You are viewing our site as an Agent, switch your view below:

Agent | Broker     Reset Filters to Default
Redfin Report: May Home Prices Up 3.6% in May, the Largest Year-over-Year Increase in 7 Months
Recent upticks in mortgage applications and home tours suggest that home price growth will strengthen this summer SEATTLE, June 20, 2019 -- U.S. home-sale prices edged up again in May, growing 3.6 percent from a year ago to a median of $315,700, according to a new report from Redfin, the technology-powered real estate brokerage. This was the biggest annual home price increase in seven months. Only six of the 85 largest metro areas Redfin tracks saw a year-over-year decline in their median sale price, the biggest of which were a 6 percent drop in San Jose, a 2.5 percent dip in New York, and a 2.2 percent decline in Honolulu. All three of the other metros that saw price drops were in California: Orange County (-1.4%), Los Angeles (-0.8%) and Oakland (-0.7%). "As mortgage rates have fallen this month, Redfin has seen upticks in the number of people wanting to talk with our agents about buying homes and the number going on home tours," said Redfin chief economist Daryl Fairweather. "Recent surges in mortgage applications also reflect the impact low rates are having on homebuyer demand nationwide. We haven't yet seen a commensurate increase in U.S. home sales, and I don't expect sales to increase substantially in the long run. That's because there still aren't enough homes for sale for all of the people who want to buy homes. In May, inventory posted its smallest increase in eight months, and fewer new listings came on the market than last year. Low rates and rising prices will likely lure sellers onto the market this summer, but the lack of new construction will continue to hold back sales growth." Home sales were essentially flat in May, up 0.2 percent year over year. Forty-eight of the 85 metros tracked by Redfin saw an increase in sales from a year earlier. The number of homes for sale as of the end of May was up 2.5 percent from the same time last year. This was the smallest year-over-year increase in home supply in eight months. The number of homes newly listed for sale last month fell 0.7 percent from a year earlier. Nationwide, measures of competition are mixed, with some pointing toward a hotter market than a year ago and others indicating that the market has cooled. One indicator of a hotter market is the median number of days on market, which dropped to 36 days in May from 37 days a year earlier. This is the lowest days on market measured in any month of May since at least 2010 (as far back as Redfin has recorded this measure nationally). An indicator pointing to a cooler market is the share of homes for sale that had a price drop, which rose to 25.9 percent, the highest rate since September's record high, and up from 23.4 percent last year. The share of homes sold above list price is also falling, down to 24.4 percent in May from 28 percent last year. Still, last month's rate of homes selling above list price was the highest since last August. To read the full report, including charts and metro-level data breakdowns, please visit: https://www.redfin.com/blog/may-2019-housing-market-tracker. 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.
MORE >
May Residential Real Estate Traffic Down in 75% of Regions, but More Comparable to Prior Year
Northeast Region Posts First Year-over-Year Increase in Buyer Traffic Since April 2018, while U.S. as a Whole Reports Slightly Lower, but More Stable Showing Activity June 21, 2019 – In a welcome sign for the Northeast, which has experienced lower year-over-year buyer traffic since April 2018, the region saw showings increase 1.5 percent in May, according to the latest data from the ShowingTime Showing Index. The Northeast was the only region to report higher buyer traffic, however, as the U.S. as a whole was slower, albeit more in line with prior-year showing traffic. The U.S. declined 2.3 percent, the lowest such decline since August 2018 after 10 consecutive months of slower activity. The West Region continued its trend of slowing traffic, seeing a 10.6 percent drop year over year. The South and Midwest saw more modest declines in activity at 4.1 percent and 3.4 percent, respectively. "Year over year, the situation is stabilizing with May 2019 roughly in line with May 2018 and with the Northeast region crossing into positive territory," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "Activity in the Midwest and South are also in line with last year as we continue to see stronger traffic in the lower price quartiles of the market, with more expensive homes still seeing less traffic compared to the same time last year." 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 four 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. ShowingTime products are used in more than 250 MLSs representing over 950,000 real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
MORE >
U.S. Completed Foreclosures Decrease 50 Percent from a Year Ago
MORE >
CoreLogic Reports Lowest U.S. Foreclosure Rate for a March in at Least 20 Years; Overall and Serious Delinquency Rates for a March at 13 Year Lows
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that nationally 4% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in March 2019, representing a 0.3-percentage-point decline in the overall delinquency rate compared with March 2018, when it was 4.3%. This was the lowest for the month of March in 13 years. As of March 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4%, down 0.2 percentage points from March 2018. March 2019 marked the fifth consecutive month that the foreclosure inventory rate remained at 0.4% and was the lowest for any month since at least January 1999. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 2% in March 2019, up from 1.8% in March 2018. The share of mortgages 60 to 89 days past due in March 2019 was 0.6%, unchanged from March 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.4% in March 2019, down from 1.9% in March 2018. The serious delinquency rate of 1.4% this March was the lowest for that month since 2006 when it was also 1.4%. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.9% in March 2019, up from 0.7% in March 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2%, while it peaked in November 2008 at 2%. The nation's overall delinquency rate has fallen on a year-over-year basis for the past 15 consecutive months. However, 21 states did experience a slight increase in the overall delinquency rate in March 2019. Mississippi had the nation's highest overall delinquency rate at 8.2%, a 0.5-percentage-point gain from March 2018, while Alabama's gain was 0.3 percentage points. The other 19 states experienced annual gains of 0.1 or 0.2 percentage points. "The increase in the overall delinquency rate in 42% of states most likely indicates many Americans were caught off guard by their expenses in early 2019," said Dr. Frank Nothaft, chief economist at CoreLogic. "A strong economy, labor market and record levels of home equity should limit delinquencies from progressing to later stages." In March 2019, 166 U.S. metropolitan areas posted at least a small annual increase in the overall delinquency rate. Some of the highest gains were in several hurricane-ravaged parts of the Southeast (in Florida, Georgia and North Carolina), and in Northern California's Chico metropolitan area, home of last year's devastating "Camp Fire." "Delinquency rates and foreclosures continue to drop through March and should decline further in the months ahead barring any serious dislocations from recent flooding in the mid-west or a severe Atlantic hurricane and/or wildfire season on the coasts," said Frank Martell, president and CEO of CoreLogic. The next CoreLogic Loan Performance Insights Report will be released on July 9, 2019, featuring data for April 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX), the 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, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
U.S. Home Flipping Rate Reaches a Nine-Year High in Q1 2019
MORE >
Homes Becoming More Affordable Despite Rising Prices
National median listing price sets new record at $315,000; 74 of nation's 100 largest metros become more affordable than last year SANTA CLARA, Calif., June 6, 2019 -- Nearly three-quarters of the 100 largest U.S. metros -- including some of the priciest like San Jose, Calif., and San Francisco -- are more affordable than this time last year, despite a continued upward swing in median home prices, according to two new research reports released today by realtor.com. The trends are based on realtor.com's May 2019 monthly housing trend report and REALTORS and realtor.com Affordability Distribution Curve and Score Report, which showed increasing inventory, rising wages, and declining mortgage rates have offset slowing price increases in some local areas, making a larger share of homes affordable to buyers -- especially in the mid-to upper-tier price range. Realtor.com® May data shows the U.S. median listing price continued its upward hike, increasing 6 percent year-over-year to $315,000 -- a new record high. However, the 6 percent year-over-year increase in the median listing price was the slowest pace of growth since April 2015. National inventory grew by 3 percent, and homes typically spent 53 days on the market--one day less than last May. The most dramatic change in the U.S. housing market landscape is affordability, which realtor.com® defines as the share of for-sale homes a buyer is able to afford in their market at their income. Driven by inventory growth and lower mortgage rates, 74 out of the nation's 100 largest metros became more affordable in April 2019 compared to the previous year. This trend is a rapid acceleration from last month when only 44 metros were more affordable than the previous year. "Lower mortgage rates, higher wages and more homes for sale have helped counteract rising home prices, and ultimately, made it so that buyers are able to afford more than last year," said Danielle Hale, realtor.com®'s chief economist. "However, the boost in affordability has yet to translate into more home sales perhaps because--while the shift in trend is welcome, the current monthly savings are small and some buyers may be waiting for markets to tip further in their favor." Compared to national trends, the 10 markets with the greatest increases in affordability were San Jose, Calif.; Des Moines, Iowa; San Francisco; Lakeland, Fla.; Atlanta; Portland, Ore.; Cape Coral, Fla.; Austin, Texas; and Dallas. These markets are distinguished by rising incomes, decreasing listing prices, and a significant increase in available homes for sale. On average, incomes grew an estimated 6 percent year-over-year, compared to the 3.5 percent increase the top 100 largest metros saw. At the same time, median home listing prices fell an average of 2 percent, and inventory increased an average of 26 percent. This compared to 4.4 percent price and 6.5 percent inventory growth in the top 100 metros. Hale added, "Despite the encouraging trends, entry-level buyers will likely continue to struggle to find homes in their price range as the majority of the inventory gains continue to be in mid-to upper-tier homes in more expensive markets." In April, the number of homes priced above $750,000 -- more than double the national median -- increased 11 percent year-over-year, while the number homes priced below $200,000 decreased by 8 percent year-over-year. Similarly, increases in affordability are predominantly focused in pricier markets, especially along the West Coast. For example, San Jose, one of the nation's most expensive metros, saw the greatest boost in affordability, but it was principally driven by improvements for 80th and 90th percentile income earners. Meaning, San Jose became more affordable compared to this time last year, but the majority of affordability increases were only felt by the area's top income earners. For more information, please visit: https://www.realtor.com/research/may-2019-data Metros With Greatest Increases in Affordability 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®.
MORE >
CoreLogic Reports April Home Prices Increased by 3.6% Year Over Year
MORE >
Inventory Pile Up Creates Top Markets for Home Buyers
Scales tip toward buyers as sales slow, causing price growth to flatline SANTA CLARA, Calif., June 4, 2019 -- Market conditions are tipping toward buyers for the first time in years in cities throughout the U.S. The shift is prompted by a wave of new for-sale listings and slowing home sales, according to new research released today by realtor.com, the Home of Home Search. The top 10 markets for home buyers include Albany, N.Y.; Chicago; San Antonio; Jacksonville, Fla., Riverside, Calif.; Los Angeles; Providence, R.I.; Dallas; Nashville, Tenn.; and Tampa, Fla. "The U.S. housing market has largely favored sellers over the last several years as a result of the record-breaking low inventory and red-hot demand that led to intense competition and fast-rising home prices. However, we're now seeing some metros buck this trend," according to Danielle Hale, realtor.com®'s chief economist. "Slowing sales and growing inventories have caused months supply to increase in many markets across the country. These buyer-friendly markets are areas where inventory already outpaces sales relative to other large markets and they are continuing to move in a buyer-friendly direction, but they're not the only areas trending this way." To determine the top markets for buyers, realtor.com® focused its analysis on markets where the pace of sales relative to inventory is below the national average and slowing, inventory of available homes for sale is growing, and sales prices are growing slower than the national average or declining. Slow Sales Pace Replenishes Housing Inventory Months supply data, which examines how long inventory would last under the current amount of demand if no more inventory were added, has increased to 5.2 months in these 10 metros, up from 4.5 months this time last year. This means, it would take 5.2 months to completely run out of available homes for sale. In fact, all 10 markets have more than four months of supply and an absorption rate under 25 percent, which translates into less than one home sale per month, for every five homes listed. Meanwhile, months supply in these markets is one month greater than in the top 50 largest U.S. markets, indicating 24 percent more inventory relative to sales in these areas. Hale added, "These 10 housing markets are already more buyer-friendly when looking at the availability of homes for sale in different markets, however, the mismatch between what's available and what buyers want has led to lukewarm demand and lackluster sales. As inventory continues to grow in these markets, buyers will see more options, and should ultimately gain more bargaining power." Inventory Growth Breaks Double Digits As demand cools in these top markets for buyers, inventory continues to ramp up. On average, the top markets for buyers are seeing active inventory grow at a rapid 14.6 percent pace, year-over-year, compared to the national growth rate of just 4.0 percent. This paints a completely different picture from the supply constrained conditions that haunted buyers in many areas for so long. Los Angeles, Dallas, and Nashville, which were previously some of the most constrained among these buyer friendly markets, have seen the greatest inventory growth, as each of these markets have increased its active inventory by over 24 percent, year-over-year. Home Price Growth Hits a Wall In reaction to the increased inventory and lessened demand, sales price growth has hit a wall in these markets, and one is even seeing home prices decline. On average, sales prices in the 10 markets have grown a miniscule 1.4 percent. This is down dramatically from the 8.4 percent sales price growth seen this time last year, and 6.3 percent growth in 2017. Not coincidentally, lessened demand and pricier inventory have led to an impact on sales, which have declined 5.5 percent on average, year-over-year. In Tampa, home prices have declined year-over-year for the first time since 2012. Housing Market Game Changers In Chicago, Los Angeles, and Providence, the housing market slowdown can be traced to economic growth that's fallen behind the rest of the country and pushed potential buyers to seek career options elsewhere. In these three markets, both household and job creation are lagging behind the U.S. average. A similar pattern is occurring in Riverside, Tampa, and Jacksonville, where job growth has notably lagged the U.S. average. In Tampa and Jacksonville, the tax reform boosted out-of state buyer activity last year, but the boost has faded as prices rise and perceived value decreases. In Nashville, Dallas and San Antonio, the relative slowdown can be attributed to the overheating these markets have witnessed. Over the last three years in particular, home price growth in these Southern markets has reached unsustainable levels, exhausting buyers' budgets and causing the pace of sales to slow dramatically. Since the end of 2015, home prices in the three markets combined have grown notably faster than the U.S. average, up 21 percent, compared to 13 percent nationally during the three year period, respectively. Mid- to low-tier priced homes in particular remain difficult to find, as the median household in these areas are only able to afford just 26 percent, 20 percent, and 21 percent of the available inventory, compared with 36 percent of available inventory being affordable to the median-income household nationwide per the April Realtors® Affordability Distribution Curve data. For more information, please click here. 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.
MORE >
Pending Home Sales Trail Off 1.5% in April
MORE >
April showings sluggish as market sees ninth straight month of diminished YOY activity
Upper End Hit Hardest as Luxury Buyers Stay Home Key Points: April saw a 6.5 percent year-over-year decrease in showing activity across the U.S. despite a drop in mortgage rates; the West Region, down 11.1 percent, again recorded the largest year-over-year decline of all four regions For the seventh consecutive month, showing activity also fell in the South (-8.1 percent), the Midwest (-7.1 percent) and the Northeast (-3.8 percent) May 29, 2019 – Real estate agents throughout the U.S. may have to brace for a more sluggish market than anticipated based on last month's decline in home showing activity, the ninth consecutive month of a nationwide year-over-year decrease according to the ShowingTime Showing Index®. Buyer traffic was down 6.5 percent across the U.S. compared to the same time last year. The diminished showing activity was felt in every region throughout the country, most notably in the West, where for the 13th consecutive month showings declined on a year over year basis. "Showing activity stabilized and is holding steady, but it is still slightly off from the higher levels registered in 2018," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "The slowdown in showing traffic continues to be concentrated in the upper price quartiles across the U.S., with less expensive homes registering the same or slightly higher levels of showing traffic than at the same time last year." 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 four 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/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. ShowingTime products are used in more than 250 MLSs representing over 950,000 real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
MORE >
U.S. Foreclosure Activity Decreases 13 Percent in April 2019
MORE >
Existing-Home Sales Inch Back 0.4% in April
WASHINGTON (May 21, 2019) – Existing-home sales saw a minor decline in April, continuing March's drop in sales, according to the National Association of Realtors®. Two of the four major U.S. regions saw a slight dip in sales, while the West saw growth and the Midwest essentially bore no changes last month. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 0.4% from March to a seasonally adjusted annual rate of 5.19 million in April. Total sales are down 4.4% from a year ago (5.43 million in April 2018). Lawrence Yun, NAR's chief economist, said he is not overly concerned about the 0.4% dip in sales and expects moderate growth very soon. "First, we are seeing historically low mortgage rates combined with a pent-up demand to buy, so buyers will look to take advantage of these conditions," he said. "Also, job creation is improving, causing wage growth to align with home price growth, which helps affordability and will help spur more home sales." The median existing-home price for all housing types in April was $267,300, up 3.6% from April 2018 ($257,900). April's price increase marks the 86th straight month of year-over-year gains. Total housing inventory at the end of April increased to 1.83 million, up from 1.67 million existing homes available for sale in March and a 1.7% increase from 1.80 million a year ago. Unsold inventory is at a 4.2-month supply at the current sales pace, up from 3.8 months in March and up from 4.0 months in April 2018. "We see that the inventory totals have steadily improved, and will provide more choices for those looking to buy a home," Yun said. He notes that sellers have to realize that price growth has moderated. "When placing their home on the market, home sellers need to be very realistic and aware of the current conditions." Properties remained on the market for an average of 24 days in April, down from 36 days in March and down from 26 days a year ago. Fifty-three percent of homes sold in April were on the market for less than a month. Yun says that college student debt continues to hinder millennial homebuyers. "Given the record high job openings in the construction sector, some may want to take a gap year to work there and save, and thereby lessen the student debt burden." Realtor.com®'s Market Hotness Index, measuring time-on-the-market data and listing views per property, revealed that the hottest metro areas in April were Boston-Cambridge-Newton, Mass.; Lafayette-West Lafayette, Ind.; Spokane-Spokane Valley, Wash.; Columbus, Ohio; and Sacramento--Roseville--Arden-Arcade, Calif. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.14% in April from 4.27% in March. The average commitment rate across all of 2018 was 4.54%. "I think the market had a bit of a slow start in the Fall, but Realtors® all over the country have been telling me that April was a nice rebound. We're hopeful and expect that this will continue heading into the summer," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. "Homes over the last month sold quickly, which is not only a win-win for buyers and sellers, but it's also great for the real estate industry." First-time buyers were responsible for 32% of sales in April, down from the 33% reported last month and one year ago. NAR's 2018 Profile of Home Buyers and Sellers—released in late 2018—revealed that the annual share of first-time buyers was 33%. All-cash sales accounted for 20% of transactions in April, down from March and a year ago (21% in both cases). Individual investors, who account for many cash sales, purchased 16% of homes in April, down from March's 18%, but up from a year ago (14%). Distressed sales—foreclosures and short sales—represented 3% of sales in April, equal to the 3% in March and down from 4% in April 2018. One percent of April 2019 sales were short sales. Single-family and Condo/Co-op Sales Single-family home sales sat at a seasonally adjusted annual rate of 4.62 million in April, down from 4.67 million in March and down 4.0% from 4.81 million a year ago. The median existing single-family home price was $269,300 in April, up 3.7% from April 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 570,000 units in April, up 5.6% from the prior month and down 8.1% from a year ago. The median existing condo price was $251,000 in April, which is up 3.4% from a year ago. Regional Breakdown April existing-home sales numbers in the Northeast decreased 4.5% to an annual rate of 640,000, 4.5% below a year ago. The median price in the Northeast was $277,700, up 0.9% from April 2018. In the Midwest, existing-home sales saw relatively no percentage change from the month prior, as the annual rate remained 1.17 million, which is 7.9% below April 2018 levels. The median price in the Midwest was $210,500, an increase of 5.5% from a year ago. Existing-home sales in the South modestly dropped 0.4% to an annual rate of 2.27 million in April, down 1.7% from a year ago. The median price in the South was $236,800, up 4.4% from a year ago. Existing-home sales in the West grew 1.8% to an annual rate of 1.11 million in April, 5.9% below a year ago. The median price in the West was $395,100, up 1.3% from April 2018. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Redfin: Vacant Homes Fetch Less Money and Take Longer to Sell
MORE >
CoreLogic Reports U.S. Overall Delinquency Rate Lowest for a February in Nearly Two Decades
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows, nationally, 4% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in February 2019, representing a 0.8 percentage point decline in the overall delinquency rate compared with February 2018, when it was 4.8%. This was the lowest for the month of February in at least 19 years. As of February 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4%, down 0.2 percentage points from February 2018. The February 2019 foreclosure inventory rate tied the November and December 2018 and January 2019 rates as the lowest for any month since at least January 1999. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 2% in February 2019, down from 2.1% in February 2018. The share of mortgages 60 to 89 days past due in February 2019 was 0.6%, down from 0.7% in February 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.4% in February 2019, down from 2.1% in February 2018. The serious delinquency rate of 1.4% this February was the lowest for that month since 2001 when it was also 1.4%. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 1% in February 2019, unchanged from February 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2%, while it peaked in November 2008 at 2%. "The persistently impressive economic expansion continues to drive down housing market distress, with delinquencies and foreclosures hitting near two-decade lows," said Dr. Ralph McLaughlin, deputy chief economist at CoreLogic. "Furthermore, with unemployment at a 50-year low, wage growth nearing double inflation and a positive demographic structure that will drive housing demand upwards, the future of U.S. housing and mortgage markets look bright even if short term indicators suggest cooling." The nation's overall delinquency rate has fallen on a year-over-year basis for the past 14 consecutive months. Fewer delinquencies attribute to the strength of loan vintages in the years since the residential lending market has recovered following the housing crisis. In February, 11 metropolitan areas experienced annual gains – mostly very small – in their serious delinquency rates. The largest gains were in four Southeast metros affected by natural disasters in 2018. "We are on track to test generational lows as delinquency rates hit their lowest point in almost two decades. Given the economic outlook, we are likely to see more declines over the balance of this year," said Frank Martell, president and CEO of CoreLogic. "Reflective of the drop in delinquency rates, no state experienced a year-over-year increase in its foreclosure inventory rate so far in 2019." The next CoreLogic Loan Performance Insights Report will be released on June 11, 2019, featuring data for March 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX), the 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, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
Metro Home Prices See 3.9% Increase in 2019's First Quarter
MORE >
CoreLogic Reports March Home Prices Increased by 3.7% Year Over Year
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for March 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.7% year over year from March 2018. On a month-over-month basis, prices increased by 1% in March 2019. (February 2019 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Looking ahead, after some initial moderation in early 2019, the CoreLogic HPI Forecast indicates home prices will begin to pick up and increase by 4.8% on a year-over-year basis from March 2019 to March 2020. On a month-over-month basis, home prices are expected to decrease by 0.3% from March 2019 to April 2019. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "The U.S. housing market continues to cool, primarily due to some of our priciest markets moving into frigid waters," said Dr. Ralph McLaughlin, deputy chief economist at CoreLogic. "But the broader market looks more temperate as supply and demand come into balance. With mortgage rates flat and inventory picking up, we expect more buyers to take advantage of easing housing market headwinds." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 35% of metropolitan areas have an overvalued housing market as of March 2019. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals (such as disposable income). Additionally, as of March 2019, 26% of the top 100 metropolitan areas were undervalued, and 39% were at value. When looking at only the top 50 markets based on housing stock, 40% were overvalued, 16% were undervalued and 44% were at value in March 2019. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10% above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10% below the sustainable level. During the first quarter of 2019, CoreLogic together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment in high-priced markets. The survey respondents indicated high home prices have an impact on high rental prices as well. Nearly 76% of renters and buyers in high-priced markets agreed housing prices in these markets appeared to be driving rental rates up. "The cost of either buying or renting in expensive markets puts a significant strain on most consumers," said Frank Martell, president and CEO of CoreLogic. "Nearly half of survey respondents – 44% of renters – cited the cost to rent in high-priced housing markets as the number one barrier to entry into homeownership. This is potentially forcing renters to wait longer to have the necessary down payment in these communities." About the CoreLogic Consumer Housing Sentiment Study In the first quarter of 2019, 1,002 renters and homeowners were surveyed by CoreLogic together with RTi Research. This study is a quarterly pulse of U.S. housing market dynamics. Each quarter, the research focuses on a different issue related to current housing topics. This first quarterly study concentrated on consumer sentiment within high-priced markets. The survey has a sampling error of +/- 3.1% at the total respondent level with a 95% confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic (NYSE: CLGX), the 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 realtors, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
Pending Home Sales Climb 3.8% in March
MORE >
U.S. Home Prices Continue Upward Trajectory
Median list price hits $310,000; newly listed homes increase 3 percent year-over-year; national inventory increases 4 percent year-over-year SANTA CLARA, Calif., May 1, 2019 -- The national median listing price set a record of $310,000 in April -- surpassing March's high of $300,000, according to realtor.com's April 2019 monthly housing trend report released today. At the same time, demand for U.S. housing is cooling heading into spring as newly listed homes and national inventory grew, primarily driven by a combination of more owners listing homes and softening buyer demand. "The U.S. median listing price set another record this month, which we expect it to continue to do through summer when prices typically hit their seasonal peak," said Danielle Hale, realtor.com®'s chief economist. "Despite growing availability of total homes for sale, prices are rising in response to more high-end homes for sale, which is not exactly what most shoppers in today's market are looking for. Inventory remains limited at the entry-level, where much of housing's demand is concentrated. This mismatch is a prime driver of the weaker sales we've seen so far in 2019." Much of this price growth continues to be driven by an increase in upper-tier homes for sale. In April, the number of homes for sale over $750,000 increased by 11 percent year-over-year, while homes priced under $200,000 decreased by 8 percent. As the median listing price grows and the number of affordable, entry-level homes decreases, entry-level shoppers will likely face though competition this spring. Of the 50 largest U.S. metros, 36 saw year-over-year increases in median listing prices, but only 9 markets outpaced the national growth of 7 percent. Milwaukee, (+13 percent), Kansas City, Mo. (+12 percent), and Rochester, N.Y. (+12 percent), posted the largest year-over-year median list price growth in April. The steepest median listing price declines were seen in San Jose, Calif., where prices were down 8 percent. San Francisco and Dallas followed, with 4 percent and 3 percent declines year-over-year, respectively. These markets were ranked first, third, and seventh for inventory growth -- as supply begins to exceed demand, prices are declining to adjust and balance the market. While prices continue to rise, inventory is also seeing continued growth as both newly listed homes and national inventory saw growth last month. In April, approximately 60,000 additional listings hit the U.S. market compared to last year, amounting to a 4 percent increase year-over-year. Much of this growth has been concentrated in the nation's 50 largest markets, where inventory grew at a rapid pace of 10 percent year-over-year. At the same time, newly listed homes in the U.S. have increased 3 percent year-over-year. The combination of newly listed homes and national inventory growth means the U.S. will continue to see inventories ease, especially at the top end of the market. Large metros that saw the greatest gains in inventory were San Jose, Calif., Seattle, and San Francisco, growing by 92 percent, 82 percent and 39 percent, respectively. Metros with the greatest declines in inventory included St. Louis, Washington, D.C. and Rochester, N.Y.; where inventory declined by 16 percent, 15 percent and 10 percent, respectively. Sellers in pricey west coast markets are likely trying to offload their homes at peak pricing, but in more affordable markets, such as St. Louis, inventory is declining as buyers seek price relief. One expensive outlier is Washington D.C., where inventory declines may be attributed to sellers holding onto their homes in anticipation of the opening of HQ2, Hale added. In April, the share of homes that had their prices cut increased by 2 percent year-over-year. Among the nation's largest markets, 37 of the 50 saw an increase in their share of price reductions year-over-year. Las Vegas had the greatest increase in price reductions, up 15 percent year-over-year. It was followed by San Jose, Calif., with a 9 percent increase in reductions, while Seattle, San Francisco, and Atlanta each had a 5 percent increase in reductions year-over-year. Nationally, homes sold in 58 days in April, one day more quickly than a year ago and seven days faster than in March. In the 50 largest U.S. metros, the homes spent an average of two more days on the market compared to the previous year. San Jose, Calif., Los Angeles, and Kansas City, Mo., saw the largest increases in days on market with properties spending 8, 7 and 7 more days on the market, respectively. Alternatively, properties in Philadelphia; Birmingham, Ala. and Pittsburgh, Pa., sold 7, 5 and 4 days more quickly than last year, respectively. Metros Seeing the Largest Gains in Inventory About realtor.com® Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the 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.
