgage rates – are in motion to help relieve some of this pressure and steadily temper the rapid home price acceleration seen in 2021." Top Takeaways: Nationally, home prices increased 18.5% in December 2021, compared to December 2020. On a month-over-month basis, home prices increased by 1.3% compared to November 2021. In December, annual appreciation of detached properties (19.7%) was 5.5 percentage points higher than that of attached properties (14.2%). Home price gains are projected to slow to a 3.5% annual increase by December 2022. In December, Naples, Florida, logged the highest year-over-year home price increase at 37.6%. Punta Gorda, Florida, had the second-highest ranking at 35.7%. At the state level, the Southern, Southwest and Mountain West regions continued to dominate the top three spots for national home price growth, with Arizona leading the way at 28.4%. Florida ranked second with a 27.1% growth and Utah followed in third place at 25.2%. Methodology The CoreLogic HPI™ is built on industry-leading public record, servicing and securities real-estate databases and incorporates more than 45 years of repeat-sales transactions for analyzing home price trends. Generally released on the first Tuesday of each month with an average five-week lag, the CoreLogic HPI is designed to provide an early indication of home price trends by market segment and for the "Single-Family Combined" tier, representing the most comprehensive set of properties, including all sales for single-family attached and single-family detached properties. The indices are fully revised with each release and employ techniques to signal turning points sooner. The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states. CoreLogic HPI Forecasts™ are based on a two-stage, error-correction econometric model that combines the equilibrium home price—as a function of real disposable income per capita—with short-run fluctuations caused by market momentum, mean-reversion, and exogenous economic shocks like changes in the unemployment rate. With a 30-year forecast horizon, CoreLogic HPI Forecasts project CoreLogic HPI levels for two tiers — "Single-Family Combined" (both attached and detached) and "Single-Family Combined Excluding Distressed Sales." As a companion to the CoreLogic HPI Forecasts, Stress-Testing Scenarios align with Comprehensive Capital Analysis and Review (CCAR) national scenarios to project five years of home prices under baseline, adverse and severely adverse scenarios at state, metropolitan areas and ZIP Code levels. The forecast accuracy represents a 95% statistical confidence interval with a +/- 2% margin of error for the index. About Market Risk Indicator Market Risk Indicators are a subscription-based analytics solution that provide monthly updates on the overall "health" of housing markets across the country. CoreLogic data scientists combine world-class analytics with detailed economic and housing data to help determine the likelihood of a housing bubble burst in 392 major metros and all 50 states. Market Risk Indicators is a multi-phase regression model that provides a probability score (from 1 to 100) on the likelihood of two scenarios per metro: a >10% price reduction and a ≤ 10% price reduction. The higher the score, the higher the risk of a price reduction. About the Market Condition Indicators As part of the CoreLogic HPI and HPI Forecasts offerings, Market Condition Indicators are available for all metropolitan areas and identify individual markets as "overvalued", "at value", or "undervalued." These indicators are derived from the long-term fundamental values, which are a function of real disposable income per capita. Markets are labeled as overvalued if the current home price indexes exceed their long-term values by greater than 10%, and undervalued where the long-term values exceed the index levels by greater than 10%. About CoreLogic CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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Annual Existing-Home Sales Hit Highest Mark Since 2006
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Pending Home Sales Subside 2.2% in November
WASHINGTON (December 29, 2021) - Pending home sales slipped in November, receding slightly after a previous month of gains, according to the National Association of Realtors. Each of the four major U.S. regions witnessed contract transactions decline month-over-month. Year-over-year activity mostly retreated too, as three regions reported drops and only the Midwest saw an increase. The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, fell 2.2.% to 122.4 in November. Year-over-year, signings slid 2.7%. An index of 100 is equal to the level of contract activity in 2001. "There was less pending home sales action this time around, which I would ascribe to low housing supply, but also to buyers being hesitant about home prices," said Lawrence Yun, NAR's chief economist. "While I expect neither a price reduction, nor another year of record-pace price gains, the market will see more inventory in 2022 and that will help some consumers with affordability." Yun notes that housing demand continues to be high, explaining that homes placed on the market for sale go from "listed status" to "under contract" in approximately 18 days. "Buyer competition alone is unrelenting, but home seekers have also had to contend with the negative impacts of supply chain disruptions and labor shortages this year," he said. "These aspects, along with the exorbitant prices and a lack of available homes, have created a much tougher buying season." Yun adds that a countrywide surge of the omicron variant poses a risk to the housing market's performance, as buyers and sellers are sidelined, and home construction is delayed. Realtor.com®'s Hottest Housing Markets most recent data showed that out of the largest 40 metros, the most improved markets over the past year were Orlando-Kissimmee-Sanford, Fla.; Tampa-St. Petersburg, Fla.; Dallas-Fort Worth-Arlington, Texas; Jacksonville, Fla.; and Denver-Aurora-Lakewood, Colo. November Pending Home Sales Regional Breakdown Month-over-month, the Northeast PHSI declined 0.1% to 99.4 in November, an 8.5% drop from a year ago. In the Midwest, the index fell 6.3% to 116.8 last month, up 0.2% from November 2020. Pending home sales transactions in the South ticked down 0.7% to an index of 148.2 in November, down 1.3% from November 2020. The index in the West slipped 2.2% in November to 105.5, down 4.6% from a year prior. 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.
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Homeownership in U.S. Again Less Affordable in Fourth Quarter as Prices Keep Soaring
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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.
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Mortgage Lending Declines Aat Unusually Fast Pace Across U.S. During Third Quarter of 2021
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Mortgage Delinquency Continues to Sink as Pandemic Recedes, CoreLogic Reports
Homeowners look to income growth and home equity wealth to manage their mortgage debt IRVINE, Calif., November 9, 2021 -- CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for August 2021. For the month of August, 4% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 2.6-percentage point decrease in delinquency compared to August 2020, when it was 6.6%. To gain a complete view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency. In August 2021, the U.S. delinquency and transition rates, and their year-over-year changes, were as follows: Early-Stage Delinquencies (30 to 59 days past due): 1.1%, down from 1.5% in August 2020. Adverse Delinquency (60 to 89 days past due): 0.3%, down from 0.8% in August 2020. Serious Delinquency (90 days or more past due, including loans in foreclosure): 2.6%, down from 4.3% in August 2020. Foreclosure Inventory Rate (the share of mortgages in some stage of the foreclosure process): 0.2%, down from 0.3% in August 2020. This remains the lowest foreclosure rate recorded since CoreLogic began recording data (1999). Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.6%, down from 0.9% in August 2020. Facing slower than anticipated employment growth — August saw an increase of only 235,000 new jobs compared to the expected 720,000 — households have found creative ways to cut back on spending to prioritize mortgage payments. In a recent CoreLogic survey, over 30% of respondents said they would cut back on both entertainment and travel to focus on repaying outstanding debt. Income growth and a continued buildup in home-equity wealth will be important parts of financial recovery for borrowers hit hardest by the pandemic. "The unprecedented fiscal and monetary stimuli that have been implemented to combat the pandemic are pushing housing prices and home equity to record levels," said Frank Martell, president and CEO of CoreLogic. "This phenomenon is driving down delinquencies and fueling a boom in cash-out refinancing transactions." "The decline in the overall delinquency rate to its lowest since the onset of the pandemic is good news, but it masks the serious financial challenges that some of the borrower population has experienced," said Dr. Frank Nothaft, chief economist at CoreLogic. "In the months prior to the pandemic, only one-in-five delinquent loans had missed six or more payments. This August, one-in-two borrowers with missed payments were behind six-or-more monthly installments, even though the overall delinquency rate had declined to the lowest level since March 2020." State and Metro Takeaways: The next CoreLogic Loan Performance Insights Report will be released on December 14, 2021, featuring data for September 2021. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog: www.corelogic.com/intelligence. Methodology The data in The CoreLogic LPI report represents foreclosure and delinquency activity reported through August 2021. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. CoreLogic has approximately 75% coverage of U.S. foreclosure data. About the CoreLogic Consumer Housing Sentiment Study 3,000+ consumers were surveyed by CoreLogic via Qualtrics. The study is an annual pulse of U.S. housing market dynamics concentrated on consumers looking to purchase a home, consumers not looking to purchase a home, and current mortgage holder. The survey was conducted in April 2021 and hosted on Qualtrics. The survey has a sampling error of~3% at the total respondent level with a 95% confidence level. About CoreLogic CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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Seller Profits Increase Across U.S. in Third Quarter as National Median Home Price Reaches Another Record
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Q3 2021 U.S. Foreclosure Activity Begins to See Significant Increases as Foreclosure Moratorium Is Lifted
Average Time to Foreclose Nationwide Increases 11 Percent From a Year Ago; U.S. Foreclosure Starts Increase 67 Percent From a Year Ago IRVINE, Calif. - Oct. 14, 2021 -- ATTOM, licensor of the nation's most comprehensive foreclosure data and parent company to RealtyTrac, the largest online marketplace for foreclosure and distressed properties, released its Q3 2021 U.S. Foreclosure Market Report, which shows there were a total of 45,517 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 34 percent from the previous quarter and 68 percent from a year ago. The report also shows there were a total of 19,609 U.S. properties with foreclosure filings in September 2021, up 24 percent from the previous month and up 102 percent from September 2020. "Despite the increased level of foreclosure activity in September, we're still far below historically normal numbers," said Rick Sharga, executive vice president at RealtyTrac, an ATTOM company. "September foreclosure actions were almost 70 percent lower than they were prior to the COVID-19 pandemic in September of 2019, and Q3 foreclosure activity was 60 percent lower than the same quarter that year. Even with similar increases in foreclosures over the next few months, we'll end the year significantly below what we'd see in a normal housing market." Foreclosure starts jump up nationwide Lenders started the foreclosure process on 25,209 U.S. properties in Q3 2021, up 32 percent from the previous quarter and up 67 percent from a year ago — the first double digit quarterly percent increase since 2014. States that posted the greatest number of foreclosure starts in Q3 2021, included California (3,434 foreclosure starts); Texas (2,827 foreclosure starts); Florida (2,546 foreclosure starts); New York (1,363 foreclosure starts); and Illinois (1,362 foreclosure starts). Among the 220 metropolitan statistical areas analyzed in the report those that posted the greatest number of foreclosure starts in Q3 2021, included New York, New York (1,456 foreclosure starts); Chicago, Illinois (1,122 foreclosure starts); Los Angeles, California (1,102 foreclosure starts); Miami, Florida (992 foreclosure starts); and Houston, Texas (866 foreclosure starts). Counter to the national trend of quarterly increases, among those metropolitan areas with a population greater than one million that saw a decline in foreclosure starts in Q3 2021 were Charlotte, North Carolina (down 32 percent); Portland, Oregon (down 26 percent); Rochester, New York (down 17 percent); San Jose, California (down 13 percent); and Hartford, Connecticut (down 6 percent). "So far the government and the mortgage industry have worked together to do an extraordinary job of preventing millions of unnecessary foreclosures using the foreclosure moratorium and mortgage forbearance program," Sharga added. "But there are hundreds of thousands of borrowers scheduled to exit forbearance in the next two months, and it's possible that we might see a higher percentage of those borrowers default on their loans." Highest foreclosure rates in Nevada, Illinois and Delaware Nationwide one in every 3,019 properties had a foreclosure filing in Q3 2021. States with the highest foreclosure rates in Q3 2021 were Nevada (one in every 1,463 housing units with a foreclosure filing); Illinois (one in every 1,465); Delaware (one in every 1,515); New Jersey (one in every 1,667); and Florida (one in every 1,743). Among 220 metropolitan statistical areas analyzed in the report, those with the highest foreclosure rates in Q3 2021 were Atlantic City, New Jersey (one in every 709 housing units with a foreclosure filing); Peoria, Illinois (one in every 754); Bakersfield, CA (one in every 923); Cleveland, Ohio (one in every 936); and Las Vegas, Nevada (one in every 1,167). Bank repossessions increase nationwide Lenders repossessed 7,574 U.S. properties through foreclosure (REO) in Q3 2021, up 22 percent from the previous quarter and up 46 percent from a year ago the first quarterly increase since Q1 2016. States that posted the largest number of completed foreclosures in Q3 2021, included Illinois (965 REOs); Florida (564 REOs); Pennsylvania (480 REOs); Michigan (401 REOs); and New York (370 REOs). Average time to foreclose increases 11 percent from last year Properties foreclosed in Q3 2021 had been in the foreclosure process an average of 924 days, up slightly from 922 days in the previous quarter but up 11 percent from 830 days in Q3 2020. States with the longest average foreclosure timelines for homes foreclosed in Q3 2021 were Hawaii (2,070 days); Nevada (1,989 days); Kansas (1,901 days); New York (1,659 days); and Washington (1,611 days). States with the shortest average foreclosure timelines for homes foreclosed in Q3 2021 were Montana (94 days); Wyoming (102 days); Mississippi (133 days); Missouri (213 days); and Virginia (272 days). September 2021 Foreclosure Activity High-Level Takeaways Nationwide in September 2021 one in every 7,008 properties had a foreclosure filing. States with the highest foreclosure rates in September 2021 were Florida (one in every 3,276 housing units with a foreclosure filing); Illinois (one in every 3,508 housing units); Delaware (one in every 3,834 housing units); Nevada (one in every 4,009 housing units); and New Jersey (one in every 4,487 housing units). 10,289 U.S. properties started the foreclosure process in September 2021, up 23 percent from the previous month and up 106 percent from a year ago. Lenders completed the foreclosure process on 2,682 U.S. properties in September 2021, up 8 percent from the previous month and up 33 percent from a year ago. U.S. Foreclosure Market Data by State – Q3 2021 Report Methodology The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM's report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month. About ATTOM ATTOM provides foreclosure data licenses that can power various enterprise industries including real estate, insurance, marketing, government, mortgage and more. ATTOM multi-sources from 3,000 counties property tax, deed, mortgage, 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. About RealtyTrac (Powered by ATTOM's Property Data) RealtyTrac.com is the largest online marketplace for foreclosure and distressed properties, helping individual investors and real estate agents looking to gain a competitive edge in the distressed market. Realtytrac.com enables real estate professionals the ability to find, analyze and invest in residential properties.
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Inventory Just Hit a 2021 High, which Means More Choices for Fall Buyers
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Redfin Reports Asking Prices Up 12% to All-Time High
Despite optimism from people listing their homes for sale, pending sales and new listings followed expected seasonal slowdowns SEATTLE, Sept. 29, 2021 -- Asking prices of homes listed for sale increased to an all-time high of 12%, according to a new report from Redfin, the technology-powered real estate brokerage. Pending sales were up just 4%, the smallest year-over-year increase since June 2020. Other housing market measures continued to show a typical seasonal cooling, with fewer than half of homes selling above list price and new listings of homes for sale down 20% from their 2021 peak. "Home sellers continue to show their optimism with increasing asking prices," said Redfin Chief Economist Daryl Fairweather. "However, there are already signals from the Fed and markets that mortgage rates are starting to creep up. The hit to affordability that comes with higher rates and higher home prices could let some steam out of the market It's never a good idea to overprice your home, but I would be especially wary of overpricing as seasonal cooling trends persist and rising rates take some affordability out of the homebuying equation." Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending September 26. Redfin's housing market data goes back through 2012. The median home-sale price increased 13% year over year to $356,358. This was up 0.2% from the four-week period ending September 19. Asking prices of newly listed homes were up 12% from the same time a year ago to a median of $361,250, an all-time high. Asking prices have been on the rise throughout the month of September, in a typical late-summer seasonal uptick. New listings of homes for sale were down 8% from a year earlier. New listings have been below 2020 levels since the four-week period ending August 22. Active listings (the number of homes listed for sale at any point during the period) fell 22% from 2020. 46% of homes that went under contract had an accepted offer within the first two weeks on the market, above the 43% rate of a year earlier. 33% of homes that went under contract had an accepted offer within one week of hitting the market, up from 31% during the same period a year earlier. Homes that sold were on the market for a median of 20 days, nearly a week longer than the all-time low of 15 days seen in late June and July, and down from 32 days a year earlier. 48% of homes sold above list price, up from 34% a year earlier. On average, 5% of homes for sale each week had a price drop, up 1.4 percentage points from the same time in 2020, and the highest level since the four-week period ending October 13, 2019. The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, decreased to 101%. In other words, the average home sold for 1% above its asking price. Other leading indicators of homebuying activity: Mortgage purchase applications decreased 1% week over week (seasonally adjusted) during the week ending September 24. For the week ending September 23, 30-year mortgage rates were up slightly at 2.88%. From January 1 to September 26, home tours were up 7%, compared to a 29% increase over the same period last year, according to home tour technology company ShowingTime. The Redfin Homebuyer Demand Index fell during the week ending September 26, but was up 8% from a year earlier. The seasonally adjusted Redfin Homebuyer Demand Index is a measure of requests for home tours and other home-buying services from Redfin agents. 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, 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.
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Home Affordability Slips Again for Average Workers Across U.S. in Third Quarter Amid Ongoing Price Runup
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During a Frenzied 2021 Market, Busy Real Estate Agents Processed More than 120,000 Offers Using ShowingTime's Offer Management Platform
ShowingTime also announced igloohome joined its Premier Lock Vendor program, a program that provides additional integration features for lockbox vendors with Bluetooth capabilities CHICAGO -- ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, reported that its Offer Manager platform, used by listing agents and buyer's agents across North America, helped them manage more than 120,000 offers during the real estate industry's multiple-offer frenzy of the past year. Offer Manager provides agents with an experience that is intuitive, presenting a ‘submit an offer' button that can be used from any device. It reduces the number of panic-laden "Did you get my offer?" calls, emails and text messages between agents, and instead infuses clarity into one of the many challenging tasks real estate agents face: communicating clearly with each other about offers. "Before Offer Manager, it was the 'Wild West' – agents were inundated with multiple modes of offers, including faxes, emails and even text messages with pictures of offers," said Michael Barbaro, broker/owner at Huntsman, Meade & Partners Comp in New Haven, Conn. "Some people didn't even follow up, so if you weren't expecting their offer and you didn't know to look for it, and you're fielding another 15+ other offers, it could just be overlooked. The lack of a system was the worst possible scenario for the industry." "Delays often result from communication barriers between agents, leading to confusion on the status of offers while essential documentation can easily be misplaced," said ShowingTime President Michael Lane. "With Offer Manager, listing agents and buyer's agents have a full view of the status of an offer from start to finish, all from within the interface of their existing ShowingTime showing management service. The same philosophy that has guided the development of our showing management products was in place here: provide agents with a streamlined process that will pay dividends in efficiency and productivity to fuel their growth." Offer Manager works in parallel with ShowingTime's 'schedule a showing' process and is deployed MLS-wide in many U.S. and Canadian markets. A version for brokers, teams and individual agents, Offer Manager Premium, is also available. "We received so many offers at the end of 2020 and the beginning of 2021 that it was beginning to put a strain on our admin staff and we clearly needed a solution," said Joe Kipping of Keller Williams Tampa Bay Home Team. "Before Offer Manager, all offer management would be done with an email inbox, a spreadsheet and Google Drive. Now, I can view the offer quickly and I know the buyer's agent will be sent a notification letting them know the offer was received, saving me a lot of time." MLSs in Mississippi, Nevada and North Carolina are rolling out the product for members, while multiple offices, teams and agents have signed up for Offer Manager Premium. In addition, the company announced that igloohome, the consumer brand under igloocompany, joined its Premier Lock Vendor program. They provide agents with smart lockboxes for hassle-free home access and Bluetooth® technology to provide one-tap access. "We're pleased to be a ShowingTime Premier Lock vendor," said igloocompany CEO and Founder Anthony Chow. "We share a common desire to facilitate easier, safer access to homes." About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.5 million active listings subscribed to its services. Its products are used in more than 370 Multiple Listing Services representing 1.4 million real estate professionals across Canada and the U.S. For more information, visit www.showingtime.com. About igloocompany igloocompany is the market leading smart access solution provider. The company operates a consumer line of business branded igloohome and an enterprise-focused line under iglooworks. With igloohome smart locks, consumers can grant time-sensitive access to their properties remotely leveraging on their unique technology - algoPIN™. iglooworks offers businesses a suite of solutions for remote monitoring and management of access for property and infrastructure management. Currently headquartered in Singapore, it has 13 regional offices including a U.S. presence in Texas. For more information, visit www.igloocompany.co.