MORE >
Updated Realtor.com Forecast Paints Rosier Picture for 2019 Homebuyers
MORE >
U.S. Foreclosure Activity Decreases 15 Percent in Q1 2019 to Lowest Levels Since Q1 2008
Foreclosure Activity Below Pre-Recession Levels in 60 Percent of U.S. Markets; Foreclosure Starts Up Seven Percent From a Year Ago; Average Foreclosure Timeline Increases 5 Percent From Last Year IRVINE, Calif. – April 11, 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 Q1 2019 U.S. Foreclosure Market Report, which shows a total of 161,875 U.S. properties with a foreclosure filing during the first quarter of 2019, down 23 percent from the previous quarter and down 15 percent from a year ago to the lowest level since Q1 2008. The report also shows a total of 58,550 U.S. properties with foreclosure filings in March 2019, up 7 percent from the previous month but down 21 percent from a year ago — the ninth consecutive month with a year-over-year decrease in U.S. foreclosure activity. "While some markets saw a slight uptick in foreclosure filings, that is above pre-recession levels, the majority of the major markets are well below pre-recession levels," said Todd Teta, chief product officer at ATTOM Data Solutions. "While we did see a slight increase in U.S. foreclosure starts from last quarter, bank repossessions reached an all-time low in the first quarter of 2019, showing continuing signs of a strong housing market." Markets below pre-recession levels include San Jose, Memphis, Dallas-Fort Worth The 132 out of the 220 markets (60 percent) with a population greater than 200,000 in the first quarter foreclosure activity below pre-recession averages included San Jose (79 percent below); Memphis (77 percent below); Dallas-Fort Worth (77 percent below); Las Vegas (74 percent below); and Phoenix (68 percent below). Other major markets with first quarter foreclosure activity below pre-recession averages were San Francisco, Riverside-San Bernardino in Southern California, Chicago, Detroit and Seattle. Markets still above pre-recession levels include Baltimore, Washington D.C., Philadelphia In 88 out of the 220 markets analyzed (40 percent), first quarter foreclosure activity levels were still above pre-recession averages, including Baltimore (189 percent above); Washington D.C. (26 percent above); Philadelphia (20 percent above); New York (13 percent above); and Hartford (4 percent above). Other major markets with first quarter foreclosure activity above pre-recession averages included Richmond, Virginia; Virginia Beach, Providence, Rhode Island; and New Orleans. Foreclosure starts increase 7 percent from last quarter Lenders started the foreclosure process on 91,397 U.S. properties in Q1 2019, up 7 percent from the previous quarter but down 3 percent from a year ago — the 15th consecutive quarter with a year-over-year decrease in foreclosure starts. Counter to the national trend, 15 states posted year-over-year increases in foreclosure starts in Q1 2019, including Florida (up 65 percent); Georgia (up 30 percent); Texas (up 27 percent); Louisiana (up 20 percent); Washington (up 12 percent); and Maryland (up 11 percent). Bank repossessions down in 48 states and DC Lenders repossessed 35,787 U.S. properties through foreclosure (REO) in Q1 2019, down 21 percent from the previous quarter and down 45 percent from a year ago — the 14th consecutive quarter with a year-over-year decrease in U.S. REOs. Along with the District of Columbia, 48 states posted year-over-year decreases in REOs in the first quarter, including Arizona (down 77 percent); California (down 41 percent); Florida (down 33 percent); New Jersey (down 59 percent); and Texas (down 43 percent). Atlantic City, Lakeland, Trenton highest metro foreclosure rates in Q1 2019 Nationwide one in every 836 U.S. housing units had a foreclosure filing in the first quarter of 2019. States with the highest foreclosure rates in the first quarter were New Jersey (one in 333 housing units with a foreclosure filing); Delaware (one in 364); Maryland (one in 412); Florida (one in 487); and Illinois (one in 489). Among 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in Q1 2019 were Atlantic City, New Jersey (one in every 177 housing units with a foreclosure filing); Lakeland, Florida (one in 338); Trenton, New Jersey (one in 345); Columbia, South Carolina (one in 372); and Philadelphia, Pennsylvania (one in 373). Along with Philadelphia, other major metros with a population of at least 1 million and foreclosure rates in the top 25 highest nationwide included Jacksonville, Florida at No. 7, Baltimore at No.9, Cleveland at No. 13, Chicago at No. 14, Tampa at No. 17, Miami at No. 18, and Orlando at No. 21. Average foreclosure timeline increases 5 percent in first quarter Properties foreclosed in the first quarter of 2019 had been in the foreclosure process an average of 835 days, up 3 percent from an average 811 days for properties foreclosed in the fourth quarter of 2018 and up 5 percent from an average of 791 days for properties foreclosed in the first quarter of 2018. States with the longest average foreclosure timeline for properties foreclosed in Q1 2019 were Indiana (1,806 days), Hawaii (1,565 days), Arizona (1,385 days), New Jersey (1,212 days), and Florida (1,196 days). States with the shortest average time to foreclose in Q1 2019 were West Virginia (159 days), Virginia (206 days), Minnesota (251 days), Alaska (262 days), and Wyoming (269 days). March 2019 Foreclosure Activity High-Level Takeaway Nationwide in March 2019 one in every 2,312 properties had a foreclosure filing States with the highest foreclosure rates in March 2019 were Delaware (one in every 999 housing units with a foreclosure filing); New Jersey (one in every 1,021 housing units); Maryland (one in every 1,077 housing units); Florida (one in every 1,345 housing units); and South Carolina (one in every 1,379 housing units). 32,280 U.S. properties started the foreclosure process in March 2019, up 9 percent from the previous month but down 2 percent from a year ago. March 2019 marked the third consecutive month with a month-over-month increase in foreclosure starts. Lenders completed the foreclosure process on 12,167 U.S. properties in March 2019, up 7 percent from the previous month but down 53 percent from a year ago. 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, 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).
MORE >
CoreLogic Reports U.S. Overall Delinquency and Foreclosure Rates Lowest for January in at Least 20 Years
MORE >
U.S. Median Home List Price Hits $300,000 for the First Time Ever
Affordability will continue to be a major hurdle for this spring's entry-level homebuyers SANTA CLARA, Calif., April 4, 2019 -- The U.S. median home listing price crossed into uncharted territory in March, increasing 7 percent year-over-year and reaching $300,000 for the first time ever, according to realtor.com®'s March 2019 monthly housing trend report released today. Although housing inventory continued to increase nationally, the pace slowed, as fewer new listings hit the market. Additionally, entry-level inventory scarcity continues; homes priced $200,000 or below decreased 9 percent year-over-year. "The typical U.S. home list price has set a new high right on the cusp of the spring homebuying season, and despite a slowing growth rate, home prices will likely continue to set new records later this year," said Danielle Hale, realtor.com®'s chief economist. "Heading into spring, U.S. prices are expected to continue to rise and inventory is expected to continue to increase, but at a slower pace than we've seen the last few months as fewer sellers want to contend with this year's more challenging conditions. A buyer's experience will vary notably depending on the market and price point they're targeting." The U.S. housing market has seen years of increasing home prices and has already surpassed 2018's summer high of $299,000 as the spring home-buying season launches. The continued, albeit slowing, rise in the national median home price in the midst of a market slowdown is likely driven by inventory growth in the high-end of the market. According to realtor.com®'s analysis, the inventory of for-sale homes priced above $750,000 increased 11 percent year-over-year, while the number of entry-level homes priced $200,000 or below declined 9 percent during the same period. Housing inventory continued to increase in March, but the rate of growth slowed compared to the last few months and this slower-growth trend could continue into April, especially if fewer new listings hit the market, according to Hale. Approximately 56,000 additional homes were for sale in March compared to last year, amounting to a 4 percent increase year-over-year. This growth was primarily driven by the U.S.'s 50 largest markets, which grew by a more substantial 9 percent on average year-over-year. However, the number of newly listed properties hitting the market declined by 0.4 percent from last year, suggesting that while buyers may have more options to choose from, the share of fresh properties coming up for sale has not increased. Of the U.S.'s 50 largest metros, those that saw the biggest inventory decreases were St. Louis, Washington, D.C., and Oklahoma City, where inventory declined by 19 percent, 14 percent and 11 percent, respectively. Metros where inventory continued to increase were primarily pricey, West Coast markets. The list was topped by San Jose, Calif.; Seattle, and San Francisco, growing by 114 percent, 77 percent and 44 percent, respectively. Nationally, homes in the U.S. sold in an average of 65 days in March, two days slower than a year ago. Kansas City, Mo.; Hartford, Conn.; and Indianapolis, saw the largest increases in days on market with properties spending an average of 16, 12 and 12 more days on the market year-over-year, respectively. On the flip-side, properties in Pittsburgh, Birmingham, Ala., and Oklahoma City sold an average of 10, eight and five days more quickly, respectively. Metros Seeing the Largest Gains in Inventory About realtor.com® Realtor.com®, The Home of Home Search, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the 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.
MORE >
Pending Home Sales Dip 1.0 Percent in February
MORE >
CoreLogic Reports February Home Prices Increased by 4 Percent Year Over Year
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for February 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 4 percent year over year from February 2018. On a month-over-month basis, prices increased by 0.7 percent in February 2019. (January 2018 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Looking ahead, after some initial moderation in early 2019, the CoreLogic HPI Forecast indicates home prices will begin to pick up and increase by 4.7 percent on a year-over-year basis from February 2019 to February 2020. On a month-over-month basis, home prices are expected to decrease by 0.5 percent from February 2019 to March 2019. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "During the first two months of the year, home-price growth continued to decelerate," said Dr. Frank Nothaft, chief economist for CoreLogic. "This is the opposite of what we saw the last two years when price growth accelerated early. With the Federal Reserve's announcement to keep short-term interest rates where they are for the rest of the year, we expect mortgage rates to remain low and be a boost for the spring buying season. A strong buying season could lead to a pickup in home-price growth later this year." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 35 percent of metropolitan areas have an overvalued housing market as of February 2019. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals (such as disposable income). Additionally, as of February 2019, 27 percent of the top 100 metropolitan areas were undervalued, and 38 percent were at value. When looking at only the top 50 markets based on housing stock, 40 percent were overvalued, 18 percent were undervalued and 42 percent were at value in February 2019. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10 percent above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10 percent below the sustainable level. During the first quarter of 2019, CoreLogic together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment in high-priced markets. In all, 62 percent of residents in high-priced markets acknowledged that housing in these markets was unaffordable, compared to only 11 percent of respondents across all markets surveyed last year. Nearly three quarters of renters (71 percent) in these high-priced markets felt their housing costs were unaffordable, compared to just 16 percent of renters across all markets last year. High-priced markets were identified as the 15 metropolitan areas with the highest median home prices. The study focused on the dynamics of housing decision making and the impact that the housing market had on the attitudes and perceptions of residents in high-priced markets. "About 40 percent of the top 50 largest metropolitan areas in the country are now categorized as overvalued and we expect that percentage to grow over the remainder of 2019. The cost of either buying or renting in expensive markets puts a significant strain on most consumers," said Frank Martell, president and CEO of CoreLogic. "Our research tells us that about 74 percent of millennials, the single largest cohort of homebuyers, now report having to cut back on other categories of spending to afford their housing costs." About the CoreLogic Consumer Housing Sentiment Study In the first quarter of 2019, 1,002 renters and homeowners were surveyed by CoreLogic together with RTi Research. This study is a quarterly pulse of U.S. housing market dynamics. Each quarter, the research focuses on a different issue related to current housing topics. This first quarterly study concentrated on consumer sentiment within high-priced markets. The survey has a sampling error of +/- 3.1 percent at the total respondent level with a 95 percent confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic (NYSE: CLGX) 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.
MORE >
Home Shoppers Remain Optimistic but Believe a Recession is on the Horizon
MORE >
Median-Priced Homes Not Affordable for Average Wage Earners in 71 Percent of U.S. Housing Markets
Home Prices Less Affordable Than Historic Average in 49 Percent of Local Markets; 65 Percent of Markets Less Affordable Than a Year Ago IRVINE, Calif. – March 28, 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 Q1 2019 U.S. Home Affordability Report, which shows that median home prices in the first quarter of 2019 were not affordable for average wage earners in 335 of 473 U.S. counties analyzed in the report (71 percent). 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 3 percent down payment and a 28 percent maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics (see full methodology below). The 335 counties where a median-priced home in the first quarter was not affordable for average wage earners included Los Angeles County, California; Maricopa County (Phoenix), Arizona; San Diego County, California; Orange County, California; and Miami-Dade County, Florida. The 138 counties (29 percent of the 473 counties analyzed in the report) where a median-priced home in the first quarter was still affordable for average wage earners included Cook County (Chicago), Illinois; Harris County (Houston), Texas; Wayne County (Detroit), Michigan; Philadelphia County, Pennsylvania; and Cuyahoga County (Cleveland), Ohio. View Q1 2019 U.S. Home Affordability Heat Map by County "We are seeing a housing market in flux across the United States, with a mix of tailwinds and headwinds that are pricing many people out of the housing market, but also are creating potentially better conditions for buyers," said Todd Teta, chief product officer with ATTOM Data Solutions. "Continually rising home prices in many areas do remain a financial stretch – or simply unaffordable – for a majority of households. However, quarterly wage gains have been outpacing prices increases for more than a year and mortgage rates are falling, which have helped make homes a bit more affordable now, than they've been in a year. Affordability may improve because of the simple fact that homes are out of reach for so many home seekers, suggesting that prices need to moderate up in order to attract buyers. Of course, a few quarters do not a long-term trend make. The economy could slow. The impact of last year's tax cuts could fade, and interest rates could go back up, but the signs point to the possibility of an impending buyers' market." 49 percent of markets less affordable than historic averages Among the 473 counties analyzed in the report, 232 (49 percent) were less affordable than their historic affordability averages in the first quarter of 2019, down from 76 percent of counties in the previous quarter but up from 42 percent of counties in the first quarter of 2018. Counties that were less affordable than their historic affordability averages included Los Angeles County, California; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; San Diego County, California; and Orange County, California. Most affordable counties in Atlantic City, Baltimore, Philadelphia, Cleveland Among the 473 counties analyzed in the report, 241 (51 percent) were more affordable than their historic affordability averages in the first quarter of 2019, including Cook County (Chicago), Illinois; Miami-Dade County, Florida; Santa Clara (San Jose), California; Middlesex (Boston), Massachusetts; and Suffolk County (New York), New York. Counties with the highest affordability index were Warren County (Allentown), New Jersey (151); Mercer County (Trenton), New Jersey (147); Cumberland (Vineland), New Jersey (144); Onslow (Jacksonville), North Carolina (142); and Litchfield (Torrington), Connecticut (139). 65 percent of markets post worsening affordability compared to year ago A total of 308 of the 473 counties analyzed in the report (65 percent) posted a year-over-year decrease in their affordability index, meaning that home prices were less affordable than a year ago, including Los Angeles County, California; Harris County, Texas; Maricopa County, Arizona; San Diego County, California; and Riverside County, California. A total of 165 of the 473 counties analyzed in the report (35 percent) posted a year-over-year increase in the affordability index, meaning that home prices were more affordable than a year ago, including Cook County (Chicago), Illinois; Orange County, California; Miami-Dade County, Florida; Kings County (Brooklyn), New York; and Dallas County (Dallas-Fort Worth), Texas. Highest share of income needed to buy in Brooklyn, Manhattan, San Francisco, Maui Nationwide an average wage earner would need to spend 32.7 percent of his or her income to buy a median-priced home in the first quarter of 2019, on par with the historic average of 32.7 percent of income. Counties where an average wage earner would need to spend the highest share of income to buy a median-priced home in Q1 2019 were Kings County (Brooklyn), New York (115.9 percent); New York County (Manhattan), New York (115.0 percent); Santa Cruz County, California (114.1 percent); Marin County, California in the San Francisco metro area (103.1 percent); and Maui County, Hawaii (100.7 percent). Counties where an average wage earner would need to spend the lowest share of income to buy a median-priced home were Bibb County (Macon), Georgia (11.1 percent); Baltimore City, Maryland (12.4 percent); Wayne County (Detroit), Michigan (13.2 percent); Rock Island County (Quad Cities), Illinois (13.5 percent); and Montgomery County, Alabama (13.9 percent). Home price appreciation outpacing wage growth in 49 percent of markets Home price appreciation outpaced average weekly wage growth in 232 of the 473 counties analyzed in the report (49 percent), including Maricopa County (Phoenix), Arizona; Queens County, New York; San Bernardino County (Riverside), California; Clark County (Las Vegas), Nevada; and Tarrant County (Dallas-Fort Worth), Texas. Average weekly wage growth outpaced home price appreciation in 241 of the 473 counties analyzed in the report (51 percent), including Los Angeles County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; San Diego County, California; and Orange County, California. 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, 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).
MORE >
Sellers Hope for a Spring Thaw as Sluggish February Real Estate Showing Activity Continues Seven-Month Decline Foretelling a Buyer's Market
MORE >
Existing-Home Sales Surge 11.8 Percent in February
WASHINGTON (March 22, 2019) – Existing-home sales rebounded strongly in February, experiencing the largest month-over-month gain since December 2015, according to the National Association of Realtors®. Three of the four major U.S. regions saw sales gains, while the Northeast remained unchanged from last month. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, shot up 11.8 percent from January to a seasonally adjusted annual rate of 5.51 million in February. However, sales are down 1.8 percent from a year ago (5.61 million in February 2018). Lawrence Yun, NAR's chief economist, credited a number of aspects to the jump in February sales. "A powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound." The median existing-home price for all housing types in February was $249,500, up 3.6 percent from February 2018 ($240,800). February's price increase marks the 84th straight month of year-over-year gains. Total housing inventory at the end of February increased to 1.63 million, up from 1.59 million existing homes available for sale in January, a 3.2 percent increase from 1.58 million a year ago. Unsold inventory is at a 3.5-month supply at the current sales pace, down from 3.9 months in January but up from 3.4 months in February 2018. "It is very welcoming to see more inventory showing up in the market," says Yun. "Consumer foot traffic consequently is rising as measured by the opening rate of SentriLock key boxes." NAR's SentriLock data, for key access to unlock a home, was measurably higher in January and February compared to the second half of 2018. Properties remained on the market for an average of 44 days in February, down from 49 days in January but up from 37 days a year ago. Forty-one percent of homes sold in February were on the market for less than a month. Yun, who has called for more inventory over the course of 2018, says the market would benefit greatly in 2019 with additional new housing. "For sustained growth, significant construction of moderately priced-homes is still needed. More construction will help boost local economies and more home sales will help lessen wealth inequality as more households can enjoy in housing wealth gains." A typical homeowner accumulated an estimated $8,700 in housing equity over the past 12 months and $21,300 over the past 24 months. Realtor.com®'s Market Hotness Index, measuring time-on-the-market data and listing views per property, revealed that the hottest metro areas in January were Midland, Texas; Chico, California; Colorado Springs, Colorado; Spokane-Spokane Valley, Washington; and San Francisco-Oakland-Hayward, California. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.37 percent in February from 4.46 percent in January. The average commitment rate across all of 2018 was 4.54 percent. "We're very happy to see homebuyers returning to the market, as the beginning of Spring represents a prime time to purchase a new home," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. "Potential buyers and sellers should seek out a local Realtor to stay abreast of the market and take advantage of the various housing benefits that are currently being extended during housing transactions." First-time buyers were responsible for 32 percent of sales in February, up from last month and a year ago (both 29 percent). NAR's 2018 Profile of Home Buyers and Sellers – released in late 2018 – revealed that the annual share of first-time buyers was 33 percent. All-cash sales accounted for 23 percent of transactions in February, equal to January's percentage, but marginally down from a year ago (24 percent). Individual investors, who account for many cash sales, purchased 16 percent of homes in February, identical to January's 16 percent, but a tick up from a year ago (15 percent). Distressed sales – foreclosures and short sales – represented 4 percent of sales in February, equal to both the 4 percent represented in January and at this time a year ago. One percent of February sales were short sales. Single-family and Condo/Co-op Sales Single-family home sales sit at a seasonally adjusted annual rate of 4.94 million in February, up from 4.36 million in January and down 1.4 percent from 5.01 million a year ago. The median existing single-family home price was $251,400 in February, up 3.6 percent from February 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 570,000 units in February, unchanged from last month and down 5.0 percent from a year ago. The median existing condo price was $233,300 in February, which is up 3.1 percent from a year ago. Regional Breakdown February existing-home sales numbers in the Northeast were identical to last month. The annual rate of 690,000 is 1.5 percent above a year ago. The median price in the Northeast was $272,900, which is up 3.8 percent from February 2018. In the Midwest, existing-home sales rose 9.5 percent from last month to an annual rate of 1.27 million, roughly even to February 2018 levels. The median price in the Midwest was $188,800, which is up 5.4 percent from last year. Existing-home sales in the South grew 14.9 percent to an annual rate of 2.39 million in February, down 0.4 percent from last year. The median price in the South was $219,300, up 2.5 percent from a year ago. Existing-home sales in the West rocketed 16.0 percent to an annual rate of 1.16 million in February, 7.9 percent below a year ago. The median price in the West was $379,300, up 3.0 percent from February 2018. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Redfin Determines the Value of a Swimming Pool in 20 Major U.S. Metros
MORE >
CoreLogic Reports U.S. Overall Delinquency and Foreclosure Rates Lowest for December Since at Least 2000
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that, nationally, 4.1 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in December 2018, representing a 1.2 percentage point decline in the overall delinquency rate compared with December 2017, when it was 5.3 percent. As of December 2018, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4 percent, down 0.2 percentage points from December 2017. The December 2018 foreclosure inventory rate tied the November 2018 rate as the lowest for any month since at least January 2000. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 2 percent in December 2018, down from 2.4 percent in December 2017. The share of mortgages that were 60 to 89 days past due in December 2018 was 0.7 percent, down from 0.8 percent in December 2017. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.5 percent in December 2018, down from 2.1 percent in December 2017. The serious delinquency rate has been steady at 1.5 percent since August 2018 – the lowest level for any month since March 2007 when it was also 1.5 percent. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.9 percent in December 2018, down from 1.2 percent in December 2017. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent, while it peaked in November 2008 at 2 percent. "Our latest home equity report found that the average homeowner saw a $9,700 increase in their equity during 2018," said Dr. Frank Nothaft, chief economist for CoreLogic. "With additional 'skin in the game,' rising equity reduces the chances of a foreclosure, helping to push the foreclosure rate down to its lowest level since at least 2000." Since the beginning of 2018, the nation's overall delinquency rate has fallen to pre-housing crisis levels, not seen since early 2006. However, several metropolitan areas in Florida, Georgia and North Carolina are still struggling to recover from natural disasters that impacted those areas. In December 2018, 10 out of the 12 metropolitan areas that logged increases in their serious delinquency rate were located in the Southeast, with the largest gains occurring in the Panama City, Florida metropolitan area. "On a national basis, income and home-price growth continue to support strong loan performance," said Frank Martell, president and CEO of CoreLogic. "Although things look good across most of the nation, areas that were impacted by hurricanes and other natural hazards are experiencing a sharp increase in the numbers of mortgages moving into 60-day delinquency or worse. One specific example is Panama City, Florida, which was devastated by Hurricane Michael, where 60-day delinquencies rose to 3.5 percent in December." The next CoreLogic Loan Performance Insights Report will be released on April 9, 2019, featuring data for January 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights. About CoreLogic CoreLogic (NYSE: CLGX) 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.
MORE >
U.S. Home Flipping Returns Drop to Seven-Year Low in 2018
MORE >
CoreLogic Reports January Home Prices Increased by 4.4 Percent Year Over Year
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for January 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 4.4 percent year over year from January 2018. On a month-over-month basis, prices increased by 0.1 percent in January 2019. (December 2018 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Looking ahead, the CoreLogic HPI Forecast indicates that the 2019 annual average home price will increase 3.4 percent above the 2018 annual average. On a month-over-month basis, home prices are expected to decrease by 0.9 percent from January 2019 to February 2019. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "The spike in mortgage interest rates last fall chilled buyer activity and led to a slowdown in home sales and price growth," said Dr. Frank Nothaft, chief economist for CoreLogic. "Fixed-rate mortgage rates have dropped 0.6 percentage points since November 2018 and today are lower than they were a year ago. With interest rates at this level, we expect a solid home-buying season this spring." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 35 percent of metropolitan areas have an overvalued housing market as of January 2019. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals (such as disposable income). Additionally, as of January 2019, 27 percent of the top 100 metropolitan areas were undervalued, and 38 percent were at value. When looking at only the top 50 markets based on housing stock, 40 percent were overvalued, 18 percent were undervalued and 42 percent were at value in January 2019. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10 percent above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10 percent below the sustainable level. "The slowing growth in home prices was inevitable in many respects as buyers pull back in the face of higher borrowing and ownership costs," said Frank Martell, president and CEO of CoreLogic. "As we head into 2019, we can expect continued strong employment growth and rising incomes which could support a reacceleration in home-price appreciation later this year." About CoreLogic CoreLogic (NYSE: CLGX) 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.
MORE >
Pending Home Sales Jump 4.6 Percent in January
MORE >
Inventory Growth Points to Cooler Spring Market
SANTA CLARA, Calif., Feb. 27, 2019 -- Realtor.com's February housing report released today, shows 2019 may have one of the coolest spring homebuying seasons in recent years as growing inventories drive price cuts. This marks a significant reversal from a year ago when the housing market struggled with 41 straight months of inventory declines. In February, the median list price increased seven percent year-over-year, to $294,800. Approximately 73,000 additional listings are for-sale this year versus last year, increasing national inventory by 6 percent year-over-year. Much of this available inventory can be traced to the nation's 50 largest metros, where inventory increased by 11 percent year-over-year. The largest jumps have continued on the West Coast, led by San Jose, Calif., with a massive 125 percent increase. This was followed by an 85 percent increase in Seattle, 53 percent increase in San Francisco, 39 percent increase in San Diego, and 36 percent increase in Portland, Ore. "This is the fifth consecutive month that we've seen housing inventory increase, especially in large markets," said Danielle Hale, realtor.com®'s chief economist. "As is often the case in real estate, the important trends are going on at the local level. We see large markets continue to cool, but some markets still have some strength. Additionally, we still see fewer homes priced under $200,000 on the market, so entry-level buyers won't see the same availability of options as high-end buyers." A recent rise in the share of price cuts also hints towards a potential shift into a cooler market for spring. In February, 39 of the 50 largest markets saw an increase in share of price cuts. The greatest yearly increase was felt in Las Vegas, which jumped 19 percent. It was followed by San Jose, Calif., with a nine percent increase, Phoenix with a seven percent increase, San Francisco with a five percent increase, and Dallas with a four percent increase. In February, the number of U.S. homes priced at or above $750,000, more than double the national median, increased by 11 percent year-over-year. The surge in high end inventory is likely to favor buyers this spring, as they will have more options to choose from. But the same can't be said for the entry-level market where the national inventory of homes priced at $200,000 or below has decreased seven percent year-over-year, indicating that availability of affordable homes will remain an issue for many potential buyers. More inventory means more options for buyers, which has slowly pumped the brakes on a historically speedy market. On average in the 50 largest metros, homes are spending three days longer on the market than last year. For the first time since realtor.com® began tracking this data in 2013, the share of homes selling faster than 30 days decreased, from 28 percent last year to 27 percent this February. The West Coast, which saw the largest inventory increases in February, also saw the greatest increase in days on market. Homes in Seattle, which led the nation, spent an additional 20 days on market compared to last year. It was followed by Riverside-San Bernardino, Calif. with 15 days and Sacramento, Calif. with 13 days. New market level months supply data, which looks at the balance of available inventory against the current sales pace, confirms that while the market is generally cooling, it still remains a sellers' market in many areas. Markets with the Largest Inventory Increases About realtor.com® Realtor.com®, The Home of Home Search, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the 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.
MORE >
January's 9% Drop in Real Estate Showing Activity Marks 6th Consecutive Month of Year-Over-Year Declines
MORE >
Introducing Secrets to Success Using Market Analytics
Market Analytics Success Guide Check out our new FREE Success Guide. Learn step-by-step tricks and tools using market analytics to win BIG in 2019! What you will learn: Marketing Effectiveness with Market Analytics Positioning Yourself as THE Neighborhood Expert Choosing the Right Marketing Analytics Tools for You The five products that will help you communicate market insights to consumers: BrokerMetrics® Recruit. Retain. Know Your Business. PRODUCT OVERVIEW BrokerMetrics® is a software toolkit that helps brokers and their teams become industry insiders and dominate their local markets. ListTrac You list it, we track it - analytics and reporting for your listing’s online performance PRODUCT OVERVIEW ListTrac provides unbiased, actionable marketing intelligence in one place for you to guide your online listing campaigns. RPR We specialize in helping MLS and Real Estate publishers monetize their websites without damaging their brand or user experience. PRODUCT OVERVIEW Realtors Property Resource® (RPR®) is an innovative website and app that brings together all available public records and MLS data and provides colorful, easy to share reports for every corner of real estate. MLS Tax Suite Comprehensive and Accurate Property Data at Your Fingertips PRODUCT OVERVIEW Since 1989, CRS Data has provided innovative data services that puts the power of clear and accurate property information in the hands of leading professionals. Market Snapshot® Stay top-of-mind & be the neighborhood expert with a follow-up system that gives your clients real-time, real estate market data & insights. PRODUCT OVERVIEW Stay relevant, keep contacts engaged and stake your claim as the market pro by empowering your contacts with accurate, real-time MLS market reports tailored to their needs.
MORE >
Existing-Home Sales Drop 1.2 Percent in January
MORE >
Millennials Now Taking on More Mortgages than Any Other Generation
Millennials now represent 42 percent of all new home loans, and are buying outside major metro areas, study shows SANTA CLARA, Calif., Feb. 20, 2019 -- Realtor.com®, the Home of Home Search, today released new survey data revealing members of the millennial generation have increased their home buying purchase power and now boast the largest share of new home loans by dollar volume, larger than both Generation X and the baby boomer generation. These insights, based on a realtor.com® analysis of residential mortgage loan originations from Optimal Blue, show that while the median home buying price millennials take on is still lower than that of Generation X or baby boomers, millennials are showing interest in more affordable markets. Additionally, millennials are making lower down payments and taking on larger mortgages when compared to Gen Xers and baby boomers.   "Millennials are getting older, with better jobs and deeper pockets, allowing them to expand their collective purchase power, and hence, their footprint in the market," said Javier Vivas, director of economic research at realtor.com®. "The stereotype that millennials primarily choose to buy homes and live in large metro areas isn't the reality. Results show millennials' expansion is more heavily conditioned by affordability than in prior years, so their eyes are set on less traditional secondary markets where homes and jobs are now available and plentiful." Affordability is such a key factor for millennial home buyers that this generation is moving to places previous generations have not, like Buffalo, N.Y., the top affordable market for millennials, according to this study. Millennials Now Have More Buying Power Millennials are still primarily in the life stage that requires starter homes. Despite a lower median purchase price ($238,000) than the two generations before them, (with baby boomers and Gen Xers spending an average of $264,000 and $289,000, respectively), millennials are increasing their purchase price at a faster rate than previous generations, indicative of this generation starting to move beyond starter homes. Since early 2017, millennials have been the largest mortgage purchasers by the number of loans originated, surpassing Generation X as the leader in January 2017. As 2018 came to a close, millennials took on nearly half (45 percent) of all new mortgages, compared to 36 percent for Generation X, and 17 percent for baby boomers. In November 2018, millennials finally overtook Generation X as having the largest share of new loans by dollar volume, with a share of 42 percent in December, compared to a share of 40 percent for Generation X and 17 percent for baby boomers. This indicates millennials are willing to take on larger mortgages than any other generation to fulfill their dreams of homeownership. Millennial Home Buying is Driven by Affordability In addition to increasing their buying power and taking on larger mortgages, the data shows millennials have consistently made lower down payments than other generations since 2015. While other generations have increased their down payments in response to rising prices, millennials have not been able to increase their down payments as much as older generations. Millennial down payments averaged 8.8 percent in December 2018, compared to 11.9 percent for Generation X and 17.7 percent for the more equity-rich baby boomers. Given that the majority of millennial home buyers are searching for their first homes and do not bring equity from a previous home, it's no surprise they are putting down smaller down payments. This is likely a driver of their activity in more affordable markets, where their money goes further. Top U.S. Markets for Home Buyers Varies by Generation Within the last year, millennials have moved to affordable areas with strong job markets where they have more buying power. At the end of 2018, the median price of a mortgaged home purchased by millennials was $238,000, $26,000 less than the median price of a home mortgaged by baby boomers ($264,000) and $51,000 than Generation X ($289,000). The top five markets where millennials now generate more than 50 percent of the mortgages and their share grew by more than four percent are: Buffalo, N.Y. Pittsburgh Milwaukee Cincinnati Columbus, Ohio As members of Generation X are in their prime income-earning years, they purchased homes in strong job markets and secondary home markets, with five of the 10 markets on the list having unemployment rates higher than the national rate of 3.7 percent. The top five markets where Gen X purchased a large and/or growing share of homes are: Los Angeles Providence, R.I. Bridgeport, Conn. Jacksonville, Fla. Atlanta Many boomers are retired or rapidly approaching retirement, and therefore, showed a strong preference for buying homes in markets within primarily low-tax states or markets that are lower-cost than nearby metros, presumably to maintain wealth earned during their working years throughout their senior years. The top five markets where boomers made up a large and/or growing share of mortgaged purchases are: Knoxville, Tenn. Sacramento, Calif. Memphis, Tenn. Oklahoma City Riverside, Calif. About realtor.com® Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the 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®.
MORE >
Redfin Report: Home Price Growth Edged Up Nationally in January While the West Coast Began Seeing Red
MORE >
CoreLogic Reports U.S. Overall Delinquency and Foreclosure Rates Are Lowest for November Since at Least 2000
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that, nationally, 4.1 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in November 2018, representing a 1.1 percentage point decline in the overall delinquency rate compared with November 2017, when it was 5.2 percent. As of November 2018, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4 percent, down 0.2 percentage points from November 2017. The November 2018 foreclosure inventory rate was the lowest for any month since at least January 2000. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 2 percent in November 2018, down from 2.2 percent in November 2017. The share of mortgages that were 60 to 89 days past due in November 2018 was 0.7 percent, down from 0.9 percent in November 2017. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.5 percent in November 2018, down from 2 percent in November 2017. November 2018 marked the lowest serious delinquency rate for the month since 2006 when it was also 1.5 percent. It ties with August, September and October 2018 as the lowest for any month since March 2007 when it was also 1.5 percent. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.9 percent in November 2018, down from 1 percent in November 2017. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent, while it peaked in November 2008 at 2 percent. "Solid income growth, a record amount of home equity and an absence of high-risk loan products put the U.S. homeowner on solid ground," said Dr. Frank Nothaft, chief economist for CoreLogic. "All of this has helped push delinquency and foreclosure rates to the lowest levels in almost two decades, and will provide a cushion if the housing market should turn down. The nation's overall delinquency rate has fallen on a year-over-year basis for the past 11 consecutive months. However, loan vulnerability in several metropolitan areas in North Carolina are still struggling from Hurricane Florence. In November 2018, seven metropolitan areas logged an increase in their serious delinquency rates, with the largest gains occurring in the Wilmington and New Bern metropolitan areas. "On a national basis, we continue to see strong loan performance," said Frank Martell, president and CEO of CoreLogic. "Areas that were impacted by hurricanes or wildfires in 2018 are now seeing relatively large annual gains in the share of mortgages moving into 30-day delinquency. As with previous disasters, this is to be expected and we will see the impacts dissipate over time." The next CoreLogic Loan Performance Insights Report will be released on March 12, 2019, featuring data for December 2018. For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights. About CoreLogic CoreLogic (NYSE: CLGX) 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.
MORE >
Metro Home Prices Jump 4 Percent in 2018's Fourth Quarter
MORE >
Sales of $2 Million-Plus Homes Decline for First Time in 2 Years as Prices Tick Up
Volatility on Wall Street and global economic uncertainty may have contributed to a decline in high-priced home sales SEATTLE, Feb. 6, 2019 -- The average sale price for luxury homes nationwide rose 4.7 percent annually to an average of $1,772,000 in the fourth quarter of 2018, according to a report released by Redfin, the next-generation real estate brokerage. That's on par with the annual growth seen in the second quarter of last year and up from a 3.2 percent growth rate in the third quarter. For this analysis, Redfin tracks home sales in more than 1,000 cities across the country and defines a home as luxury if it's among the 5 percent most expensive homes sold in the quarter. In the other 95 percent of the market, prices grew 4.3 percent to an average of $341,000 in the fourth quarter. The typical luxury home that sold in the fourth quarter went under contract in 74 days, down from 78 days during the same period in 2017. Compare that with non-luxury homes: Homes that sold in the final quarter of 2018 took 56 days to go under contract, down from 63 days in the fourth quarter the year before. Sales and Supply of $2 Million-plus Homes Decline Sales of homes priced at or above $2 million dropped 3.9 percent annually in the fourth quarter. That's the first time in more than two years sales of luxury homes have fallen on a year-over-year basis. The fact that sales of high-priced homes declined as their prices grew at a relatively strong rate can be explained in part by the basics of supply and demand. Compared with a year earlier, there were 6.5 percent fewer $2 million-plus homes on the market last quarter, the seventh quarter in a row inventory of luxury homes has dropped annually. Supply of homes priced under $2 million, meanwhile, has been on a steady upward trend since the beginning of 2018. While domestic and global economic uncertainty may have put a bit of a damper on demand for luxury homes, the decreased supply was enough to continue to push prices up at a strong but sustainable rate just below 5 percent annually. "In the fourth quarter of 2018 there was a lot of economic uncertainty—mortgage interest rates peaked in November, and the stock market was all over the place. This may have encouraged luxury sellers to hold on to their real estate assets and also caused luxury buyers to be reluctant to make major home purchases," said Redfin chief economist Daryl Fairweather. "There's also economic uncertainty abroad. For example, China's economy slowed down at the end of 2018, which may be affecting a segment of U.S. luxury sellers and buyers whose wealth is invested overseas." Fairweather continued, "Finally, it's worth noting that when we're examining the most expensive segment of the housing market nationwide, a disproportionate amount of the movement seen in prices and sales is driven by activity--or lack thereof-- in major expensive coastal markets like San Francisco and San Jose, where sales fell by double digits while price growth slowed or reversed at the end of the year." Biggest Price Gains Cities in Florida experienced some of the biggest increases in luxury home prices. In West Palm Beach, the average sale price for the top 5 percent of homes sold in the fourth quarter was $1,628,000, up 35 percent from the year before, and in St. Petersburg luxury prices shot up 30.7 percent to $1,427,000. "When I moved to St. Petersburg in 2006, it had a quiet downtown with one block of shops and restaurants and a very short list of luxury condo buildings—most of which were built before 1980," said Redfin agent Brian Walsh. "As the town has grown, it has become known for its walkability, an exploding restaurant and nightlife scene and a beautiful waterfront, all of which makes it uniquely positioned to become the jewel of the Gulf Coast." "Now that the secret's out, folks who have money to burn are flocking to St. Petersburg," Walsh continued. "A few new luxury buildings have recently gone up, and spec builders are tearing down older, smaller homes and building large, modern properties that fit in beautifully with the aesthetic of the city." Biggest Price Declines Florida cities also dominate the list of places where luxury home prices have dropped the most. Sarasota clocks in at number one with an average luxury price of $1,760,000, down 30.7 percent annually. That's followed by Fort Lauderdale, where the average luxury home went for $2,689,000, down 26 percent from the year before. To read the full report, complete with additional data and charts, as well as a list of the 10 highest-priced home sales in Redfin markets in the fourth quarter, click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the #1 brokerage website in the United States 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. The company has closed more than $60 billion in home sales.