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August 2021 U.S. Foreclosure Activity Rises Following the End of the Foreclosure Moratorium
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Realtor.com August Housing Report: Seller Activity Warms Up as 432,000 Newly-Listed Homes Hit the Market
U.S. housing inventory declines (-25.8%) and new listings growth (+4.3%) continued to improve over last year; August listing price adjustments approach typical 2016-2019 levels SANTA CLARA, Calif., Sept. 2, 2021 -- August housing data shows early signs of sellers beginning to compete for buyers, according to the Realtor.com Monthly Housing Report released today. As inventory and new listings continued to improve in August, the rate of sellers making price adjustments1 has begun to approach more normal levels. U.S. housing inventory declined 25.8% year-over-year in August, an improvement over last month (-33.5%). New listings were up 4.3% from last year as new sellers continued to list entry-level homes in more affordable price ranges. Additionally, the share of sellers who made listing price adjustments grew 0.7% year-over-year to 17.3% of active inventory – the highest share in 21 months and closer to typical 2016-2019 levels. "Low mortgage rates have motivated homebuyers to endure this year's challenging market and now some buyers are starting to see their persistence pay off. This month, new sellers added more affordable entry-level homes to the market compared to last year, while others began adjusting listing prices to better compete with an uptick in inventory," said Realtor.com® Chief Economist Danielle Hale. "It's still a strong seller's market, with homes selling quickly at record-high prices. But now a home priced well and in good condition may see two or three bids compared to 10 last year. For sellers not seeing as many offers, it may be worth revisiting pricing strategies as buyers continue searching for homes that fit their budgets." Inventory continues to improve as new sellers list more entry-level homes While August marked the fourth consecutive month of national inventory improvements from the steepest 2021 declines seen in April (-53.0%), the U.S. housing supply is still short 223,000 active listings compared with last year. Inventory was improving at a faster pace across the 50 largest U.S. markets in August, down an average 20.7% year-over-year, and six metros like Washington, D.C. (+17.1%) saw inventory surpass 2020 levels. Additionally, 432,000 new listings hit the national housing market in August, an increase of 18,000 over last year. Continuing last month's trend, more new sellers added to the share of entry-level homes (+6.4%), defined as single-family homes in the 750-1,750 square foot range, whereas listings with 3,000-6,000 square feet declined 4.6% in August. Virginia Beach (+17.0%), Milwaukee (+16.7%) and Tampa (+13.7%) posted the highest yearly gains in the share of entry-level homes. Across the 50 largest markets, new listings increased an average of 5.1% year-over-year in August. Regionally, the Midwest saw the biggest increase in newly-listed homes over last year (+12.5%), with Columbus, Ohio (+25.6%) and Cleveland, Ohio (+21.6%) taking two of the top five spots by highest new listings growth over last year. The South also saw a sizable yearly increase in new sellers in August (+6.1%), with Louisville, Ky. (+22.8%), Baltimore (+20.2%) and New Orleans (+19.9%) rounding out the top five metros with the biggest new listings gains. Listing price growth remains high as price adjustments approach more typical levels The U.S. median listing price increased 8.6% year-over-year to $380,000 in August, just 1.3% below last month's record price ($385,000). Yearly price growth continued moderating month-to-month in August, down from July (+10.3%), driven in part by the inventory mix shifting to include a higher share of smaller homes at lower price points. With first-time homebuyer demand still high in August, the entry-level home price ($235,000) grew 17.6% year-over-year, faster than the 15.3% increase in 3,000-6,000 single-family home prices ($749,000). However, overall yearly price growth remained historically-high in August, with only two months during the 2017-2019 period meeting or exceeding the month's growth rate over last year. Over one-third (18) of the 50 largest metros posted double-digit price gains over last year in August. Among the four primary U.S. regions, the highest yearly price increases were in the West (+9.3%) and South (+7.4%). Markets in these regions also dominated the top 10 list of metros with the biggest year-over-year price growth, at five each, including: Austin (+36.0%), Las Vegas (+22.9%), Tampa (+20.0%), Riverside, Calif. (+17.6%) and Orlando (+15.4%). Many of the metros where price growth was highest in August also saw a rise in listing price adjustments, including Austin, at a 4.1% increase in the share of price drops over last year. With Austin median home price ($544,000) up by over one-third of last year's levels in August, 23.8% of sellers in the metro made a price reduction, potentially to help compete with higher numbers of new sellers than last year (+19.6%). Additionally, as Austin first-time buyers pursued new inventory of relatively affordable entry-level homes, entry-level home prices ($404,000) posted a significant gain of 47.9% year-over-year in August. "With big city employers increasingly meeting talent in more affordable secondary metros in recent years, Austin has become one of the nation's most popular next gen tech hubs and hottest housing markets. However, data shows that even as some sellers are starting to compete for home shoppers in Austin, buyers still face fierce competition for a limited number of homes. Homebuyers looking for their next home in a tight market can use features like those on Realtor.com® to set up price alerts for new listings that match their criteria, or finetune price adjustments to surface homes closer to their budgets," said George Ratiu, Realtor.com® Manager of Economic Research. Homes continue flying off the market; seasonal norms slowly take hold The typical U.S. home spent 39 days on the market in August, 17 days faster than last year and 24 days faster than in the same month during a more typical year from 2017-2019, on average. However, time on market continues to moderate from the record-fast pace seen earlier in the pandemic, at two days slower in August than in June (37 days). Nashville had the fastest time on market, at a median of 18 days. The pace of home sales was even faster across the 50 largest U.S. metros, averaging just over a month at 33 days in August, but the yearly gap is shrinking more quickly (-12 days). Although the South saw the steepest decline in time on market (-17 days), the pace of home sales moderated from July (-22 days) across the region and in many of the fastest-selling metros. In August, Miami (-34 days), Jacksonville (-26 days) and Raleigh (-24 days) saw the biggest drops in time on market compared to last year. Methodology Housing data as of August 2021. Listings include active inventory of existing single-family homes and condos/townhomes for the given level of geography; new construction is excluded unless listed via the MLS. In this analysis, entry-level homes are defined as 750-1,750 square-foot single family homes. In this release, price adjustments are defined as home listings that had their price reduced in August 2021. Listings that had their prices increased during the month are excluded. In August, the count of listing price reductions was nearly eight times higher than the count of listing price increases. 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 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. 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. under a perpetual license from the National Association of REALTORS®. For more information, visit www.Realtor.com.
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Homebuyer Traffic Cools in July, Though Showings Remain at Historic Levels Per Data from ShowingTime
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94% of Metro Areas Saw Double-Digit Price Growth in Second Quarter of 2021
The median sales price of single-family existing homes rose 22.9% to $357,900, an increase of $66,800 from one year ago. Over a 3-year period, 46 markets had price gains of over $100,000. WASHINGTON (August 12, 2021) -- Continued low levels of housing inventory, combined with record-low mortgage rates spurring housing demand, have caused an increase in median sales prices for existing single-family homes in all but one of 183 measured markets during the second quarter of 2021. That is according to the National Association of Realtors®' latest quarterly report, which reveals that 94% of 183 metro areas also experienced double-digit price increases (89% in the first quarter of 2021). The median sales price of single-family existing homes rose 22.9% to $357,900, an increase of $66,800 from one year ago. All regions saw double-digit year-over-year price growth, which was led by the Northeast (21.8%), followed by the South (21.0%), West (20.9%), and Midwest (17.1%). "Home price gains and the accompanying housing wealth accumulation have been spectacular over the past year, but are unlikely to be repeated in 2022," said Lawrence Yun, NAR chief economist. "There are signs of more supply reaching the market and some tapering of demand," he continued. "The housing market looks to move from 'super-hot' to 'warm' with markedly slower price gains." That said, 12 metro areas did report price gains of over 30% from one year ago, eight of which are in the South and West regions, including Pittsfield, Mass. (46.5%); Austin-Round Rock, Texas (45.1%); Naples-Immokalee-Marco Island, Fla. (41.9%); Boise City-Nampa, Idaho (41%); Barnstable, Mass. (37.8%); Boulder, Colo. (37.7%); Bridgeport-Stamford-Norwalk, Conn. (37.1%); Cape Coral-Fort Myers, Fla. (35.6%); Tucson, Ariz. (32.6%); New York-Jersey City-White Plains, N.Y.-N.J. (32.5%); San Francisco-Oakland-Hayward, Calif. (31.9%); and Punta Gorda, Fla. (30.8%). Yun notes that home prices are increasing sharply in the San Francisco and New York metro areas. Over the past three years, the typical price gain on an existing single-family home totaled $89,900, with price gains in all 182 markets. In 46 out of 182 markets, homeowners typically experienced price gains of over $100,000. The largest price gains were in San Francisco-Oakland-Hayward, Calif. ($315,000); San Jose-Sunnyvale-Sta. Clara, Calif. ($294,000); Anaheim-Sta. Ana Irvine, Calif. ($279,500); Barnstable, Mass. ($220,600); and Boise-City-Nampa, Idaho ($206,300). With home prices rising, the monthly mortgage payment on an existing single-family home financed with a 30-year fixed-rate loan and 20% down payment rose to $1,215. This is an increase of $196 from one year ago. The monthly mortgage payment grew even as the effective 30-year fixed mortgage rate decreased to 3.05% (3.29% one year ago). Among all homebuyers, the monthly mortgage payment as a share of the median family income rose to 16.5% in the second quarter of 2021 (14.0% one year ago). "Housing affordability for first-time buyers is weakening," Yun explained. "Unfortunately, the benefits of historically-low interest rates are overwhelmed by home prices rising too fast, thereby requiring a higher income in order to become a homeowner." Among first-time buyers, the mortgage payment on a 10% down payment loan jumped to 25% of income (21.2% one year ago). A mortgage is affordable if the payment amounts to no more than 25% of the family's income. In 17 metro areas, a family needed more than $100,000 to affordably pay a 10% down payment mortgage (14 metro areas in 2021 Q1. These metro areas are in California (San Jose-Sunnyvale-Sta. Clara, San Francisco-Oakland-Hayward, Anaheim-Sta. Ana-Irvine, San Diego-Carlsbad, Los Angeles-Long Beach-Glendale), Hawaii (Urban Honolulu), Colorado (Boulder, Denver-Aurora), Washington (Seattle-Tacoma-Bellevue), Florida (Naples-Immokalee-Marco Island), Connecticut (Bridgeport-Stamford-Norwalk), New York (Nassau, New York-Newark-Jersey City), Massachusetts (Boston, Barnstable), District of Columbia-Virginia-Maryland-West Virginia (Washington-Arlington-Alexandria), and Oregon-Washington (Portland-Vancouver-Hillsboro). There were only 84 metro area markets in which a family needed less than $50,000 to afford a home, down from 104 markets in 2021 Q1. The most affordable markets – where a family can typically afford to buy a home financed with a 10% down payment with an income of $25,000 or less – are in the Rust Belt areas of Youngstown-Warren Boardman, Ohio ($24,401); Peoria, Illinois ($24,013); Cumberland, Maryland ($23,773); and Decatur, Illinois ($21,481). "Housing supply will be critical in moderating the growing housing costs and rising rents," Yun said. "Any disincentive to produce more housing inventory, such as extending the eviction moratorium, will only worsen the current shortage," Yun said. Yun noted that NAR has requested "expeditious release" of rental subsidy funds in order to assist those who may be facing eviction. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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Serious Improvement: CoreLogic Reports That in May, the U.S. Serious Delinquency Rate Fell to Lowest Level Since June 2020
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Pending Home Sales Fall 1.9% in June
Compared to the month before, contract signings rose in the Northeast and Midwest but fell in the South and West. WASHINGTON (July 29, 2021) -- Pending home sales declined marginally in June after recording a notable gain in May, the National Association of Realtors reported. Contract activity was split in the four major U.S. regions from both a year-over-year and month-over-month perspective. The Northeast recorded the only yearly gains in June. The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, fell 1.9% to 112.8 in June. Year-over-year, signings also slipped 1.9%. An index of 100 is equal to the level of contract activity in 2001. "Pending sales have seesawed since January, indicating a turning point for the market," said Lawrence Yun, NAR's chief economist. "Buyers are still interested and want to own a home, but record-high home prices are causing some to retreat. "The moderate slowdown in sales is largely due to the huge spike in home prices," Yun continued. "The Midwest region offers the most affordable costs for a home and hence that region has seen better sales activity compared to other areas in recent months." June Pending Home Sales Regional Breakdown The Northeast PHSI increased 0.5% to 98.5 in June, an 8.7% rise from a year ago. In the Midwest, the index grew 0.6% to 108.3 last month, down 2.4% from June 2020. Pending home sales transactions in the South fell 3.0% to an index of 132.4 in June, down 4.7% from June 2020. The index in the West decreased 3.8% in June to 98.1, down 2.6% from a year prior. Yun forecasts that mortgage rates will start to inch up toward the end of the year. "This rise will soften demand and cool price appreciation." "In just the last year, increasing home prices have translated into a substantial wealth gain of $45,000 for a typical homeowner," he said. "These gains are expected to moderate to around $10,000 to $20,000 over the next year." According to Yun, the 30-year fixed mortgage rate is likely to increase to 3.3% by the end of the year, and will average 3.6% in 2022. With the slight uptick in mortgage rates, he expects existing-home sales to marginally decline to 5.99 million (6 million in 2021). Yun added that, with demand easing and housing starts improving to 1.65 million (1.565 in 2021), existing-home sales prices are expected to increase at a slower pace of 4.4% in 2022 (14.1% in 2021) to a median of $353,500. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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Annual Foreign Investment in U.S. Existing-Home Sales Falls 27% to $54.4 Billion, Lowest Level in a Decade
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June's Rapid Slowdown in Demand Brings Home Showing Traffic to More Normal Levels per Data from ShowingTime
Uptick in inventory expected, along with ease of pressure on prices, yet first five days of listings still hyperactive with double digit showings, offers submitted quickly CHICAGO - (July 20, 2021) -- ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, found that showing activity slowed during June compared to prior months, but remained hyperactive during the first few days listings go on the market in cities across the country. According to the ShowingTime Showing Index®, 64 markets still averaged double-digit showings per listing during the month, led again by Seattle and Denver. That was down almost half from May, when 113 markets averaged double-digit showings per listing, and down from a very busy April when 146 markets were in double digits. "Buyer demand remains healthy," said ShowingTime President Michael Lane. "Showing traffic is still above last year's levels – other than in the Northeast, where it is down 3 percent from last year – though we saw a quick month-to-month drop in the number of showings per listing in June, showing an uncharacteristically rapid slowdown in real estate demand coming into the summer. This is likely to cause an increase in inventory levels in the coming months and ease the upward pressure on real estate prices that has pushed them to historic highs over the last 12 months." Though the volume of showings declined from prior months, the first five days listings are active remain critical for buyers, when showing calendars tend to fill up quickly. Listings in Riverside and Bakersfield, Calif., Buffalo and Rochester, N.Y., Los Angeles, Raleigh, N.C., and Grand Rapids, Mich., each averaged more than 30 showings just in the first five days. Buyer demand remained strong enough in June to drive year-over-year jumps in showing traffic in the South (20.5 percent), the West (14.4 percent) and the Midwest (14.1 percent), leading to a 7.8 percent jump year over year in activity throughout the U.S. overall. The Northeast Region, however, saw a drop of 3.2 percent, the first drop in showing activity in any region since April 2020 when real estate continued to grapple with the effects of the pandemic. 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. The Showing Index tracks the average number of appointments received on active listings during the month. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.5 million active listings subscribed to its services. Its products are used in 370 MLSs representing 1.4 million real estate professionals across the U.S. and Canada. Contact us at [email protected]
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Realtor.com June Rental Report: Rents Surge to New Highs Nationwide
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Realtor.com Housing Report: New Listings Stage a Comeback in June as Home Prices Hit a New High
Top markets for new listings growth include: Milwaukee (+44.7%), San Jose (+40.7%), and Cleveland (37.9%) SANTA CLARA, Calif., July 1, 2021 -- New listings showed signs of a comeback in June as home prices broke a new record for the fifth month in a row at $385,000, according to the Realtor.com® Monthly Housing Report released today. While the number of homes for sale remained drastically lower than normal with a 43.1% decline over last year, June marks a significant improvement over last month's 50.9% decline. "Although there's still a significant shortage of homes for sale and home prices just hit a new high, our June data report shows good news on the horizon for buyers," said Realtor.com® Senior Economist George Ratiu. "Inventory declines improved over the steep drops seen earlier in the pandemic as sellers stepped back into the market in a variety of price ranges across the country. The improvement we saw in new listings growth from May to June shows sellers are entering the market historically later in the season, which could mean we'll see home buying continue into the fall as buyers jump at new opportunities." According to the Realtor.com® data, June new listings increased 5.5% year-over-year and 10.9% over last month. Among the largest U.S. metros, the 10 markets with the highest new listings increases posted gains of 20% or more year-over-year. Although there were fewer homes actively for sale on a typical day in June compared to last year and to the average June from 2017-2019, the uptick in newly-listed homes may be giving buyers more homes to choose from and potentially more time to make decisions. If these trends persist, inventory declines and price growth may continue to moderate as the housing market returns to a more normal pace of activity heading into the second half of 2021, Ratiu said. Inventory declines continue to slow as new listings diverge from typical summer trend U.S. inventory was down 43.1% year-over-year last month, representing 415,000 fewer homes for sale on a typical day in June compared to the same time last year, but an improvement over the more than 50% year-over-year declines seen in March, April and May. While more sellers entered the market in June compared to last year, new listings growth was still 14.4% below the average of the June levels seen from 2017 to 2019. Compared to the national rate in June, inventory took bigger steps towards recovery in the 50 largest metros, declining 40.5% year-over-year as big city sellers added 11.7% more listings to the market. New listings were up over 20% year-over-year in the 10 metros that saw the biggest gains, including Milwaukee (+44.7%), San Jose (+40.7%), and Cleveland (37.9%). Listing prices reach latest new high as growth moderates In June, the median U.S. listing price grew 12.7% over last year to $385,000, marking the fifth straight month of record-high prices seen according to Realtor.com® data, which dates back to 2012. However, the year-over-year pace of price growth moderated for the second consecutive month in June, down from 15.2% in May. Listing price growth in the biggest U.S. metros is moderating more quickly than the national pace, increasing 5.3% year-over-year in June, below the growth levels seen in May (+7.4%) and April (+11.6%). Among the nation's 50 largest markets, Austin, Texas continued its 2021 streak of taking the top spot by price growth, up 34.3% year-over-year. Riverside, Calif., and Tampa also saw some of the biggest price gains over last year, with each rising by 19.6%. Homes continue to fly off the market as buyers compete for inventory The typical home spent 37 days on the market in June, 35 days faster than last year and 21 days faster than the average time on market from 2017, 2018 and 2019, a more normal market. Denver and Rochester tied for the fastest time on market in June at a median 12 days, followed by Nashville (15 days). Homes sold even faster in the 50 largest U.S. metros, spending an average of 31 days on market and down 23 days year-over-year. Big cities that saw the biggest declines in days on market were Miami (-52 days), Raleigh (-48 days), and Pittsburgh (-48 days). June 2021 Housing Overview by Top 50 Largest Metros *Median listing price declines in these markets are largely reflective of a change in the mix of inventory due to more newly listed homes being in lower price tiers. 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 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. 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. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com®.