MORE >
Equity Rich U.S. Properties Increase to New High in 2018
MORE >
Pending Home Sales Dip 2.2 Percent in December
WASHINGTON (January 30, 2019) – Pending home sales declined as a whole in December, but for the second straight month the Western region experienced a slight increase, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 2.2 percent to 99.0 in December, down from 101.2 in November. Additionally, year-over-year contract signings fell 9.8 percent, making this the twelfth straight month of annual decreases. Lawrence Yun, NAR chief economist, cited several reasons for the decline in pending sales. "The stock market correction hurt consumer confidence, record high home prices cut into affordability and mortgage rates were higher in October and November for consumers signing contracts in December," he said. All four major regions experienced a decline compared to one year ago, with the South sustaining the largest decrease. Yun says so far, the partial government shutdown has not caused any obvious damage to home sales. "Seventy-five percent of Realtors® reported that they haven't yet felt the impact of the government closure. However, if another government shutdown takes place, it will lead to fewer homes sold," he said. According to Yun, as the government reopens, more mortgage options will come available for consumers. "Some home transactions were delayed, but we now expect those sales to go forward," he said. Still, there is growth in certain pockets. Yun cited year-over-year increases in active listings from data at realtor.com® to illustrate a potential rise in inventory. Denver-Aurora-Lakewood, Colo., Seattle-Tacoma-Bellevue, Wash., San Francisco-Oakland-Hayward, Calif., San Diego-Carlsbad, Calif., and Portland-Vancouver-Hillsboro, Ore.-Wash. saw the largest increase in active listings in December compared to a year ago. Yun says despite the low home sales in December, he is confident that the housing market will see improvement in 2019. "The longer-term growth potential is high. The Federal Reserve announced a change in its stance on monetary policy. Rather than four rate hikes, there will likely be only one increase or even no increase at all. This has already spurred a noticeable fall in the 30-year, fixed-rate for mortgages. As a result, the forecast for home transactions has greatly improved, "Yun said. December Pending Home Sales Regional Breakdown The PHSI in the Northeast rose 2.0 percent to 93.2 in December, and is now 2.5 percent below a year ago. In the Midwest, the index fell 0.6 percent to 97.5 in December, 7.2 percent lower than December 2017. Pending home sales in the South fell 5 percent to an index of 109.7 in December, which is 13.5 percent lower than a year ago. The index in the West increased 1.7 percent in December to 88.4 and fell 10.8 percent below a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Average U.S. Home Seller Profits at 12-Year High of $61,000 in 2018
MORE >
January Housing Data Shows Uptick in Seller Price Cuts
SANTA CLARA, Calif., Jan. 30, 2019 -- Only six months following the most competitive home buying season of all time, realtor.com®'s January housing report released today shows the U.S. housing market is off to a slower start in 2019. Although home prices are increasing, 15 percent of U.S. listings had price cuts in January, and declines in days on market have significantly decelerated since last year. "The U.S. housing market is off to a slower start this year in many markets, compared to the rapid acceleration we saw last January," said Danielle Hale, chief economist for realtor.com®. "Although the market is slowing, it's important to remember that we're coming off of four straight years of inventory declines that pushed the market to a record low availability of homes for sale. The real metric to keep an eye on is entry-level homes, which are the key to getting today's market back in balance. These homes are still in short-supply." Sellers are making price cuts, especially in the sunshine states In January, the share of homes which had their prices cut increased by 2 percent compared to the previous year. This increase was driven by price reductions in the nation's largest markets. In fact, 39 of the 50 largest markets saw an increase in their share of price reductions compared to last year. Las Vegas saw the greatest increase in price reductions in January, up 16 percent. It was followed by San Jose(+9 percent), Seattle (+8 percent), Orlando (+6 percent), and Phoenix (+5 percent). Time on market increases across America's largest metros Nationally, homes sold in 87 days in January, two days faster than last year. But the rate of this decline is decelerating. In January 2018, homes sold a full week faster compared to the previous year. In the 50 largest U.S. metros, the typical home spent an average of one more day on the market in January 2019, compared to the previous year. San Jose, Calif., Seattle and San Francisco saw the largest increases in days on market with properties spending 27, 19 and 15 more days on the market, respectively. On the flipside, properties in Birmingham, Ala., Milwaukee and Cleveland sold 14, 11 and 9 days faster than last year, respectively. Inventory increases in expensive markets keep home prices high The median U.S. listing price grew 7 percent year-over-year to $289,300 in January, slightly lower than last year's increase of 8 percent. This moderate deceleration in home prices is likely attributed to inventory growth in the upper tier of the nation's most expensive markets. The number of homes priced $750,000 and above grew 12 percent over last year, while the number of homes $200,000 and under declined by 6 percent. Of the 50 largest metros, 32 saw year-over-year gains in median listing prices, but only 12 markets outpaced the national increase of 7 percent. Rochester, N.Y. (18 percent increase), Milwaukee (16 percent increase), and Seattle (12 percent increase) posted the highest year-over-year median list price growth in January. The steepest median listing prices declines were felt in San Jose, Calif., where prices were down 9 percent, or $100,000. Dallas, Texas; Austin, Houston, and Nashville, Tenn., followed with a decline of 4 percent in Dallas and Austin and 3 percent in Houston and Nashville. Markets with the Largest Inventory Increases About realtor.com® Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the 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®.
MORE >
Number of Homes for Sale Is Up, But Fewer Homes Are Affordable to Middle Class Buyers
MORE >
Existing-Home Sales See 6.4 Percent Drop in December
WASHINGTON (January 22, 2019) – After two consecutive months of increases, existing-home sales declined in the month of December, according to the National Association of Realtors®. None of the four major U.S. regions saw a gain in sales activity last month. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 6.4 percent from November to a seasonally adjusted rate of 4.99 million in December. Sales are now down 10.3 percent from a year ago (5.56 million in December 2017). Lawrence Yun, NAR's chief economist, says current housing numbers are partly a result of higher interest rates during much of 2018. "The housing market is obviously very sensitive to mortgage rates. Softer sales in December reflected consumer search processes and contract signing activity in previous months when mortgage rates were higher than today. Now, with mortgage rates lower, some revival in home sales is expected going into spring." The median existing-home price for all housing types in December was $253,600, up 2.9 percent from December 2017 ($246,500). December's price increase marks the 82nd straight month of year-over-year gains. Total housing inventory at the end of December decreased to 1.55 million, down from 1.74 million existing homes available for sale in November, but represents an increase from 1.46 million a year ago. Unsold inventory is at a 3.7-month supply at the current sales pace, down from 3.9 last month and up from 3.2 months a year ago. Properties typically stayed on the market for 46 days in December, up from 42 days in November and 40 days a year ago. Thirty-nine percent of homes sold in December were on the market for less than a month. "Several consecutive months of rising inventory is a positive development for consumers and could lead to slower home price appreciation," says Yun. "But there is still a lack of adequate inventory on the lower-priced points and too many in upper-priced points." Realtor.com®'s Market Hotness Index, measuring time-on-the-market data and listings views per property, revealed that the hottest metro areas in December were Chico, California; Midland, Texas; Odessa, Texas; Columbus, Ohio; and Fort Wayne, Ind. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.64 percent in December from 4.87 percent in November. The average commitment rate for all of 2017 was 3.99 percent. "The partial shutdown of the federal government has not had a significant effect on December closings, but the uncertainty of a shutdown has the potential to harm the market," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. "Once the government is fully reopened, I am hopeful that housing transactions will increase." First-time buyers were responsible for 32 percent of sales in December, down from last month (33 percent), but the same as a year ago. NAR's 2018 Profile of Home Buyers and Sellers – released in late 2018 – revealed that the annual share of first-time buyers was 33 percent. All-cash sales accounted for 22 percent of transactions in December, up from November and a year ago (21 and 20 percent, respectively). Individual investors, who account for many cash sales, purchased 13 percent of homes in December, the same as November but down from a year ago (16 percent). Distressed sales – foreclosures and short sales – represented 2 percent of sales in December, unchanged from 2 percent last month and down from 5 percent a year ago. Single-family and Condo/Co-op Sales Single-family home sales sit at a seasonally adjusted annual rate of 4.45 million in December, down from 4.71 million in November, and 10.1 percent below the 4.95 million sales pace from a year ago. The median existing single-family home price was $255,200 in December, up 2.9 percent from December 2017. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 540,000 units in December, down 12.9 percent from last month and down 11.5 percent from a year ago. The median existing condo price was $240,600 in December, which is up 2.3 percent from a year ago. Regional Breakdown December existing-home sales in the Northeast decreased 6.8 percent to an annual rate of 690,000, 6.8 percent below a year ago. The median price in the Northeast was $283,400, which is up 8.2 percent from December 2017. In the Midwest, existing-home sales fell 11.2 percent from last month to an annual rate of 1.19 million in December, down 10.5 percent overall from a year ago. The median price in the Midwest was $191,300, unchanged from last year. Existing-home sales in the South dropped 5.4 percent to an annual rate of 2.09 million in December, down 8.7 percent from last year. The median price in the South was $224,300, up 2.5 percent from a year ago. Existing-home sales in the West dipped 1.9 percent to an annual rate of 1.02 million in December, 15 percent below a year ago. The median price in the West was $374,400, up 0.2 percent from December 2017. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Frosty December Real Estate Showing Activity Results in Fifth Consecutive Month of Year-Over-Year Declines Nationwide
MORE >
Redfin Ranks the 10 Hottest Affordable Neighborhoods of 2019
Most of the Country's Most Popular Affordable Neighborhoods are in Baltimore and Philadelphia SEATTLE, Jan. 15, 2019 -- Expensive coastal hubs remain the most coveted places to live, but neighborhoods in Baltimore and Philadelphia are gaining popularity as the most desired affordable neighborhoods in 2019, according to new reports from Redfin, the next-generation real estate brokerage. Redfin's Hottest Affordable Neighborhoods report is an adaptation of the annual Hottest Neighborhoods report, which tracks year-over-year growth in listing views and favorites on Redfin.com and incorporates Redfin agent insights to see which neighborhoods are growing in popularity. The Hottest Affordable Neighborhoods report determines which hot neighborhoods are within reach for the average homebuyer by incorporating a price cap of $294,000, the national median home price. This year, the hottest neighborhoods within reach are concentrated mostly in Baltimore and Philadelphia, two metro areas that are often considered affordable alternatives to Washington, D.C. and New York. Neighborhoods in Chicago, the Portland, Oregon and Boston metro areas and San Antonio also show up in the rankings. In the Baltimore area, the neighborhoods that appear in the rankings this year are all on the outskirts of the city in areas that are attractive to move-up buyers. "A lot of people are moving away from the city center into places that feel more like suburbs," said Redfin agent Rebecca Hall. "They're moving to areas that don't feel as dense; they have more of a neighborhood feel and that's really appealing to homebuyers. You can get larger single-family homes rather than the row houses Baltimore is known for, and they're less expensive. Some of these pockets are also known for desirable charter schools." Below is the complete list of Redfin's hottest affordable neighborhoods of the year. All statistics on median sale price, average sale-to-list price ratio and percent of homes that sold above list price are from November 2018. 1. McKinley Park, Chicago, IL Median sale price: $270,000Median sale price for metro area: $230,000Average sale-to-list price ratio: 97.9%Percent of homes that sold above list price: 35.1% "Homebuyers are flocking to McKinley Park because it's just south of Pilsen, which is one of the trendiest neighborhoods in the country, and it's just west of long-established Bridgeport. People who are priced out of Pilsen are looking in McKinley Park," said Redfin agent Niko Voutsinas. "People who live there have have excellent connectivity to downtown because it's right off the L and the expressway. The neighborhood has a beautiful park with public amenities, a pond and an outdoor swimming pool." 2. East Mount Airy, Philadelphia, PA Median sale price: $200,000Median sale price for metro area: $199,000Average sale-to-list price ratio: 98%Percent of homes that sold above list price: 28.1% "East Mount Airy is attractive to homebuyers because it's close to the center of the city and transit options. It's also near Fairmount Park, which is one of the largest urban green spaces in the country. Compared to other neighborhoods in Philadelphia, homes tend to be reasonably priced and they're larger with lots of character," said Elizabeth Tumasz, a Philadelphia Redfin agent. "Easy access to cafes, shopping, co-ops and bookstores is an added bonus." 3. Parkville, Baltimore, MD Median sale price: $204,900Median sale price for metro area: $270,000Average sale-to-list price ratio: 98.2%Percent of homes that sold above list price: 24% "Parkville is popular for people who want to live slightly outside the city of Baltimore. People appreciate that they're not too far from downtown, but the property taxes are less expensive and the homes tend to be larger," said Redfin agent Juliana Weaver. "There are also a lot of cute Cape Cod style homes in the area, so I always recommend Parkville to people looking for that type of home." 4. Hamilton, Baltimore, MD Median sale price: $159,500Median sale price for metro area: $270,000Average sale-to-list price ratio: 98.5%Percent of homes that sold above list price: 31.6% "Over the last few years, a lot of homes in the Hamilton area have been renovated and that trend is expected to continue. There's still a lot of room for it to grow," said Redfin agent Juliana Weaver. "The neighborhood is known for smaller single-family homes with small yards at a slightly lower price point than is typical for Baltimore. People love the neighborhood because there are a lot of local restaurants and small business." 5. Fircrest, Vancouver, WA (Portland, OR metro area) Median sale price: $282,500Median sale price for metro area: $385,000Average sale-to-list price ratio: 100.1%Percent of homes that sold above list price: 20% "This area is a mix of new construction and older homes with large yards that have been fixed up, and both options tend to be affordable," said Redfin agent Rebecca Thompson. "It's an easy commute for people who work in Portland, the homes aren't cookie-cutter and it's definitely getting more popular among buyers." 6. Bustleton, Philadelphia, PA Median sale price: $248,250Median sale price for metro area: $199,000Average sale-to-list price ratio: 98.1%Percent of homes that sold above list price: 29.4% "Bustleton is located in the far northeastern part of Philadelphia. It's attractive because properties tend to be priced lower than those in the center of the city. It's close to shopping centers and it's also close to public transportation and major highways, which makes for an easy commute to the center of the city," said Redfin agent Elizabeth Tumasz. "Homebuyers like the area because they can stay in the city and still get that suburban feel. Homes in Bustleton tend to have nice, grassy yards, and there are a lot of coffee shops, restaurants and parks in the area." 7. Linthicum, Baltimore, MD Median sale price: $271,000Median sale price for metro area: $270,000Average sale-to-list price ratio: 99.4%Percent of homes that sold above list price: 37% "Linthicum is a small suburb located just outside Baltimore, and it's becoming increasingly popular for homebuyers," said Redfin agent Debra Morin. "It's a quiet, well-established community with a small-town feel and several walking and running trails, including Andover Park and the BWI trail. Linthicum has relatively affordable housing and it's close to Baltimore Washington International Airport, with easy access to public transit and major highways." 8. Lowell, Boston, MA Median sale price: $249,250Median sale price for metro area: $471,100Average sale-to-list price ratio: 102.5%Percent of homes that sold above list price: 38.9% "Lowell is an interesting area because it was known for textile mills back in its heyday, but it has struggled to find its footing in more recent times. But now we're seeing investors putting their money back into the area, with UMass and big-name local investors putting millions to work," said Redfin agent David Pollack. "It has a great downtown area with a lot of restaurants and bars, and it's home to a folk festival, a favorite in the summer. There's a commuter rail that takes you right into Boston, and it's also home to a minor league baseball team that brings in crowds. But you still get a lot of bang for your buck in Lowell, especially compared to bordering towns." 9. Fox Chase, Philadelphia, PA Median sale price: $219,000Median sale price for metro area: $199,000Average sale-to-list price ratio: 98.4%Percent of homes that sold above list price: 30.2% "Fox Chase is in Philadelphia, but it definitely has a suburban feel with a lot of ranch-style houses and twin homes with front yards. A lot of them have garages, too" said Redfin agent Michael Severns. "The neighborhood is perfect for people who commute into the city because it has easy access to main thoroughfares like the Roosevelt Corridor and Highway 611. A lot of people who grew up closer to the city in places like Fishtown and Kensington eventually search for homes a little bit further out in Fox Chase." 10. Beacon Hill, San Antonio, TX Median sale price: $213,264Median sale price for metro area: $220,000Average sale-to-list price ratio: 98.5%Percent of homes that sold above list price: 46.2% "Beacon Hill combines old San Antonio charm with 21st century urban living," said Perry Sanders, a Redfin agent who works in the area. "The architecture includes a mix of single-family homes, condominiums and townhouses. Combine that with Beacon Hill's plentiful shops and eateries, and you quickly understand why the neighborhood has gained popularity in recent years—a trend that's likely to continue." The full Hottest Affordable Neighborhoods report, complete with research methodology, is available here. To read the full Hottest Neighborhoods report, including a list of the top three neighborhoods in each of 41 major metro areas, please click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
MORE >
CoreLogic Loan Performance Insights Find Delinquency Rates in October Dropped to the Lowest Level in at Least 18 Years
MORE >
Housing Market Cooldown Continues as Inventory Increases in December
Time on Market Grows in Some Large Metros SANTA CLARA, Calif., Jan. 3, 2019 -- The U.S. housing market showed continuing signs of cooling in many of the nation's largest metros in December. According to realtor.com®'s December housing report today, the largest markets saw a 10 percent increase in inventory, compared to a nationwide average of 5 percent, as time on market decelerated, listing price growth slowed and price cuts increased. Homes sold at a pace of 80 days in December, three days faster than last year. However, this rate is decelerating, as December 2017 saw homes sell six days faster compared to the previous year. On average, typical properties on the list of 45 top metros* spent the same amount of time on the market as the previous year, while 19 markets saw the typical property actually spend more time on the market than last year. Properties in San Jose, Calif., Seattle and Nashville, Tenn., typically spent 14, 10 and six more days on the market this December, respectively. On the flipside, properties sold more quickly than last year in Birmingham, Ala., Milwaukee and Richmond, Va. at 12, 11 and 10 days, respectively. "Sellers are adjusting their strategies, especially in slowing, pricey markets with growing availability of homes for sale," said Danielle Hale, chief economist for realtor.com®. "Although buyers may not find a bargain, the price discounts and recently lower borrowing costs may entice upper-tier buyers back into the market. By contrast, entry-level shoppers continue to contend with declining availability of homes for purchase, albeit at a slower rate." Nationally, the percentage of listings that saw price reductions increased to 15 percent in December, up from 13 percent a year ago. The increase is being driven by the nation's largest markets. In fact, 38 of the 45 top markets saw an increase in the share of price reductions. Charlotte, N.C., topped the list with the share of price reductions growing by 10 percent, from 14 percent last year to 24 percent in December. It was followed by San Jose (+10 percent), Tampa (+9 percent), Phoenix (+9 percent) and Seattle (+8 percent). The median U.S. listing price grew 7 percent year-over-year to $289,000 in December, lower than last year's increase of 8 percent. Of the 45 top metros reviewed, 32 still saw year-over-year gains in their median listing price, but only 11 markets outpaced the national growth rate of 7 percent. Milwaukee (+14%), Indianapolis (+12%), and Kansas City, Mo. (+12%) are some of the larger markets that posted the highest year-over-year median list price growth. The steepest declines in median listing prices were felt in San Jose, Calif., and San Francisco, which were down 12 percent and 4 percent, or $130,000 and $33,000, respectively. Austin, Texas, Houston, Dallas, Nashville, Tenn., Charlotte, N.C., and Jacksonville, Fla. also saw declines. However, selling prices in some of these markets are not yet reflecting these declines. *Columbus, Ohio, Denver, Las Vegas, Providence-Warwick, R.I., and Sacramento, Calif. were excluded due to data revisions or data unavailability. About realtor.com® Realtor.com®, The Home of Home Search, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the 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®.
MORE >
CoreLogic Reports November Home Prices Increased by 5.1 Percent Year Over Year
MORE >
Housing Inventory Up 5% in November--Fastest Growth in 3 Years--as Sales Decline 8%
Prices post sub-4% growth for third consecutive month; Balance of supply and demand is shifting toward homebuyers' favor in markets like San Francisco, Seattle, Denver, Dallas, and Portland, Oregon SEATTLE -- U.S. home-sale prices increased 3.3 percent year over year to a median of $298,800 in November, according to Redfin, the next-generation real estate brokerage. November marked the third straight month of annual home price gains under 4 percent after a 77-month-long streak of annual home price gains exceeding 4 percent. "The tide has turned," said Redfin Chief Economist Daryl Fairweather. "Sellers are now competing for buyers, but they haven't all realized it yet. Sellers who have adjusted their price expectations downward are still finding plenty of willing buyers. Sellers holding out for high prices are contributing to declining home sales and growing inventories. We see few signs that buyers are likely to reward their patience." The number of completed home sales fell faster than it has in over two years, down 8.3 percent from November 2017. Home sales declined in 65 of the 74 largest metro areas that Redfin tracks. The only metro areas that saw more than a 5 percent year-over-year increase in sales in November were New Orleans (+9.4%), Tampa (+7.2%), Long Island (+7.1%), and Orlando (+6.5%). Mortgage rates, which were a full point higher in November 2018 (4.9%) than the 2012-2017 average (3.9%), may be putting a damper on sales. As home sales continue to decline, the number of homes on the market is on the rise, shifting the balance of supply and demand back toward buyers' favor. The number of homes for sale in November was up 4.9 percent from a year earlier. This was the highest level of inventory growth since June 2015, and the eighth straight month that the year-over-year figure increased. However, the national figure masks a wide variation among individual metro areas, with inventory skyrocketing in places like San Jose (+123.2%), Seattle (+96.5%) and Oakland (+60.3%) but still falling fast in other areas such as Philadelphia (-24.0%), Camden (-19.8%) and New Orleans (-19.1%). The number of homes newly listed in November rose 0.3 percent year over year. Across Redfin metros, the typical home that sold in November went under contract in a median of 44 days, two days faster than last year. Earlier this year the fastest markets saw homes go under contract in less than 10 days, but spring's fastest markets are slowing down the most this fall. This November, 19 percent of homes sold above the list price, down from 22.2 percent last November. Meanwhile the share of homes with a price drop declined slightly from an all-time high of 31.2 percent in October to 24.6 percent in November. Nationwide, the number of homes newly listed in November rose 0.3 percent year over year. To read the full report, complete with graphs, charts and market-level data, please click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
MORE >
Residential Mortgage Originations Drop 21 Percent in Q3 2018
MORE >
Pending Home Sales See 0.7 Percent Drop in November
WASHINGTON (December 28, 2018) – Pending home sales overall slipped in November, but saw minor increases in the Northeast and the West, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 0.7 percent to 101.4 in November, down from 102.1 in October. However, year-over-year contract signings dropped 7.7 percent, making this the eleventh straight month of annual decreases. Lawrence Yun, NAR chief economist, said the current sales numbers don't fully take into account other data. "The latest decline in contract signings implies more short-term pullback in the housing sector and does not yet capture the impact of recent favorable conditions of mortgage rates," he said. Yun added that while pending contracts have reached their lowest mark since 2014, there is no reason to be overly concerned, and he predicts solid growth potential for the long-term. All four major regions sustained a drop when compared to one year ago, with the West taking the brunt of the decrease. "The West crawled back lightly, but is still experiencing the biggest annual decline among the regions because of unaffordable conditions," Yun said. Yun suggests that affordability challenges in the West are part of the blame for the drop in sales. Home prices in the West region have risen too much, too fast, according to Yun. "Land cost is expensive, and zoning regulations are too stringent. Therefore, local officials should consider ways to boost local supply; if not, they risk seeing population migrating to neighboring states and away from the West Coast." Yun indicated the latest government shutdown will harm the housing market. "Unlike past government shutdowns, with this present closure, flood insurance is not available. That means that roughly 40,000 homes per month may go unsold because purchasing a home requires flood insurance in those affected areas," Yun said. "The longer the shutdown means fewer homes sold and slower economic growth." That said, Yun cited year-over-year increases in active listings from data at realtor.com® to illustrate a potential rise in inventory. Denver-Aurora-Lakewood, Colo., Seattle-Tacoma-Bellevue, Wash., San Francisco-Oakland-Hayward, Calif., San Diego-Carlsbad, Calif., and Providence-Warwick, Rhode Island saw the largest increase in active listings in November compared to a year ago. Yun believes that there are good longer-term prospects for home sales. "Home sales in 2018 look to close out the year with 5.3 million home sales, which would be similar to that experienced in the year 2000. But given the 17 million more jobs now compared to the turn of the century, the home sales are clearly underperforming today. That also means there is steady longer-term growth potential." November Pending Home Sales Regional Breakdown The PHSI in the Northeast rose 2.7 percent to 95.1 in November, and is now 3.5 percent below a year ago. In the Midwest, the index fell 2.3 percent to 98.1 in November and is 7.0 percent lower than November 2017. Pending home sales in the South fell 2.7 percent to an index of 115.7 in November, which is 7.4 percent lower than a year ago. The index in the West increased 2.8 percent in November to 87.2 and fell 12.2 percent below a year ago. The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
CoreLogic Reports Homeowners with Negative Equity Declines by Only 81,000 in the Third Quarter of 2018
MORE >
Existing-Home Sales Increase for Second Consecutive Month
WASHINGTON (December 19, 2018) – Existing-home sales increased in November, according to the National Association of Realtors®, marking two consecutive months of increases. Three of four major U.S. regions saw gains in sales activity last month. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.9 percent from October to a seasonally adjusted rate of 5.32 million in November. Sales are now down 7.0 percent from a year ago (5.72 million in November 2017). Lawrence Yun, NAR's chief economist, says two consecutive months of increases is a welcomed sign for the market. "The market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago. Rising inventory is clearly taming home price appreciation." The median existing-home price for all housing types in November was $257,700, up 4.2 percent from November 2017 ($247,200). November's price increase marks the 81st straight month of year-over-year gains. Total housing inventory at the end of November decreased to 1.74 million, down from 1.85 million existing homes available for sale in October. This represents an increase from 1.67 million a year ago, however. Unsold inventory is at a 3.9-month supply at the current sales pace, down from 4.3 last month and up from 3.5 months a year ago. "A marked shift is occurring in the West region, with much lower sales and very soft price growth," says Yun. "It is also the West region where consumers have expressed the weakest sentiment about home buying, largely due to lack of affordable housing inventory." Properties typically stayed on the market for 42 days in November, up from 36 days in October and 40 days a year ago. Forty-three percent of homes sold in November were on the market for less than a month. "It is not surprising to see homes remain on the market a little longer," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. "Buyers can often negotiate a more favorable price in those circumstances, especially when paired with a motivated seller and the aid of a Realtor® familiar with their local market." Realtor.com®'s Market Hotness Index, measuring time-on-the-market data and listing views per property, revealed that the hottest metro areas in November were Midland, Texas; Fort Wayne, Ind.; Columbus, Ohio; Odessa, Texas; and Boston-Cambridge-Newton, Mass. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 4.87 percent in November from 4.83 percent in October. The average commitment rate for all of 2017 was 3.99 percent. First-time buyers were responsible for 33 percent of sales in November, up from last month and a year ago (31 percent and 29 percent, respectively). NAR's 2018 Profile of Home Buyers and Sellers – released in late 2018 – revealed that the annual share of first-time buyers was 33 percent. "Inventory is plentiful on the upper-end, but a mismatch between supply and demand exists at affordable price points," Yun added. "Therefore, facilitating real estate development of affordable housing units in designated Opportunity Zones can provide better housing access in addition to boosting the local economy." Distressed sales – foreclosures and short sales – represented 2 percent of sales in November (the lowest since NAR began tracking in October 2008), down from 3 percent last month and down from 4 percent a year ago. All-cash sales accounted for 21 percent of transactions in November, down from October and a year ago (23 and 22 percent, respectively). Individual investors, who account for many cash sales, purchased 13 percent of homes in November, down from October and a year ago (15 percent and 14 percent, respectively). Single-family and Condo/Co-op Sales Single-family home sales sit at a seasonally adjusted annual rate of 4.71 million in November. That is up from 4.62 million in October, but 6.7 percent below the 5.05 million sales pace from a year ago. The median existing single-family home price was $260,500 in November, up 5.0 percent from November 2017. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 610,000 units in November, up 1.7 percent from last month but down 9.0 percent from a year ago. The median existing condo price was $236,400 in November, which is down 1.3 percent from a year ago. Regional Breakdown November existing-home sales in the Northeast increased 7.2 percent to an annual rate of 740,000, 2.6 percent below a year ago. The median price in the Northeast was $291,400, which is up 6.5 percent from November 2017. In the Midwest, existing-home sales rose 5.5 percent from last month to an annual rate of 1.34 million in November, down 4.3 percent from a year ago. The median price in the Midwest was $199,100, up 2.6 percent from last year. Existing-home sales in the South grew 2.3 percent to an annual rate of 2.20 million in November, down 5.6 percent from last year. The median price in the South was $223,600, up 3.2 percent from a year ago. Existing-home sales in the West declined 6.3 percent to an annual rate of 1.04 million in November, 15.4 percent below a year ago. The median price in the West was $380,600 up 1.8 percent from November 2017. The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
U.S. Home Affordability Drops to More Than 10-Year Low in Q4 2018
MORE >
SmartZip Integrates Its Predictive Analytics within Contactually CRM to Enable Real Estate Agents to Find Listing Opportunities within Their Sphere
Integrated Solution is key to Berkshire Hathaway HomeServices Fox & Roach, REALTORSⓇ brand new state-of-the-art marketing technology platform for its more than 4,000 real estate agents PLEASANTON, Calif., Dec. 18, 2018 -- SmartZip Analytics, Inc., the pioneer in predictive analytics and data-driven marketing solutions for the real estate ecosystem, and Contactually, the leading CRM for real estate, have teamed up to give agents and brokers a clear competitive advantage. SmartZip's Pre-Mover Scores, which use proven predictive analytics to identify most likely home sellers, now integrate within Contactually CRM to enable agents to seamlessly pinpoint which contacts within their sphere and/or leads database may turn into listings in the near future. This helps agents prioritize their prospecting efforts while reducing the number of systems necessary, in turn accelerating their business growth and saving valuable time and money. Berkshire Hathaway HomeServices Fox & Roach, REALTORS®, has included the SmartZip-Contactually integration as an integral part of their recently launched state-of-the-art marketing technology platform, Agent Center for Excellence (ACE). "Listings have been the holy grail of any real estate agent or company," said, Rajeev Sajja, Vice President, Digital Innovation Berkshire Hathaway HomeServices Fox & Roach. "But too often, agents ignore the lowest hanging fruit – their own database of customers and contacts. SmartZip's best-in-class predictive analytics continuously monitor an agent's sphere of influence to flag those that are most likely to sell soon. We are launching SmartZip Pre-Mover Scores across all Fox & Roach agents, as a company benefit, integrated within their Contactually CRM." Besides its Pre-Mover Scores, SmartZip also enhances contacts within Contactually with other insights such as the property's key attributes and most recent sale. "Integrations are part of Contactually's core values as participants in a diversified real estate tech space, and we are excited to share this functionality with our users," says Zvi Band, CEO of Contactually. "SmartZip's analytics play a key role in amplifying the agent's understanding of their contacts and relationships." The two companies are now working to automatically synchronize contacts between Contactually CRM and SmartZip's data-driven marketing automation system, SmartTargeting. This will allow Contactually CRM users to seamlessly setup and run SmartTargeting's automated online/offline marketing campaigns while continuing to keep their contacts and leads within Contactually. "Our goal is to enable brokers to deploy the power of our analytics and targeted marketing automation at scale across their companies," said Avi Gupta, Founder and CEO of SmartZip. "We align with Contactually's goal to help brokers provide agents with integrated, best-of-breed tools that will save time and resources, eliminate lost opportunities and stay ahead of their competition. And we are thrilled to be working with forward-thinking brokers like Fox & Roach that are always striving to provide industry-leading tools that help attract and retain the very best agents and fuel their success." About SmartZip Analytics, Inc. SmartZip Analytics is the pioneer and leader in data-driven marketing solutions for real estate, lending, and related industries. SmartZip's SmartTargeting platform uses patent-pending predictive analytics, multi-channel marketing automation, and smart CRM to identify top home seller prospects, engage them through targeted marketing campaigns, and ultimately close more business with smart nurturing and prospecting tools. It also integrates the Reach150 system that automatically requests and publicizes client-generated testimonials and referrals to help real estate teams and professionals boost their reputation, online presence, and word-of-mouth business. Together, SmartTargeting and Reach150 help enterprises and professionals across the real estate ecosystem efficiently grow their business with the targeted acquisition of new, repeat and referral customers.
MORE >
Redfin: Bidding Wars Drop to Eight-Year Low, but Many Buyers Still Face Competition
MORE >
Remine Adds Cloud CMA as Alternative Report Generating Tool
Award winning CMA tool has been added to the Remine platform to offer agents a new way to create reports and differentiate themselves from the competition. HUNTINGTON BEACH, CA (December 10, 2018) - Real estate software company W+R Studios announced today that their flagship product, Cloud CMA, has been added to Remine's Property Intelligence Platform® to offer agents an alternative method for generating client reports. Cloud CMA is an online report generator for real estate professionals. Real estate agents using Cloud CMA have the ability to create custom comparative market analysis (CMA) reports, buyer tours, property reports and flyers. All reports are branded to the agent and include data from the MLS and top websites. In a recent update, agents can now include off-market listings in their Cloud CMA reports and even be connected with an investor to get a cash offer using iBuyer Connect™ prior to their listing appointment. To date, Cloud CMA subscribers have collectively published over 10 million reports. Remine combines consumer and property data into a single platform that delivers more actionable intelligence to real estate agents than any other tool on the market. Offered as a core product in over 35 of the largest MLSs nationwide, Remine is available to all agents within those markets. Mark Schacknies, Remine co-founder, said, "Our vision is to create the modern MLS platform which provides every agent with the daily tools they need to complete an end to end workflow. With Cloud CMA now connected to the Remine platform, agents can seamlessly create beautiful client reports in just a few clicks." "In competitive markets, agents need access to the best tools available," stated W+R Studios co-founder, Greg Robertson. "Which is why we couldn't be more excited about partnering with Remine to allow their agents to create robust Cloud CMA reports." About Remine Remine is a Property Intelligence Platform® for agents that is delivered exclusively through the MLS. The platform analyzes property records, transactional history, and consumer data to deliver actionable insights to agents through an intuitive map-based user interface. Remine is now available to more than 780,000 agents across 35 of the largest MLSs in the country. For more information, visit www.remine.com. About W+R Studios‍ Founded in 2008, W+R Studios is a privately held web software company located in Huntington Beach, California. The company focuses on creating the next generation of web-based software solutions for the real estate industry. By providing a "less is more" approach to software design, elegant user interfaces, and using the latest in agile programming, W+R Studios' software applications are at the same time powerful, yet accessible to everyone. Co-founders Dan Woolley and Greg Robertson have over 26 years of experience each developing and marketing real estate software solutions.
MORE >
U.S. Home Flips Down 12 Percent in Q3 2018 to 3.5-Year Low
MORE >
CoreLogic Reports October Home Prices Increased by 5.4 Percent Year Over Year
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for October 2018, which shows home prices rose both year over year and month over month. Home prices increased nationally by 5.4 percent year over year from October 2017. On a month-over-month basis, prices increased by 0.5 percent in October 2018. (September 2018 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Looking ahead, the CoreLogic HPI Forecast indicates home prices will increase by 4.8 percent on a year-over-year basis from October 2018 to October 2019. On a month-over-month basis, home prices are expected to decrease by 0.7 percent from October to November 2018. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "Rising prices and interest rates have reduced home buyer activity and led to a gradual slowing in appreciation," said Dr. Frank Nothaft, chief economist for CoreLogic. "October's mortgage rates were the highest in seven and a half years, eroding buyer affordability. Despite higher interest rates, many renters view a home purchase as a way to build wealth through home-equity growth, especially in areas where rents are rising quickly. These include the Phoenix, Las Vegas and Orlando metro areas, where the CoreLogic Single-Family Rent Index rose 6 percent or more during the last 12 months." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 35 percent of metropolitan areas have an overvalued housing market as of October 2018. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals (such as disposable income). Additionally, as of October 2018, 24 percent of the top 100 metropolitan areas were undervalued, and 41 percent were at value. When looking at only the top 50 markets based on housing stock, 44 percent were overvalued, 16 percent were undervalued, and 40 percent were at value. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10 percent above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10 percent below the sustainable level. In 2018, CoreLogic together with RTi Research of Norwalk, Connecticut, conducted an extensive consumer housing sentiment study, combining consumer and property insights. The study assessed attitudes toward homeownership and the drivers of the home buying or renting decision-making process. When asked about the important aspects of homeownership, owners cited "a place to feel safe" as very important and said that having something to call their own was the most important factor. Additionally, both renters and owners felt a home is an investment and a place to raise a family and counted those factors among the top reasons to own a home. "Homeownership remains an important part of the American dream," said Frank Martell, president and CEO of CoreLogic. "Our research found that being a homeowner makes consumers feel safe in their homes. Renters really want something to call their own. However, until affordability comes back into balance, renters will have a hard time purchasing a home." The next CoreLogic HPI press release, featuring November 2018 data, will be issued on Wednesday, January 2, 2019 at 8:00 a.m. ET (this is one day later than routine delivery due to the federally observed holiday on Tuesday). About The 2018 CoreLogic Consumer Housing Sentiment Study Nationwide survey of 3001 renters and homeowners conducted in first quarter of 2018 by CoreLogic together with RTi Research. The survey has a sampling error of +/- 1.8 percent at the total respondent level with a 95 percent confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic (NYSE: CLGX) 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.
MORE >
November housing market is a 'Tale of Two Markets'
MORE >
Pending Home Sales Slip 2.6 Percent in October
WASHINGTON (November 29, 2018) – Pending home sales declined slightly in October in all regions but the Northeast, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 2.6 percent to 102.1 in October, down from 104.8 in September. However, year-over-year contract signings dropped 6.7 percent, making this the tenth straight month of annual decreases. Lawrence Yun, NAR chief economist, said that ten straight months of decline certainly isn't favorable news for the housing sector. "The recent rise in mortgage rates have reduced the pool of eligible homebuyers," he said. Yun notes that a similar period of decline occurred during the 2013 Taper Tantrum when interest rates jumped from 3.5 percent to 4.5 percent. After 11 months – November 2013 to September 2014 – sales finally rebounded when rates decreased. "But this time, interests rates are not going down, in fact, they are probably going to increase even further," Yun noted. While the short-term outlook is uncertain, Yun stressed that he is very optimistic about the long-term outlook. The current home sales level matches sales in 2000. "However, mortgage rates are much lower today compared to earlier this century, when mortgage rates averaged 8 percent. Additionally, there are more jobs today than there were two decades ago," said Yun. "So, while the long-term prospects look solid, we just have to get through this short-term period of uncertainty." All four major regions saw a decline when compared to a year ago, with the West seeing the most pronounced drop. Yun said that decline is not at all surprising. "The West region experienced the fastest run-up in home prices in a short time and therefore, has essentially priced out many consumers," Yun said. Yun suggests that the Federal Reserve should be less aggressive in raising rates. He cites the collapse in oil prices and the decrease in gasoline prices. "The inflationary pressure is all but disappearing. Given that condition, there is less of a need to aggressively raise interest rates. Looking at the broader economy and keeping in mind that the housing sector is a great contributor to the economy, it would be wise for the Federal Reserve to slow the raising of rates to see how inflation develops." Yun pointed to year-over-year increases in active listings from data at realtor.com® to illustrate a potential rise in inventory. Denver-Aurora-Lakewood, Colo., Seattle-Tacoma-Bellevue, Wash., Columbus, Ohio, San Francisco-Oakland-Hayward, Calif. and San Diego-Carlsbad, Calif. saw the largest increase in active listings in October compared to a year ago. Yun expects existing-home sales this year to decrease 3.1 percent to 5.34 million, and the national median existing-home price to increase 4.7 percent. Looking ahead to next year, existing sales are forecast to decline 0.4 percent and home prices to drop roughly 2.5 percent. October Pending Home Sales Regional BreakdownThe PHSI in the Northeast rose 0.7 percent to 92.9 in October, and is now 2.9 percent below a year ago. In the Midwest, the index fell 1.8 percent to 100.4 in October and is 4.9 percent lower than October 2017. Pending home sales in the South fell 1.1 percent to an index of 118.9 in October, which is 4.6 percent lower than a year ago. The index in the West decreased 8.9 percent in October to 84.8 and fell 15.3 percent below a year ago. The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Showing Traffic Declines for the First Time in 12 Months in the South Region; Remainder of U.S. Declines for Third Consecutive Month From 2017's Record Numbers
MORE >
Existing-Home Sales Increase for the First Time in 6 Months
WASHINGTON (November 21, 2018) – Existing-home sales increased in October after six straight months of decreases, according to the National Association of Realtors®. Three of four major U.S. regions saw gains in sales activity last month. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.4 percent from September to a seasonally adjusted rate of 5.22 million in October. Sales are now down 5.1 percent from a year ago (5.5 million in October 2017). Lawrence Yun, NAR's chief economist, says increasing housing inventory has brought more buyers to the market. "After six consecutive months of decline, buyers are finally stepping back into the housing market," he said. "Gains in the Northeast, South and West – a reversal from last month's steep decline or plateau in all regions – helped overall sales activity rise for the first time since March 2018." The median existing-home price for all housing types in October was $255,400, up 3.8 percent from October 2017 ($246,000). October's price increase marks the 80th straight month of year-over-year gains. Total housing inventory at the end of October decreased from 1.88 million in September to 1.85 million existing homes available for sale, but that represents an increase from 1.80 million a year ago. Unsold inventory is at a 4.3-month supply at the current sales pace, down from 4.4 last month and up from 3.9 months a year ago. Properties typically stayed on the market for 33 days in October, up from 32 days in September but down from 34 days a year ago. Forty-six percent of homes sold in October were on the market for less than a month. "As more inventory enters the market and we head into the winter season, home price growth has begun to slow more meaningfully," said Yun. "This allows for much more manageable, less frenzied buying conditions." Realtor.com®'s Market Hotness Index, measuring time-on-the-market data and listings views per property, revealed that the hottest metro areas in October were Midland, Texas; Fort Wayne, Ind.; Odessa, Texas; Boston-Cambridge-Newton, Mass.; and Columbus, Ohio. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 4.83 percent in October from 4.63 percent in September. The average commitment rate for all of 2017 was 3.99 percent. "Rising interest rates and increasing home prices continue to suppress the rate of first-time homebuyers. Home sales could further decline before stabilizing. The Federal Reserve should, therefore, re-evaluate its monetary policy of tightening credit, especially in light of softening inflationary pressures, to help ease the financial burden on potential first-time buyers and assure a slump in the market causes no lasting damage to the economy," says Yun. First-time buyers were responsible for 31 percent of sales in October, down from last month and a year ago (32 percent). NAR's 2018 Profile of Home Buyers and Sellers – released in late 2018 – revealed that the annual share of first-time buyers was 33 percent. "Despite this much-welcomed month over month gain, sales are still down from a year ago, a large reason for which is affordability challenges from higher interest rates," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. "Prospective buyers looking for their dream home in this market should contact a Realtor® as a first step in the buying process to help them navigate this more challenging environment." All-cash sales accounted for 23 percent of transactions in October, up from September and a year ago (21 and 20 percent, respectively). Individual investors, who account for many cash sales, purchased 15 percent of homes in October, up from September and a year ago (both 13 percent). Distressed sales – foreclosures and short sales – represented 3 percent of sales in October (the lowest since NAR began tracking in October 2008), unchanged from last month and down from 4 percent a year ago. Two percent of October sales were foreclosures and 1 percent were short sales. Single-family and Condo/Co-op Sales Single-family home sales sit at a seasonally adjusted annual rate of 4.62 million in October, up from 4.58 million in September, and are 5.3 percent below the 4.88 million sales pace from a year ago. The median existing single-family home price was $257,900 in October, up 4.3 percent from October 2017. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 600,000 units in October, up 5.3 percent from last month but down 3.2 percent from a year ago. The median existing condo price was $236,200 in October, which is down 0.2 percent from a year ago. Regional Breakdown October existing-home sales in the Northeast increased 1.5 percent to an annual rate of 690,000, 6.8 percent below a year ago. The median price in the Northeast was $280,900, which is up 3.0 percent from October 2017. In the Midwest, existing-home sales declined 0.8 percent from last month to an annual rate of 1.27 million in October, down 3.1 percent overall from a year ago. The median price in the Midwest was $197,000, up 2.4 percent from last year. Existing-home sales in the South rose 1.9 percent to an annual rate of 2.15 million in October, down 2.3 percent from last year. The median price in the South was $221,600, up 3.8 percent from a year ago. Existing-home sales in the West grew 2.8 percent to an annual rate of 1.11 million in October, 11.2 percent below a year ago. The median price in the West was $382,900, up 1.9 percent from October 2017. The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Realtors See Increase in Commercial Income and Sales Volume for Second Straight Year
MORE >
Opportunity Zones Offer Favorable Real Estate Investing Options in Amazon HQ2 Markets According to ATTOM Analysis
OZ Home Prices 30 to 67 Percent Lower Than Surrounding Market Prices;OZ 5-Year Home Price Appreciation Consistently Outpacing Surrounding Market HPA; IRVINE, Calif. — Nov. 15, 2018 — ATTOM Data Solutions, curator of the nation's premier property database, today released an analysis of Opportunity Zones in the three markets selected for some portion of Amazon's second headquarters, dubbed HQ2: New York, Washington, D.C., and Nashville. The analysis found that homes located in Opportunity Zones nationwide and in each of these three markets consistently were sold at a discount but also have appreciated in value more quickly over the past five years compared to homes outside of Opportunity Zones. "The new Opportunity Zones created by the tax reform legislation passed in December 2017 provide real estate investors with prime, tax-incentivized investing opportunities, particularly if they can find zones that are in the path of progress," said Daren Blomquist, senior vice president with ATTOM Data Solutions. "The newly announced Amazon HQ2 markets certainly qualify as being in the path of progress." The ATTOM analysis looked at housing characteristics, home values and price appreciation for 7.4 million residential properties and 259,000 home sales in more than 3,000 Opportunity Zones. Specifically in the Amazon HQ2 headquarter markets, ATTOM analyzed 80 Opportunity Zones in the Washington, D.C. metro area with a total of 263,889 single family homes and condos and a total of 3,031 home sales in 2018 year-to-date; 65 Opportunity Zones in the New York metro area with a total of 129,826 single family homes and condos and a total of 1,442 home sales YTD in 2018; and 5 Opportunity Zones in the Nashville metro area with a total of 28,381 single family homes and condos and 367 home sales YTD in 2018. New York Opportunity Zone Heat Map Washington, D.C., Opportunity Zone Heat Map The Opportunity Zone Discount The analysis found that the average home price in Opportunity Zones so far in 2018 through September is $163,746, 43 percent below the average home price of $287,150 outside of Opportunity Zones. This trend plays out in the local Amazon HQ2 markets, illustrating that real estate investors who buy in these zones are realizing a substantial discount below home prices in surrounding areas of the market. The Opportunity Zone Advantage Even though homes in Opportunity Zones are selling at a discount, they have been appreciating faster over the last five years. Nationwide, prices for homes in Opportunity Zones are up 72 percent over the last five years compared to 46 percent appreciation for homes outside of Opportunity Zones during the same period. This trend also holds true in the local Amazon HQ2 markets, suggesting that real estate investors in these areas have been able to have their cake and eat it too. Higher Share of Nonowner-Occupied Homes ATTOM also looked at the share of nonowner-occupied homes in Opportunity Zones since that provides insight into what real estate investing strategy may be most appropriate — home flipping or buying single family rentals. Nationwide, 37 percent of single family homes and condos in Opportunity Zones are nonowner-occupied, compared to 24 percent outside of Opportunity Zones. The numbers varied within the three local markets selected for some slice of Amazon HQ2 (see chart below). Lower Property Taxes Lastly, ATTOM analyzed average property taxes for home inside and outside Opportunity Zones. Property taxes are typically the second highest cost of home ownership — behind the actual sales price of the home — and as such should be factored into any real estate investing decisions. Nationwide, the average property tax for single family homes and condos in Opportunity Zones is $1,918, 41 percent below the average property tax of $3,248 for single family homes and condos not in Opportunity Zones. Average property taxes for homes inside Opportunity Zones were substantially lower than average property taxes for homes outside of Opportunity Zones in each of the three Amazon HQ2 markets. 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, market trends, marketing lists, match & append and more.