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Home Affordability Declines for Average Workers Across U.S. in Second Quarter as Prices Soar
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Unusual Decline in Showings Reported for May Compared to April, Although Buyer Activity Remains at an All-time High Per Data from ShowingTime
113 markets – led again by Denver and Seattle – recorded double-digit showings per listing in May, down from 146 markets in April but still well ahead of last year's pace CHICAGO - (June 22, 2021) -- ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, found that although May buyer traffic declined compared to April, it remains elevated from the same time last year, according to the ShowingTime Showing Index®. Of the 30 busiest markets for showings across the U.S., 28 recorded month-over-month declines from April. The exceptions were Orlando, Fla., and Raleigh, N.C., which were unchanged. Jackson, Tenn., bucked the trend, recording an 11 percent increase in the average number of showings per listing. May's ebb in traffic suggests the U.S. residential real estate market is adjusting and stabilizing, as inventory levels begin to rise again. "It's common for showing traffic to reach a high point in April and remain there for a couple of months," said ShowingTime President Michael Lane. "The unusual May decline doesn't take away from the fact that showings continue to be at an all-time high, with year-over-year traffic up nearly 65 percent in some regions of the country." Showings increased 49.6 percent year-over-year in the U.S., with the Northeast region leading the way with a 63.5 percent increase compared to last May. It was followed closely by the West's increase of 60.5 percent, while the South increased 43.7 percent and the Midwest was up 40.7 percent year over year. "Although showing traffic continues at a historic pace, we saw a substantial month-to-month decrease from April's levels," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "As we stated last month, even if demand begins to weaken, we'll still be far from a buyer's market since the demand for real estate remains at an unprecedented level." May marks the one-year point in which showing activity resumed in earnest after pandemic-induced drops. The infusion of additional inventory should come as a relief to buyers. 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. The Showing Index tracks the average number of appointments received on active listings during the month. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.5 million active listings subscribed to its services. Its products are used in 370 MLSs representing 1.4 million real estate professionals across the U.S. and Canada. Contact us at [email protected]
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Home Flipping Rate and Gross Profits Decline Across U.S. in First Quarter of 2021
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Realtor.com Housing Report: Home Prices Reach New High at $380,000 in May
Price Growth Remained in Double Digits for 10th Straight Month in May; Price Growth Moderation Expected Later in 2021 SANTA CLARA, Calif., June 3, 2021 -- The U.S. median home price continued its double-digit appreciation in May reaching a new an all-time high of $380,000, but in a good sign for home shoppers contending with a competitive housing market, the rate of price growth moderated for the second time in 13 months, according to the Realtor.com® Monthly Housing Trends Report released today. In what is looking more like a typical home-buying season, sellers continued to come to the market in May with new listings up 5.4% year-over-year. However, with less than half the total number of homes for sale compared to last year, homes are selling 32 days faster than a year ago and 18 days faster than 2017-2019. It is important to note that the housing market stalled during the early days of the pandemic last April and May, exaggerating many of the year-over-year comparisons. To provide perspective, 2017-2019 comparisons are provided when appropriate. "Home buyers looking to lock in still low mortgage rates face fierce competition for fewer homes for sale than last year's historic pandemic lows, pushing up the typical asking price in May to an all-time high for the fourth consecutive month," said Realtor.com® Chief Economist Danielle Hale. "The good news is that price momentum may be beginning to cool off. While still in the double-digits, May was the first non-weather related slowing in price appreciation since April 2020. And with a normal, summer seasonal peak in home prices expected this year, we could see growth fall back to a more normal single-digit pace in the fall." Hale said Realtor.com®'s May data indicates that large metros may be leading the national cooldown in price growth thanks to more new sellers. In May, the largest metros saw lower annual price gains than the national rate and some of the largest number of new homes added to the market. Prices hit all-time high as growth pace slows Nationally, the median list price grew to $380,000 in April, the latest all-time high seen according to Realtor.com® data, which dates back to 2012. Although the tenth consecutive month of double-digit price increases, the pace of growth slowed to 15.2% year-over-year in May, lower than the 17.2% year-over-year increase reported in April. Active listing prices in the nation's largest metros grew by an average of 7.4% in May compared to last year. Among the 50 largest U.S. metros, Austin, Texas (+32.2%), Riverside, Calif. (+21.5%), and Las Vegas (+18.5%) saw the largest increases. Tight inventory even as sellers add new listings Nationally, the total inventory of unsold homes (including pending listings) declined 20.8% from May 2020, while active listings were more than half of (-50.9%) last year's levels. New listings grew 5.4% compared to last year. Although more sellers are entering the market, there were 522,000 fewer homes actively for sale in May compared to a year ago, when the market had stalled due to the pandemic. Compared to the typical rate seen in May from 2017 to 2019, sellers added 23.3% fewer newly listed homes last month. The nation's 50 largest metros gained 12.4% new listings compared to last year in May, over twice the average national rate. Many of the metros that saw the largest gains were cities that were impacted by the pandemic first such as Buffalo, N.Y., up 64.3%, Philadelphia (+52.5%) and Washington, D.C.(+48.9%). Homes sold more than a month faster than last year With less than half the amount of homes for sale than this time last year, prospective homeowners are feeling the pressure to move quickly with average time on market reaching a new low in May at 39 days. This is 32 days faster than last year. Homes sold 19 days faster on average in May, compared to 2017 to 2019. May home sales were fastest in Rochester, N.Y., which saw a median 11 days on market, and Columbus, Ohio (13 days) and Denver (14 days). May 2021 Housing Overview by Top 50 Largest Metros *Some data for Pittsburgh has been excluded due to data quality. 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 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. 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. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com.
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REALM and Aidentified Integration Drives the Future of Luxury Real Estate through Technology and Innovation
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Buyers Carry Momentum Into 2021, Led By a Record Number of Home Tours In Austin, Boulder, Denver and Seattle Per Data from ShowingTime
Double-digit showings per listing in 16 of the top 20 cities tracked, including Columbus and Akron, Ohio, Portland, Ore., Omaha, Neb., and Springfield, Mass. CHICAGO - (February 23, 2021) -- ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, reported that home shoppers carried their end-of-year showing activity momentum into January, with home tours across the country up 55.1 percent year-over-year as more listings came on the market in some metro areas. "Austin, Boulder, Denver and Seattle all logged substantial month-over-month increases in showings," said ShowingTime President Michael Lane. "With a limited number of homes to see, showings per listing jumped to levels we’ve never seen before. Seattle recorded more than 26 showings per listing in January, Denver had 23 and Austin recorded 18 showings per listing. The nationwide average in the markets we track is eight showings per listing." Other cities – including Ocean City, N.J., Madison, Wis., Salt Lake City, Utah and Columbus, Ohio – all recorded at least 70 percent increases in showings versus December. "It's clear that buyers decided to come out in January instead of waiting until spring to shop for homes," Lane said. "While the winter storms that affected most of the country in February will have a downward impact and will be reflected in our next report, we expect to continue seeing big jumps in buyer activity once cities thaw out and more listings come on the market." For the third consecutive month, the West Region experienced the most significant year-over-year increase in showing activity, with a jump of 90 percent. The other regions also recorded year-over-year increases, though at a slower pace than in December. The Midwest was up 57.3 percent, the Northeast 52.2 percent, and the South increased 51 percent. "As anticipated, demand for real estate remains elevated and continues to be affected by low levels of inventory," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "On average, each home is getting 50 percent or more requests this year compared to January of last year. As we head into the busy season, it’s likely we’ll push into even more extreme territory until the supply starts catching up with demand." 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. The Showing Index tracks the average number of appointments received on active listings during the month. About ShowingTime ShowingTime is the residential real estate industry’s leading showing management and market stats technology provider, with more than 1.5 million active listings subscribed to its services. Its products are used in 370 MLSs representing 1.4 million real estate professionals across the U.S. and Canada. Contact us at [email protected]
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Home Price Increases in Opportunity Zone Redevelopment Areas Keeping Pace with Nationwide Gains
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U.S. Home Seller Profits Soar in 2020 as Prices Set New Records in Spite of Coronavirus Pandemic
Profits on Home Sales Increase in Nine of Every 10 Housing Markets in 2020; National Median Home Price Up 13 Percent From Last Year to $266,250; Homeowners Now Staying In Their Homes More Than Eight Years Before Selling IRVINE, Calif. -- Jan. 28, 2021 -- ATTOM Data Solutions, curator of the nation's premier property database, today released its Year-End 2020 U.S. Home Sales Report, which shows that home sellers nationwide in 2020 realized a home-price gain of $68,843 on the typical sale, up from $53,700 in 2019 and $48,500 two years ago. Profits rose in more than 90 percent of housing markets with enough data to analyze and the latest figure, based on median purchase and resale prices, marked the highest level in the United States since at least 2005. The $68,843 profit on median priced single-family homes and condos represented a 34.7 percent return on investment compared to the original purchase price, up from 29.4 percent last year and 27.2 percent in 2018, to the highest average home-seller return on investment since 2006. Both raw profits and ROI have improved nationwide for nine straight years. And last year's gain in ROI – up more than five percentage points – marked the largest annual increase since 2017. Profits shot up as the national median home price rose 12.8 percent in 2020 to $266,250 – a record high. The combination of rising profits and record prices came during a year when the national housing market fended off damage that afflicted wide swaths of the U.S. economy after the Coronavirus pandemic of 2020 began spreading across the country in February. Unemployment rose to levels not seen since the Great Depression as millions of businesses temporarily or permanently closed or cut back. But a housing market boom that began in 2012 continued into its ninth year as a spate of buyers relatively unaffected financially by the pandemic – including a cluster looking to escape virus-prone urban areas – chased a declining supply of houses and pushed prices ever higher. "Last year marked a unique year in the history of home prices and profits in the United States. A once-in-a-century health crisis tore through much of the nation's economy but seemed to have the opposite effect on the housing market," said Todd Teta, chief product officer at ATTOM Data Solutions. "Demand remained strong as people who could afford the space and relative safety of single-family homes did just that, aided by super-low mortgage rates and a strong stock market. But they went after a narrowing supply of housing stock, so prices soared and so did seller profits. While it's unclear how long that will last, in the annals of history, there will be few years recorded as better for sellers and more challenging for buyers." Among 132 metropolitan statistical areas with a population greater than 200,000 and sufficient sales data, those in western states continued to reap the highest returns on investment, with concentrations on or near the West Coast. The top 10 metro areas with the highest ROIs on typical home sales were all in the West, led by in San Jose, CA (87.3 percent return on investments); Seattle, WA (72.1 percent); Salem, OR (69.6 percent); Spokane, WA (69.2 percent) and San Francisco, CA (68.2 percent). Prices rise at least 10 percent in more than half the country as most markets hit new highs The U.S. median home price increased 12.8 percent in 2020, hitting an all-time annual high of $266,250. The annual home-price appreciation in 2020 outpaced the combined increases of 4.4 percent in 2019 and the 4.8 percent increase in 2018. The increase in 2020 topped all annual gains since at least 2006 in the United States. Since the U.S. housing market began recovering in 2012 from the Great Recession of the late 2000s, the national median home price has risen 72.3 percent. All 132 metropolitan statistical areas with a population of 200,000 or more and sufficient home price data saw median prices increase in 2020, while 69 saw prices spike at least 10 percent. Those with the biggest year-over-year increases in median home prices were Bridgeport, CT (up 21.4 percent); Myrtle Beach, SC (up 20.5 percent); Crestview-Fort Walton Beach, FL (up 19.6 percent); Boise, ID (up 18.7 percent) and Hilton Head, SC (up 18.3 percent). The largest median-price increases in metro areas with a population of at least 1 million in 2020 came in Milwaukee, WI (up 15.3 percent); Memphis, TN (up 15.1 percent); Phoenix, AZ (up 14.9 percent); Birmingham, AL (up 13.7 percent) and Seattle, WA (up 12.9 percent). Home prices in 2020 reached new peaks in 129 of the 132 metros (97 percent) analyzed, including New York, NY; Los Angeles, CA; Chicago, IL; Dallas, TX and Houston, TX. The smallest gains among the 132 metro areas were in Worcester, MA (up 1.9 percent); Harrisburg, PA (up 2 percent); Pittsburgh, PA (up 3.3 percent); Boston, MA (up 3.5 percent) and Daphne-Fairhope, AL (up 4.1 percent). Profit margins increase in more than 90 percent of nation Profit margins on typical home sales rose in 121 of the 132 metro areas with sufficient data to analyze in 2020 (92 percent). The largest annual increases in investment returns came in Mobile, AL (margin up 181.1 percent); Augusta, GA (up 112.8 percent); Huntsville, AL (up 84.4 percent); Davenport, IA (up 75.6 percent) and New Haven, CT (up 73.4 percent). Among metro areas with a population of at least 1 million in 2020, the largest annual ROI increases were in Birmingham, AL (up 71.5 percent); Hartford, CT (up 56.9 percent); Cleveland, OH (up 52.2 percent); Rochester, NY (up 49.9 percent) and St. Louis, MO (up 45.7 percent). The biggest annual decreases in investment returns in 2020 came in Honolulu, HI (down 11.8 percent); Greeley, CO (down 8.9 percent); Miami, FL (down 7.7 percent); Cape Coral, FL (down 7.4 percent) and San Francisco, CA (down 5.7 percent). Aside from Miami and San Francisco, the only metro areas with a population of at least 1 million and declining profit margins in 2020 were Pittsburgh, PA (down 4.1 percent); Denver, CO (down 3.3 percent) and Dallas, TX (down 0.9 percent). Homeownership tenure hits another record nationwide Homeowners who sold in the fourth quarter of 2020 had owned their homes an average of 8.33 years, up from 7.98 years in the previous quarter and 7.96 years in the fourth quarter of 2019. The latest figure represented the longest average home-seller tenure since at least the first quarter of 2000, the earliest period of available data. Tenures were up, year over year, in 73, or 68 percent, of the 107 metro areas with a population of at least 200,000 and sufficient historical data. As in the third quarter of 2020, the top tenures for home sellers in the fourth quarter of 2020 were all in Connecticut: Bridgeport, CT (13.15 years); Norwich, CT (12.98 years); Torrington, CT (12.83 years); New Haven, CT (12.47 years) and Hartford, CT (12.23 years). Counter to the national trend, 34 of the 107 metro areas (32 percent) posted a year-over-year decrease in average home-seller tenure, led by Madera, CA (down 10 percent); Champaign, IL (down 9 percent); Salem, OR (down 9 percent); Boston, MA (down 8 percent) and Cincinnati, OH (down 8 percent. Cash sales at 13-year low in 2020 Nationwide, all-cash purchases accounted for 23.5 percent of single-family home and condo sales in 2020, the lowest level since 2007. The latest figure was down from 25.2 percent in 2019 and 27 percent in 2018, and was well off the 38.4 percent peaks in 2011 and 2012. Among 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 2020 were the same as in 2019: Macon, GA (48.7 percent of sales); Naples, FL (47.2 percent); Chico, CA (46 percent); Fort Smith, AR (43 percent) and Montgomery, AL (41.8 percent). U.S. distressed sales share at 15-year low Distressed home sales — including bank-owned (REO) sales, third-party foreclosure auction sales and short sales — accounted for 7.8 percent of all U.S. single-family home and condo sales in 2020, down from 11.1 percent in 2019 and 12.4 percent in 2018. The latest figure was less than one-quarter of the peak of 38.6 percent in 2011 and marked the lowest point since 2005. States where distressed sales comprised the largest portion of total sales in 2020 were Connecticut (15.3 percent of sales), Rhode Island (14.7 percent), Delaware (13.8 percent), Illinois (12.6 percent) and Maryland (12.6 percent). Those with the lowest were Utah (2.1 percent), Maine (2.2 percent), Idaho (2.6 percent), Montana (3.2 percent) and Mississippi (3.5 percent). Among 196 metropolitan statistical areas with a population of at least 200,000 and with sufficient data, those where distressed sales represented the largest portion of all sales in 2020 were Chico, CA (18 percent of sales); Atlantic City, NJ (17.6 percent); Peoria, IL (16.8 percent); New Haven, CT (16.2 percent) and Norwich, CT (16.2 percent). Those with the smallest shares were Provo, UT (1.8 percent of sales); Salt Lake City, UT (1.9 percent); Ogden, UT (2.1 percent); Savannah, GA (2.3 percent) and San Jose, CA (2.9 percent). Among 53 metropolitan statistical areas with a population of at least 1 million, those with the highest levels of distressed sales in 2020 were Hartford, CT (15.5 percent of sales); Providence, RI (14.9 percent); Baltimore, MD (13.9 percent); Cleveland, OH (13.5 percent) and Chicago, IL (12.2 percent). Aside from San Jose and Salt Lake City, metro areas with at least 1 million people that had the lowest shares were Austin, TX (3.1 percent of sales); San Francisco, CA (3.6 percent) and Seattle, WA (3.8 percent). Institutional investing at lowest level this century Institutional investors nationwide accounted for 2.2 percent of all single-family home and condo sales in 2020 – the lowest level since at least 2000. The latest figure was down from 3.2 percent in 2019 and 3 percent in 2018. Among metropolitan statistical areas with a population of at least 200,000 and sufficient institutional-investor sales data, those with the highest levels of institutional-investor transactions in 2020 were Memphis, TN (7 percent of sales); Atlanta, GA (6.8 percent); Laredo, TX (6.2 percent); Fort Wayne, IN (6.2 percent) and Montgomery, AL (6.1 percent). FHA sales remain low as portion of all transactions Nationwide, buyers using Federal Housing Administration (FHA) loans accounted for 11.9 percent of all single-family home and condo purchases in 2020, down from 12 percent in 2019 but up from 10.6 percent in 2018. Still, the 2020 percentage marked the second-lowest annual level since 2008. Among metropolitan statistical areas with a population of at least 200,000 and sufficient FHA-buyer data in 2020, those with the highest share of purchases made with FHA loans again were in Texas. They were led by McAllen, TX (31.5 percent of sales); El Paso, TX (26.6 percent); Beaumont, TX (26.6 percent); Amarillo, TX (24.9 percent); and Visalia, CA (24.7 percent). Report methodology The ATTOM Data Solutions U.S. Home Sales Report provides percentages of distressed sales and all sales that are sold to investors, institutional investors and cash buyers, a 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 Data Solutions ATTOM Data Solutions 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 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, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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Buyer Activity Continued Its Late-season Surge Across the U.S., Led by Denver, Colorado Springs and Three Utah Cities
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Realtor.com December Rental Report: Rents in Major Cities Continue to Decline Double Digits
Rent prices for one- and two-bedroom apartments were up compared to this time last year SANTA CLARA, Calif., Jan. 21, 2021 -- Major urban markets, such as San Francisco and Manhattan, continue to see double-digit declines compared to last year, but rent increases in less dense areas have kept nationwide rents growing for one- and two-bedroom units, according to the realtor.com December rental report released today. Nationally, the median rent for studio apartments was down 0.7% year-over-year, rent for one-bedrooms was up 0.8%, and rent for two-bedrooms was up 2.6% year-over-year. "Right now is a great time for renters in major cities to lock in a low price for 2021," said realtor.com® Chief Economist, Danielle Hale. "But renters in some other areas are seeing a very different trend. With more flexibility and more time at home, renters have sought out extra space, driving up rents in the suburbs and less dense markets. As vaccines are being rolled out nationwide, the question is, how much longer will these trends continue? What's clear, is that the mantra of real estate being local very much applies to rents, not just home prices." San Francisco led the nation in declines with average monthly rents falling 33.8%, 25.5% and 22.8% for studio, one-bedroom and two-bedrooms units year-over-year, respectively. Rents for studios and one-bedrooms in nearby Santa Clara, Calif. and San Mateo, Calif. counties also saw double-digit decreases in December. Outside of the Bay Area, Manhattan, Boston, Seattle, and Washington, D.C. were among the metros seeing the largest year-over-year declines. These markets also represent some of the most expensive cities in the country, giving rents the most room to fall. In December, the median studio rent in Manhattan was $2,288, down 21.0% year-over-year. Median one-bedroom rent in Manhattan was $3,100, down 18.4% compared to last year. Median two-bedroom rent in Manhattan was $5,200 in December, down 16.1% compared to last year. When it comes to rent increases, Sacramento, Calif. is leading the nation with average monthly rent increasing 20.3%, 12.4%, and 9.1% for studio, one-bedroom and two-bedrooms year-over-year, respectively. It was followed by New Haven County, Conn.; Essex County, N.J.; and Monroe County, N.Y., which saw average gains of 13.3%, 11.9%, and 11.9%, respectively. To see the full report, including which metros had the greatest increase in rent prices, see here. Top 10 Markets for Studio Rent Decreases - December 2020 Top 10 Markets for 1-Bed Rent Decreases - December 2020 Top 10 Markets for 2-Bed Rent Decreases - December 2020 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 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. 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. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Realtor.com December Housing Report: Number of Homes for Sale Hits an All-Time Low
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Homeownership Slips Into Unaffordable Territory Across Majority of U.S. in Fourth Quarter of 2020
Average Wage Below Level Needed To Afford Typical Home in the U.S.; Affordability Worsened in Fourth Quarter in 55 Percent of Housing Markets; Median Home Prices Up At Least 10 Percent in Most of Nation IRVINE, Calif. - Dec. 31, 2020 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its fourth-quarter 2020 U.S. Home Affordability Report, showing that median home prices of single-family homes and condos in the fourth quarter of 2020 were less affordable than historical averages in 55 percent of counties with enough data to analyze, up from 43 percent a year ago and 33 percent three years ago. Yet rising wages and falling mortgage rates still helped keep median home prices close to affordable for average wage earners across the country. The report determined affordability for average wage earners by calculating the amount of income needed to make monthly house payments — including mortgage, property taxes and insurance — on a median-priced home, assuming a $100,000 loan 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, which has changed from earlier reports to account for higher down payments and two-worker households). Compared to historical levels, 275 of the 499 counties analyzed in the fourth quarter of 2020, or 55 percent, were less affordable than past averages, up from 217 of the same group of counties in the fourth quarter of 2019 and 164 in the fourth quarter of 2017. The fallback came as continued spikes in median home prices of at least 10 percent over the past year in most of the country outpaced the impact of increasing wages and declining mortgage rates to historic lows. Those price increases occurred as the U.S. housing market kept booming despite economic troubles related to the ongoing Coronavirus pandemic. With prices rising faster than earnings, major home-ownership expenses consumed 29.6 percent of the average wage across the nation during the fourth quarter of 2020. That figure was up from 26.4 percent in the fourth quarter of 2019 and was above the 28 percent benchmark lenders prefer for how much homeowners should spend on those major expenses – mortgage payments, insurance and property taxes. Those costs exceeded the benchmark in 59 percent of the counties included in the fourth-quarter 2020 report. "Owning a home in the United States slipped into the unaffordable zone for average workers across the nation in the fourth quarter as the numbers continued a year-long slide in the wrong direction. The latest housing market data shows the average worker unable to meet the 28 percent affordability guideline used by lenders," said Todd Teta, chief product officer with ATTOM Data Solutions. "That's happened as home prices have continued rising throughout 2020 and the housing market has remained remarkably resilient in the face of the brutal economic fallout from the Coronavirus pandemic. The future remains wholly uncertain and affordability could swing back into positive territory. But for now, things are going in the wrong direction for buyers." Among the 499 counties in the report, 203 (41 percent) had major home-ownership expenses on typical homes in the fourth quarter that were affordable for average local wage earners. The largest of those counties, based on the 28-percent guideline, were Cook County (Chicago), IL; Harris County (Houston), TX; Philadelphia County, PA; Hillsborough County (Tampa), FL and Cuyahoga County (Cleveland), OH. The most populous of the 296 counties with unaffordable major expenses on median-priced homes for average earners in the fourth quarter of 2020 (53 percent of the counties analyzed) were Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, (outside Los Angeles), CA, and Miami-Dade County, FL. Home prices up at least 10 percent in more than three quarters of country Median home prices in the fourth quarter of 2020 were up by at least 10 percent from the fourth quarter of 2019 in 395, or 79 percent, of the 499 counties included in the report. Counties were included if they had a population of at least 100,000 and at least 50 single-family home and condo sales in the fourth quarter of 2020. Among the 41 counties with a population of at least 1 million, the biggest year-over-year gains in median prices during the fourth quarter of 2020 were in Cook County (Chicago), IL (up 32 percent); Philadelphia County, PA (up 22 percent); Fulton County (Atlanta), GA (up 22 percent); Travis County (Austin), TX (up 20 percent) and Contra Costa County, CA (outside San Francisco) (up 19 percent). Counties with a population of at least 1 million that had the smallest increases (or price declines) in the fourth quarter were Middlesex County, MA (outside Boston) (down 9 percent); New York County (Manhattan), NY (down 3 percent); Fairfax County, VA (outside Washington, DC) (up 3 percent); Queens County, NY (up 8 percent) and Montgomery County, MD (outside Washington, DC) (up 8 percent). Price appreciation up more than wage growth in over 90 percent of markets Home price appreciation outpaced average weekly wage growth in the fourth quarter of 2020 in 460 of the 499 counties analyzed in the report (92 percent), with the largest counties including Los Angeles County, CA; Cook County (Chicago), IL; Harris County (Houston), TX; Maricopa County (Phoenix), AZ, and San Diego County, CA. Average annualized wage growth outpaced home price appreciation in the fourth quarter of 2020 in only 39 of the 499 counties in the report (8 percent), including New York County (Manhattan), NY; Middlesex County, MA (outside Boston); Fairfax County, VA (outside Washington, DC); Honolulu County, HI, and Hidalgo County (McAllen), TX. Average wages needed to afford median-priced home exceed $75,000 in a quarter of markets Annual wages of more than $75,000 were needed in the fourth quarter of 2020 to afford the typical home in 124, or 25 percent, of the 499 markets in the report. The highest annual wages required to afford the typical home were in San Mateo County (outside San Francisco), CA ($282,117); New York County (Manhattan), NY ($297,010); San Francisco County, CA ($277,757); Marin County (outside San Francisco), CA ($270,893) and Santa Clara County (San Jose), CA ($250,700). The lowest annual wages required to afford a median-priced home in the fourth quarter of 2020 were in Bibb County (Macon), GA ($19,188); St. Lawrence County, NY (north of Syracuse) ($23,742); Trumbull County, OH (outside Youngstown) ($24,023); Calhoun County, AL (east of Birmingham) ($24,151) and Allen County (Lima), OH ($24,285). Majority of housing markets less affordable than historic averages Among the 499 counties analyzed in the report, 275 (55 percent) were less affordable in the fourth quarter of 2020 than their historic affordability averages, up from 43 percent of the same group of counties in the fourth quarter of 2019. Counties with at least 1 million people that were less affordable than their historic averages (indexes below 100 are considered less affordable compared to their historic averages) included Dallas County, TX (index of 83); Travis County (Austin), TX (84); Tarrant County (Fort Worth), TX (85); Oakland County, MI (outside Detroit) (85) and Philadelphia County, PA (86). Among counties with at least 1 million people, those where the affordability indexes declined the most from the fourth quarter of 2019 to the fourth quarter of 2020 were Cook County (Chicago), IL (index down 16 percent); Philadelphia County, PA (down 9 percent); Fulton County (Atlanta), GA (down 8 percent); Travis County (Austin), TX (down 7 percent) and Cuyahoga County (Cleveland), OH (down 7 percent). Number of markets more affordable than historic averages declines Among the 499 counties in the report, 224 (45 percent) were more affordable than their historic affordability averages in the fourth quarter of 2020, down from 57 percent in the fourth quarter of last year. Counties with a population greater than 1 million that were more affordable than their historic averages (indexes of more than 100 are considered more affordable compared to their historic averages) include Middlesex County, MA (outside Boston) (index of 138); New York County (Manhattan), NY (130); Montgomery County, MD (outside Washington, D.C.) (121); Fairfax County, VA (outside Washington, D.C.) (117) and King County (Seattle), WA (107). Counties with the best affordability indexes in the fourth quarter of 2020 were Richmond County (Staten Island), NY (index of 143); Bristol County, MA (outside Providence, RI) (142); Onslow County (Jacksonville), NC (141) and Middlesex County, MA (outside Boston) (138). The largest improvements in affordability indexes from the fourth quarter of 2019 to the fourth quarter of 2020 were in Richmond County (Staten Island), NY (up 35 percent); Terrebonne Parish (Houma), LA (up 29 percent); Middlesex County, MA (outside Boston) (up 23 percent); Essex County, MA (outside Boston) (up 18 percent) and New York County (Manhattan), NY (up 17 percent). Report Methodology The ATTOM Data Solutions U.S. Home Affordability Index analyzes median home prices derived from publicly recorded sales deed data collected by ATTOM Data Solutions and average wage data from the U.S. Bureau of Labor Statistics in 499 U.S. counties with a combined population of 232.4 million. 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 $100,000 loan. 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 the 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 $100,000 loan and a 28 percent maximum "front-end" debt-to-income ratio. For instance, the nationwide median home price of $297,200 in the fourth quarter of 2020 required an annual gross income of $64,447, based on a $100,000 loan and monthly expenses not exceeding the 28 percent barrier — meaning households would not be spending more than 28 percent of their income on mortgage payments, property taxes and insurance. That required income is more than the $64,447 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 an average household with two wage earners. About ATTOM Data Solutions ATTOM Data Solutions 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 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, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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BoomTown Announces Direct Integration with Sisu Accountability Solution
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Pending Sales Return to Typical Seasonal Trend, Still Up 28% From 2019
Home prices rose 16% from a year earlier, and new listings were up 9% SEATTLE, Dec. 4, 2020 -- The median home sale price increased 16% year over year to $322,828, the highest on record, according to a new report from Redfin, the technology-powered real estate brokerage. Below are other key housing market takeaways for 400+ U.S. metro areas during the 4-week period ending November 29. Pending home sales were up 28% year over year even as the number of pending sales steeply declined during the week of Thanksgiving, following the typical seasonal trend. In the single week ending November 15, pending sales were up 25% from the same week a year earlier. New listings of homes for sale were up 9% from a year earlier. The number of new listings was the lowest it has been since the first week of May. Active listings (the number of homes listed for sale at any point during the period) fell 29% from 2019 to a new all-time low. 42% of homes that went under contract had an accepted offer within the first two weeks on the market. The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, rose to 99.5%—an all-time high and 1.5 percentage points higher than a year earlier. For the week ending November 29, the seasonally adjusted Redfin Homebuyer Demand Index was up 28% from pre-pandemic levels in January and February. Mortgage purchase applications increased 9% week over week (seasonally-adjusted) and were up 28% from a year earlier (unadjusted) during the week ending November 27. For the week ending December 3, 30-year mortgage rates dropped to 2.71%, another new all-time low. Rates have been below 3% since late July. "Sellers took the week off for Thanksgiving, but buyers were still out there searching for homes despite the lack of new listings," said Redfin chief economist Daryl Fairweather. "Sellers continue to be in the driver's seat when it comes to pricing. And with mortgage rates hitting new record lows nearly every week recently, buyers are tolerant of higher prices. The lack of new listings will put a lid on home sales through the end of year. The few desirable homes put on the market will receive competitive bids, while sellers who don't get any bites from buyers will give up and take their homes off the market." To view the full report, including charts and methodology, please click here. About Redfin Redfin is a technology-powered residential real estate company, redefining real estate in the consumer's favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country's #1 real estate brokerage search site, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 90 markets in the United States and Canada. Since our launch in 2006, we have saved our customers over $800 million and we've helped them buy or sell more than 235,000 homes worth more than $115 billion.
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Gaining Momentum: Annual U.S. Home Prices Appreciated 7.3% in October, CoreLogic Reports
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Rental Beast November 2020 Market Report: Rental Concessions Gone Wild!