MORE >
Remine Announces Contactually Integration
MORE >
Redfin Report: These 8 Inland Housing Markets are Heating Up as the Coasts Cool
These affordable metro areas are seeing a growing share of homes selling quickly and for above-list price SEATTLE, Nov. 9, 2018 -- While expensive coastal markets like Seattle and San Jose are cooling off, some smaller, affordable inland metro areas are heating up, according to Redfin, the next-generation real estate brokerage. Wilmington, Delaware, Philadelphia and Atlanta lead the handful of metro areas where supply is shrinking, leaving more homes to go under contract within days, and for above-list price than a year ago. To identify the markets that are still heating up, Redfin ranked the top 25 metro areas with populations of at least 500,000 people according to three indicators of a competitive seller's market, based on data for the four weeks ending October 14, compared with the same period a year earlier: Declines in the number of homes for sale (inventory) Increases in the share of homes going under contract within two weeks of their market debut Increases in the share of homes selling for more than their list price Housing markets that are heating up the most Contrast the numbers above with markets like Seattle, San Jose and Portland, where inventory has been increasing by double digits, and the shares of homes going under contract quickly is shrinking. Homes in the metro areas that are heating up are also considerably less expensive than not only the hot coastal markets, but also than the national median price of about $300,000. Plus, except for Atlanta and Philadelphia, all of the heating-up metro areas are smaller, with populations under 2 million. Atlanta is also a top migration destination, moving up from #5 among long-distance Redfin.com user searches in the third quarter of 2017 to #2 in the third quarter this year. "Competition in Wilmington has become fierce and often buyers have to offer over asking and compete against three to six other offers," said local Redfin agent Claryssa McEnany. "I'm working with several buyers moving to the area from New Jersey who have expressed that they want to escape the higher property taxes that they can no longer fully deduct." Markets like Wilmington are still deep in seller's market territory, "Too many sellers are staying put!" according to McEnany. "Buyers are motivated and want to move now but there just aren't enough homes available." In the face of the inventory shortage that has been worsening since early 2016, some of McEnany's clients are choosing to expand their search area or make more compromises to get into a home. It's likely that even if the real estate slowdown becomes more widespread, these inexpensive markets will continue to show strength thanks to their big advantage in affordability. To read the full report, complete with additional data, please click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
MORE >
Equity Rich U.S. Properties Increase to New High of 14.5 Million in Q3 2018
MORE >
CoreLogic Reports September Home Prices Increased by 5.6 Percent Year Over Year
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for September 2018, which shows home prices rose both year over year and month over month. Home prices increased nationally by 5.6 percent year over year from September 2017. On a month-over-month basis, prices increased by 0.4 percent in September 2018. (August 2018 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Looking ahead, the CoreLogic HPI Forecast indicates home prices will increase by 4.7 percent on a year-over-year basis from September 2018 to September 2019. On a month-over-month basis, home prices are expected to decrease by 0.6 percent from September to October 2018. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 38 percent of metropolitan areas have an overvalued housing market as of September 2018. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals (such as disposable income). Additionally, as of September 2018, 19 percent of the top 100 metropolitan areas were undervalued, and 43 percent were at value. When looking at only the top 50 markets based on housing stock, 46 percent were overvalued, 14 percent were undervalued, and 40 percent were at value. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10 percent above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10 percent below the sustainable level. In 2018, CoreLogic together with RTi Research of Norwalk, Connecticut, conducted an extensive consumer housing sentiment study, combining consumer and property insights. The study assessed attitudes toward homeownership and the drivers of the home buying or renting decision process. When asked about the desire to own a home, potential buyers in the younger millennial demographic have the desire to buy, 40 percent are extremely or very interested in homeownership. In fact, 64 percent say they regularly monitor home values in their local market. However, while, 80 percent of younger millennials plan to move in the next four or five years, 73 percent cite affordability as a barrier to homeownership (far higher than any other age cohort). "Our consumer research indicates younger millennials want to purchase homes but the majority of them consider affordability a key obstacle," said Frank Martell, president and CEO of CoreLogic. "Less than half of younger millennials who are currently renting feel confident they will qualify for a mortgage, especially in such a competitive environment." About The 2018 CoreLogic Consumer Housing Sentiment Study Nationwide survey of 3001 renters and homeowners conducted in first quarter of 2018 by CoreLogic together with RTi Research. The survey has a sampling error of +/- 1.8 percent at the total respondent level with a 95 percent confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic (NYSE: CLGX) 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.
MORE >
Existing-Home Sales Decline Across the Country in September
MORE >
Housing Inventory Crunch Finally Subsides as Supply Posts First Annual Gain in Nearly Three Years
September Home Sales Slump, Prices Post Smallest Increase Since the Market Bottomed in 2012 SEATTLE, Oct. 19, 2018 -- U.S. home-sale prices increased just 2.1 percent in September compared to a year ago, according to Redfin, the next-generation real estate brokerage. The median home-sale price was $292,000 across the 171 metros tracked in the latest analysis from Redfin. September saw the smallest increase in home prices recorded since February 2012, when the median home price bottomed out at $168,000. "Rising mortgage rates, paired with already high home prices, are giving pause to homebuyers in expensive West Coast markets," said Redfin chief economist Daryl Fairweather. "Some of these places are finally seeing the number of homes for sale surge after years of a supply drought. But buyers who earlier this year would have put in a bid on any home in their target neighborhood are now being more choosy. With home prices growing slowly, buyers want to be absolutely sure that the home they buy is a home they will stay in for years to come." Fairweather noted that last month's low level of price growth was driven by the fact that the most expensive markets, including Seattle, Los Angeles and San Jose, California, posted double-digit declines in sales. As a result, inland metros with relatively affordable homes, like Pittsburgh and Grand Rapids, Michigan, contributed a greater share of sales to the nationwide total than they did last year, putting downward pressure on the national median sale price. In fact, 136 out of the 171 metros Redfin tracks experienced price growth greater than the national median of 2.1 percent, and half of the metros Redfin tracks experienced price growth at or above 6 percent. For the first time in nearly three years, the number of homes for sale increased year over year, albeit slightly, up 0.2 percent from last year. National inventory growth was led by surges in softening Coastal markets like San Jose (82.7%), Seattle (54.5%), San Diego (30.7%), and Boston (9.1%). "The number of homes newly listed in September rose 3.6 percent year over year, but buyers seemed reluctant to make offers and purchase that new inventory, as September sales fell 4.8 percent year over year," said Daryl Fairweather, Redfin chief economist. Home sales declined in 50 of the 71 largest metro areas that Redfin tracks. In metros where high home prices have already pushed buyers to their financial limits, rising mortgage rates may be dampening demand. As of last week, the average interest rate for a 30-year fixed-rate mortgage had crept up near 5 percent for the first time since 2011. Last year at this time, rates were still below 4 percent. The biggest sales declines were again in West Coast metros, including Seattle (-27.7%), Los Angeles (-21.5%), and San Jose (-20.8%). Across Redfin metros, the typical home that sold in September went under contract in a median of 40 days, two days faster than last year. Still, competition was noticeably less intense than last year. This September, 21.7 percent of homes sold above the list price, down from 23.8 percent last September. Likewise, the share of homes that went under contract within two weeks fell to 23.1 percent this September compared to 24.1 percent last September. A Tale of Two Markets: The Coasts and the Heartland "Last year and earlier this year, Seattle, San Jose and Denver were the hottest markets with homes selling in days, not weeks. These metros have now been replaced by Grand Rapids, Omaha, Nebraska, and Indianapolis as the fastest markets in the country," said Fairweather. In San Jose, the typical home that sold in September spent 26 median days on the market, 12 days longer than last year. In Seattle, the typical home is taking a full week longer to find a buyer, at 17 median days on market. Meanwhile, metros in the heartland are kicking into high gear. Homes in Grand Rapids are going under contract in just 13 days, 15 days faster than they were last year. In Indianapolis, which is now tied with Boston as the third fastest market, homes are finding buyers in a median of 16 days, compared to 40 last year. "This acceleration in Midwest metros is due to increasing demand, as new residents move inland in search of affordability, without an increase in homes available for sale," said Fairweather. The number of homes for sale in Indianapolis has been falling by more than 10 percent each year since Spring 2015, and fell 19.7 percent this September compared to last year. In Grand Rapids, homes for sale fell 2.3 percent, which is a moderate decline compared to the 5.6 percent decline in September last year, and the 21.2 percent decline in September 2016. In the third quarter of 2018, 42 percent of the people searching for homes in Grand Rapids on Redfin.com were searching from outside of the metro area, with the largest share coming from Detroit, Chicago, Los Angeles and Washington, D.C. Indianapolis is also attracting homebuyers from more expensive cities, including Chicago, Los Angeles and the Bay Area. As homebuyers find themselves priced out of places like Seattle and Los Angeles, they are increasingly looking to cities in the Midwest and South with more affordable homes and lower cost of living. Redfin will soon release its quarterly migration report, which tracks these migration patterns in more detail. September Highlights Speed and Competition Grand Rapids, MI was the fastest market, with the typical home finding a buyer in just 13 days, down from 15 days from a year earlier. Omaha, NE was the next fastest market with 14 median days on market, followed by Indianapolis (16), Boston (16) and San Francisco (17). The most competitive market in September was San Francisco where 71.8% of homes sold above list price, followed by 58.8% in Oakland, CA, 58.1% in San Jose, CA, 39.6% in Buffalo, NY, and 39.4% in Tacoma, WA. Prices San Francisco had the nation's highest price growth, rising 14.6% since last year to $1,425,000. Las Vegas had the second highest growth at 12.9% year-over-year price growth, followed by Salt Lake City (11.7%), Worcester, MA (11.1%), and Philadelphia (10.4%). 3 out of 71 metros saw price declines in September: Honolulu (-2.2%), St. Louis (-1%), and Houston (-0.4%). Sales Seattle saw the largest decline in sales since last year, falling 27.7%. Home sales in Orange County, CA and Buffalo, NY declined by 23.6% and 22.0%, respectively. In 7 out of 71 metros, sales surged by double digits from last year. The markets with the highest year-over-year sales growth were Miami (39.9%), Jacksonville, FL (28.1%) and Orlando, FL (26.2%). The strong sales growth in Florida this year is a response to last year's sales slump due to hurricane activity. Inventory San Jose, CA had the highest increase in the number of homes for sale, up 87.2% year over year, followed by Seattle (54.4%) and San Diego (30.7%). Philadelphia had the largest decrease in overall inventory, falling 25.4% since last September. Montgomery County, PA (-22.2%), Indianapolis (-19.7%), and Rochester, NY (-18.2%) also saw far fewer homes available on the market than a year ago. Redfin Estimate The median list price-to-Redfin Estimate ratio was 94.0% in San Francisco, CA, the lowest of any market. This indicates the typical home for sale in September was listed at a price 92.7% of its estimated value. Only 7.3% of homes in San Francisco, CA were listed for more than their Redfin Estimate. Conversely, the median list price-to-Redfin Estimate ratio was 102.3% in Miami, FL and 102.0% in West Palm Beach, FL, which means sellers are listing their homes for more than the estimated value in those metro areas. In Miami, FL, 81.8% of homes were listed above their Redfin Estimate, the highest percentage of any metro. To read the full report, complete with charts and market-level data, please click here. About RedfinRedfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
MORE >
Q3 2018 Foreclosure Activity Down 8 Percent From Year Ago to Lowest Level Since Q4 2005
MORE >
New Veros VeroFORECAST Projects 7 of 10 Top-Appreciating Markets Will Be in Washington and Nevada Over Next 12 months
Twelve-month VeroFORECAST predicts average property value appreciation of 4.5%, with appreciation projected in 97% of MSAs analyzed and depreciation in only 3% Santa Ana, Calif. – October 10, 2018 – Veros Real Estate Solutions (Veros), an award-winning industry leader in enterprise risk management, collateral valuation services and predictive analytics, has released its third quarter 2018 VeroFORECAST, with predictions of how property values in Metropolitan Statistical Areas (MSAs) across the nation will fare between September 1, 2018 and September 1, 2019. "Our latest VeroFORECAST indicates that on average, for the top 100 most populated metro areas, we expect 4.5% appreciation over the next 12 months," said Eric Fox, VP of Statistical and Economic Modeling at Veros. "This is the 25th quarter in a row where this index has forecast overall appreciation. We are forecasting that the overwhelming number of metros across the nation, approximately 97 percent, will appreciate, with just three percent depreciating during this period. The fact that these averages are identical to those of last quarter's update indicates that we are seeing consistency in nearly every metro market." Western states continue to hold all top ten spots, with forecast appreciation rates running roughly between nine and 12 percent. Seven of those MSAs with the highest-projected appreciation are in Washington and Nevada, with the other three in Idaho, California and Colorado. Another Western state, Utah, is also projected to be a solid performer. These five states, along with Oregon, have provided the index's highest-ranked markets throughout 2018. It is an indication of the changing economy of Idaho that, after being represented in the year's first two quarterly reports by Pocatello, Idaho, with a population of approximately 83,000, we now see the Boise City-Nampa MSA, with more than a third of the state's population, moving in at 11.2 percent, VeroFORECAST's second-highest projected appreciation figure. "This is a very strong showing, with the average appreciation of the Top 10 markets forecast to be a half-percentage point higher than in our last report," Fox said. He added that, from an overall perspective, the latest report signals "more of the same" for property values in these markets. Furthermore, for many of the markets for which data was analyzed, interest rates appear to be softening this quarter's forecasts by one to two percent over what they would have been had the flat interest rate environment of the past several years continued. Despite the Western MSAs' domination of projected U.S. real estate appreciation, there are bright spots in every region. In the South, North Carolina is projected to perform well, as are the Midwest states of Michigan and Indiana, especially the Indianapolis-Carmel, IN MSA, where property values are projected to appreciate at 8.5 percent. Indiana's next door neighbor, Illinois, however, is forecast to do very poorly, with three of its MSAs in VeroFORECAST's Bottom 10: Bloomington-Normal is forecast to appreciate at just 0.3 percent through next August, and Peoria and Danville are predicted to depreciate at -0.7 percent and -1.2 percent, respectively. In the South, Texas has healthy markets, notably Midland and Odessa, which show definite strengthening while others, such as Dallas and College Station, show definite slowing since last quarter’s report. Although its Bay Area jewel, the San Francisco-Oakland-Fremont MSA, ranks in the Top 10 with projected 9.6 percent appreciation, parts of California are beginning to show some signs of slowing down. San Jose, for example, is showing a projected appreciation rate dropping from double-digits to 8.3 percent over the next 12 months. In this third-quarter 2018 VeroFORECAST, the top market, Bremerton-Silverdale, is predicted to appreciate more than a half-percentage higher than the top market in the previous report, Seattle-Tacoma at 11.1 percent. On the other end, the Farmington, NM MSA is predicted to depreciate a half-percentage point more than the second-quarter's lowest scorer, Cumberland, MD-WV, at -1.6 percent. Here are the new report's Top 10 and Bottom 10 projected markets through August 2019: "Housing supply is a key discriminator between the forecasted top- and bottom-performing markets," Fox said. "Where the housing supply is very low, as in our top markets, prices are expected to increase significantly. By contrast, for many of the bottom markets, which are in very slow growth metros, housing supply is projected to remain high." For this latest VeroFORECAST, the average population of the Top 25 metros is 1.2 million and the average population of the Bottom 25 metros is 304,000, and it appears that the most populated metro areas are on average forecast to perform the best in the next 12 months while the least populated are forecast to perform the worst.   About Veros Real Estate Solutions Veros Real Estate Solutions, a proven leader in enterprise risk management and collateral valuation services, uniquely combines the power of predictive technology, data analytics and industry expertise to deliver advanced automated decisioning solutions. Veros products and services are optimizing millions of profitable decisions throughout the mortgage industry, from loan origination through servicing and securitization. Veros provides solutions to control risk and increase profits including automated valuations, fraud and risk detection, portfolio analysis, forecasting, and next-generation collateral risk management platforms. Veros is headquartered in Santa Ana, Calif. For more information, please visit www.veros.com or call (866) 458-3767. About Eric Fox, VP of Statistical and Economic Modeling Eric Fox received his M.S. in Statistics and B.S. in Mathematics and Economics from Purdue University, and has 30 years of industrial experience in statistical and econometric modeling, probabilistic life methodology development, statistical training, probabilistic design software development, and probabilistic financial/competitive analysis. Fox has published more than 20 technical papers on probabilistic and statistical methods.
MORE >
CoreLogic Reports August Home Prices Increased by 5.5 Percent Year Over Year, Homeowners Expect Sale of Current Home to Fund Downpayment for Next Purchase
MORE >
U.S. Home Affordability Drops to Lowest Level in 10 Years
U.S. Home Affordability Drops to Lowest Level in 10 Years; Home Prices Less Affordable Than Historic Averages In 78 Percent of Local Markets; 30 Percent of Population in Markets Requiring $100,000+ in Annual Income to Buy a Home IRVINE, Calif. – Oct., 4, 2018 — ATTOM Data Solutions, curator of the nation's premier property database, today released its Q3 2018 U.S. Home Affordability Report, which shows that the U.S. home prices in the third quarter were at the least affordable level since Q3 2008 — a 10-year low. The report calculates an affordability index based on percentage of income needed to buy a median-priced home relative to historic averages, with an index above 100 indicating median home prices are more affordable than the historic average, and an index below 100 indicating median home prices are less affordable than the historic average. (See full methodology below.) Nationwide, the Q3 2018 home affordability index of 92 was down from an index of 95 in the previous quarter and an index of 102 in Q3 2017 to the lowest level since Q3 2008, when the index was 87. Among 440 U.S. counties analyzed in the report, 344 (78 percent) posted a Q3 2018 affordability index below 100, meaning homes were less affordable than the long-term affordability averages for the county — the highest percentage of counties below historic affordability averages since Q3 2008. "Rising mortgage rates have pushed home prices to the least affordable level we've seen in 10 years, both nationally and at the local level," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "Close to one-third of the U.S. population now lives in counties where buying a median-priced home requires at least $100,000 in annual income based on our analysis of 440 counties with a combined population of 220 million. U.S. Census net migration data shows negative net migration in more than two-thirds of those highest-priced markets, while more than three-quarters of markets requiring annual income less than $100,000 to buy a home posted positive net migration, indicating that home affordability is at least one factor driving recent migration patterns." Home prices in 69 counties require income of $100,000 or more Prospective homebuyers would need to make $100,000 or more to buy a median-priced home in 69 of the 440 counties analyzed in the report (16 percent), assuming a 3 percent down payment and a maximum front-end debt-to-income ratio of 28 percent (see full methodology below). This list of 69 counties was led by the five California Bay Area counties of San Mateo ($377,210 annual income needed to buy a median-priced home), San Francisco ($366,582), Santa Clara ($327,284), Marin ($311,827), and Alameda ($237,760). Following those five California counties were Westchester County, New York ($228,937) and Kings County (Brooklyn), New York ($221,993). Other counties where prospective homebuyers would need to make $100,000 or more to buy a median-priced home included counties in Southern California, Washington, D.C., Boston, Seattle and Hawaii. "Several years of well-above-average home price growth has severely impacted housing affordability in the Seattle region, driven largely by our strong economy and rising incomes that have continued to cause prices to appreciate," said Matthew Gardner, chief economist with Windermere Real Estate, covering the Seattle market, where the 7 percent year-over-year home price appreciation in King County in Q3 2018 was the slowest annual appreciation in three years. "That said, I believe we have reached an inflection point and growth in home values is likely to slow until incomes can catch up." Home prices rising faster than wages in 86 percent of local markets Nationwide, the median home price of $250,000 in Q3 2018 was up 6 percent from a year ago, twice the annual growth of 3 percent in average wages. U.S. median home prices have increased 76 percent since bottoming out in Q1 2012 while average weekly wages have increased 17 percent over the same period. Meanwhile the average 30-year fixed mortgage rate is up 15 percent since Q1 2012 and up 17 percent just over the past year, according to the Freddie Mac Primary Mortgage Market Survey. "As most buyers budget based on monthly payments, the median buyer is now able to bid significantly less than before," said Tendayi Kapfidze, chief economist at mortgage marketplace LendingTree, estimating that homebuyers are able to borrow 10 percent less than a year ago because of the rise in interest rates. "This means at each price point the number of buyers is falling, reducing demand. This has had immediate effects on the number of houses sold and will over time reduce the pace of home price increases. This is not cause for alarm however. Home prices have been outpacing incomes since 2012 at a pace that is unsustainable, and a period of consolidation is healthy for the housing market." Annual home price appreciation outpaced average weekly wage growth in 378 of the 440 counties analyzed in the report (86 percent), including Los Angeles County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; Miami-Dade County, Florida; and Dallas County, Texas. Counties in Denver, Dallas, Grand Rapids least affordable relative to long-term averages Among 128 counties with a population of 500,000 or more, those with the lowest affordability indexes — least affordable relative to their long-term affordability averages — were Denver County, Colorado (70); Arapahoe County, Colorado in the Denver metro area (73); Tarrant County, Texas in the Dallas-Fort Worth metro area (74); Kent County (Grand Rapids), Michigan (74); and Jefferson County, Colorado in the Denver metro area (75). Other counties with a population of at least 500,000 and a Q3 2018 affordability index below 80 included counties in the Detroit, Michigan; Nashville, Tennessee; Atlanta, Georgia; and McAllen, Texas metro areas. Among the 128 counties with a population of 500,000 or more, those with the highest affordability indexes — most affordable relative to their long-term affordability averages — were Bristol County, Massachusetts in the Providence, Rhode Island metro area (117); Suffolk County (Long Island), New York (113); Camden County, New Jersey, in the Philadelphia metro area (113); Lake County, Illinois in the Chicago metro area (111); and Jefferson County (Birmingham), Alabama (110). Highest share of income needed to buy a home in Brooklyn Nationwide an average wage earner would need to spend 37.0 percent of his or her income to buy a median-priced home in Q3 2018, above the historic average of 34.1 percent. Counties with median home prices requiring the highest share of average wage earner income were Kings County (Brooklyn), New York (134.8 percent); Marin County, California in the San Francisco metro area (126.0 percent); Santa Cruz County, California (120.7 percent); San Luis Obispo County, California (100.5 percent); and Maui County, Hawaii (99.7 percent). Counties with median home prices requiring the lowest share of average wage earner income were Clayton County, Georgia in the Atlanta metro area (15.6 percent); Wayne County (Detroit), Michigan (15.8 percent); Allen County (Lima), Ohio (16.2 percent); Saint Lawrence County, New York, in the Ogdensburg-Massena metro area (16.9 percent); and Rock Island County, Illinois in the Quad Cities metro area (18.7 percent). Median home prices not affordable for average wage earners in 84 percent of local markets An average wage earner would not qualify to buy a median-priced home nationwide and in 368 of the 440 counties analyzed in the report (84 percent) based on a 3 percent down payment and a maximum front-end debt-to-income ratio of 28 percent. 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, market trends, marketing lists, match & append and more.