Data Indicates City Living Loses Some Appeal November 24, 2020 -- A combination of surging Coronavirus cases, new lockdowns, expiring government stimulus, and colder weather has set off a Rental Concessions bonanza in U.S. markets, as property managers, owners, agents, and tenants struggle to navigate continued volatility when securing housing plans before year's end. While we have seen Rental Concessions gain momentum as the pandemic continues, the velocity, size, and scope of some of Rental Concessions being offered in some markets have set off desperation alarm bells. Additionally, Rental Inquiries in most cities featured in this report show continued year-over-year (YOY) declines, as renters seek out alternatives away from urban centers, including rentals with more space, to combat the prolonged impact of the pandemic. Atlanta, Boston, Dallas, and Miami continued their months' long trend of lower YOY Rental Inquiry rates, while Chicago and Philadelphia remain volatile but managed to report higher numbers. In our seventh edition of the Rental Beast Market Report, we are pleased to include data and insights on the Dallas/Fort Worth metropolitan area, the fourth-largest urban center in the United States. Rental Concessions Rental Concessions are compromises landlords make to original rent terms in the hope of filling a vacancy more quickly. Rental Concessions can include monetary compensation, a discount, or various goods and services. Rental Beast aggregates single family and multifamily Rental Concessions information from our 22 active markets. Our findings are summarized below. Atlanta For the majority of 2020, Rental Concessions in Atlanta have been significantly higher than last year, and October was no exception, with the city registering a 50% YOY increase. We spoke with a local rental marketing specialist who described Atlanta's Rental Concession environment as "desperate." Having a hard time filling units, her firm is trying anything and everything as the pandemic and its impact on peoples' health and jobs drive both higher vacancy rates and depreciated demand. Rental Concessions from large, multifamily operators like hers have become more aggressive, including bundling multiple concession offers to attract tenants. In many cases tenants claim as many as three concessions packaged into a single, special offer. These 3-for-1 specials can include one month's worth of free rent, a $500 gift card, and a 50% reduction in pet deposits and fees. In November, the same company offered a Veteran's Day special, waiving all application and rental fees, or charging a flat $11 administrative fee for servicemembers. Need an air fryer? The same company is giving them away to tenants signing a lease within 48 hours of viewing a property, along with a month's worth of free rent. Given these observations and the increase in concessions seen in the greater market, the Atlanta market has clearly taken a negative turn over the past 60 days. Our marketing executive interviewee expects heavy concessions to continue for at least the next six months. Boston October represented the 10th consecutive month Boston logged negative Rental Inquiry rates and higher YOY Rental Concession numbers. In October, Boston's Rental Inquiry levels dropped 44% YOY, while Rental Concessions increased by 95%. Savanna Rivas from Princeton Properties describes the Boston rental market as "desperate." "With so many Bostonians working from home, why would anyone pay a premium to live in the city, especially if you can't take advantage of all that a Boston has to offer?" says Rivas. Prior to the pandemic's onset, Princeton Properties did not offer short-term leases. Continued market volatility and decreased demand has forced the firm to reevaluate business practices and become more flexible. They now entertain five-month leases, rather than a typical, minimum twelve-month term. Additionally, Savanna indicated that while it has become common to offer one-two months' worth of free rent, the firm is wary of creating difficult situations where aggressive concessions at the start of a lease lead to challenges for tenants when rates are normalized upon renewal when tenants are forced to move because they can no longer afford their unit. In addition to offering a free month's worth of rent, some tenants are securing a full year of free internet access. Savanna describes this as unprecedented. "I've fielded many calls from current residents who are looking to re-negotiate their leases, hoping to get in on the discount frenzy—but a lease is a lease and terms must be honored." Chicago Like so many U.S. cities, COVID-19 has wreaked havoc on the Windy City. Racial protests, political unrest, and the end of the rental season brought on by cooler weather has created an environment ripe for peak Rental Concessions. For October, Rental Concessions were up 98% YOY, as landlords and property managers work to secure tenant leases before the holidays and start of winter. In October, Chicagoans remained concerned about their long-term living options while struggling to maintain employment. Rental Inquiries for Chicago were up a whopping 214% YOY in the month. We spoke with Alex Fenton, Property Administrator at Tandem, who describes the Rental Concessions environment in Chicago as being "huge". "People are aggressively shopping for concessions, which typically include two or even three months' worth of free rent, and waived administrative fees." Fenton indicated that in exchange for aggressive concessions his firm is pushing for 18-24 month leases, in hopes of securing longer-term occupancy rates. Even current tenants are looking to get in on the concession rage. "Under certain circumstances we'll re-negotiate leases and offer specials to current tenants, but again try for longer lease terms, as well as try to have the leases end during the summer months, when it is usually easier to rent." For those signing two-year leases on penthouse units, Tandem will provide creative "move-in gifts," such as furniture items, including trendy standing desks. Alex indicated they've also introduced an incentive that includes a $750 rent credit for referrals who ultimately sign leases. Dallas/Fort Worth We are thrilled to include the Dallas/Fort Worth market in this edition of the Rental Beast Market Report. Similar to the trends seen in other urban centers, Rental Inquiries for Dallas declined 40% YOY, while Rental Concessions jumped 128%. Brandi Sakayam, District Manager at BH Management in Dallas, oversees a portfolio of primarily Class A properties; and she tells us Rental Concessions are on the rise across the entire Dallas Fort-Worth area. She indicated that one month's worth of free rent is standard for Dallas, but in some cases, landlords are waiving some or all application and administrative fees. With continued new construction in the DFW area, lease-ups will often offer four to eight weeks' worth of free rent. Sakayam said she sees a continuation of new tenants relocating from other parts of Texas, but is also seeing an increased number of families moving from California and the Northeast. While her firm is hopeful that they can pull back on Rental Concessions in 2021, they don't expect to return to anything close to normal until the second or third quarter of next year, as their occupancy rates have dipped from 95% to 93%. Olivia Taylor, General Manager of The National Residences, described Dallas as a "concessions driven market." While it's typical for properties to offer one month's worth of free rent, she's observed movement to six-eight weeks' free rent. "There is so much new construction in Dallas you can see construction cranes everywhere. Buildings are competing for tenants. I'm aware of look-and-lease deals where tenants can secure a $1,000 Visa gift card for committing to a one-year lease within 48 hours of viewing a unit." Like Brandi, Olivia is also seeing families moving to Dallas from California and Chicago, as companies like Uber, McKesson Corp., and Charles Schwab open large local offices. While Olivia is currently seeing slower traffic at her properties, she attributes that both to increasing Coronavirus cases and the onset of typical holiday-related seasonality. Los Angeles Rental Beast recently entered the Los Angeles market, and, as part of the ramping up process, we spoke with Danny Levin, Co-Founder of TDI Properties. While many urban rental markets across the country are struggling to find qualified renters, Danny said that L.A. has long suffered from a significant residential rental supply shortage. "If you have a unit that is clean and well-priced it will get rented," said Levin. While the Los Angeles rental market typically slows in November and December, Levin indicates that seasonality isn't impacting the market, and he's not seeing a barrage of Rental Concessions observed in other cities. Instead, he said that class A & B properties continue to offer one month's worth of free rent to entice tenants. Says Levin, "The pandemic has slowed the pace in which Class A & B properties in LA are rented, but they are getting rented." Miami Like Boston, Miami registered ten consecutive months of lower YOY Rental Inquiries, and during the same time period Rental Concessions have consistently overpowered 2019 rates. For October, Rental Inquiries in Miami were down 30% YOY, while Rental Concessions jumped 115%. According to the Federal Reserve Bank of St. Louis, Miami started the fourth quarter of 2020 with a 13% unemployment rate, with COVID-19 continuing to impact the service, travel, hotel and tourism industries. While many people in Miami are experiencing Covid-19 fatigue, the dramatic increase in the number of Coronavirus infections and deaths has driven South Floridians to continue to explore living options outside of Miami, as they yearn for more space to accommodate work from home situations and remote school learning. Philadelphia As we have seen for most of the year, Rental Inquiries for Philadelphia remain strong. The city logged a 86% YOY increase, while Rental Concessions declined 71%. New York City has more than 16,000 vacant apartments, and many New Yorkers leaving the Big Apple are contemplating calling Philadelphia home. While anecdotal indications paint Philly's Rental Concessions environment similarly to Atlanta and Boston, our rental data indicates a 71% YOY decline. We will continue to monitor this change to determine if this is a temporary movement or a prolonged trend. Rental Beast recently spoke with a Marketing Manager from a prominent, Philadelphia-based property management firm. This Manager described the current Rental Concessions environment as "vicious," as she believes Philadelphia has hit a peak in Rental Concession issuance. She notes two to three months' worth of free rent being consistently offered, as landlords continue to cope with the fallout from the pandemic. The same contact indicates that in a normal year "meds and eds" (medical and undergraduate and graduate students) drive high occupancy rates in Philadelphia, but this year is far from normal. She explains, "Students are studying virtually at home, and many international students are not allowed to travel and therefore do not require rental housing. While most buildings would be well leased up at this point in the year, property managers and owners are starting to panic as we head into the 'dead season' a.k.a winter months." In addition to offering two to three months' worth of free rent, our contact indicates that her firm is also offering waived amenity fees, application fees, and are offering gift card incentives to potential tenants. Waived or reduced security deposits are also available in some cases. Rental Inquiries Rental Inquiries are prospective tenants actively seeking to rent an available property in our database. Rental Inquiry volume typically follows a predictable seasonal pattern—Rental Beast data from previous years show a high volume of Rental Inquiries during the summer months, as renters hoping to move in the fall begin their apartment search. Departures from such patterns serve as powerful, quantifiable early indicators of a shift in the rental marketplace, and are more powerful predictors of future transactional activity than traditional rental information, such as average rent. Rental Beast monitors all inquiries to available listings on the Rental Beast website and listings syndicated to our partner sites including Facebook Marketplace and Realtor.com. About Rental Beast Rental Beast is a SaaS platform that simplifies the leasing process with an end-to-end platform and maintains a highly accurate database of nearly nine million off-MLS rental properties. With active listings in 22 markets across the United States, Rental Beast's Data Services Group tracks various rental trends in its markets across the nation.
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U.S. Properties with Foreclosure Filings on the Rise as Pandemic Remains a Threat to Economy
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High Demand and Low Inventory Continue Streak of High Residential Showing Traffic in Cities and Metropolitan Areas of U.S.
Data from ShowingTime lists Seattle, Denver, Washington, D.C., Salt Lake City, Cleveland, Boston and Baltimore among the areas recording a high number of home showings in September CHICAGO - October 30, 2020 - ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, found that showing traffic remained strong in large metropolitan areas, with Seattle, Denver, Washington, D.C., Salt Lake City, Boston and Baltimore recording high numbers of home showings during the month of September according to the company's Showing Index®. With low inventory and sustained buyer demand, traffic jumped 64.1 percent year-over-year nationwide. "All but one of the top 20 markets with the heaviest buyer traffic recorded double-digit showings per listing in September, well above the current U.S. average of six showings per listing," said Michael Lane, President of ShowingTime. "That number more than doubled in several markets from the same time last year, despite the pandemic." Meanwhile, some communities along the beleaguered Gulf Coast – hit hard by Hurricane Laura at the end of August and Hurricane Delta in early October – experienced year-over-year declines in showings. Nevertheless, Louisiana is tracking ahead of 2019 figures for showing activity in what has proven to be a resilient real estate market. "In September, we saw a normal seasonal slowdown of about 8 percent from August," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "Due to much lower levels of available inventory, however, showing activity is still significantly above last year's values, a situation that is likely to persist through next May." The Northeast Region saw a year-over-year increase in buyer traffic of 68.4 percent in September, marking the fourth consecutive month the region recorded the largest jump in showing activity. The West's 65.3 percent uptick followed, with the Midwest's 61.6 percent rise and the South's climb of 60.8 percent both close behind. "The showing traffic data suggests that buyers and sellers alike are undeterred from completing their real estate transactions," added Lane. "It's clear that real estate professionals have made adjustments and increased their efforts to make the most of this market." 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. The Showing Index tracks the average number of appointments received on active listings during the month. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.7 million active listings subscribed to its services. Its products are used in 370 MLSs representing one million real estate professionals across the U.S. and Canada. Contact us at [email protected]
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ShowingTime's Data Finds Home Showings Continue at a Torrid Pace, Jumping Nationwide for Fourth Consecutive Month
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Realtor.com Weekly Housing Report: Nearly 400,000 Fewer Homes Have Been Listed Since the Start of the Pandemic
Overall market strength shows slight improvement over last week due to the containment of natural disasters SANTA CLARA, Calif., Sept. 24, 2020 -- Since the beginning of the COVID pandemic in March, nearly 400,000 fewer homes have been listed compared to last year, leaving a gaping hole in the U.S. housing inventory, according to realtor.com's Weekly Housing Report for the week ending Sept. 19. As a result, home prices are accelerating at double last year's pace while homes sell 12 days faster than last year, on average. "Sellers are more reluctant to list their home given the uncertainty over the economy and the pandemic environment. Buyers on the other hand, especially hungry first timers, remain largely unfazed by the challenges, and are motivated by low mortgage rates and the fear of missing out on the right home," said Javier Vivas, director of economic research for realtor.com®. "The majority of sellers are also buyers, so even as new listings hit the market, another buyer is also added. Adding to the inventory issues, thousands of previously vacant homes, such as second homes and rentals, have been reoccupied by their owners during the pandemic, effectively taking them off the market." Number of homes on the market remains woefully behind last year Since mid-March (the beginning of the COVID pandemic), a total of 2.91 million unique properties have been put on the market for sale. This is approximately 390,000 fewer homes than the 3.30 million listed during the same period last year. As of this week, the number of homes on the market is down 39% compared to last year. With the typical seasonal slowdown approaching, relief in terms of more available homes for sale is unlikely. The number of new listings hitting the market this week was down 15% compared to last year, a slight improvement over last week's decline of 17%. The slight uptick was likely a result of having a full work week compared to the short holiday week (Labor Day), as well as better containment of wildfires on the West Coast. Home prices continued to see record breaking growth Median listing prices continued to grow at last week's record breaking pace of 11.1% year-over-year. This is more than double January 2020's price acceleration and the 19th week in a row of price acceleration. Homes are selling even faster than last week Homes are selling in 53 days, which is 12 days faster on average than this time last year, and one day faster than last week. The rapid turnover is fueling home sales, and keeping the market from stalling. With buyer demand showing no signs of cooling, homes are expected to continue flying off the market, despite a depleted supply. Housing market strengthens after last week's disasters Realtor.com® tracks the overall strength of the housing market through its proprietary Housing Market Recovery Index, which compares real-time key indicators including trends in number of searches on realtor.com®, median listing prices, the number of newly listed homes, and the time it takes to sell to January 2020, prior to the pandemic. This week, the index was 107.2 points, 1.0 point stronger than last week and 7.2 points stronger than it was pre-COVID. The slight improvement over last week can be attributed to the containment of fire and hurricane damage, which had weakened levels of supply.   About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. 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. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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Homebuyers on a $2,500 Monthly Budget Can Afford $33,000 More with Low Mortgage Rates, But Higher Home Prices Cancel Out Increase
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Historic Jump in Showing Activity Seen Nationwide as July Home Buyer Traffic Surges 60.7 Percent
Buyer Demand Continues to Outstrip Supply Following Third Consecutive Month of Increasing Showing Traffic August 26, 2020 - Home buyer traffic jumped again in July, recording a 60.7 percent year-over-year increase in nationwide showing activity according to data from the ShowingTime Showing Index®. It marked the third consecutive month of growing foot traffic in all four U.S. regions, a sign of the continued resilience of the U.S. residential real estate market and sustained buyer demand. The latest data from ShowingTime also reveal continued adoption of virtual showings, as the number of listings set up to allow both in-person and virtual appointments increased 28 percent in July. "Multiple existing trends continued and were amplified in July as buyers competed for a dwindling supply of homes, pushing the level of competition and prices higher across all major regions of the U.S.," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "Part of the imbalance can be attributed to the fact that potential sellers are not yet seeing the latest negotiated selling prices, which usually come out with a one-to-two-month delay. "In previous years, July would be the month when real estate activity begins to slow down," Cherkasskiy said. "In 2020, July became the peak month of the delayed busy season. A glimpse at August trends also suggests that demand is staying at this high level and may continue to do so through at least September." For the second consecutive month, the Northeast saw the most significant boost in year over year activity, with a 76.6 percent increase. The West followed, with a 56.7 percent jump, while the Midwest recorded a 52.1 percent increase and the South saw a 46.7 percent uptick. "All indications point to sustained growth in buyer demand, and we're committed to helping agents meet it," said ShowingTime President Michael Lane. "The rate of agent adoption of ShowingTime LIVE Video continues to increase, which demonstrates its utility as a valuable tool to keep showings going when in-person showings aren't possible." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services, providing a benchmark to track buyer demand. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Localized MLS indices are also generated for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.7 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers, agents and other real estate companies, as well as a recruiting tool for brokers. ShowingTime products are used in 370 MLSs representing one million real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
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Urban Rental Markets Show Signs of Cooling
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Nationwide Surge in June Home Buyer Activity Continues Historic Turnaround, with Agents Seeing a 50 Percent Increase in Showings per Listing
Buyer Demand Jumps in all Regions for the Second Consecutive Month July 27, 2020 - Home buyers were out in droves nationwide in June resulting in the second consecutive month of surging home showing activity, with agents seeing 50 percent more showings per listing according to data from the ShowingTime Showing Index. June's 50.1 percent year-over-year jump in nationwide buyer traffic resembled that typically seen in the spring, as agents and buyers made up for pandemic-induced lost time by continuing to leverage historically low mortgage rates and newly available virtual showing technology. Since May, ShowingTime has facilitated more than 52,000 home showings hosted virtually, a number expected to grow throughout the summer. "In June, we saw the full effect of the rebound in the intensity of buyer traffic in the US," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. “The Showing Index tracks the average number of showings per listing, and while the absolute number of showings increased between 13 percent and 15 percent, a substantial increase, the number of showable listings decreased by 23 percent. Thus, the average listing is receiving 50 percent more appointments, concentrated in the first two weeks of the listing's market time. This unprecedented surge is amplified by the increasing shift of soft interactions between market participants to technology tools, leading to greater efficiency, shorter turnaround times and a larger number of appointments scheduled." The Northeast saw the largest jump in year over year showing activity, with a 66.9 percent increase in June. The West Region's 48 percent boost came next, followed by an increase in the Midwest of 40.2 percent and in the South of 39.6 percent. In June, ShowingTime LIVE Video, which enables agents and their buyers to use the ShowingTime mobile app to take part in live, interactive video showings, continued to expand into markets across North America. Since it was first made available in select markets in May, ShowingTime LIVE Video has become a popular option for agents to conduct virtual showings for buyers, who participate from the comfort of their own homes. "We're pleased to continue helping agents meet pent-up client demand with innovations designed to keep showings going, safely and efficiently," said ShowingTime President Michael Lane. "The feedback we've received so far for ShowingTime LIVE Video has been very positive. We're looking forward to expanding its availability in markets throughout North America in the weeks and months to come." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than five million showings each month. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers, agents and other real estate companies, as well as a recruiting tool for brokers. ShowingTime products are used in 370 MLSs representing one million real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
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Realtor.com Weekly Recovery Report: Record Breaking Traffic Signals Summer Buying Season is Here
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Realtor.com Launches Weekly Housing Recovery Index
Data shows housing recovery remains strong despite social unrest SANTA CLARA, Calif., June 11, 2020 -- COVID-19 and economic headwinds have led to unprecedented disruptions in the U.S. real estate market. In order to track the impact of these events, realtor.com today announced the launch of its Housing Recovery Index, which shows that despite continued COVID cases and the large scale protests that took place the week ending June 6 -- the U.S. housing market continues to recover even in cities experiencing civil unrest. The proprietary index leverages a weighted average of realtor.com® search traffic, median list prices, new listings, and median time on market and compares it to the January 2020 market trend, as a baseline for pre-COVID market growth. The overall index is set to 100 in this baseline period. The higher a market's index value, the higher its recovery and vice versa. For the week ending June 6, the realtor.com® Housing Market Recovery Index was 88.8 nationwide, 11.2 points below the January baseline and up 1.0 point over the prior week. The slight increase in this week's overall index represents a 5.7 point increase over the 83.1 low point in the index, which occurred during week ending May 2. "By combining online search activity along with price and supply dynamics, the index functions as a robust leading indicator of housing activity, and a symptom gauge as we move toward healthier market conditions," Javier Vivas, director of economic research for realtor.com®. This week's index reading also reveals the recovery trend was not impacted in the 11 markets that saw the largest number of protests the week ending June 6. On average, these markets saw their recovery index increase 0.7 points over the prior week, ending May 30. When compared to other similar sized markets with reportedly less civil unrest, there was no evidence that the protests had an impact on housing recovery. Of the 11 markets, 6 areas saw slight increases in their weekly recovery index: Atlanta (+1.5 points) Chicago (+4.7 points) Cleveland (+3.3 points) Los Angeles (+0.2 points) Minneapolis (+0.3 points) New York (+4.9 points) Five saw a slight decrease in their weekly recovery index: Dallas (-2.0 points) Louisville, Ky (-2.1 points) Raleigh (-0.7 points) St. Louis (-0.9 points) Washington, D.C. (-1.1 points). Key Housing Metrics for the Week Ending June 6:   "The general sentiment from consumer surveys is that now is not a good time to sell a home because of COVID, economic uncertainty, and social unrest, but the data is saying the opposite," said Danielle Hale, chief economist for realtor.com. "Home prices are back to their pre-COVID pace and we're seeing listings spend slightly less time on the market than last week. But the housing market still needs more sellers in order to meet the surge in demand. Looking forward, if we don't get the inventory we need, we'll see prices rise even more and homes sell faster later this summer." New listings: Nationwide, the size of declines held mostly steady this week, dropping 21 percent over last year, which is a slight improvement over last week and a significant improvement when compared to early May's 30 percent declines year-over-year. This week's index shows new listings are 12.7 points below their January recovery baseline. Sellers have started June on the right foot, and the following weeks will indicate whether there will be enough supply to boost home sales this summer, nationwide and in all large markets. The continued declines in newly listed properties mean the full wave of spring sellers has yet to return to the market. However, recovery could be on the horizon as more than half (56 of 99) of large metros continue to see smaller declines this week, including New York, Boston and San Francisco. Asking prices: Price gains fully caught up to pre-COVID pace increasing 4.3 percent in the week ending June 6, compared to 4.4 percent the first two weeks of March. This week's index shows home prices are 0.7 points above the January recovery baseline. The mix of homes for-sale has reverted back toward pricier properties, and demand for entry-level properties has been reignited. Price gains have accelerated rapidly in recent weeks with inventory on the decline and buyer interest on the rise. Locally, 89 of 100 metros saw asking prices increase over last year. Total Active Listings: Sellers are still playing catch up during what's normally the busiest part of the season, and the availability of homes for sale remains well below seasonal levels. Total active listings declined 25 percent compared to a year ago as the lack of sellers is currently outweighing the extra time homes spend on the market. Signs, such as improved home purchase sentiment over last month, are pointing to rising home buyer interest and seller confidence, setting up a pick-up in sales activity in the summer months. Time on market: While homes are still sitting more than two weeks longer on the market than this time last year, this week's data shows the trend may be reverting back toward recovery. The week ending June 6 saw the first weekly decline in time on market since mid-March, with days on market one day faster than last week. It could still take a few more weeks for time on market to reach pre-COVID levels, since the pace of sales component of the recovery index remains 30.1 points below the January recovery baseline, but this week's data shows the first, important step toward recovery. For more information about the index report, please visit: https://www.realtor.com/research/housing-market-recovery-index/ For the latest weekly housing trends and index data, please visit: Index Housing trends About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. 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. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Key Housing Indicators Begin to Turn Around in May
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Unprecedented Turnaround in Home Showing Activity Seen in April and May as Agents, Buyers and Sellers Adjust to Virtual Showings
Showing Traffic Matches Prior-Year Levels in Many Markets According to Latest ShowingTime Data; Tech-Facilitated Showings, Loosening of Stay-at-Home Restrictions Account for Improvements May 21, 2020 - Showing activity continued an impressive turnaround after an historic spring collapse, led in part by loosening restrictions and increased adoption of virtual showing technology, according to data from ShowingTime. In early April, 42 states had issued stay-at-home orders, though by mid-May, the number of states where only essential businesses were permitted to remain open had dropped to 21. The Department of Homeland Security lists real estate as an essential service, though local guidelines take precedence. "The beginning of April marked the absolute bottom of per capita real estate activity since the Great Depression as three-quarters of buyer traffic evaporated, yet that was immediately followed by an unprecedented turnaround," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "We've seen a significant rebound in May as rapidly returning buyer traffic concentrates on the subdued levels of inventory." The data also show that listings that have gone under contract since the onset of the COVID-19 pandemic have required 40 percent fewer showings. "The probability of going under contract for listings coming on the market has been remarkably stable after the first week of April," Cherkasskiy said. "This suggests that buyers who were still trying to see homes in April were, on average, more determined to complete the transaction." The upswing in showing activity correlates with an increasing rate of adoption of technology, with more and more agents conducting showings virtually. Since introducing a "virtual showing" option within its showing management products in early April, ShowingTime has seen tens of thousands of showings conducted exclusively online. ShowingTime also introduced ShowingTime LIVE, an all-in-one showing and video platform that enables agents and their buyers to use ShowingTime's mobile app for live, one-on-one interactive video showings. ShowingTime LIVE is currently available in select markets, and will be available throughout the U.S. and Canada in June. "We're continuing to see great resilience in the industry, which can be attributed to agents' willingness to expand their view of how showings can be conducted," said ShowingTime President Michael Lane. "The data we're seeing indicate an impressive rate of adoption of virtual showings. With the introduction of ShowingTime LIVE, we're able to help agents get buyers into properties in a safe manner." In Michigan, state officials updated their guidance on May 7 and declared real estate an essential business. As a result, the state's showing activity jumped dramatically, recovering to a normal springtime run-rate in just eight days. It could signal how other states will fare following similar actions and loosening of restrictions. As anticipated, Showing Index® data in April revealed flagging activity on a year-over-year basis. Nationally, showing activity dropped 42.1 percent year over year in April, with the Northeast Region's 51.2 percent fall the most significant of all four regions. The Midwest's 41.4 percent year-over-year dip came next, followed by a 36.7 percent decline in activity in the West. The South's 33.6 percent fall in activity rounded out the year-over-year decreases in buyer traffic. The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than five million showings each month. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/ About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers, agents and other real estate companies, as well as a recruiting tool for brokers. ShowingTime products are used in 370 MLSs representing one million real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
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New Listings Fall Nearly 45 Percent in April as Coronavirus Keeps Sellers on the Sidelines
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Realtor.com Connects Homeowners with Options to Sell Now, Move Later
Realtor.com users can now evaluate EasyKnock options to access their house value while remaining in their home during uncertain times SANTA CLARA, Calif., April 23, 2020 -- The COVID-19 crisis has prompted the need for 9 percent of consumers to unexpectedly move to a new home within the next six months, according to a recent consumer survey from realtor.com. In an effort to provide more flexibility to consumers impacted by the crisis, realtor.com is working with EasyKnock, a provider of "sell now, move later" options which enable consumers to access the value of their home without having to move right away. As part of this solution, realtor.com® users will be able to quickly determine their eligibility for, and likely proceeds from, two EasyKnock programs -- Sell and Stay and MoveAbility. Sell and Stay offers longer term lease options and the opportunity to buy back the home, while MoveAbility is aimed at homeowners who would like to move but haven't found their new home yet. Through the programs, EasyKnock purchases the home for the full appraised value with a combination of cash and an option, and closes on average within 21 days. Homeowners can choose to rent the home back for as long as they'd like. When the time comes, the consumer gives EasyKnock the go-ahead to sell the home on the open market and can receive any additional proceeds when the sale closes. "The COVID-19 crisis has had a profound impact on the job market which may lead some families to make extremely difficult decisions," said Todd Callow, vice president, product management, realtor.com®. "As part of our mission to provide consumers with all of the available information to help make informed decisions, realtor.com® will inform consumers about EasyKnock's options so they can determine if the programs are a good fit for their financial and housing needs." Realtor.com® has launched a dedicated site with information, resources and tools to help consumers navigate these uncertain times. Additionally, realtor.com® has made a series of product updates to help consumers get as much information and detail as possible about a property without physically visiting. This includes more 3D tours, video chats and access to Livestream Open Houses. To learn more, go to https://www.realtor.com/covid-19/ About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. 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. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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March Housing Trends Provide First Glimpse of COVID-19 Impact on U.S. Housing Market
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Showing Activity Down 38-45 Percent in Past Two Weeks Due to COVID-19
The Pandemic"s Daily Impact on Buyer Traffic is Being Felt on Both the National and State/Province Levels, Though "Virtual" Showings are Being Scheduled Through ShowingTime"s Systems March 24, 2020 - As the world comes to grips with the impact of COVID-19, so too has the residential real estate industry, with showings off as much as 45 percent in some North American markets vs. the pace from two weeks ago, according to data obtained by ShowingTime. Data aggregated from the five million showings scheduled through ShowingTime's systems each month reveals that buyer interest – which has been higher for the past seven months compared with 2019 – remains intact, but showings have plateaued as more states issue statements asking residents to shelter in place to slow the spread of the virus. "ShowingTime is dedicated to helping our clients and the communities they serve ease the burden brought on by the pandemic by giving them accurate, reliable data that they can use to help with their home buying and selling decisions," said ShowingTime President Michael Lane. "We are committed to working with our clients to help them do their jobs in a safe, productive manner." To monitor daily showing traffic vs. the same period in 2019, ShowingTime has posted charts on its website that shows buyer activity across North America, along with traffic in individual states, to provide insight on the pandemic's impact. The data points in the charts represent a rolling weekly average in 100 markets that each record tens of thousands of appointments each month. "If we look at the magnitude of the slowdown across different price ranges, homes in the $300K range saw 35-45 percent declines in showing traffic over the last two weeks, while homes above $500K are still being shown, but the temporary declines are in the 50-60 percent range," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. The onset of the COVID-19 pandemic follows a February that marked the seventh consecutive month of nationwide growth in buyer activity with the nation's 14.8 percent rise, according to the latest ShowingTime Showing Index® report. The West Region saw the most notable gain, with a 25.2 percent year-over-year increase in traffic, followed closely by the South's 21.4 percent increase. The Northeast's 13.4 percent increase and the Midwest's 9.9 percent uptick rounded out the regional improvement in buyer activity. "As communities continue to respond to COVID-19, we will continue seeing expected declines in showing activity in most markets, particularly in those that felt the greatest impact in the 2008 housing crash," said Cherkasskiy. "Whether or not these drops will be sustained will become clearer as additional data are made available. We will continue to monitor the situation and provide the latest data on our website." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than five million showings each month. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/ About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies, as well as a recruiting tool for brokers. ShowingTime products are used in 370 MLSs representing nearly one million real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
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Buying, Selling or Just Curious: Realtor.com Helps You Determine What a Home is Worth
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2020 Home Showing Traffic Begins Where 2019 Left Off with Sixth Consecutive Month of Nationwide Year-Over-Year Improvement
National Growth in Buyer Foot Traffic Largest in the History of the Showing Index® February 21, 2020 -- The chill of winter's first full month failed to cool home buyer activity, as January showing traffic saw significant year-over-year increases across all regions throughout the U.S., according to the latest ShowingTime Showing Index report. The 20.2 percent year-over-year jump in national showing traffic in January was the most significant recorded in the history of the Showing Index. The West again topped regional growth last month, with a 34.1 percent increase compared to January 2019. The South and Northeast reported similar gains in buyer traffic, at 21.6 percent and 20.6 percent, respectively. The Midwest's 15.7 percent year-over-year increase rounded out the regional gains in January. "We continue to see substantial increases in buyer traffic," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "While only a portion of the markets showed spikes in November - December 2019, showing traffic increased across the board for almost all markets in January. "It's important to note that January 2019 traffic was somewhat subdued due to extreme weather conditions in parts of the country at the time, reflecting an exaggerated year-over-year growth for January 2020," he added. "Even so, the number of appointments per listing have gone up to record levels based on activity we see in our systems, suggesting that the housing market will be quite competitive this spring." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than five million showings each month. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies, as well as a recruiting tool for brokers. ShowingTime products are used in 370 MLSs representing nearly one million real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
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CoreLogic Reports U.S. Overall Delinquency Rate Lowest for a November in at Least 20 Years
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U.S. Housing Supply Reaches New Low
Inventory continued to fall and prices rose in January setting the stage for a competitive homebuying season SANTA CLARA, Calif., Feb. 7, 2020 -- National housing inventory declined 13.6 percent in January, the steepest year-over-year decrease in more than 4 years, pushing the supply of for sale homes in the U.S. to its lowest level since realtor.com® began tracking the data in 2012, according to the website's January Monthly Housing Trends Report released today. Based on realtor.com®'s analysis, January's steep year-over-year decline amounted to a national loss of 164,000 listings, tightening the grip of the housing shortage plaguing the U.S. Based on realtor.com® data, it shows no signs of easing in the near future as the volume of newly listed properties also declined by 10.6 percent since last year. "Homebuyers took advantage of low mortgage rates and stable listing prices to drive sales higher at the end of 2019, further depleting the already limited inventory of homes for sale. With fewer homes coming up for sale, we've hit another new low of for sale-listings in January," according to Danielle Hale, realtor.com®'s chief economist. "This is a challenging sign for the large numbers of Millennial and Gen Z buyers coming into the housing market this homebuying season as it implies the potential for rising prices and fast-selling homes—a competitive market. In fact, markets such as San Jose in Northern California, which saw inventory down nearly 40 percent last month, are also seeing prices grow by 10 percent while homes are selling at a blistering pace of 51 days." The supply shortage is found at every price tier throughout the U.S., but it is especially pronounced at the entry-level. In January, properties priced under $200,000 declined by 19 percent, an acceleration compared to December's decline of 18.1 percent. The decline in inventory of mid-tier properties priced between $200,000 and $750,000 also accelerated, to a decline of 12 percent year-over-year, compared to December's 10.2 percent decline. Even upper-tier properties priced at more than $750,000 declined by 5.9 percent year-over-year compared to December's decline of 4.4 percent. As inventory reached its lowest point on record, both listing prices and days on market reacted to the imbalance of supply and demand. The median U.S. listing price grew by 3.4 percent year-over-year, to $299,995 in January, while prices in 18 metros grew by more than 10 percent. Of the 50 largest metros, 46 saw year-over-year gains in median listing prices, with Philadelphia as the nation's standout with a 16.0 percent increase over last year. Additionally, with the lack of supply, homes are selling in an average of 86 days, two days more quickly than January of last year. Where Housing Supply Changed the Most The metros which saw the largest declines in housing inventory were San Jose-Sunnyvale-Santa Clara, Calif. (-37.3 percent); Phoenix-Mesa-Scottsdale, Ariz. (-35.4 percent); and San Diego-Carlsbad, Calif. (-34.0 percent). Other markets across the country where housing supply had sharp declines included Denver-Aurora-Lakewood, Colo. (-28.8 percent); Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. (-27.8 percent); and Cincinnati, Ohio-Ky.-Ind. (-24.4 percent). Only two of the 50 largest metros saw inventory increase year-over-year: Minneapolis-St. Paul-Bloomington, Minn.-Wis. (+9.4 percent); and San Antonio-New Braunfels, Texas (+8.4 percent). Where Prices Changed the Most Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. (+16.0 percent); Rochester, N.Y. (+15.0 percent); and Phoenix-Mesa-Scottsdale, Ariz. (+14.5 percent) posted the highest year-over-year median list price growth in January. Other markets across the country where housing prices shot up included Memphis, Tenn.-Miss.-Ark. (+13.7 percent); and Indianapolis-Carmel-Anderson, Ind. (+12.9 percent). The steepest price declines were seen in Louisville/Jefferson County, Ky.-Ind. (-4.0 percent); Minneapolis-St. Paul-Bloomington, Minn.-Wis. (-2.0 percent); and Houston-The Woodlands-Sugarland, Texas (-1.9 percent). However, each of these markets saw yearly price declines decelerate compared to December. Where Days on Market Changed the Most Hartford-West Hartford-East Hartford, Conn.; Raleigh, N.C.; and Oklahoma City, Okla.; saw the largest decreases in days on market with properties spending 13, 13, and 12 fewer days on the market than last year, respectively. Other markets across the country where houses sold faster than last year included Austin-Round Rock, Texas (-9 days); Minneapolis-St. Paul-Bloomington, Minn.-Wis. (-6 days); and Orlando-Kissimmee-Sanford, Fla. (-6 days). Meanwhile, properties in Las Vegas-Henderson-Paradise, Nev.; Boston-Cambridge-Newton, Mass.-N.H.; and Detroit-Warren-Dearborn, Mich. sold 7, 7, and 6 days more slowly, respectively. Metros Seeing the Largest Declines in Inventory About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. 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. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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CoreLogic Reports December Home Prices Increased by 4% Year Over Year
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Pending Home Sales Skid 4.9% in December