MORE >
Pending Home Sales Dip 1.8 Percent in August
MORE >
Millennial Homebuyers Are Driving Realtor.com's 2018 Hottest ZIP Codes in America Report
Kentwood, Mich. leads the list for the first time, while Rochester, N.Y. and Worthington, Ohio get a bump in demand SANTA CLARA, Calif., Sept. 26, 2018 -- Realtor.com®, the Home of Home Search℠, today announced its fourth annual list of the Hottest ZIP Codes in America. The new list shows high-income millennials are helping to drive a nearly 10 percent increase in how fast homes are sold in the most popular areas of the country, which spans emerging suburban areas near Silicon Valley, throughout the Midwest, and on the East Coast. As millennials get older, move out on their own and buy homes, they are driving demand for homes in smaller, more suburban locales. Some of the new areas making this year's list include: No 1. Kentwood, Mich. (49508); No. 5 Peabody, Mass. (01960); No. 6 Boise, Idaho (83704); No. 9 Rochester, N.Y. (14624); and No. 10 Upper Montclair, N.J. (07043). Back by popular demand, the following areas are among the ZIP codes returning to the list this year: Colorado Springs, Colo. (80922) moved to No. 2 from No. 7 in 2017; Watauga, Texas (76148) moved to No. 3 from No. 1 in 2017 and 2016; Castro Valley, Calif. (94546) moved to No. 4 from No. 6 in 2017; Worthington, Ohio (43085) moved to No. 7 from No. 2 in 2015; and Overland Park, Kan. (66210) was ranked No. 8 this year and in 2017. "When it comes to choosing a home of their own, millennials are looking for opportunity and they're finding it in affordable suburbs," said Danielle Hale, chief economist for realtor.com®. "These hot housing markets are attracting the attention of hard-working, high-earning 25-to-34-year-olds who are drawn by their relative affordability, strong local economies, and outdoor and cultural amenities." Realtor.com®'s 2018 Top 10 Hottest ZIP Codes Realtor.com® analyzed 32,000 ZIP codes based on the time it takes properties to sell and how frequently homes are viewed in each ZIP code on realtor.com®. One ZIP code was included per metro area. How hot are these ZIP codes? Homes in this year's top 10 hottest markets sell in an average of 20 days, 46 days faster than the rest of the country, 25 days faster than their respective metro areas, and 18 days faster than their respective counties. Realtor.com® users view homes in these markets four times more often than homes in the rest of the country, 2.3 times more often than their respective metro areas, and 1.9 times more often than their respective counties. The average views per property for these 10 ZIPs on realtor.com® are up 14 percent compared to last year. In addition, home list prices in nine of the 10 markets are appreciating on a yearly basis, and in some cases they're doing so rapidly. Five of the 10 ZIPs saw double-digit growth in asking prices — faster than the national rate of 8.4 percent. What's making these ZIP codes hot this year?: Homes are relatively affordable. The median price for a home in these markets is $358,000, and top markets are almost all more affordable than their surrounding area -- only 43085 (Worthington, Ohio) and 07043 (Upper Montclair, N.J.) are exceptions. In addition, five of the top 10 ZIPs have median listing prices that are lower than the U.S. overall and eight have prices that are lower than their respective metro and county areas. Residents are employed at higher rates and tend to earn more. Household incomes in eight of the top 10 ZIPs are greater than the national median of $61,000. In total, the average household income in the top 10 ZIPs is $83,000, 1.4 times the national rate. In addition, the 10 ZIP codes are located in counties with an average unemployment rate of 3.6 percent, which is 30 basis points lower than the U.S. unemployment rate of 3.9 percent. A total of 83,000 jobs will be created this year in these markets combined*, which indicates a growth rate of 2.2 percent, significantly above the national growth rate of 1.8 percent. Millennials, in particular, are doing well. In eight out of the top 10 ZIPs, the median household income for 25 to 34 year olds is 1.3 times higher than the national median, $78,000 versus $60,000, respectively. Millennials hold the lion share of purchases. Mortgage originations in nine of the top 10 counties of these top 10 ZIPs are strongly dominated by millennials (25 to 34 year olds), which have a greater share of mortgage originations (34 percent) than the next largest group (35 to 44 year olds) with 31 percent. Buyers have their credit buttoned up. The homebuyers in the counties where these ZIPs are located have an average FICO score of 729, higher than the national average of 720. Market Highlights – Top 10 ZIP Codes 1. 49508 – Kentwood, Mich. – Although neighboring ZIP code 49548 was ranked No. 3 on the list last year, this is 49508's first appearance. Located just 15 miles southeast of Grand Rapids and 30 miles from beautiful Lake Michigan, is the quiet suburban town of Kentwood. The area is known for its tree lined streets, close knit community, affordable homes, and quick commute to Grand Rapids, where Spectrum Health, Meijer, and Mercy General Health Partners are the major employers. Young families are drawn to this affordable neighborhood because of its strong schools, such as Discovery Elementary, which has GreatSchools rating of 8/10. Key housing stats: Average home listing views in ZIP 49508 are up 4 percent over last year, with homes receiving nearly four times more views than those in the rest of the country. Homes in Kentwood sell in 14 days, 52 days faster than the rest of the U.S., with a median list price of $193,168, up 9.5 percent over last year. A pocket of relative affordability, prices in 49508 are 33 percent lower than the surrounding county. Kent County is expected to add 8,000 jobs this year, an increase of 2.3 percent. 2. 80922 – Colorado Springs, Colo. – Located 60 miles south of Denver on the eastern side of the Rocky Mountains, lies the thriving outdoor centric city of Colorado Springs. This area draws a diverse nature-loving crowd with its affordable housing compared to its sister-city to the north, Denver. Colorado Springs is replete with local breweries and tasting rooms such as the Goat Patch Brewing Co. and Trail's End self-pouring taproom, as well as many boutique restaurants that cater to the area's popular healthy living lifestyle. With areas such as Garden of the Gods and Pike's Peak, there are always trails and parks to get outside and explore. Major employers in the area include the United States Air Force at its Academy and other area bases, as well as UC Memorial Hospital North. Housing stats: The number of households in this ZIP grew by 21 percent from 2010 to 2018, with a home ownership rate of 80 percent among all age groups and 68 percent among millennials. Reflecting the high concentration of military service members in the area, 40 percent of new mortgages in El Paso County are guaranteed by the U.S. Department of Veterans Affairs. Homes in 80922 sell in 15 days, about 19 days faster than the rest of El Paso County, with a median list price of $297,811, up 9.7 percent over last year. El Paso County is expected to add 8,300 jobs this year, an increase of 2.6 percent. 3. 76148 Watauga, Texas – Located just 10 miles up on the northern edge of Fort Worth is the family-friendly suburb of Watauga. This area caters to young families that want easy access to all the amenities and entertainment that Fort Worth has to offer, while giving budget-savvy buyers the most bang for their buck. Younger families are also drawn to Watauga for its strong schools, such as Grace E. Hardeman Elementary, which has a GreatSchools rating of 8/10. This ZIP also ranks highest in the state in the Human Rights Campaign's Municipal Equality Index (MEI), which scores the ways cities support the LGBT people who live and work there. Major employers in the area include American Airlines, Texas Health Resources, and Lockheed Martin Aeronautics company. Housing stats: The dominant buyer segment in Watauga is millennials, who hold 33 percent of new purchase mortgages in the ZIP and have an 65 percent home ownership rate, compared to 42 percent in Tarrant County. Millennials in 76148 also earn slightly more than the median household overall. Homes in Watauga sell in 15 days, 3 percent faster than last year, with a median list price of $183,576, up 16.2 percent over last year. Tarrant County is expected to add 28,400 jobs this year, an increase of 2.8 percent. 4. 94546 Castro Valley, Calif. – Situated 15 miles south of Oakland is the East Bay neighborhood of Castro Valley. This quiet neighborhood is known for its relative affordability with homes costing 5 percent less than the rest of the county and 17 percent less than the broader metro area. It is also known for its excellent school system, such as Proctor Elementary, which has a GreatSchools rating of 9/10. The relaxed area caters to young professionals working in San Francisco, Oakland, and Berkeley because of its BART (Bay Area Rapid Transport) access. Castro Valley exudes local pride with activities such as the Fall Festival in September, Barks & Boos around Halloween, Light Parade in November, and Castro Valley Street Eats with food trucks from spring to autumn. Housing stats: Millennials make up 38 percent of the new purchase mortgage share in ZIP 94546, while the dominant buyer group skews slightly older at 35-44 years of age. Homes in Castro Valley sell in just 16 days, about 50 days faster than the rest of the country. Listings in this ZIP have a median list price of $784,238, up 7.6 percent over last year. While this is notably above the U.S. median of $287,036, it is significantly more affordable than nearby San Francisco priced at $944,000 (up 7.3 percent) and Silicon Valley at $1.2 million (up 25.9 percent). While Alameda County is expected to add only 3,700 jobs this year, an increase of 0.5 percent, the unemployment rate of 3.0 percent is well below the U.S. level of 3.9 percent. 5. 01960 Peabody, Mass. – Located just inland of Salem and 15 miles northeast of Boston, this small but vibrant community is known for its rich industrial history. Peabody features great public schools, such as John E. McCarthy School which has a GreatSchools rating of 8/10, and Brooksby Farm – a 200-acre working farm. The area is also headquarters to Analogic Corporation and Tradewin Consulting Services, which are some of the largest employers in Peabody. Housing stats: The dominant buyer segment in ZIP 01960 is 35-44-year-olds, while millennials (25-34-years-old) hold 32 percent of recently purchased mortgages in the area. With a median household income of $73,312, millennials in 01960 have a higher income than the typical household. Homes in Peabody sell in 20 days, 46 days more quickly than the rest of the country, with a median list price of $424,685, up 8.4 percent compared to last year. Essex County is expected to add 9,000 jobs this year, an increase of 2.2 percent. 6. 83704 Boise, Idaho – Boise is a vibrant, active city, with a mild four-season climate that allows residents to enjoy the local mountains, rivers, and lakes year-round. Plus, the Snake River Valley allows for a rich soil that provides distinctive, award-winning vintage wines from local vineyards, while the local brewery scene has been growing. Boise was also just named one of Money Magazine's Best Places to Live. Ada County ranks among the top five most popular markets for Bay Area Californians searching for homes out-of-state. As more Californians are moving away from San Francisco, Silicon Valley, and California's wine country, many are seeking homes in Idaho where the sunny climate and local tech employers, such as Micron Technology, are strong attractors. Housing stats: Millennials make up 27 percent of the new mortgage share in Ada County, while the dominant buyer group skews slightly older at 35-44 years of age. Homes in 83704 sell in 23 days, about 43 days faster than the rest of the country. Listings this year have a median list price of $251,324, up 16.2 percent over last year. Ada County is expected to add 6,400 jobs this year, an increase of about 2.8 percent, which is extraordinary considering the already low unemployment rate of 2.5 percent. 7. 43085 Worthington, Ohio – Nestled between two highways 12 miles directly north of Columbus, sits the close-knit community of Worthington. The area attracts young and growing families that want homes in a quiet neighborhood without giving up their access to downtown Columbus, Ohio. Being so close to The Ohio State University, Worthington is an affluent neighborhood, known for its particularly strong schools, such as Evening Street Elementary and Phoenix Middle School, both of which have a GreatSchools rating of 9/10. Additionally, the area has a strong sense of community with its Farmers Market, Craft Arts Crawl, as well as its many dining and boutique shopping options. Housing stats: The number of households in this ZIP grew by 9 percent from 2010 to 2018, with an above-average home ownership rate of 74 percent among all age groups and 52 percent among millennials. Homes in Worthington sell in 25 days, about 11 days faster than the rest of the county and 41 days faster than the U.S., with a median list price of $291,305, up 0.8 percent over last year. Franklin County is expected to add 13,500 jobs this year, an increase of 2 percent. 8. 66210 Overland Park, Kan. – Sitting just 11 miles south of Kansas City on the Kansas side of the border, is the thriving neighborhood of Overland Park. Though it is a suburb of Kansas City, it is also the second most populous city in the state. The area boasts a plethora of outdoor options including the Overland Park Arboretum and Botanical Gardens, as well as many hiking trails. Overland Park was just named one of Money Magazine's Best Places to Live. The area is great for both young and growing families as it offers affordable homes, 34 percent less expensive than Johnson County, Kansas as a whole. Overland Park is also home to an excellent school system that includes Harmony Middle School and Lakewood Elementary School, both of which have a GreatSchools rating of 10/10. Housing stats: Millennials continue to be the dominant buying group in the area, holding 36 percent of recently purchased mortgages in Johnson County and high-credit buyers are the norm with an average FICO of 737 compared with 720 for the U.S. as a whole. Homes in Overland Park sell in 24 days, one day slower than last year but still 42 days faster than the U.S., with a median list price of $261,927, up 14 percent over last year. While Johnson County is expected to add just 3,600 jobs this year, an increase of 1.1 percent, this is notable given the low 2.9 percent unemployment rate. 9. 14624 Rochester, N.Y. – Sitting on the southern shore of Lake Ontario is the diverse community of Rochester. The area is a close-knit community known for its plethora of beautiful parks and water features, and has been nicknamed "Flower City USA" because of the many lilacs throughout its parks. Rochester's workforce, which was previously known for its print and film services because of Kodak's former headquarters, has shifted toward health systems and higher education, with Strong Memorial Hospital and the University of Rochester being two of the area's largest employers. Along with the revitalization of downtown, the area has seen an influx in millennial home buyers purchasing in the Rochester downtown area and surrounding suburbs over the recent years. Housing stats: Homes in this ZIP are relatively affordable, priced 28 and 27 percent less than the county and metro, respectively, which have kept buyer interest high and growing. Home listing views for this ZIP have increased 51 percent over last year. Household incomes in 14624 are higher than typical U.S. incomes and homes are priced 54 percent below the typical U.S. listing, creating a great opportunity for buyers. This explains the high home ownership rates – 80 percent for all households and 64 percent for millennial households. Millennials make up the largest share of recently purchased mortgages in Monroe County at 33 percent. Homes typically sell within 22 days in this ZIP, about 29 percent faster than last year and 44 days faster than the U.S., with a median list price of $131,964. Housing interest in this ZIP has remained strong despite a roughly average growth in jobs of 0.6 percent over last year. 10. 07043 Upper Montclair, N.J. – Sitting about 14 miles west of the Hudson River and nestled at the foot of the First Watchung Mountain, is the vibrant community of Upper Montclair. The area caters to those looking to raise a family in a quiet neighborhood, while still having easy commutes to New York City and Newark, N.J. The area is a small, wealthy township where the median income of $176,182, is nearly triple the U.S. median income of $61,045. This thriving arts community is also home to the Montclair Art Museum, Montclair State University, global cuisine, and a funky downtown. Housing stats: Homes in ZIP 07043 sell in 22 days, about 23 percent faster than last year, with a median list price of $762,350, up 6 percent over last year. Homeownership rates in this ZIP are high for all households (83 percent) and millennials (51 percent). The dominant buyer segment in Essex County skews slightly older (35-44 year olds), while millennials hold 31 percent of new purchase mortgages. Recent job growth in the local area has been limited at 0.1 percent, but the labor market is powered by its larger neighbors -- New York and Newark, N.J. *Source: U.S. Bureau of Labor Statistics (BLS); Moody's Analytics Forecasted Realtor.com's 2018 Top 50 Hottest ZIP codes For more information about the list, please visit: https://www.realtor.com/research/hottest-zip-codes-2018/. To watch a video about realtor.com's hottest markets index, click here. About realtor.com® Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the 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®.
MORE >
Redfin Report: More than 1 in 4 Home Sellers Dropped their Price Last Month
MORE >
Existing-Home Sales Remain Flat Nationally, Mixed Results Regionally
WASHINGTON (September 20, 2018) – Existing-home sales remained steady in August after four straight months of decline, according to the National Association of Realtors®. Sales gains in the Northeast and Midwest canceled out downturns in the South and West. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, did not change from July and remained at a seasonally adjusted rate of 5.34 million in August. Sales are now down 1.5 percent from a year ago (5.42 million in August 2017). Lawrence Yun, NAR chief economist, says the decline in existing home sales appears to have hit a plateau with robust regional sales. "Strong gains in the Northeast and a moderate uptick in the Midwest helped to balance out any losses in the South and West, halting months of downward momentum," he said. "With inventory stabilizing and modestly rising, buyers appear ready to step back into the market." The median existing-home price for all housing types in August was $264,800, up 4.6 percent from August 2017 ($253,100). August's price increase marks the 78th straight month of year-over-year gains. Total housing inventory at the end of August also remained unchanged from July at 1.92 million existing homes available for sale, and is up from 1.87 million a year ago. Unsold inventory is at a 4.3-month supply at the current sales pace, consistent from last month and up from 4.1 months a year ago. Properties typically stayed on the market for 29 days in August, up from 27 days in July but down from 30 days a year ago. Fifty-two percent of homes sold in August were on the market for less than a month. "While inventory continues to show modest year over year gains, it is still far from a healthy level and new home construction is not keeping up to satisfy demand," said Yun. "Homes continue to fly off the shelves with a majority of properties selling within a month, indicating that more inventory – especially moderately priced, entry-level homes – would propel sales." Realtor.com®'s Market Hotness Index, measuring time-on-the-market data and listings views per property, revealed that the hottest metro areas in August were Midland, Texas; Fort Wayne, Ind.; San Francisco-Oakland-Hayward, Calif.; Columbus, Ohio; and Boise City, Idaho. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 4.55 percent in August from 4.53 percent in July. The average commitment rate for all of 2017 was 3.99 percent. "Rising interests rates along with high home prices and lack of inventory continues to push entry-level and first time home buyers out of the market," said Yun. "Realtors® continue to report that the demand is there – that current renters want to become homeowners – but there simply are not enough properties available in their price range." First-time buyers were 31 percent of sales in August, down from last month (32 percent) but the same as a year ago. NAR's 2017 Profile of Home Buyers and Sellers – released in late 2017 – revealed that the annual share of first-time buyers was 34 percent. "Realtors® across the country report that their clients waver about the decision to list their home; they are excited by the prospect of receiving many offers, they are concerned that they will not be able to find a new home to purchase," said NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty. "Unfortunately this fluctuating view is contributing to the short supply of homes. Buyers hoping to find an entry level home in this market should work with a Realtor® and be prepared to move quickly as listings sell quickly." All-cash sales were 20 percent of transactions in August, unchanged from July and a year ago. Individual investors, who account for many cash sales, purchased 13 percent of homes in August, unchanged from July and down from 15 percent a year ago. Distressed sales – foreclosures and short sales – were 3 percent of sales in August (lowest since NAR began tracking in October 2008), unchanged from last month and down from 4 percent a year ago. Two percent of June sales were foreclosures and 1 percent were short sales. Single-family and Condo/Co-op Sales Single-family home sales were at a seasonally adjusted annual rate of 4.75 million in August, unchanged from July, and are 1.0 percent below the 4.8 million sales pace a year ago. The median existing single-family home price was $267,300 in August, up 4.9 percent from August 2017. Existing condominium and co-op sales were at a seasonally adjusted annual rate of 590,000 units in August (unchanged from last month), and are down 4.8 percent from a year ago. The median existing condo price was $244,500 in August, which is up 2.0 percent from a year ago. Regional Breakdown August existing-home sales in the Northeast increased 7.6 percent to an annual rate of 710,000, but are still 2.7 percent below a year ago. The median price in the Northeast was $292,800, which is up 2.6 percent from August 2017. In the Midwest, existing-home sales rose 2.4 percent to an annual rate of 1.28 million in August, but are still down 0.8 percent from a year ago. The median price in the Midwest was $208,500, up 3.4 percent from last year. Existing-home sales in the South decreased 0.4 percent to an annual rate of 2.23 million in August, up from 2.19 million a year ago. The median price in the South was $227,900, up 3.2 percent from a year ago. Existing-home sales in the West dropped 5.9 percent to an annual rate of 1.12 million in August, 7.4 percent below a year ago. The median price in the West was $392,900, up 4.8 percent from August 2017. The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
CoreLogic Reports Strong Economy Boosts Homeowner Equity by About $1 Trillion in the Second Quarter of 2018
MORE >
Luxury Market Picks Up Speed
$1 million-plus sales up 6 percent; Sarasota, Fla. remains fastest growing luxury market, followed by Queens, N.Y.; Santa Clara, Calif. SANTA CLARA, Calif., Sept. 19, 2018 -- Luxury home sales continued to break records as prices hit double-digit gains in 20 major counties, according to the realtor.com® 2018 Luxury Home Index released today. Additionally, the number of sales at or above the $1 million mark rose 6 percent over last year. The realtor.com® Luxury Home Index analyzes the entry-level luxury price tier, defined as the top 5 percent of all residential sales, in 90 U.S. counties. Demand for luxury homes remains strong throughout the summer The pace of sales for luxury homes remains strong. The combined median age of inventory in the 90 luxury markets surveyed was 121 days, down nine days or 6.9 percent year-over-year. Additionally, two thirds of luxury markets are seeing inventory move faster than this time last year. In 50 of the 90 counties analyzed, the luxury tier currently has an entry point of at least $1 million, while 70 markets continue to see yearly price growth. "The conditions in the luxury segment are quite different from the market overall – it's really a tale of two markets," said Danielle Hale, chief economist for realtor.com®. "Although U.S. median listing prices show signs of slowing growth, luxury prices are moving in the opposite direction in many places. For the second consecutive month, we've seen more markets with double-digit, entry-level luxury price growth than in the past four years." Sarasota stays on top Since March, Sarasota, Fla. has remained the nation's fastest-growing luxury market, with sales prices up 21 percent since last June. Half of all luxury homes in Sarasota sold within 165 days, 22 percent faster than the previous year. Queens, N.Y.; Santa Clara, Calif.; Boulder, Colo.; and Collier, Fla. rounded out the top five counties, each seeing yearly price growth between 13 and 15 percent. Miami's luxury market starts heating up Recent trends in Miami's luxury segment suggest that the luxury entry point could break the $1 million mark for the first time this fall. After declining for 24 months in a row, Miami luxury prices finally saw growth this January, and have now reached the highest price gains since July 2015. Miami's luxury market is currently growing at 2.2 percent year-over-year. Other surrounding South Florida counties, including Broward, Collier, Lee, and Palm Beach, saw similar declines in recent years, but many of them have outpaced the rest of the country since early last year with yearly price growth between 5 and 13 percent. Most California luxury markets show no sign of a slowdown Northern California luxury markets continue performing well, with seven counties in the top 20 fastest growing markets, all of which saw double-digit growth in June. San Francisco, Sonoma, and Santa Clara -- up 10, 13, and 15 percent, respectively -- are showing there is still room for growth. On the other hand, San Mateo, Sacramento, San Luis Obispo, and Santa Cruz are holding steady. Momentum in Nashville There's a hot streak in Davidson and Williamson counties, both part of the greater Nashville area, which grew 12 and 11 percent, respectively. Both saw double-digit growth in June, after steadily gaining momentum since 2016. Half of all luxury homes sold in 61 days in Davidson County, putting it among the nation's 10 fastest-moving luxury markets. Seattle still has room to grow Seattle (King County, Wash.) luxury grew by 13 percent in June compared to the same time last year, pushing its luxury entry point to $1.5 million. This marks Seattle's 11th consecutive month of growth between 12 and 14 percent. As the market's growing tech scene funnels in a more affluent crowd, more buyers can afford pricier homes, which may push demand - and prices - higher. See more on the realtor.com research portal. Top 20 Fastest growing luxury markets Top 20 fastest moving luxury markets MethodologyThe realtor.com® Luxury Home Index analyzes 90 luxury counties, looking at yearly movement in the entry-level luxury price boundary, defined as the top 5 percent of all residential home sales in a given market in June 2018. The following markets were excluded from rankings this month as we review their data: Washoe, Nev.; Delaware, Penn.; Fairfield, Conn; and Dallas, Texas; Westchester, N.Y. The following New York markets were adjusted for lag this month: New York, Queens; and Kings. Age of inventory figures are median days on market for the top 5 percent of inventory based on asking prices in August 2018. *As measured by the cost to purchase a home in the top 5 percent in one of the 90 luxury markets studied. About realtor.com®Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the 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®.