WASHINGTON (January 29, 2020) -- Pending home sales fell in December, taking a step back after increasing slightly in November, according to the National Association of Realtors. Each of the four major regions reported a drop in month-over-month contract activity, with the South experiencing the steepest fall. However, year-over-year pending home sales activity was up nationally compared to one year ago. The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, fell 4.9% to 103.2 in December. Year-over-year contract signings increased 4.6%. An index of 100 is equal to the level of contract activity in 2001. "Mortgage rates are expected to hold under 4% for most of 2020, while net job creation will likely exceed two million," said Lawrence Yun, NAR's chief economist. While he noted that these factors are promising for the housing market, Yun cautioned that low inventory remains a significant longer-term concern. "Due to the shortage of affordable homes, home sales growth will only rise by around 3%," Yun predicted. "Still, national median home price growth is in no danger of falling due to inventory shortages and will rise by 4%. The new home construction market also looks brighter, with housing starts and new home sales set to rise 6% and 10%, respectively." Pointing to data from active listings at realtor.com®, Yun says the markets where listing prices are around $250,000 – an affordable price point in most markets nationally – are drawing some of the most significant buyer attention, including Fort Wayne, Ind., Burlington, N.C., Topeka, Kan., Pueblo, Colo., and Columbus, Ohio. "The state of housing in 2020 will depend on whether home builders bring more affordable homes to the market," Yun said. "Home prices and even rents are increasing too rapidly, and more inventory would help correct the problem and slow price gains." December Pending Home Sales Regional Breakdown All regional indices were down in December. The Northeast PHSI slipped 4.0% to 92.4 in December, 0.1% lower than a year ago. In the Midwest, the index dropped 3.6% to 98.8 last month, 1.3% higher than in December 2018. Pending home sales in the South decreased 5.5% to an index of 118.1 in December, a 7.4% increase from December 2018. The index in the West fell 5.4% in December 2019 to 93.1, an increase of 7.0% from a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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The Gap Between Buying and Renting Narrows Nationwide
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Average U.S. Home Seller Profits Hit $65,500 in 2019, Another New High
Median Home Sales Prices Reach Record High of $258,000 in 2019; Homeowners Staying Put Longer as Average Homeownership Tenure Rises to New High IRVINE, Calif. - Jan. 23, 2020 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Year-End 2019 U.S. Home Sales Report, which shows that home sellers nationwide in 2019 realized a home price gain of $65,500 on the typical sale, up from $58,100 last year and up from $50,027 two years ago. The latest profit figure, based on median purchase and resale prices, marked the highest level in the United States since 2006 – a 13-year high. That $65,500 typical home seller profit represented a 34 percent return on investment compared to the original purchase price, up from 31.4 percent last year and up from 27.4 percent in 2017, to the highest average home-seller ROI since 2006. Both raw profits and ROI have improved nationwide for eight straight years. However, last year's gain in ROI – up less than three percentage points – was the smallest since 2011. "The nation's housing boom kept roaring along in 2019 as prices hit a new record, returning ever-higher profits to home sellers and posing ever-greater challenges for buyers seeking bargains. In short, it was a great year to be a seller," said Todd Teta, chief product officer at ATTOM Data Solutions. "But there were signs that the market was losing some steam last year, as profits and profit margins increased at the slowest pace since 2011. While low mortgage rates are propping up prices, the declining progress suggests some uncertainty going into the 2020 buying season." Among 220 metropolitan statistical areas with a population greater than 200,000 and sufficient historical sales data, those in western states continued to reap the highest returns on investments, with concentrations on or near the west coast. Metro areas with the highest home seller ROIs were in San Jose, CA (82.8 percent); San Francisco, CA (72.8 percent); Seattle, WA (65.6 percent); Merced, CA (63.2 percent) and Salem, OR (62.1 percent). The top four in 2019 were the same areas that topped the list in 2018. Historical U.S. Home Seller Gains South Bend and Boise lead major metros in home price appreciation The U.S. median home price increased 6.2 percent in 2019, hitting an all-time high of $258,000. The annual home-price appreciation in 2019 topped the 4.5 percent rise in 2018 compared to 2017, but was down from the 7.1 percent increase in 2017 compared to 2016. Among 134 metropolitan statistical areas with a population of 200,000 or more and sufficient home price data, those with the biggest year-over-year increases in median home prices were South Bend, IN (up 18.4 percent); Boise City, ID (up 12.6 percent); Spokane, WA (up 10.9 percent); Atlantic City, NJ (up 10.6 percent) and Salt Lake City, UT (up 9.6 percent). Along with Salt Lake City, other major metro areas with a population of at least 1 million and at least an 8 percent annual increase in home prices in 2019 were Grand Rapids, MI (up 8.9 percent) and Columbus, OH (up 8.3 percent). Home prices in 2019 reached new peaks in 105 of the 134 metros (78 percent), including Los Angeles, Dallas-Fort Worth, Houston, Washington, D.C., and Philadelphia. Homeownership tenure at new record high nationwide, but down in many areas Homeowners who sold in the fourth quarter of 2019 had owned their homes an average of 8.21 years, up from 8.08 years in the previous quarter and up from 7.95 years in the fourth quarter of 2018. The latest figure represented the longest average home seller tenure since the first quarter of 2000, the earliest period in which data is available. Among 108 metro areas with a population of at least 200,000 and sufficient data, the top five tenures for home sellers in the fourth quarter of 2019 were all in Connecticut: Norwich, CT (13.49 years); New Haven, CT (13.32 years) Bridgeport-Stamford, CT (13.23 years); Torrington, CT (12.33 years) and Hartford, CT (12.25 years). Average U.S. Homeownership Tenure Counter to the national trend, 45 of the 108 metro areas (42 percent) posted a year-over-year decrease in average home-seller tenure, including Colorado Springs, CO (down 9 percent); Modesto, CA (down 7 percent); Visalia, CA (down 5 percent); Oklahoma City, OK (down 5 percent) and Olympia, WA (down 5 percent). A quarter of home buyers made all-cash purchases in 2019 Nationwide, all-cash purchases accounted for 25.3 percent of single-family home and condo sales in 2019, the lowest level since 2007. The latest figure was down from 27.0 percent in 2018 and 27.7 percent in 2017, and well off the 38.4 percent peaks in 2011 and 2012. However, this is still well above the pre-recession average of 18.7 percent between 2000 and 2007. Among 166 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 2019 were Macon, GA (51.1 percent of sales); Naples, FL (50.4 percent); Chico, CA (47.9 percent); Montgomery, AL (44.7 percent) and Fort Smith, OK (43.8 percent). U.S. distressed sales share drops to 13-year low, but rises in eight states Distressed home sales — including bank-owned (REO) sales, third-party foreclosure auction sales, and short sales — accounted for 11.5 percent of all U.S. single family home and condo sales in 2019, down from 12.4 percent in 2018 and from a peak of 38.8 percent in 2011. The latest figure marked the lowest point since 2006. States where distressed sales comprised the largest portion of total sales in 2019 were all in the Northeast or Mid-Atlantic regions: New Jersey (20.1 percent of sales), Connecticut (19.5 percent), Delaware (19.4 percent), Maryland (18.1 percent) and Rhode Island (17.6 percent). Among 204 metropolitan statistical areas with a population of at least 200,000 and with sufficient data, those where distressed sales represented the largest portion of all sales in 2019 were Atlantic City, NJ (26.9 percent of sales); Columbus, GA (22.6 percent); Trenton, NJ (22.1 percent); Norwich, CT (21.6 percent) and Peoria, IL (20.0 percent). Those with the smallest shares were Portland, ME (3.3 percent of sales); Ogden, UT (3.8 percent); Provo, UT (4.1 percent); Salt Lake City, UT (4.6 percent) and San Francisco, CA (4.6 percent). Among 53 metropolitan statistical areas with a population of at least 1 million, those with the highest levels of distressed sales in 2019 were Baltimore, MD (19.3 percent of sales); Hartford, CT (18.9 percent); Philadelphia, PA (18.1 percent); Cleveland, OH (17.9 percent) and Providence, RI (17.7 percent). Aside from San Francisco and Salt Lake City, metros with at least 1 million people that had the lowest shares, were San Jose, CA (5.2 percent of sales); Austin, TX (5.7 percent) and Grand Rapids, MI (6.2 percent). U.S. Total Distressed Sales Institutional investors dropped for the third straight year Institutional investors nationwide accounted for 2.9 percent of all single-family home and condo sales in 2019, down from 3.0 percent in 2018 to the lowest point since 2015. Among 120 metropolitan statistical areas with a population of at least 200,000 and sufficient institutional-investor sales data, those with the highest levels of institutional-investor transactions in 2019 were Atlanta, GA (9.5 percent of sales); Charlotte, NC (8.6 percent); Lafayette, LA (8.4 percent); Memphis, TN (8.3 percent) and Raleigh, NC (7.8 percent). Historical U.S. Home Sales By Type Texas metro areas continue to dominate list with the highest levels of FHA loans Nationwide, buyers using Federal Housing Administration (FHA) loans accounted for 11.9 percent of all single-family home and condo purchases in 2019, up from 10.6 percent in 2018. The increase marked the first rise since 2015. Among 197 metropolitan statistical areas with a population of at least 200,000 and sufficient FHA- buyer data, the top four with the highest share of purchases made with FHA loans were in Texas. Those with the highest levels of FHA buyers in 2019 were McAllen, TX (30.4 percent of sales); El Paso, TX (26 percent); Amarillo, TX (24.4 percent); Beaumont-Port Arthur, TX (23.7 percent) and Visalia, CA (23.5 percent). The four Texas metros were the same that led the list in 2018. About ATTOM Data Solutions ATTOM Data Solutions 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 data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB 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, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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2019 Ends on a High Note for Home Buyer Activity as December Showings See Fifth Consecutive Month of Year-Over-Year Growth
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Existing-Home Sales Climb 3.6% in December
WASHINGTON (January 22, 2020) -- Existing-home sales grew in December, bouncing back after a slight fall in November, according to the National Association of Realtors. Although the Midwest saw sales decline, the other three major U.S. regions reported meaningful growth last month. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 3.6% from November to a seasonally-adjusted annual rate of 5.54 million in December. Additionally, overall sales took a significant bounce, up 10.8% from a year ago (5.00 million in December 2018). On a full-year basis, total existing-home sales ended at 5.34 million, the same level as in 2018, as sales in the South region (+2.2%) offset declines in the West (-1.8%) and Midwest (-1.6%), as the Northeast remained unchanged. Lawrence Yun, NAR's chief economist, said home sales fluctuated a great deal last year. "I view 2019 as a neutral year for housing in terms of sales," Yun said. "Home sellers are positioned well, but prospective buyers aren't as fortunate. Low inventory remains a problem, with first-time buyers affected the most." The median existing-home price for all housing types in December was $274,500, up 7.8% from December 2018 ($254,700), as prices rose in every region. November's price increase marks 94 straight months of year-over-year gains. "Price appreciation has rapidly accelerated, and areas that are relatively unaffordable or declining in affordability are starting to experience slower job growth," Yun said. "The hope is for price appreciation to slow in line with wage growth, which is about 3%." NAR's Home Affordability Index Ranking and Payroll Job Growth report found that affordability rankings declined in 81 metro areas, 34 of which saw non-farm job growth fall faster in 2019 Q3 than the national rate over the previous five years. Total housing inventory at the end of December totaled 1.40 million units, down 14.6% from November and 8.5% from one year ago (1.53 million). Unsold inventory sits at a 3.0-month supply at the current sales pace, down from the 3.7-month figure recorded in both November and December 2018. Unsold inventory totals have dropped for seven consecutive months from year-ago levels, taking a toll on home sales. Properties typically remained on the market for 41 days in December, seasonally up from 38 days in November, but down from 46 days in December 2018. Forty-three percent of homes sold in December 2019 were on the market for less than a month. First-time buyers were responsible for 31% of sales in December, moderately down from the 32% seen in both November and in December 2018. NAR's 2019 Profile of Home Buyers and Sellers – released in late 2019 – revealed that the annual share of first-time buyers was 33%. Individual investors or second-home buyers, who account for many cash sales, purchased 17% of homes in December 2019, up from both 16% in November and 15% in December 2018. All-cash sales accounted for 20% of transactions in December, unchanged from November and down slightly from 22% in December 2018. Distressed sales – foreclosures and short sales – represented 2% of sales in December, unchanged from both November 2019 and December 2018. Yun said conditions for buying are favorable and will likely continue in 2020. "We saw the year come to a close with the economy churning out 2.3 million jobs, mortgage rates below 4% and housing starts ramp up to 1.6 million on an annual basis," he said. "If these factors are sustained in 2020, we will see a notable pickup in home sales in 2020." According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 3.72% in December, up from 3.70% in November. The average commitment rate across all of 2019 was 3.94%. "NAR is expecting 2020 to be a great year for housing," said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, California. "Our leadership team is hard at work to secure policies that will keep our housing market moving in the right direction, like promoting infrastructure reform, strengthening fair housing protections and ensuring mortgage capital remains available to responsible, mortgage-ready Americans. Single-family and Condo/Co-op Sales Single-family home sales sat at a seasonally-adjusted annual rate of 4.92 million in December, up from 4.79 million in November, and up 10.6% from a year ago. The median existing single-family home price was $276,900 in December 2019, up 8.0% from December 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 620,000 units in December, up 10.7% from November and 12.7% higher than a year ago. The median existing condo price was $255,400 in December, which is an increase of 6.0% from a year ago. Regional Breakdown Compared to last month, December sales increased in the Northeast, South and West regions, while year-over-year sales are up in each of the four regions. Median home prices in all regions increased from one year ago, with the Midwest region showing the strongest price gain. December 2019 existing-home sales in the Northeast grew 5.7% to an annual rate of 740,000, up 8.8% from a year ago. The median price in the Northeast was $304,400, up 7.4% from December 2018. Existing-home sales decreased 1.5% in the Midwest to an annual rate of 1.30 million, which is up 9.2% from a year ago. The median price in the Midwest was $208,500, a 9.2% jump from last December. Existing-home sales in the South grew 5.4% to an annual rate of 2.36 million in December, up 12.4% from a year ago. The median price in the South was $240,500, a 6.7% increase from this time last year. Existing-home sales in the West rose 4.6% to an annual rate of 1.14 million in December, a 10.7% increase from a year ago. The median price in the West was $411,800, up 8.1% from December 2018. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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CoreLogic Reports U.S. Overall Delinquency Rate Lowest for an October in at Least 20 Years
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Redfin Report: Bidding War Rate Fell to Another 10-Year Low in December
Fewer than 1 in 10 homebuying offers faced competition SEATTLE, Jan. 8, 2020 -- Just 9% of offers written by Redfin agents on behalf of their homebuying customers faced a bidding war nationwide in December, down from 12% a year earlier and setting another new 10-year low, according to a new report from Redfin. The rate is likely to begin rising again early this year as the real estate market heats up in the spring. "Bidding war rates likely hit their true bottom in December," said Redfin chief economist Daryl Fairweather. "Amid the current global economic uncertainty, mortgage rates will remain low in the coming months, which will boost demand for homes in 2020. That means more buyers competing against each other and bidding up prices." As in November, San Francisco was the only market even moderately competitive in December. The bidding war rate there in December was 26%, down from 35% a year earlier and down from 28% in November. "There aren't typically very many homes for sale in San Francisco in December," said Redfin San Francisco Market Manager Saleem Buqeileh. "Last month we saw more buyers than usual out looking for a 'steal' and bidding on homes, which led to multiple offer situations on some homes where all of the buyers came in below list price, rather than above." Competition was still rare everywhere else in the country in December, with no other market experiencing a bidding war rate higher than 17%. The bidding war rate fell to zero in Raleigh and Dallas, and hit its lowest point in at least five years in Los Angeles. Aside from the zero rates in Raleigh and Dallas, Atlanta had the third-lowest bidding war rate in December at 4%. To read the full report, please visit: https://www.redfin.com/blog/december-2019-real-estate-bidding-wars. About Redfin Redfin is a technology-powered 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 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $85 billion.
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CoreLogic Reports November Home Prices Increased by 3.7% Year Over Year
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2020 Begins With Lowest Housing Inventory in Two Years
Price growth is accelerating faster than national average in markets with the largest inventory declines SANTA CLARA, Calif., Jan. 7, 2020 -- December saw the largest year-over-year decline of housing inventory in almost three years with a dramatic 12 percent decline, pushing the number of homes for sale in the U.S. to the lowest level since January 2018 according to the December 2019 Housing Trends report released today by realtor.com®. Based on realtor.com®'s analysis, the inventory decline is accelerating across all price levels, including the luxury market. In December, inventory of homes priced under $200,000 declined by 18.1 percent year-over-year, higher than the 16.5 percent drop in November. Mid-tier housing priced between $200,000 and $750,000 also declined at an accelerated pace, up 10.2 percent year-over-year compared to November's decline of 7.4 percent. Listings of homes priced over $1 million shrunk by 4.4 percent year-over-year, up from from nearly 2 percent in November. "The market is struggling with a large housing undersupply just as 4.8 million millennials are reaching 30-years of age in 2020, a prime age for many to purchase their first home," according to realtor.com Senior Economist, George Ratiu. "The significant inventory drop we saw in December is a harbinger of the continuing imbalance expected to plague this year's markets, as the number of homes for sale are poised to reach historically low levels." The inventory shortage gripping the U.S. housing market is showing no signs of slowing anytime soon. December's 12 percent year-over-year inventory decline is an acceleration from November's drop of 9.5 percent, and equates to a loss of nearly 155,000 listings compared to December 2018. Additionally, new listings are failing to restore the market to equilibrium as the volume of newly listed properties also declined by 11.2 percent year-over-year. On a local level, the tech havens of San Jose-Sunnyvale-Santa Clara, Calif.; Seattle-Tacoma-Bellevue, Wash; and San Francisco-Oakland-Hayward, Calif. all saw inventory declines of more than 30 percent in December as well as listing price growth above the national median. Only three of the 50 largest U.S. metros saw inventory increase over the year: San Antonio-New Braunfels, Texas (+8.8 percent); Minneapolis-St. Paul-Bloomington, Minn.-Wis. (+7.4 percent); and Las Vegas-Henderson-Paradise, Nev. (+4.8 percent), which all had year-over-year declines in their median listing prices. Overall, the median U.S. listing price grew by 3 percent, to $299,950 in December, which is a deceleration compared to last month, when the median listing price grew by 3.6 percent over the year. At the same time, price growth is continuing to heat up in metros where inventory declines were greatest in December. Of the 50 largest U.S. metros, 42 saw year-over-year gains in median listing prices, with 33 of the 50 growing faster than the national rate and 12 of those growing faster than December 2017's rate of 8.2 percent. Los Angeles-Long Beach-Anaheim, Calif. (+21.0 percent); Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. (+13.1 percent); and Birmingham-Hoover, Ala. (+11.1 percent); posted the highest year-over-year median list price growth in December. All three markets also saw double-digit declines in their housing inventories. The steepest price declines were seen in Louisville/Jefferson County, Ky.-Ind. (-5.0 percent); Minneapolis-St. Paul-Bloomington, Minn.-Wis. (-4.1 percent); and Houston-The Woodlands-Sugarland, Texas (-2.9 percent). In December, 13.2 percent of active listings saw their listing prices reduced, virtually unchanged from a year ago. Among the nation's 50 largest metros, 15 saw an increase in their share of price reductions compared to this time last year. Portland-Vancouver-Hillsboro, Ore.-Wash. saw the greatest increase in the share of price reductions in November, up 14.7 percent year-over-year. It was followed by Indianapolis-Carmel-Anderson, Ind. (+3.1 percent) and Houston-The Woodlands-Sugarland, Texas (+2.6 percent). Nationally, homes sold in 79 days in December 2019, two days more quickly than December 2018. However, in the 50 largest U.S. metros, the typical home sold at a nearly identical pace. Raleigh, N.C.; Oklahoma City, Okla.; and Rochester, N.Y.; saw the largest decreases in days on market with properties spending 13, 11, and 8 fewer days on the market than last year, respectively. Meanwhile, properties in Los Angeles-Long Beach-Anaheim, Calif.; Buffalo-Cheektowaga-Niagara Falls, N.Y.; and Boston-Cambridge-Newton, Mass.-N.H.; sold 22, 10, and 9 days more slowly, respectively. About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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U.S. Home-Flipping Activity Drops as Returns Remain at Near Seven-Year Low
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Pending Home Sales Expand 1.2% in November
WASHINGTON (December 30, 2019) -- Pending home sales increased in November, rebounding from the prior month's decline, according to the National Association of Realtors. The West region reported the highest growth last month, while the other three major U.S. regions saw only marginal variances in month-over-month contract activity. Pending home sales were up nationally and up in all regions compared to one year ago. The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, rose 1.2% to 108.5 in November. Year-over-year contract signings jumped 7.4%. An index of 100 is equal to the level of contract activity in 2001. "Despite the insufficient level of inventory, pending home contracts still increased in November," said Lawrence Yun, NAR's chief economist, noting that housing inventory has been in decline for six straight months dating back to June 2019. "The favorable conditions are expected throughout 2020 as well, but supply is not yet meeting the healthy demand." At the recent NAR Real Estate Forecast Summit, the consensus forecast called for 2.0% GDP growth, a 3.7% unemployment rate and a 3.8% average mortgage rate in 2020. Home prices were projected to rise by 3.6% in 2020 after a 5% gain in 2019. "Sale prices continue to rise, but I am hopeful that we will see price appreciation slow in 2020," said Yun. "Builder confidence levels are high, so we just need housing supply to match and more home construction to take place in the coming year." November Pending Home Sales Regional Breakdown The regional indices had mixed results in November. The Northeast PHSI slid 0.1% to 96.3 in November, 2.6% higher than a year ago. In the Midwest, the index rose 1.0% to 102.5 last month, 5.0% higher than in November 2018. Pending home sales in the South decreased 0.2% to an index of 125.0 in November, a 7.7% increase from last November. The index in the West grew 5.5% in November 2019 to 98.4, an increase of 14.0% from a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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Existing-Home Sales Descend 1.7% in November
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Low Inventory Drives Home Buyers to Explore Big City Alternatives
Boise, Idaho, McAllen, Texas and Tucson, Ariz. top realtor.com's list of markets set to sizzle in 2020 SANTA CLARA, Calif., Dec. 12, 2019 -- While the U.S. housing market is expected to cool in 2020, certain markets will remain steadfast, fueled by strong local economies, job creation, and available inventory, especially at the entry-level price point. Topping next year's housing markets list are Boise, Idaho, McAllen, Texas, and Tucson, Ariz., according to realtor.com's analysis of the 100 largest metros released today. Based on realtor.com®'s analysis of projected home sales and price data, this year's list highlights the trend of people moving from expensive coastal cities to more affordable areas inland. In fact, nine out of 10 of 2020's hottest markets are not on the coast -- a significant change from last year when four out of 10 markets were on or near the water. This trend is particularly noticeable in Boise, which jumped from the No. 8 position last year to the top spot for 2020. Boise is seeing an influx of out-of-state buyers looking to enjoy the city's amenities at a lower price point compared with places such as California. In the top 10 markets, home sales are expected to increase by 2.4 percent and prices by 3.1 percent on average year-over-year. This is in contrast to a 1.8 percent decrease in home sales and a 0.8 percent increase in sales prices nationwide, according the realtor.com® 2020 housing forecast. Top 10 markets in 2020 Boise, Idaho McAllen-Edinburg-Mission, Texas Tucson, Ariz. Chattanooga, Tenn. Columbia, S.C. Rochester, N.Y. Colorado Springs, Colo. Winston-Salem, N.C. Charleston-North Charleston, S.C. Memphis, Tenn. "Many of the markets on this year's list are late bloomers in the current housing cycle, meaning they still have plenty of inventory and prices are within reach -- a rare combination in recent years," said George Ratiu, senior economist, realtor.com®. "Additionally, a number of the top markets in 2020 are welcoming an influx of buyers from nearby large cities that have become crowded, expensive and lack sufficient inventory." Buyers have more choice With inventory at historically low levels nationwide, home ownership has become challenging, especially for first-time buyers. In fact, this year's list represents the nation's only markets which retain sufficient inventory, especially at the entry level price point. The search for affordability has attracted a large number of buyers into these markets, with active listings decreasing 11 percent year-over-year. However, in many of the top 10 markets, constricted supply is a relatively new issue and the total stock of inventory remains plentiful and in a good position to absorb growth. Sister cities Many of the markets on this year's list are smaller cities that are handling overflow from nearby larger cities that have become crowded and unaffordable. For example, Colorado Springs is becoming a respite from Denver's pricey housing market and Memphis and Chattanooga are affordable options for people looking for Nashville alternatives. University towns Interestingly, the majority of top markets are home to a college or university. This is likely due to the fact that many schools are creating incubators to nurture entrepreneurs and start-ups, helping to fuel local job markets. Rochester, N.Y., for example, is home to two large universities and is benefiting from this trend. Retirement boom Cities like Tucson, Ariz., Winston-Salem, N.C., Columbia, S.C. and Charleston, S.C. have become popular retirement destinations. Many baby boomers are looking to spend their golden years in a warmer climate and escape the high property tax rates that are common in the Northeast. Arizona, North Carolina and South Carolina do not tax Social Security retirement benefits, making these states attractive to older buyers. "As a whole, millennials are driving the housing market, but what's interesting in this year's list is that not all of our cities fall into that category. In fact, only half of this year's top 10 are millennial markets and the other half are being driven by retirees and mid-lifers leaving more expensive coastal cities," added Ratiu. 1. Boise, Idaho Median home price: $295,000 Home price change: +8.1 percent Sales change: +0.3 percent Combined sales and price growth: +8.4 percent Idaho's capital city has seen a boom in population over recent years, having nearly doubled in size since 1990. Many of the city's newcomers are transplants from more expensive coastal cities. Boise is home to a mild four-season climate with a vibrant community that actively takes advantage of the area's easy access to mountains, rivers, lakes and parks. A strong school system, thriving job market and top-notch healthcare draw a diverse crowd to Idaho's capital. A favorable tax structure -- which includes relatively low sales and property tax and no state Social Security tax -- as well as relatively affordable housing has made this area popular for retirees as well as young professionals. Boise is no stranger to realtor.com®'s Top Markets List, it was No. 8 in 2019. 2. McAllen-Edinburg-Mission, Texas Median home price: $152,000 Home price change: +4.0 percent Sales change: +4.4 percent Combined sales and price growth: +8.4 percent Nestled along the Rio Grande and Mexico border in the southern tip of Texas sit the cities of McAllen, Edinburg and Mission. The area has a rich heritage which can be felt throughout and is home to the National Butterfly Center and annual Citrus Fiesta. Affordability is a main driver for many people moving to the area from other parts of Texas and the country -- in fact, McAllen is one of the most affordable markets in the country, with a median home price of just $152,000. Emerging job opportunities coupled with the fact that Texas does not have a state income tax is drawing many young professionals to the area. 3. Tucson, Ariz. Median home price: $230,000 Home price change: +3.3 percent Sales change: +3.4 percent Combined sales and price growth: +6.6 percent Many people are flocking to Tucson, which boasts warm temperatures and 286 days of sunshine each year. The sun-baked city is one of the most popular retirement destinations in the country, however, it is also drawing the younger generation, as the city is home to The University of Arizona. Additionally, large companies including Amazon, Texas Instruments and Caterpillar have recently moved to or expanded within Tucson, creating many new job opportunities. After taking a large hit during the 2008 recession, the area's housing market has bounced back stronger than ever. Sellers are hesitant to put their homes on the market as they feel there is still room for prices to grow. 4. Chattanooga, Tenn. Median home price: $189,000 Home price change: +3.6 percent Sales change: +2.0 percent Combined sales and price growth: +5.6 percent Set along the Tennessee River in the foothills of the Appalachian Mountains sits the lively city of Chattanooga with all its Southern charm. The area still prides itself on its small town roots, but also offers residents robust nightlife with a plethora of boutique bars and cozy restaurants. Tennessee has no state income tax, which draws many young professionals and businesses to the area. After Nashville's real estate market took off, investors began looking for other opportunities within Tennessee, and this led many to Chattanooga, which also ranked No. 4 on 2019's Top Markets list. 5. Columbia, S.C. Median home price: $178,000 Home price change: -0.2 percent Sales change: +5.5 percent Combined sales and price growth: +5.3 percent The historically rich city of Columbia is South Carolina's state capital, and holds tight to its small-town roots. Columbia offers residents a high quality of life while housing remains relatively affordable. The city is known for being famously hot, but the weather isn't the only thing heating up. New construction is booming in Columbia and buyers from all over the country are migrating to the area. Columbia is also home to the University of South Carolina, making it a great area for young professionals who enjoy the energy of a college campus. 6. Rochester, N.Y. Median home price: $149,000 Home price change: +0.4 percent Sales change: +4.7 percent Combined sales and price growth: +5.1 percent New York state's third-largest metro boasts a mix of history and innovation. The city is home to two major universities -- The University of Rochester and Rochester Institute of Technology -- that consistently produce top talent and entrepreneurs. It also boasts several medical facilities such as Rochester Regional Health and large employers such as Wegmans, Paychex and Xerox. Despite a healthy job market, the area still enjoys relatively low housing prices. Former home to pioneers and independent thinkers like Susan B. Anthony and Frederick Douglass, Rochester has worked hard to preserve and honor its landmarks. The city's downtown recently underwent a revitalization which is attracting a new group of younger residents who enjoy the area's breweries, art and jazz scene. 7. Colorado Springs, Colo. Median home price: $312,000 Home price change: +6.3 percent Sales change: -1.4 percent Combined sales and price growth: +4.9 percent Recently named the most desirable place to live in the country by U.S. News and World Report, Colorado Springs' residents enjoy an outstanding quality of life with low living costs and easy access to the Rocky Mountains. Colorado Springs has a strong job market and a highly educated workforce in aerospace, defense, cybersecurity and technology. Major employers include Lockheed Martin, Oracle, Hewlett Packard and Progressive Insurance. Residents enjoy the city's beautiful scenery and more than 70 art galleries. Colorado Springs has become a great alternative for those priced out of Denver. Given the close proximity, some choose to live in Colorado Springs and commute to Denver. 8. Winston-Salem, N.C. Median home price: $169,000 Home price change: +0.5 percent Sales change: +3.6 percent Combined sales and price growth: +4.1 percent The fifth largest city in North Carolina, Winston-Salem has become a cultural hub for fine arts and theater. The revitalization of its downtown has added a number of hotels, restaurants and apartment complexes that make it attractive to millennials and retirees alike. This led The New York Times and The Wall Street Journal to rank the city second in their respective lists of most livable downtowns in America. Wake Forest University and several small colleges attract a young crowd, but the city has also been named one of the best places to retire in the U.S. by CBS Moneywatch. Many of the area's residents refer to themselves as "half-backers" or people who moved from the Northeast to Florida, but decided to settle "half of the way" back to be closer to friends and family. 9. Charleston-North Charleston, S.C. Median home price: $270,000 Home price change: +1.9 percent Sales change: +1.2 percent Combined sales and price growth: +3.1 percent South Carolina's largest city is defined by cobblestone streets, horse-drawn carriages and pastel antebellum houses. The historic port city is consistently named one of the best small cities in the world by Conde Nast and the "World's Best City" by Travel + Leisure. Home to Charleston Air Force base and several universities, Charleston attracts a diverse group of residents who enjoy the state's low property tax rates. Major employers in the area include Boeing, Walmart, Bosch and Medical University of South Carolina. Residents and tourists alike enjoy the city's many restaurants and close proximity to the beach. 10. Memphis, Tenn. Median home price: $188,000 Home price change: +3.0 percent Sales change: +0.1 percent Combined sales and price growth: +3.1 percent Elvis's hometown is home to several major employers including FedEx, AutoZone, ServiceMaster, International Paper and First Horizon National, making it an attractive market for jobs and real estate. It's also a great place for millennials and good for singles looking to mingle, as more than half of the city's adult population is not married. Locals enjoy the short commute times, great music scene, culture and professional sports including the NBA's Grizzlies. The most populous city in Tennessee, Memphis is considered a hub for transportation with a bustling airport and easy access to four major freeways. The city also houses about two dozen college campuses along with tourism attractions like Beale Street, Graceland and the National Civil Rights Museum. For more information and methodology, click here. *Median home prices based on the January-August 2019 period. **Home price and sales change are year-over-year estimates through the end of 2020. About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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iBuyers Rapidly Snap Up Market Share Across Southern Metros, Redfin Finds
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Redfin Report: Bidding Wars Remain at 10-Year Low in November
Nationally, just 10% of Redfin homebuying offers faced competition SEATTLE, Dec. 9, 2019 -- Ten percent of offers written by Redfin agents on behalf of their homebuying customers faced a bidding war in November, down from 29% a year earlier and hovering at the 10-year low for the 5th consecutive month, according to a new report from Redfin. This rate is likely to remain low through the end of the year, and begin rising again in early 2020. San Francisco was the only market that remained somewhat competitive in November. The bidding war rate there was 30%, down from 53% a year earlier and down from 34% in October. The month-over-month decline of 3.7 points was slightly below the 2010-2018 average October-to-November decline of 4.6 points. "Almost every home for sale that is in a great location and priced competitively is still receiving multiple offers," said San Francisco Redfin agent Miriam Westberg. "One home we made an offer on last week had 25 other offers! However, homebuyers definitely feel like they can be more selective this year, so homes that don't check every single box may only get a single offer, and tend to take a longer time to sell." Competition was scarce everywhere else in the country, with no other market seeing a bidding war rate higher than 17%. The bidding war rate hit its lowest point in at least five years in November in Chicago, Houston, Portland, OR and Los Angeles. "Even though the number of homes for sale has been falling faster than we normally see this time of year, buyers just aren't feeling any sense of urgency right now," said Redfin chief economist Daryl Fairweather. "The supply and demand data still says that it's a seller's market, but homebuyers working with Redfin agents in places like Portland and Denver are feeling and acting like they're in control. Most of the homes that they are seeing are simply not worth getting into a bidding war over, so they're more than willing to wait until the new year in the hopes that more homes will hit the market." 2019 as a whole has been a welcome reprieve from the frenzied market of years prior, but with fewer new listings hitting the market and more homes selling quickly after being listed, 2020 may be shaping up to swing the pendulum back in the other direction. Houston was the least competitive market in November, with just 1.4% of offers facing a bidding war. Miami was barely above that at 1.7% and Raleigh was the third least competitive market with 2.6% of offers facing competition. Rate of Bidding Wars by Metro Area: November 2019 To read the full report, please click here. About Redfin Redfin is a technology-powered 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 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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CoreLogic Reports October Home Prices Increased by 3.5% Year Over Year
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Pending Home Sales Decline 1.7% in October
WASHINGTON (November 27, 2019) -- Pending home sales retreated in October, taking a slight step back after two prior months of increases, according to the National Association of Realtors. The Northeast experienced a minor uptick last month, but the other three major U.S. regions reported declines in month-over-month contract activity. However, pending home sales were up nationally and up in all regions compared to a year ago. The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, fell 1.7% to 106.7 in October. Year-over-year contract signings jumped 4.4%. An index of 100 is equal to the level of contract activity in 2001. Lawrence Yun, NAR's chief economist, noted the decline in inventory and a small rise in mortgage rates in October from September to, in part, explain this month's signings drop. "While contract signings have decreased, the overall economic landscape remains favorable," Yun said. "Mortgage rates continue to be low at below 4% – which will attract buyers – employment levels are strong and many recession claims have dissipated." Pointing to data from active listings at realtor.com®, Yun says the markets where listing prices are around $250,000 – an affordable price point in most markets nationally – are drawing some of the most significant buyer attention, including Fort Wayne, Ind., Pueblo, Colo., Columbus, Ohio, Rochester, N.Y., and Lafayette, Ind. "We still need to address and, more importantly, correct inadequate levels of inventory across the country," Yun said. "There is no shortage of buyers seeking homes, but a lack of available units continues to drag down the nation's housing market and overall economy." "We risk a lingering shortage of sufficient inventory if homebuilding only continues at its current pace over the next 20 years, when the U.S. population is projected to increase by more than 40 million over this period. Clearly, home builders must step in and construct more housing." October Pending Home Sales Regional Breakdown With the exception of the Northeast, all regional indices saw declines in October. The PHSI in the Northeast rose 1.9% to 95.7 in October, 3.0% higher than a year ago. In the Midwest, the index slid 2.7% to 101.4 last month, 1.8% higher than in October 2018. Pending home sales in the South decreased 1.7% to an index of 125.3 in October, a 5.1% increase from last October. The index in the West declined 3.4% in October 2019 to 91.9, which is an increase of 7.5% from a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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Existing-Home Sales Climb 1.9% in October
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Home Prices Rise Annually Across Most Opportunity-Zone Redevelopment Areas
Median Prices Rise Year-Over-Year in Two-Thirds of Zones Targeted for Tax Breaks IRVINE, Calif. (November 21, 2019) -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its second special report analyzing qualified Opportunity Zones established by Congress in the Tax Cuts and Jobs act of 2017 (see full methodology below). In this report, ATTOM looked at nearly 3,700 zones with sufficient sales data to analyze, which included home sales prices with at least five home sales in each quarter from 2005 through the third quarter of 2019. The report found that about half the zones saw median home prices rise more than the national increase of 8.3 percent from the third quarter of 2018 to the third quarter of 2019. The report also shows that 79 percent of the zones had median home prices in the third quarter of 2019 that were less than the national median of $270,000 – almost the same percentage as in the second quarter of 2019. Some 46 percent of the zones had median prices of less than $150,000, also roughly the same as in the prior quarter. "The nationwide home-price surge in the third quarter spread through so-called Opportunity Zones, much as it did the rest of the country," said Todd Teta, chief product officer with ATTOM Data Solutions. "Despite sitting in some of the nation's poorest areas, Opportunity Zones were hardly immune from a housing boom heading into its ninth year. That's encouraging news for people living in those communities as well as investors looking to take advantage of the Opportunity Zones program." High-level findings from the report include: Among the 3,658 Opportunity Zones with sufficient data to analyze, median prices rose in 48 percent of the zoned areas by more than the national rate of gain from the third quarter of 2018 to the third quarter of 2019. The national year-over-year increase was 8.3 percent. Among the 3,658 Opportunity Zones with sufficient data to analyze, California had the most Opportunity Zones, with 477, followed by Florida (332), Texas (293), Pennsylvania (176) and North Carolina (170). Of the tracts analyzed, 46 percent had a median price in the third quarter of 2019 of less than $150,000 and 17 percent ranged from $150,000 to $199,999. Another 16 percent ranged from $200,000 up to the national median of $270,000, 21 percent were more than $270,000. All percentages were similar to those in the second quarter of 2019. In Metropolitan Statistical Areas with sufficient sales data to analyze, 87 percent of Opportunity Zones had median third quarter sales prices that were less than the median values for the surrounding MSAs. Among those, 31 percent had median sales prices that were less than half the figure for the MSAs. At the same time, 13 percent of the zones had median sales prices that were equal to or above the median sales price of the broader MSAs. The Midwest continued to have the highest rate of Opportunity Zone tracts with a median home price of less than $150,000 (71 percent), followed by the South (56 percent), the Northeast (47 percent) and the West (12 percent). States with the highest percentage of census tracts meeting Opportunity Zone requirements include Wyoming (17 percent), Mississippi (15 percent), Alabama (13 percent), North Dakota (12 percent) and New Mexico (12 percent). Washington, DC, also is among the leaders (14 percent). Nationwide, 10 percent of all tracts qualify. Report methodology The ATTOM Data Solutions Opportunity Zones analysis is based on home sales price data derived from recorded sales deeds. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. ATTOM Data Solutions compared median home prices in tracts designated as Opportunity Zones by the Internal Revenue Service. Except where noted, tracts were used for the analysis if they had at least five sales in each quarter from 2005 through the third quarter of 2019. Median household income data for tracts and counties comes from surveys taken the U.S. Census Bureau (www.census.gov) from 2013 through 2017. The list of designated Qualified Opportunity Zones is located at U.S. Department of the Treasury. Regions are based on designations by the Census Bureau. Hawaii and Alaska, which the bureau designates as part of the Pacific region, were included in the West region for this report. About ATTOM Data Solutions ATTOM Data Solutions 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 data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB 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, APIs, real estate market trends, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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