MORE >
Migration to Low-Tax Metros is Accelerating as More People Looked to Leave Expensive Coastal Areas in the Second Quarter
MORE >
CoreLogic Loan Performance Insights Find Overall U.S. Mortgage Delinquency and Foreclosure Rates Lowest for June in 12 Years
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that, nationally, 4.3 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in June 2018, representing a 0.3 percentage point decline in the overall delinquency rate compared with June 2017, when it was 4.6 percent. As of June 2018, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.5 percent, down 0.2 percentage points from 0.7 percent in June 2017. The June 2018 foreclosure inventory rate was the lowest since September 2006, when it was also 0.5 percent and was the lowest for June since 2006. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 2 percent in June 2018, unchanged from June 2017. The share of mortgages that were 60 to 89 days past due in June 2018 was 0.6 percent, also unchanged from June 2017. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.7 percent in June 2018, down from 1.9 percent in June 2017. This serious delinquency rate is the lowest for June since 2007 when it was 1.6 percent and the lowest for any month since August 2007 when it was also 1.7 percent. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.9 percent in June 2018, unchanged from 0.9 percent in June 2017. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent, while it peaked in November 2008 at 2 percent. "A solid labor market enables more homeowners to remain current on their mortgage," said Dr. Frank Nothaft, chief economist for CoreLogic. "The national unemployment rate in June 2018 was 4 percent, the lowest for June in 18 years. While this has helped reduce delinquencies nationally, delinquency rates in areas hit by wildfires, hurricanes or other natural disasters have jumped as families deal with financial disruption and tragedy. The loss of housing and displacement of families also tends to drive up local rents and reduce vacancies." Florida and Texas, two states impacted by hurricanes in 2017, have posted annual gains in overall delinquency rates. As illustrated in a recent video blog from Dr. Frank Nothaft, the risk to mortgages in the months following a natural hazard can be substantial. After last year's trio of hurricanes – Harvey, Irma and Maria – serious delinquency rates on home mortgages tripled in the Houston, Texas, and Cape Coral, Florida, metro areas and quadrupled in San Juan, Puerto Rico. "Due to last year's hurricane season, Florida and Texas experienced increases in serious delinquency rates over the past year," said Frank Martell, president and CEO of CoreLogic. "Neighborhoods impacted by similar disasters in 2018 should also expect to see a spike in delinquencies in the coming year. With storms and wildfires currently impacting multiple areas of the country, homeowners, lenders and servicers should remain vigilant of potential impacts, particularly those in California, Hawaii and the Rocky Mountain and Gulf Coast states." For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights. About CoreLogic CoreLogic (NYSE: CLGX) 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.
MORE >
U.S. Home Flipping Returns Drop to Nearly Four-Year Low in Q2 2018
MORE >
Redfin Report: Since 2012, Broad Home-Equity Gains Across Minority and White Neighborhoods
Minority Neighborhoods Had the Largest Percentage Gains in Home Equity Starting with More Equity, White Neighborhoods Had the Largest Absolute-Dollar Gains SEATTLE, Sept. 7, 2018 -- Homeowners in white, minority and mixed-race neighborhoods posted substantial gains in home equity from 2012 to 2018, according to a new report by Redfin, the next-generation real estate brokerage. Minority neighborhoods started with the lowest levels of home equity but had the largest percentage gains. White neighborhoods had the lowest percentage gains in home equity, but the largest gains in absolute dollars. Meanwhile, the home-equity gap between white and minority communities widened to $94,000 in 2018. "Home prices over the last six years rose most steeply in minority communities, and unlike in past booms when Americans just borrowed more and more money, these price gains led to real increases in wealth for homeowners of color," said Redfin CEO Glenn Kelman. "But even though homeowners in mostly minority communities had the largest percentage gains in home equity, it was the folks living in mostly white neighborhoods who had the largest dollar gains, just because they had so much more home equity at the beginning of the recovery. This just goes to show that, even as a strong market broadly benefits homeowners, it's still very hard for people starting with less money ever to catch up. On an absolute-dollar basis, homeowners in minority communities became wealthier, but still fell further behind." Metro-level highlights include: Riverside, CA is the only metro area in the study where minority communities posted the largest equity gains in absolute dollars, followed by mixed-race and then white neighborhoods. Denver's minority zip codes were home to the biggest percentage increase in home equity among all the groups of communities in the study, up 452%. All but three of the 16 metros saw the equity gap between white and minority communities widen. Riverside and Miami saw this gap narrow; in Boston, the gap was unchanged. Redfin's analysis is based on data on home values in white, minority, and mixed-race zip codes in the 16 most populous metropolitan areas for which Redfin tracks historical home-sale price data. To measure home equity, analysts used the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes, as well as loan information from county records. Analysts considered a zip code "white" if less than 25 percent of its households were not white, according to Census data as of 2016. They considered a zip code a "minority" community if more than 50 percent of its households were African American, non-white Hispanic or Asian. Redfin defined a community as "mixed-race" if between 25 and 50 percent of its households were not white. It's worth noting that this data does not account for people who lived in but never owned homes in these communities. As home prices appreciated faster than wages, it's likely that many people became less able to buy homes in their neighborhoods, and have thereby been excluded from the wealth gains afforded by home-equity growth in the past six years. To read the full report, complete with local data and a full methodology, please click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
MORE >
CoreLogic Reports July Home Prices Increased by 6.2 Percent, Homeowners Waiting to Sell for Anticipated Increase Return on Investment
MORE >
Home Prices Rise Three Times Faster than Rents
Only 41 percent of the U.S. population lives in a county where a median-income household can afford to buy a median list price home SANTA CLARA, Calif., Aug. 30, 2018 -- As home prices rise across the U.S., choosing to rent has become increasingly popular. New analysis by realtor.com® reveals the monthly costs of buying a home have risen by 14 percent over the past year. This is more than three times the 4 percent increase in monthly rental costs. Additionally, this analysis found that the number of places where it is cheaper to buy has significantly declined in the past year. "Even setting aside big upfront expenses like a down payment, rising month-by-month costs are likely keeping many people from purchasing," said Danielle Hale, chief economist at realtor.com®. "Today only 41 percent of people live in a county where the median income family can afford to buy a home at the median list price, and affordability declined significantly over the past year. Since home ownership has historically been an important source of household wealth creation, it could be problematic if this trend continues for too long. Still, even in places where renting is currently more affordable, rising home prices provide wealth building opportunity for home buyers." Analysis Highlights Only 41 percent of the nation's population lives in a county where a median-income family can afford to buy a home. Nationally, the cost to buy rose by 14 percent from July 2017 to July 2018, while the cost to rent increased by 4 percent. In July, buying a home was cheaper than renting in 35 percent of counties, compared to 44 percent of counties last year. The top five counties where purchasing a home was more affordable than renting last month were: Clayton County, Ga.; Baltimore City, Md.; Wayne County, Mich.; Cumberland County, N.C.; and Madison County, Ill., with the share of income to buy being 4 percent to 14 percent lower than the share of income to rent. Renting remains much less expensive than buying in Manhattan, N.Y.; Brooklyn, N.Y.; Monterey County, Calif.; San Mateo County, Calif.; and Santa Barbara County, Calif.In the last year, 20 counties with 100,000+ residents flipped from being cheaper to buy to being cheaper to rent, three quarters of which were in the South and Midwest. Home Affordability Has Declined Over Past Year Homeowner costs have continued to rise. In July 2018, the median monthly cost to buy a home was $1,647, compared to the average cost to rent a home at $1,267. Over the last year, 289 counties have transitioned from being more affordable to buy, to being more affordable to rent. The transition included 20 larger counties with more than 100,000 of which eight counties were in the South and seven counties in the Midwest. In just 35 percent of counties throughout the country, the monthly costs of buying a home are now lower than the monthly costs to rent a home – this compared to 44 percent just last year. This disparity is even greater among large counties. Buying is still cheaper than renting for only seven percent of counties in the U.S. with a population larger than 100,000 people. Homeownership Likely to Decrease in Rental Markets The price of entry into homeownership is becoming steeper in markets around the country. Using data from the REALTORS® Affordability Distribution Curve, the July study revealed that in the top 5 rental markets those earning the median county income could only afford up to 4 percent of their local housing market inventory. Homeownership rates in these markets ranged between 23 to 59 percent, compared to the national rate of 64 percent. Conversely, for the top 5 counties that favor buying, 57 to 69 percent of homes currently available for sale are affordable to residents earning the local median income while homeownership rates ranged from 47 to 63 percent. The limited availability of homes affordable for the median household in top rental markets suggests that renters will continue to find it challenging to become owners in these areas. At the same time, the larger selection of affordable homes available to the typical income household in the top buying counties suggest that transitioning from renting to owning will be easier in these areas. Northern California Has Widest – and Fastest Growing – Gap Between Ability to Rent and Buy Northern California and New York each hold three of the top 20 counties with the largest increase in the rent-versus-buy gap over the past year (comparing the share of income necessary to do each). The gap for counties in California was the largest in large part due to the substantial run-up in home prices experienced there. In San Mateo, Santa Clara, and San Francisco counties, the costs to purchase a home now take up an additional 8 percent of income over renting when compared to last year. In San Mateo, for instance, it costs $8,405 to buy compared to $3,471 to rent. For more information about this analysis, please click here. Top 5 Counties Favoring Buying Top 5 Counties Favoring Renting 20 Counties Where Renting Became Preferential to Buying in Past Year (Population 100,000+) About realtor.com® Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the 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®.
MORE >
Pending Home Sales Trail Off 0.7 Percent in July
MORE >
Home Price Cuts Increase, but Still Not Buyer's Market
SANTA CLARA, Calif., Aug. 29, 2018 -- Realtor.com® today announced the findings of its August housing trend report which revealed a surge in price cuts and the second largest drop in the U.S. median list price in three years. Although competition between buyers remained stiff and list prices continue to rise, the report also revealed a slowdown in price growth and easing of inventory declines. "Buyers, exhausted by bidding wars and little choice in inventory, could finally catch a break," said Danielle Hale, chief economist for realtor.com®. "An increase in price cuts suggests that sellers are starting to become more flexible, especially in pricey markets. However, affordability is a concern in most areas which continue to be sellers' markets. Fierce competition and low inventory continue to push up prices. While buyers are gaining leverage in some markets, we are still far from a true 'buyer's market.'" The median listing price in the U.S. decreased by $4,000 in August, dropping to $295,000 from a record-high of $299,000 in July. This is the second largest monthly list price drop since August 2015. While prices are still 7 percent higher than they were one year ago, the year-over-year increase is smaller than the 10 percent year-over-year gain seen last August. The deceleration in price growth was also observed in the larger markets. The average yearly growth in median list prices in the largest 45 markets combined was 6 percent, down from 8 percent this time last year. Meanwhile, price cuts are on the rise, especially in pricey markets where inventory is rising. The proportion of listings that feature price cuts rose 1.5 percentage points in the last year to 19.1 percent in August. The share of price cuts among listings is now 1.5 times more prevalent than in August 2012 when 13 percent of listings featured price discounts. This upward movement was more pronounced in major metropolitan areas in the last year including: Seattle with an 8 percent increase in cuts; San Jose with a 7 percent increase; and a 5 percent increase in San Diego, Riverside, Indianapolis and Los Angeles. In fact, 39 of the 45 largest markets saw an increase in the share of price cuts over last year. As predicted in the realtor.com® 2018 housing forecast, the rate of inventory decline slowed, with only 2 percent fewer for-sale listings on the market than there were in August 2017. Inventory increased 2 percent over July, in line with the typical seasonal increase. The trend continues to gain strength as the last week of August saw the first year-over-year increase in inventory in four years. Approximately 488,000 new listings entered the market during August. San Jose, Seattle and San Diego were the three markets with the biggest inventory jumps over last year, all posting increases of 28 percent or more. Price Gains and Price Cuts in Largest 45 U.S. Metros* * Excluded: Denver, Columbus, Las Vegas due to MLS feed changes during the period analyzed. Realtor.com® tracks national housing trends as well as data for the 500 largest U.S. metros. For August trend data, please visit: https://realtor.com/research/data. About realtor.com® Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the 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®.
MORE >
Low Inventory and High Prices Cause Showing Traffic to Level Off in Parts of the U.S.
MORE >
Existing-Home Sales Slip 0.7 Percent in July
WASHINGTON (August 22, 2018) — Existing-home sales subsided for the fourth straight month in July to their slowest pace in over two years, according to the National Association of Realtors®. The West was the only major region with an increase in sales last month. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 0.7 percent to a seasonally adjusted annual rate of 5.34 million in July from 5.38 million in June. With last month's decline, sales are now 1.5 percent below a year ago and have fallen on an annual basis for five straight months. Lawrence Yun, NAR chief economist, says the continuous solid gains in home prices have now steadily reduced demand. "Led by a notable decrease in closings in the Northeast, existing home sales trailed off again last month, sliding to their slowest pace since February 2016 at 5.21 million," he said. "Too many would-be buyers are either being priced out, or are deciding to postpone their search until more homes in their price range come onto the market." The median existing-home price for all housing types in July was $269,600, up 4.5 percent from July 2017 ($258,100). July's price increase marks the 77th straight month of year-over-year gains. Total housing inventory at the end of July decreased 0.5 percent to 1.92 million existing homes available for sale (unchanged from a year ago). Unsold inventory is at a 4.3-month supply at the current sales pace (also unchanged from a year ago). Properties typically stayed on the market for 27 days in July, up from 26 days in June but down from 30 days a year ago. Fifty-five percent of homes sold in July were on the market for less than a month. "Listings continue to go under contract in under month, which highlights the feedback from Realtors® that buyers are swiftly snatching up moderately-priced properties," said Yun. "Existing supply is still not at a healthy level, and new home construction is not keeping up to meet demand." According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.53 percent in July from 4.57 percent in June. The average commitment rate for all of 2017 was 3.99 percent. "In addition to the steady climb in home prices over the past year, it's evident that the quick run-up in mortgage rates earlier this spring has had somewhat of a cooling effect on home sales," said Yun. "This weakening in affordability has put the most pressure on would-be first-time buyers in recent months, who continue to represent only around a third of sales despite a very healthy economy and labor market." First-time buyers were 32 percent of sales in July, which is up from 31 percent last month but down from 33 percent year ago. NAR's 2017 Profile of Home Buyers and Sellers – released in late 2017 – revealed that the annual share of first-time buyers was 34 percent. "Despite first-time buyers struggling to achieve homeownership, Realtors® in most areas say demand is still the strongest at the entry-level segment of the market," said NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty. "For prospective first-timers looking to begin their home search this fall, it is expected that competition will remain swift. That is why it's important to be fully prepared with a pre-approval from a lender, and to begin conversations with a Realtor® early about what you're looking for and where." All-cash sales were 20 percent of transactions in July, down from 22 percent in June but up from 19 percent a year ago. Individual investors, who account for many cash sales, purchased 13 percent of homes in July (unchanged from last month and a year ago). Distressed sales – foreclosures and short sales – were 3 percent of sales in July (lowest since NAR began tracking in October 2008), unchanged from last month and down from 5 percent a year ago. Two percent of July sales were foreclosures and 1 percent were short sales. Single-family and Condo/Co-op Sales Single-family home sales declined 0.2 percent to a seasonally adjusted annual rate of 4.75 million in July from 4.76 million in June, and are 1.2 percent below the 4.81 million sales pace a year ago. The median existing single-family home price was $272,300 in July, up 4.6 percent from July 2017. Existing condominium and co-op sales fell 4.8 percent to a seasonally adjusted annual rate of 590,000 units in July and are 3.3 percent below a year ago. The median existing condo price was $248,100 in July, which is 3.2 percent above a year ago. Regional Breakdown July existing-home sales in the Northeast dropped 8.3 percent to an annual rate of 660,000, and are 1.5 percent below a year ago. The median price in the Northeast was $309,700, which is up 6.8 percent from July 2017. In the Midwest, existing-home sales declined 1.6 percent to an annual rate of 1.25 million in July, and are 0.8 percent below a year ago. The median price in the Midwest was $210,500, up 2.5 percent from a year ago. Existing-home sales in the South decreased 0.4 percent to an annual rate of 2.24 million in July, and are 0.4 percent lower than a year ago. The median price in the South was $233,400, up 2.7 percent from a year ago. Existing-home sales in the West rose 4.4 percent to an annual rate of 1.19 million in July, but are still 4.0 percent below a year ago. The median price in the West was $392,700, up 5.1 percent from July 2017. The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Foreclosure Starts Increase in 44 Percent of U.S. Markets in July 2018
MORE >
The Midwest Dominates July's Hottest Housing Markets
Midland, Texas maintains No. 1 spot for the fourth consecutive month SANTA CLARA, Calif., Aug. 16, 2018 -- Realtor.com, the Home of Home Search, today released its July hottest markets list which reinforces home buyer interest is shifting away from pricey California to less expensive markets throughout the country. In fact, nearly a third of the markets were located in the affordable Midwest, which had a combined median list price well below the national average, according to the report. Midland, Texas continued its streak in July as the the nation's hottest housing market for the fourth month in row. Driven by a surging oil economy, the median age of inventory in Midland is 29 days with homes receiving 2.4 times more listing views than the U.S. overall. The remaining markets on the list, in rank order, are: Fort Wayne, Ind.; Boise City, Idaho; San Francisco; Columbus, Ohio; Colorado Springs, Colo.; Detroit-Warren-Dearborn, Mich.; Racine, Wis.; Vallejo-Fairfield, Calif.; Rochester, N.Y.; Sacramento; Janesville-Beloit, Wis.; Boston; Dallas; Pueblo, Colo.; Buffalo-Cheektowaga-Niagara Falls, N.Y.; Stockton-Lodi, Calif.; Fresno, Calif.; Odessa, Texas; and Grand Rapids-Wyoming, Mich. This month 11 states are represented in the top 20 hottest, compared to eight a year ago. The combined median list price in the top 20 was $344,000 – the lowest price for the top 20 combined since realtor.com® started tracking in 2012. The largest geography represented on the list was the Midwest, which had a combined a median list price of $236,000, well below the national and top-20 list averages. "With the median home list price hovering at a record level, affordable markets are very attractive for buyers, which is contributing to the popularity of many Midwestern markets," said Danielle Hale, chief economist at realtor.com®. "Although construction is increasing in many regions, inventory remains scarce due to strong buyer demand and years of underbuilding. Even these affordable markets run the risk of what we've seen elsewhere if they aren't able to keep pace with new construction. Homes in these hot areas moved 17 to 30 days more quickly than the rest of the U.S. The time they spent on the market was on average four days fewer than last July. Buyer interest in these areas is also rising, with listing views 1.8 times higher than the national average and 16 percent higher than last year. For more information, please click here. Realtor.com reviewed listing views by market as an indicator of demand and median days on market as an indicator of supply. This analysis led to the identification of the 20 hottest medium-sized to large markets in the country. About realtor.com® Realtor.com, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the 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.
MORE >
Metro Home Prices Climb to New All-Time High; Rise 5.3 Percent in Second Quarter
MORE >
Luxury Housing Sets New Records
Nineteen markets see double-digit luxury price growth for the first time since 2014 SANTA CLARA, Calif., Aug. 9, 2018 -- Luxury home sales continued their record-breaking pace in July, as prices hit double digit gains in 19 major markets, according to the realtor.com® 2018 Luxury Home Index released today. Additionally, the number of sales at or above the $1 million mark rose 13 percent over last year. The Index analyzes the entry-level luxury price tier, defined as the top 5 percent of all residential sales, in 91 U.S. counties. Luxury housing performs strongly nationwideThe pace of sales in the luxury segment continues to break records. The combined median age of inventory in the 91 luxury markets surveyed was 108 days, down eleven days or 9.3 percent year-over-year, moving faster than any July since realtor.com® started tracking the metric in 2012. Additionally, two thirds of luxury markets are seeing inventory move faster than last year. In 49 of the 91 markets analyzed, the luxury tier currently has an entry point of at least $1 million. The number of sales at or above the $1 million mark in the 91 markets is up 12 percent over last year. "The strong economy is bolstering demand for luxury homes," said Danielle Hale, chief economist for realtor.com®. "They are selling fast and demand for these homes has pushed the entry level price point to more than $1 million in half of the markets studied. Although there are some pockets of weaker performance, we've seen double-digit price growth in 19 markets for the first time in four years." Sarasota tops fastest-growing luxury markets Sarasota, Fla. remained the fastest-growing luxury market, with sale prices up 21.2 percent since last May. Half of all luxury homes in Sarasota sold within 157 days, 21 percent faster than the previous year. Queens, N.Y.; Maui, Hawaii; Santa Clara, Calif.; and Boulder, Colo. rounded out the top five, each seeing yearly growth of 13 to 16 percent. Northern California continues to draw high-end home buyers Northern California now has seven of the top 20 fastest-growing luxury markets in the country, thanks to the booming tech sector and strong foreign interest, which are continuing to drive the demand for luxury properties. Bay Area markets of Santa Cruz, Calif.; San Mateo, Calif.; Santa Clara; Sonoma, Calif.; and Marin, Calif. have all been growing at an accelerating pace, with entry-level luxury prices now up between 9 and 14 percent year-over-year. This trend is in contrast to northern California's mid-market price deceleration of recent months. Colorado luxury housing on upswing In Colorado, Boulder, Douglas, and Denver counties all saw double-digit growth in May. Luxury homes in Boulder and Denver typically sell in under 95 days, putting them among the faster-selling luxury markets in the country. This rise is a second wind for Colorado's luxury markets, which saw substantial growth in 2015 and 2016 but stagnated in early 2017. Prices have been growing, and homes have been selling more quickly ever since. Northeast hotspots Jersey City and Queens may be losing momentum While luxury prices in most New York and New Jersey markets have stalled, Queens, N.Y. and Jersey City (Hudson County, N.J.), continue to see price growth and high demand. In Queens, luxury sales prices have grown 15.8 percent since January 2017, and the luxury entry point is currently $1.3 million, a record for the borough. Jersey City now has a luxury entry point of $1.3 million, up 11.5 percent since last year. In both places, however, price growth has stopped increasing, which indicates that they could be losing momentum. Methodology The realtor.com® Luxury Home Index analyzes 91 luxury counties, looking at yearly movement in the entry-level luxury price boundary, defined as the top 5 percent of all residential home sales in a given market in May 2018. The following markets were excluded from rankings this month as we review their data: Washoe, Nev.; Delaware, Penn.; Fairfield, Conn; and Dallas, Texas. Age of inventory figures are median days on market for the top 5 percent of inventory based on asking prices in July 2018. *As measured by the cost to purchase a home in the top 5 percent in one of the 91 luxury markets studied. About realtor.com® Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the 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
MORE >